Brandes Investment Trust NCSRS Certified semi-annual shareholder report (management investment company)

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)

4275 Executive Square, 5^th Floor

La Jolla, CA 92037

(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)

(858) 755-0239

Registrant’s telephone number, including area code

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

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):

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SEMI-ANNUAL REPORT INTERNATIONAL EQUITY FUND GLOBAL EQUITY FUND EMERGING MARKETS VALUE FUND INTERNATIONAL SMALL CAP EQUITY FUND SMALL CAP VALUE FUND U.S. VALUE FUND CORE PLUS FIXED INCOME FUND For the six months ended March 31, 2022

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Table of Contents


Letter to Shareholders and Performance Graphs			2

Brandes International Equity Fund			2

Brandes Global Equity Fund			8

Brandes Emerging Markets Value Fund			15

Brandes International Small Cap Equity Fund			22

Brandes Small Cap Value Fund			29

Brandes U.S. Value Fund			35

Brandes Core Plus Fixed Income Fund			42

Expense Example			50

Schedule of Investments			54

Brandes International Equity Fund			54

Brandes Global Equity Fund			56

Brandes Emerging Markets Value Fund			62

Brandes International Small Cap Equity Fund			67

Brandes Small Cap Value Fund			73

Brandes U.S. Value Fund			77

Brandes Core Plus Fixed Income Fund			80

Statements of Assets and Liabilities			86

Statements of Operations			88

Statements of Changes in Net Assets			90

Financial Highlights			94

Notes to Financial Statements			108

Additional Information			132

Trustees and Officers Information			139

Brandes International Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes International Equity Fund (Class I Shares) declined 3.39% in the six months ended March 31, 2022. During the same period, the MSCI EAFE Index declined 3.38%.

From a country perspective, holdings in Brazil helped performance, led by Telefonica Brasil and Petroleo Brasileiro (Petrobras). Select holdings in the United Kingdom (e.g., pharmaceutical firm GlaxoSmithKline) and Switzerland (e.g., financial services company UBS Group) also did well.

From an industry perspective, beverage companies Ambev (Brazil) and Anheuser-Busch InBev (Belgium) aided returns. The Fund also saw positive contributions from select insurance holdings, notably Swiss Re and AEGON (Netherlands), as they benefited from improved prospects for increased interest rates and strengthening business results.

Furthermore, our underweight to technology aided relative returns as the sector declined significantly more than the broader market (MSCI EAFE).

The most significant detractors were our holdings in Russia (Mobile TeleSystems and Surgutneftegas). Our thoughts continue to be with the people of Ukraine, as well as those in Russia that are advocating for peace. The events that have unfolded since the start of the Russian invasion of Ukraine in February have significantly elevated the risks and uncertainties associated with investments in Russian securities.

Other detractors included consumer-related holdings, namely Germany-based Henkel and France-based Danone, as well as U.K.-based Marks & Spencer, J Sainsbury and Kingfisher.

Furthermore, Brazilian regional jet manufacturer Embraer gave back some of its strong performance over the past 18 months as it declined on lowered short- term margin guidance. We believe the market underappreciates the ongoing cycle recovery across Embraer’s products, which have seen their order backlog rise above pre-COVID levels. As the market is heavily focused on short-term, one-off item margin distortions, Embraer now trades at a wide discount to our estimate of its intrinsic value.

Select Portfolio Activity

The investment committee initiated new positions in Japan-based SoftBank Group and U.K-based TechnipFMC during the period.

TechnipFMC (FTI) is the product of a 2016 merger between Technip, a leading engineering, procurement and construction company (EPC), and FMC, a leading provider of subsea production and processing equipment. The rationale of the merger was to combine equipment manufacturing with engineering and construction of subsea oilfields. In 2021, the company completed a long-planned separation of its onshore EPC business, making it purely focused on offshore oilfield exploration and development.

With an over 40% market share, FTI is the industry leader in subsea systems, highly engineered capital goods that reside on the seabed producing and processing


2		Past Performance is not a guarantee of future results.

Brandes International Equity Fund

hydrocarbons. The subsea industry has been in a multi-year slump following a decade of high oil prices. Capital expenditures (capex) among upstream oil and gas companies (FTI’s customer base) reached highs in 2014 and are estimated to be less than half of the peak levels in 2021. In addition to the collapse in capex, there has been a shift of investment to unconventional opportunities on land. The overall effect has been a sustained period of low manufacturing utilization, high price competition and distressed profitability for the subsea industry.

While a return to peak capex is unlikely, we believe a gradual increase in offshore activity is in the cards given two main factors: 1) global demand growth has been stable or growing; and 2) poor returns from onshore unconventional production over the past decade may be an indication that more capital should flow elsewhere (or oil prices need to be substantially higher). In our view, FTI is well positioned to benefit from the potentially improved offshore activity considering its industry-leading position in subsea equipment and engineering, as well as its fully integrated business model. Furthermore, we appreciate that FTI has made several investments to capitalize on its offshore development expertise and seek to benefit from a global energy transition, including subsea carbon transportation and storage, floating renewable power generation (offshore wind) and hydrogen production, storage and re-electrification.

SoftBank Group is a holding company whose primary assets include technology and wireless companies, such as internet company Alibaba, semiconductor firm Arm and wireless telecommunication company Softbank Corp, as well as its two Vision funds, which are venture capital funds that invest in technology companies. SoftBank’s stock fell at the beginning of the year due to Alibaba’s share-price decline, as well as a widening discount to its net asset value (NAV). SoftBank now trades near its largest NAV discount in its history (as of March 31).

Other major portfolio activity included the divestments of German chemical company BASF, Ireland-based building materials business CRH and Canadian uranium company Cameco, which appreciated significantly on a potentially improved uranium outlook.

Looking Forward

As of March 31, 2022, the Brandes International Equity Fund held its key overweights to communication services, health care, energy and consumer staples, while maintaining significantly lower allocations to technology and industrials than the benchmark. Geographically, we continued to have overweight positions in France and emerging markets, and underweight positions in Australia and Japan. We believe the differences between our Fund and the benchmark continue to make it an attractive complement to index-tracking or growth-oriented alternatives.

Value stocks (as measured by the MSCI EAFE Value Index) outperformed the broader market (MSCI EAFE Index) noticeably at the start of the year when rising inflation and interest rates caused the valuations of many high-flying growth companies to compress.

Brandes International Equity Fund

Geopolitical developments in the second half of the quarter (i.e., the Russia/Ukraine conflict) have exacerbated inflationary trends and triggered concerns about an economic slowdown, raising the potential for a “stagflationary” environment (low economic growth and elevated inflation).

In the beginning of 2022, we were optimistic that improving economic growth and an uptick in inflation (after a decade-plus of weak growth and almost no inflation before COVID-19) would benefit value stocks—especially given the historically wide valuation discounts at which value stocks traded relative to growth (MSCI EAFE Growth Index). However, with inflation persisting and economic growth potentially slowing, we are often asked if these factors change our outlook for value stocks. While it is true that weaker growth may present a headwind for value stocks (all else being equal), it has not always been the case. In fact, two of the best periods for value versus growth were the post-Nifty Fifty era in the 1970s (during which the term “stagflation” was first widely used) and the post-tech bubble correction of the early 2000s. These periods shared common attributes that catalyzed the favorable environment for value: they were preceded by a period of elevated general market valuations and historically wide discount levels for value relative to growth.

Today, even after outperforming growth in the past 18 months, value stocks continue to trade at historically high discount levels relative to growth stocks, leading us to believe that the current environment still bodes well for value despite diminished optimism about economic growth.

We remain optimistic about the prospects of the Brandes International Equity Fund and appreciate your continued trust.

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.

Net Asset Value: A company’s total assets minus its liabilities, divided by the number of outstanding shares.

Nifty Fifty: A popular name in the 1960s and 70s for a group of the largest U.S. companies.

Return on Invested Capital: Net income minus dividends divided by total capital; used to assess a company’s efficiency at allocating the capital under its control to profitable investments.

Stagflation: Combination of slow economic growth and high inflation.

Diversification does not assure a profit or protect against a loss in a declining market.


4

Brandes International 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. 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.

Brandes International Equity Fund

One cannot invest directly in an index.

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

The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Equity Fund – Class I from March 31, 2012 to March 31, 2022 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)

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	Average Annual Total Return
	Periods Ended March 31, 2022
	One			Five			Ten			Since
	Year			Years			Years			Inception⁽¹⁾
Brandes International Equity Fund
Class A⁽²⁾		-0.07	%		3.60	%		4.87	%		6.97%
Class A ⁽²⁾(with maximum sales charge)		-5.84	%		2.37	%		4.25	%		6.72%
Class C⁽³⁾		-0.55	%		2.88	%		4.23	%		6.17%
Class C ⁽³⁾(with maximum sales charge)		-1.51	%		2.88	%		4.23	%		6.17%
Class I		0.16	%		3.86	%		5.09	%		7.21%
Class R6⁽⁴⁾		0.23	%		3.97	%		5.20	%		7.28%
MSCI EAFE (Europe, Australasia and Far East) Index		1.16	%		6.72	%		6.27	%		4.96%

⁽¹⁾	The inception date is January 2, 1997.

⁽²⁾	Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses.

Brandes International Equity Fund

⁽³⁾

Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Class C shares automatically convert to Class A shares if held for 8 years. The Class C shares’ average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares on January 1, 2021. The Class C shares’ average annual total return for the since inception period does not reflect the automatic conversion to Class A shares, as Class A shares did not yet exist 8 years after the Fund’s inception date.

⁽⁴⁾	Performance shown prior to February 1, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or 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, 2022 (Unaudited)

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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.

Brandes Global Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes Global Equity Fund (Class I Shares) increased 0.86% in the six months ended March 31, 2022. During the same period, the MSCI World Index increased 2.21%.

Rising energy prices benefited our oil-related holdings, including integrated oil firms Shell and BP, as well as oil field services company Halliburton. Additionally, financial firms UBS Group, Wells Fargo and AIG rose.

Other contributors included aerospace and defense company General Dynamics and several of our health care holdings, notably McKesson, Pfizer, GlaxoSmithKline and Merck.

As geopolitical concerns increased in lock step with worries about sustained increased inflation and the potential for slowing economic growth, European markets and emerging markets experienced the deepest decline. The impact was primarily led by technology and consumer discretionary companies because their valuations are materially influenced by rising interest rates and consumer companies are likely to see the largest demand impact from rising inflation. Our largest detractors included several of our consumer holdings, such as U.S. flooring company Mohawk Industries, U.K. home retailer Kingfisher, South Korean auto manufacturer Hyundai Motor and Chinese major appliance manufacturer Gree Electric.

We had no direct exposure to securities in Russia or Ukraine; while some of our holdings have indirect exposure, our overall portfolio revenue exposure is less than those in the MSCI World Index. Excluding energy-related holdings, Mohawk has the highest exposure to Russia at about 4% of total sales. The company has also confronted significant cost inflation, which we expect to blunt its short-term margins. Longer term, we believe Mohawk is well positioned and can contend with cost inflation. After its recent stock price decline, it now trades at a single digit multiple of earnings.

Other detractors included Embraer, Citigroup and Alibaba Group. Embraer saw its stock decline on its reduced short-term margin guidance. However, over the longer term, we believe the market is missing the ongoing cycle recovery across the company’s portfolio. While the market is heavily focused on short-term, one-off item margin distortions, Embraer’s order backlog has already risen above pre-COVID levels. The company is therefore trading at a wide discount to our estimate of its long-term intrinsic value.

Select Portfolio Activity

The investment committee initiated a position in U.K.-based bank NatWest, while selling our holdings in U.K-based Barclays.

NatWest, formerly RBS, is the U.K.’s fourth-largest bank. Since its government bailout during the financial crisis, the company has pursued its turnaround to become a financial institution focused on retail and commercial banking. The bank has de-risked its balance sheet, built capital and focused on reducing costs. The U.K. government still owns just over half of its outstanding shares, but NatWest has targeted fully exiting its majority government ownership over the next three to four years. Through its


8		Past Performance is not a guarantee of future results.

Brandes Global Equity Fund

simplified positioning, we believe NatWest could benefit from a rise in interest rates as it is likely the most interest rate-sensitive of the U.K.-listed banks.

NatWest trades at what we believe to be an attractive valuation of less than 80% of tangible book, and a single digit multiple of earnings that have not yet been materially affected by increasing interest rates. In our opinion, it offers a very strong capital position, has plans to distribute about 15 to 20% of its current market cap to shareholders over the next few years and currently offers a 7% dividend yield.

We therefore decided to sell our stake in Barclays, which has tended to be less rate sensitive and more complex given its corporate and investment banking exposure, and bought a position in NatWest.

The investment committee also added China-based sportswear retailer Topsports Holdings International to the Fund, while divesting Mexican beverage firm Fomento Economico Mexicano(FEMSA) and U.S. food products company Ingredion as they reached our estimates of their intrinsic value.

The investment committee bought Ingredion during the market downturn of early 2020. The company’s share price came under pressure due to concerns around global trade, as well as the risk of a significant recession as COVID-19 began to spread globally. However, we thought Ingredion offered an attractive long-term opportunity as it had exposure to the growing specialty ingredients market and at its valuation, it also offered a significant margin of safety. Over our holding period, the company has executed well and its share price climbed significantly in 2021. When it reached our estimate of its intrinsic value, we divested.

Looking Forward

Value stocks (as measured by the MSCI World Value Index) outperformed the broader market (MSCI World Index) noticeably at the start of the year when rising inflation and interest rates caused many high-flying growth company valuations to compress. Geopolitical developments in the second half of the quarter (i.e., the invasion of Ukraine) have exacerbated inflationary trends and increased worries about a slowdown in growth, raising the potential for a “stagflationary” environment (low economic growth and elevated inflation).

Heading into 2022, we were optimistic that improving economic growth and an uptick in inflation (after a decade-plus of weak growth and almost no inflation before COVID-19) would benefit value stocks—especially against the wide valuation discounts value stocks traded at relative to growth. With inflation persisting and growth potentially slowing, we are often asked if these factors change our outlook for value stocks. Weaker growth may be a headwind for value stocks all else being equal, but that has rarely been the case. In fact, two of the best periods for value versus growth were in the 1970s post-“Nifty Fifty” era (during which the term “stagflation” was first widely used) and the post-tech bubble correction of the early 2000s.

The common factors of these two periods resulting in highly favorable value environments were: markets were in a state of elevated valuations and the spread

Brandes Global Equity Fund

between value and growth was at historically wide levels. The 1970s experienced one of the strongest value performance relative to growth of any decade in the Ken French Data Library (data from 1930 to 2020)¹—and it was a period of weak real U.S. GDP (gross domestic product) growth and elevated U.S. inflation. However, and significantly for our analysis, it was preceded by a wide divergence between value and growth stock valuations—just like today. The tailwinds for value that were driving relative returns earlier this year still appear evident to us. Valuation spreads are almost as wide as they have ever been, and we are as bullish about value as we have been for more than a decade.

From an industry/sector standpoint, the Fund’s largest relative overweight positions remained in three main areas. These are: the economically sensitive financials and energy sector, and the more defensive, but (from our perspective) meaningfully undervalued, health care sector. Besides many of the attractive defensive and high-quality characteristics of many of our health care holdings, some also show potential for a cyclical rebound from a pick-up in demand for elective procedures, which had been restricted during the pandemic. We expect our financial holdings to benefit from an increase in interest rates, which is finally starting to occur and will affect their net interest margins.

Our most significant underweights were in technology, consumer staples, and communication services, which appear generally expensive to us, excluding a few specific value opportunities. These areas include several appealingly priced companies that have exposure to robust secular trends, such as 5G, AI, and fintech. They include semiconductor companies, like Samsung and SK Hynix, which trade at much more attractive valuations than a company like Nvidia, yet should benefit from the growth in artificial intelligence and the Internet of Things proliferation. Additionally, instead of holding fintech darling Square (now called Block), whose high valuation reflects market admiration, we invested in Fiserv, which owns Square competitor, Clover, and trades at much more appealing valuation levels.

We are also being careful with our exposure to companies that may be hurt by continued inflation. Generally, these include businesses with low margins, low returns on equity, low pricing power, or high labor cost, as well as those with balance sheet leverage.

From a country/region perspective, we remained overweight in the United Kingdom, France and emerging markets; we were underweight in the United States and Japan.

Looking ahead for the remainder of this year and beyond, we remain optimistic about the prospects for the Global Equity Fund given its history of outperforming the MSCI World Value Index during periods of strong value performance. Furthermore, we are encouraged by the potential for earnings recoveries among our holdings, as well as their attractive valuation discounts relative to growth stocks and the broad market.

Brandes Global Equity Fund

We believe the differences between the Fund and the broader market continue to make it an intelligent complement to index-tracking or growth-oriented alternatives. We remain excited about the Fund’s potential, and we thank you for the trust you have placed in us.

Sincerely yours,

The Brandes Global Large-Cap Investment Committee

Brandes Investment Trust

¹Dec. 31, 1929 to Dec. 31, 2019. Based on the Ken French Data Library. Value stocks represented by the cheapest quintile of the universe – all listed NYSE, AMEX, and Nasdaq stocks – on a book to price basis, relative to growth stocks represented by the most expensive quintile of the universe on a book to price basis.

Dividend Yield: Dividends per share divided by price per share.

Margin of Safety: The discount of a security’s market price to what the firm believes is the intrinsic value of that security.

Market Capitalization (Cap): The number of common shares outstanding multiplied by the current market price per common share.

Nifty Fifty: A popular name in the 1960s and ‘70s for a group of the largest U.S. companies.

Return on Equity: Net income divided by shareholder’s equity.

Stagflation: Combination of slow economic growth and high inflation.

Tangible Book Value: Book value minus intangible assets (e.g., goodwill).

Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.

Diversification does not assure a profit or protect against a loss in a declining market.

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.

One cannot invest directly in an index.

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

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, 2012 to March 31, 2022 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)

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	Average Annual Total Return Periods Ended March 31, 2022
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes Global Equity Fund
Class A⁽²⁾		4.31	%		6.62	%		7.29	%		6.93%
Class A ⁽²⁾(with maximum sales charge)		-1.68	%		5.36	%		6.66	%		6.46%
Class C⁽³⁾		3.54	%		5.83	%		6.66	%		6.11%
Class C ⁽³⁾(with maximum sales charge)		2.56	%		5.83	%		6.66	%		6.11%
Class I		4.56	%		6.89	%		7.56	%		7.17%
MSCI World Index		10.12	%		12.42	%		10.88	%		10.21%

⁽¹⁾	The inception date is October 6, 2008.

⁽²⁾	Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses.

⁽³⁾

Brandes Global Equity Fund

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, 2022 (Unaudited)

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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) declined 11.23% in the six months ended March 31, 2022. During the same period, the MSCI Emerging Markets Index declined 8.20%.

At the onset, we are deeply saddened by the loss of life and the disruption being forced upon the people of Ukraine. Our thoughts continue to be with the people of Ukraine, as well as those in Russia that are advocating for peace. The events that have unfolded since the start of the Russian invasion of Ukraine in February have significantly elevated the risks and uncertainties associated with investments in Russian securities. The most significant detractors in the Fund during the period were our holdings domiciled in Russia, including Lukoil, Mobile TeleSystems and Sberbank.

Beyond Russia, we have also observed increased volatility within the Chinese equity market. Fresh COVID-related lockdowns and geopolitical issues (e.g., relations with Russia and Taiwan) were notable overhangs. Continued investor unease with ADRs (American depositary receipts) and overseas listings further pressured the market, along with regulatory risk on technology-related companies, property market instability, and concerns about economic growth. In mid-March, Vice Premier Liu He announced that the government would introduce policies that are expected to be favorable to the market. While the statement stabilized China’s financial markets momentarily, several of our holdings there performed poorly in recent months, most notably China Education Group, Chinasoft International, Midea and Weichai Power.

Other poor performers included Brazilian regional jet manufacturer Embraer and Mexican cement company Cemex. Embraer’s shares declined on lowered short-term margin guidance. We believe the market underappreciates the ongoing cycle recovery across Embraer’s products, which have seen their order backlog rise above pre-COVID levels. As the market is heavily focused on short-term, one-off item margin distortions, Embraer now trades at a wide discount to our estimate of its intrinsic value.

Additionally, our underweight to non-Russian commodities-oriented companies and allocation to the financials sector weighed on returns relative to the MSCI Emerging Markets Index.

Strong performers in the Fund included Brazilian holdings such as oil and gas firm Petrobras, Telefonica Brasil and wireless telecommunication services company TIM. Additionally, China based Wens Foodstuff Group saw its shares rise as strong peak-season demand led hog prices to increase materially from October 2021’s lows.

Although our overall exposure to the financials sector hurt relative returns, select bank holdings performed well. These included Bank Rakyat Indonesia, Thailand-based Bangkok Bank, Bank of the Philippine Islands, and newly added Erste Group Bank. Furthermore, the Fund’s underweight to China helped returns relative to the benchmark.

Select Portfolio Activity


		Past Performance is not a guarantee of future results.		15

Brandes Emerging Markets Value Fund

The emerging markets investment committee initiated several positions, including Erste Group Bank and LG Household & Healthcare.

Erste is a bank that we know well, having held it on multiple occasions, most recently in early 2020. While it is domiciled in Austria, the company operates throughout emerging Europe with a strong market position. Erste fell nearly 50% amid the Russia/Ukraine conflict, despite having no direct exposure to Russia, Ukraine, and Belarus. The company has performed stress-testing on its loans to account for the energy price increases and concluded there was no need for materially higher provisions, highlighting the strength of its loan portfolio.

LG Household & Health Care (LGHH) is a diversified consumer goods company based in South Korea. The company has enjoyed consistent growth, with revenues growing at a 10-year compounded rate of 13% annually (pre-pandemic) and operating profit at 18%, leading it to become South Korea’s top player in all three of its divisions: Beauty (cosmetic products), Health (health care and household products) and Refreshment (beverages).

LGHH’s flagship luxury cosmetics brand, The History of Whoo, has steadily been gaining share in the Chinese beauty market (its main market) as it benefited from the shift in consumer preferences from value to premium products, a trend that is expected to continue in the foreseeable future. Recently, however, sales have started to slow down, mainly due to the strict lockdowns in China and the related decline in the duty-free sales channel. As a result, LGHH’s shares fell over 30% in 2021.

We believe the market is applying an overly harsh scenario of permanently slower sales growth of LGHH’s cosmetic products, providing us with an opportunity to invest in a company with a solid market presence at appealing valuations. In our opinion, LGHH remains well positioned to benefit from the premiumization of China’s beauty market and from a rebound in sales as mobility restrictions ease in its main markets.

The emerging markets investment committee also took advantage of the increased volatility in China to add Topsports International Holdings to the Fund.

As China’s largest sportwear retailer, Topsports partners with international brands to sell their products through the company’s directly operated stores. Topsports’ largest and most significant partners are Nike and Adidas, two highly popular brands in China that account for nearly half of the country’s sportswear market in terms of sales. Topsports is Adidas’ largest global partner and Nike’s second-largest global partner, representing roughly half of Nike’s total sales in China.

In March 2021, Topsports’ shares reached highs after Nike reported strong sales in China, suggesting that the post-COVID demand recovery was underway. Since then, however, Topsports’ shares have declined materially on several factors:

• Short-term concerns around inventory shortages due to government-mandated production shutdowns;

• Increased geopolitical risks for Western brands selling in China;

• Tension over labor treatment in cotton-growing Xinjiang region;

Brandes Emerging Markets Value Fund

• Fresh lockdowns triggered by the Delta variant;

• Worries about the spillover effects of the property market downturn on consumption.

We believe these concerns have been accounted for in Topsports’ share price. Topsports is one of two Chinese sportwear companies (the other one being Pou Sheng International) with a national network of retail outlets. Over the past five years, it has outpaced its rival, achieving better topline growth and higher average operating margins. It is our view that the current manufacturing challenges will eventually subside and that Topsports is well positioned to benefit from China’s sportswear market growth, which is expected to be double-digit annually over the medium term. Furthermore, Adidas and Nike are looking to consolidate their retail partnerships, and we believe Topsports should be a beneficiary of this trend given its strong position in China and its established relationships with both brands.

Other major activity included the full sells of Thailand-based Siam Commercial Bank, India-based media company Zee Entertainment Enterprises, and Mexican beverage company Fomento Economico Mexicano (FEMSA). The committee also exited the Fund’s positions in China-based Wens Foodstuff, Argentina’s YPF and O2 Czech Republic, as well as Greece’s Hellenic Telecommunications. We exited these positions as the shares appreciated toward our estimates of their intrinsic values.

Looking Forward

As of March 31, 2022, the Fund held large sector overweights in real estate (note that we do not own any real estate holdings in China) and consumer discretionary, and key underweights to materials and financials. From a country perspective, even though Chinese companies made up the Fund’s largest allocation, we remained underweight relative to the benchmark. We also continued to be underweight India and Taiwan, while having a significant overweight to companies in Mexico, Indonesia and Brazil.

The world has changed significantly in the past couple months. With so many moving parts and ever-changing news flow, it is easy to get lost in the myriad of topical questions. It would be impossible to predict the outcomes of current world events and their impact on investment portfolios.

Looking forward, we believe the Brandes Emerging Markets Value Fund offers a diversified portfolio with exposure to the following factors:

• Post-COVID economic reopening/normalization: We believe our holdings in air travel, casino gaming and luxury retail, as well as those in China, Southeast Asia, and Latin America from a geographic standpoint, will benefit assuming the pandemic’s economic impact continues to ease.

• Inflation: While we make no attempt to forecast inflation, we believe the portfolio is well positioned for a rising inflation environment through our holdings in financials and real estate investment trusts with inflation-indexed rents, as well as high-yielding businesses. These holdings may benefit from net interest margin expansion should the

Brandes Emerging Markets Value Fund

yield curve steepen. Additionally, we have reduced the exposure to financial leverage among our non-financial holdings, which we believe is prudent given the potential impact of rising interest rates on the cash flows of these businesses.

• Long-term growth drivers in emerging markets: Our positions in consumer-related fields (e.g., e-commerce, food products, appliances, sportswear, cosmetics, education) provide exposure to the growing middle-class consumption in emerging markets.

We believe this positioning, combined with the Fund’s overall attractive valuation levels, bodes well for the Fund’s returns in the long term.

Sincerely yours,

The Brandes Emerging Markets Investment Committee

Brandes Investment Trust

American Depositary Receipt: A negotiable certificate issued by a U.S. depositary bank representing a specified number of shares—usually one share—of a foreign company’s stock.

Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.

Net Interest Margin: Interest income generated by a financial institution minus the amount of interest paid to its lenders, divided by average earning assets.

Operating Margin: Operating income divided by net sales; used to measure a company’s operating efficiency.

Operating Profit: Earnings before interests and taxes.

Yield Curve: A yield curve shows the relation between the yield on debt instruments (i.e., annual income from the investment, divided by the current market price of the investment) and their times to maturity. A typical yield curve slopes upward to reflect higher interest rates for longer maturities.

Diversification does not assure a profit or protect against a loss in a declining market.

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

Brandes Emerging Markets Value Fund

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.

The foregoing reflects the thoughts and opinions of Brandes Investment Partners^® exclusively and is subject to change without notice.

Brandes Investment Partners^® is a registered trademark of Brandes Investment Partners, L.P. in the United States and Canada.

Must be preceded or accompanied by a prospectus.

Index Guide

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

One cannot invest directly in an index.

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

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, 2012 to March 31, 2022 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)

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	Average Annual Total Return
	Periods Ended March 31, 2022⁽¹⁾
	One			Five			Ten			Since
	Year			Years			Years			Inception⁽²⁾
Brandes Emerging Markets Value Fund
Class A		-12.39	%		-0.78	%		0.25	%		5.89%
Class A (with maximum sales charge)		-17.42	%		-1.94	%		-0.34	%		5.65%
Class C⁽³⁾		-12.70	%		-1.43	%		-0.34	%		5.08%
Class C ⁽³⁾(with maximum sales charge)		-13.55	%		-1.43	%		-0.34	%		5.08%
Class I		-12.35	%		-0.58	%		0.48	%		6.11%
Class R6⁽⁴⁾		-12.18	%		-0.42	%		0.60	%		6.20%
MSCI Emerging Markets Index		-11.37	%		5.98	%		3.36	%		5.93%

⁽¹⁾

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 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.

Brandes Emerging Markets Value Fund

⁽²⁾	The inception date is August 20, 1996.

⁽³⁾

⁽⁴⁾	Performance shown prior to July 11, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2022 (Unaudited)

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Brandes International Small Cap Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) fell 10.21% in the six months ended March 31, 2022. During the same period, the S&P Developed Ex-U.S. SmallCap Index fell 8.52%.

From a country perspective, holdings in Canada contributed meaningfully to performance, led by Dorel Industries and uranium companies Cameco Corporation and Sprott Physical Uranium Trust, which both benefited from a sharp increase in commodity prices.

Other notable positive contributors included South Korean gas utility Samchully,U.K. energy equipment company TechnipFMC, Mexican real estate investment trust Fibra Uno,and Japan Petroleum Exploration. Additionally, Italian defense company Leonardo SpA, a new addition in the first quarter, saw its share price increase on the prospect for higher defense spending in Europe.

European markets and emerging markets experienced the steepest decline in the period as geopolitical concerns related to the Russia/Ukraine conflict exacerbated inflationary trends and triggered worries about an economic slowdown. The Fund does not have any direct investments in Russia or Ukraine. While select holdings do have some indirect exposure to the countries, our overall portfolio revenue exposure is less than that of the S&P Developed ex-U.S. SmallCap Index.

Among the Fund’s largest detractors were several of our consumer and construction materials-related holdings, led by French catering services provider Elior Group and U.K. retailer Marks & Spencer, as well as cement companies Buzzi Unicem (Italy), Cemex (Mexico) and Vicat (France). Elior suspended its earnings guidance in January, citing a lack of visibility regarding the impact of the strict health protocols implemented to stifle the Omicron COVID variant. In early March, the company’s chief executive officer unexpectedly resigned. We believe that these challenges are temporary in nature and that the company warrants a continued inclusion in the Fund’s portfolio.

Other detractors included industrial holdings Embraer and De La Rue,German health care equipment supplier Draegerwerk, and Hong Kong-based payment services provider PAX Global Technology Limited.

Brazilian jet manufacturer Embraer gave back some of its strong performance over the past 18 months as it declined on lowered short-term margin guidance. We believe the market underappreciates the ongoing cycle recovery across Embraer’s products, which have seen their order backlog rise above pre-COVID levels. As the market is heavily focused on short-term, one-off item margin distortions, Embraer now trades at a wide discount to our estimate of its intrinsic value.

Select Portfolio Activity

The small-cap investment committee initiated positions in Hong Kong-based YueYuen, U.K. defense technology company QinetiQ, Ireland-based food products company Greencore Group, Japanese entertainment business DeNA,


22		Past Performance is not a guarantee of future results.

Brandes International Small Cap Equity Fund

U.K.-domiciled energy equipment company TechnipFMC, as well as the aforementioned Leonardo SpA.

Founded in 1988, Yue Yuen is the world’s largest manufacturer of branded athletic and casual footwear, producing nearly 250 million pairs of shoes in the fiscal year 2020 as an original equipment manufacturer for major brands such as Nike and Adidas, which together account for almost two-thirds of Yue Yuen’s sales, as well as Reebok, Asics, New Balance, and Puma. The company also has a majority stake in sportswear (athletic shoes and apparel) retailer Pou Sheng.

We see significant value potential in Yue Yuen. While volume growth has been muted in recent years as key customers have been working to reduce inventories and demanding shorter lead times, Yue Yuen has maintained a strong pricing power which is attributable to increased popularity of athletic shoes and a style shift toward more complex designs. Provided COVID-related conditions continue to improve, the industry is expected to grow at mid-single digits. Furthermore, we believe Yue Yuen is well positioned to expand its operating margins, which have been negatively affected by forced factory closures and occupancy reductions (for social distancing). Although the timing of the recovery is impossible to predict, it is our opinion that Yue Yuen’s current share price is overly discounted, providing us with what we consider a compelling entry point for an investment.

TechnipFMC (FTI) is the product of a 2016 merger between Technip, a leading engineering, procurement and construction company (EPC), and FMC, a leading provider of subsea production and processing equipment. The rationale of the merger was to combine equipment manufacturing with engineering and construction of subsea oilfields. Earlier this year, the company completed a long-planned separation of its onshore EPC business, making it purely focused on offshore oilfield exploration and development.

With an over 40% market share, FTI is the industry leader in subsea systems, highly engineered capital goods that reside on the seabed producing and processing hydrocarbons. The subsea industry has been in a multi-year slump following a decade of high oil prices. Capital expenditures (capex) among upstream oil and gas companies (FTI’s customer base) reached highs in 2014 and are estimated to be less than half of the peak levels in 2021. In addition to the collapse in capex, there has been a shift of investment to unconventional opportunities on land. The overall effect has been a sustained period of low manufacturing utilization, high price competition and distressed profitability for the subsea industry.

Brandes International Small Cap Equity Fund

Furthermore, we appreciate that FTI has made several investments to capitalize on its offshore development expertise and seek to benefit from a global energy transition, including subsea carbon transportation and storage, floating renewable power generation (offshore wind) and hydrogen production, storage and re-electrification.

During the period, the investment committee exited several positions in Spain, namely Atresmedia, Bankinter, CaixaBank and Linea Directa Aseguradora. Other full sells were Canadian Corby Spirit and Wine and insurer E-L Financial, utility First Philippine Holdings, and South Korea-based Lotte Confectionary.

Looking Forward

Value stocks (as measured by the S&P Developed ex-U.S. SmallCap Value Index) outperformed the broader market (S&P Developed ex-U.S. SmallCap Index) noticeably at the start of the year when rising inflation and interest rates caused the valuations of many high-flying growth companies to compress. Geopolitical developments in the second half of the quarter (i.e., the Russia/Ukraine conflict) have exacerbated inflationary trends and triggered concerns about an economic slowdown, raising the potential for a “stagflationary” environment (low economic growth and elevated inflation).

In the beginning of 2022, we were optimistic that improving economic growth and an uptick in inflation (after a decade-plus of weak growth and almost no inflation before COVID-19) would benefit value stocks—especially given the historically wide valuation discounts at which value stocks traded relative to growth (S&P Developed ex-U.S. SmallCap Growth Index). However, with inflation persisting and economic growth potentially slowing, we are often asked if these factors change our outlook for value stocks. While it is true that weaker growth may present a headwind for value stocks (all else being equal), it is not always the case. In fact, two of the best periods for value versus growth were the post-Nifty Fifty era in the 1970s (during which the term “stagflation” was first widely used) and the post-tech bubble correction of the early 2000s. These periods shared common attributes that catalyzed the favorable environment for value: they were preceded by a period of elevated general market valuations and historically wide discount levels for value relative to growth.

In terms of portfolio positioning, there were no wholesale changes in the period. From a sector standpoint, the Fund held its largest weights in industrials (although underweight relative to the benchmark), consumer staples and financials. While returns for the industrials sector were negative in the quarter, the Fund’s weighting to industrials increased slightly with the additions of defense companies Leonardo SpA and QinetiQ. The Fund maintained underweights in technology and materials, and continued to have significant exposure to Japan, the U.K., and emerging markets.

We remain excited about the prospects of the Brandes International Small Cap Equity Fund and appreciate your continued trust.

Brandes International Small Cap Equity Fund

Sincerely yours,

The Brandes Small-Cap Investment Committee

Brandes Investment Trust

Dividend Yield: Dividends per share divided by price per share.

Nifty Fifty: A popular name in the 1960s and 70s for a group of the largest US companies.

Operating Margin: Operating income divided by net sales; used to measure a company’s operating efficiency.

Stagflation: Combination of slow economic growth and high inflation.

Diversification does not assure a profit or protect against a loss in a declining market.

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.

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.

Brandes International Small Cap Equity Fund

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 measures the equity performance of small cap companies in developed markets excluding the United States, which are classified as growth stocks by 5-year historical earnings per share growth, 5-year historical sales per share growth, and 5-year average annual internal growth rate.

One cannot invest directly in an index.

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

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, 2012 to March 31, 2022 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)

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	Average Annual Total Return
	Periods Ended March 31, 2022⁽¹⁾
	One			Five			Ten			Since
	Year			Years			Years			Inception⁽²⁾
Brandes International Small Cap Equity Fund
Class A		-1.28	%		0.80	%		5.66	%		8.19%
Class A (with maximum sales charge)		-6.95	%		-0.38	%		5.04	%		7.94%
Class C⁽³⁾		-1.52	%		0.15	%		5.05	%		7.40%
Class C ⁽³⁾(with maximum sales charge)		-2.45	%		0.15	%		5.05	%		7.40%
Class I		-1.14	%		1.00	%		5.89	%		8.43%
Class R6⁽⁴⁾		-1.06	%		1.10	%		5.98	%		8.50%
S&P Developed Ex-U.S. SmallCap Index		-3.72	%		7.09	%		7.58	%		6.71%

⁽¹⁾

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


				27

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.

⁽²⁾	The inception date is August 19, 1996.

⁽³⁾

⁽⁴⁾	Performance shown prior to June 27, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2022 (Unaudited)

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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 2.58% in the six months ended March 31, 2022. During the same period, the Russell 2000 Index fell 5.55%.

Given the recent sharp increase in commodity prices, the strongest performers were companies that directly benefitted from that increase. Oil- and gas-related companies performed exceptionally well, led by Dril-Quip, Helmerich & Payne, Chesapeake Energy and Halliburton. Uranium company Sprott Physical Uranium Trust also performed well.

Other strong contributors included Canadian household durables manufacturer Dorel Industries, machinery business Flowserve, professional services companies Kelly Services and Science Applications International (SAIC).

As geopolitical concerns increased in lock step with worries about inflation and the potential for “stagflation,” the broad U.S. small cap market (as measured by the Russell 2000 Index) declined. The impact was primarily led by technology companies because their valuations tend to be materially influenced by rising interest rates. For the Fund, major detractors included communications equipment companies Ribbon Communications and NETGEAR.

Other detractors included holdings in the industrials sector, namely aircraft manufacturer Embraer, vacuum and heat transfer equipment manufacturer Graham Corporation and Orion Group. Embraer saw its stock decline on its reduced short-term margin guidance. However, over the longer term, we believe the market is missing the ongoing cycle recovery across the company’s portfolio. While the market is heavily focused on short-term, one-off item margin distortions, Embraer’s order backlog has already risen above pre-COVID levels. The company is trading at a wide discount to our estimate of its long-term intrinsic value, and we added to our position.

Select Portfolio Activity

We sold our stakes in Varex Imaging Corporation, Utah Medical Products, Halliburton and Helmerich & Payne.

During the period, the small-cap investment committee initiated positions in Kelly Services, Science Applications International Corporation, office furniture company Kimball International, Ribbon Communications, commercial services & supplies provider Steelcase, and machinery business Flowserve. We also took advantage of share price weakness and added to our investments in consumer products company Edgewell Personal Care, computer networking company NETGEAR.

Founded in 1946, Kelly Services has evolved from a U.S.-based company concentrating primarily on traditional office staffing into a global workforce solutions provider. Kelly Services is the fourth-largest staffing company in the U.S. Most of its operations are still derived from lower-end office services, education, contact center, light industrial and


		Past Performance is not a guarantee of future results.		29

Brandes Small Cap Value Fund

electronic assembly staffing. It has also been attempting to expand into more complex areas and claims to have a unique talent supply chain management approach to help many of the world’s largest companies plan for and manage their workforces. Those areas involve outsourcing, consulting, recruitment, career transition and vendor management services.

Kelly Services had begun to recover from the unemployment peak (revenues and unemployment have typically been inversely related) caused by COVID-19 and had proceeded with its plan to expand into higher-margin, specialty businesses. However, the share price was down in the second half of 2021 and early 2022, likely due to COVID spikes derailing the path to a more normal business environment. We believe this offered an opportunity to purchase one of the top players in the professional services industry trading at a discount to tangible book value with a strong net cash balance sheet, enabling it to weather economic volatility.

Science Applications International Corporation is the fifth-largest government IT services contractor and operates a capital-light business model that has generated strong free cash flow. We believe that SAIC trades at an attractive valuation and should continue to be a defensive business with at least low single-digit organic growth driven by greater alignment with budget priorities of the defense and civilian agencies. Continued solid free cash flow generation would allow it to deleverage its balance sheet over the next few years, and it also has a track record of returning some excess free cash flow to shareholders via buybacks and dividends.

Under the name of a predecessor entity, Flowserve was founded in 1912. Today, the firm develops and manufactures precision-engineered equipment integral to the movement, control and protection of the flow of materials in critical processes and also provides aftermarket services for these complex systems. Flowserve has underperformed during the past year due to the cyclical aspects of its business; recent results were also hampered by supply chain issues affecting many businesses around the world. However, we believe these challenges are temporary and have created a buying opportunity.

Looking Forward

Value stocks (as measured by the Russell 2000 Value Index) outperformed the broader market (Russell 2000 Index) noticeably at the start of the year when rising inflation and interest rates caused many high-flying growth company valuations to compress. Geopolitical developments in the second half of the quarter (i.e., the invasion of Ukraine) have exacerbated inflationary trends and increased worries about a slowdown in growth, raising the potential for a “stagflationary” environment (low economic growth and elevated inflation).

Brandes Small Cap Value Fund

discounts value stocks traded at relative to growth. With inflation persisting and growth potentially slowing, we are often asked if these factors change our outlook for value stocks. Weaker growth may be a headwind for value stocks all else being equal, but that has rarely been the case. In fact, two of the best periods for value versus growth were the post-Nifty Fifty era in the 1970s (during which the term “stagflation” was first widely used) and the post-tech bubble correction of the early 2000s. The common factors of these two periods resulting in highly favorable value environments were: markets were in a state of elevated valuations and the spread between value and growth was at historical levels.

From a positioning standpoint, our largest sector overweights were in industrials and energy, and we continued to find value in health care companies, although we are underweight relative to the Russell 2000 Index. We are markedly underweight companies in the financials, real estate, information technology and consumer discretionary sectors.

In our opinion, the differences between the Brandes Small Cap Value Fund and the broader market continue to make it an attractive complement to other small-cap offerings. The Fund exhibits lower valuations than the Russell 2000 Index. We believe our holdings have strong balance sheets, compelling growth prospects and are able to generate durable free cash flow. Compared with the Russell 2000 Value Index, the Fund has significantly less exposure to financials and real estate.

As always, we appreciate 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.

Free Cash Flow: Total cash flow from operations less capital expenditures.

Forward Price/Earnings: Price per share divided by earnings per share expected over the next 12 months.

Net Cash: Total cash minus total debt.

Nifty Fifty: A popular name in the 1960s and ‘70s for a group of the largest U.S. companies.

Stagflation: Combination of slow economic growth and high inflation.

Tangible Book Value: Book value minus intangible assets (e.g., goodwill).

Diversification does not assure a profit or protect against a loss in a declining market.

Brandes Small Cap Value 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 Russell 2000 Index with gross dividends measures the performance of the small cap segment of the U.S. equity universe.

The Russell 2000 Value Index with gross dividends measures performance of the small cap value segment of the U.S. equity universe. Securities are categorized as growth or value based on their relative book-to-price ratios, historical sales growth, and expected earnings growth.

One cannot invest directly in an index.

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

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, 2012 to March 31, 2022 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 1000 Total

Return Index & Russell 1000 Value Total

Return Index(Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2022⁽²⁾
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes Small Cap Value Fund
Class A		9.23	%		10.03	%		12.53	%		7.71%
Class A (with maximum sales charge)		2.92	%		8.75	%		11.88	%		7.45%
Class I		9.58	%		10.36	%		12.82	%		7.99%
Class R6⁽³⁾		10.17	%		9.10	%		12.18	%		7.73%
Russell 2000 Total Return Index		-5.79	%		9.74	%		11.04	%		7.79%
Russell 2000 Value Total Return Index		3.32	%		8.57	%		10.54	%		8.52%

⁽¹⁾	The inception date is September 30, 1997.

⁽²⁾

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.

⁽³⁾	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”)

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.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2022 (Unaudited)

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Brandes U.S. Value Fund

Dear Fellow Investor,

The net asset value of the Brandes U.S. Value Fund (Class I Shares) gained 6.14% in the six months ended March 31, 2022. During the same period, the Russell 1000 Value Index gained 5.65% and the Russell 1000 Index increased 2.97%.

Rising energy prices benefited our oil-related companies, including integrated oil firm Chevron and oil field services company Halliburton. Rising commodity prices also aided our materials investments, namely Corteva and Westlake.

Other contributors included pharmaceutical distributor McKesson, advertising agency Omnicom, and aerospace and defense company General Dynamics.

As geopolitical concerns increased in lock step with worries about inflation and the potential for “stagflation” during the first quarter, the broad U.S. market (as measured by the Russell 1000 Index) declined. During the six months ending March 31, 2022, the Fund’s largest detractors were holdings in the banking, household durables and consumer finance industries. Citigroup, flooring company Mohawk Industries and OneMain Holdings were among the worst performers.

Among the Fund’s holdings, Mohawk has the highest exposure to Russia at about 4% of total sales, although the company does have some manufacturing facilities in Eastern European countries such as Poland. As a flooring manufacturer and distributor, Mohawk has experienced material cost inflation which could pressure short-term margins, but over the longer term we believe its advantaged position should enable it to manage these costs better than many competitors. After its recent decline, the stock trades at a single digit multiple of earnings, which we believe allows for an attractive return over time.

While household durables company Taylor Morrison Home performed well during the previous year’s strong housing market, the shares have pulled back recently amid anxiety about the consequences of rising mortgage rates. However, at the company’s current valuation of only 3x forward earnings, and given the lack of new housing built over the past decade, we believe these factors are fully reflected in Taylor Morrison’s share price.

Select Portfolio Activity

The investment committee initiated positions in semiconductor firm Qorvo, insurance broker and benefits firm Willis Towers Watson (WTW) and industrial equipment firm Gates Industrial.

Qorvo was formed in 2015 via the merger of TriQuint Semiconductor and RF Micro Devices. The company is now the second-largest independent radio frequency (RF) front-end component supplier and offers products that are critical for transmitting radio signals to, and receiving them from, a smartphone’s cellular modem.

Most of Qorvo’s revenue comes from the smartphone market. It has a strong competitive position and should continue to benefit from the transition to 5G-enabled


		Past Performance is not a guarantee of future results.		35

Brandes U.S. Value Fund

phones, which include significantly more RF components per phone (3G phones average $8 of RF components versus 5G at $25). Additionally, the company earns almost one-third of its revenue outside of smartphone end-markets, and will likely derive a benefit from the growing Internet of Things (IoT) applications for internet-connected appliances and devices.

Qorvo’s shares have declined due to concerns about supply chain constraints and a slowdown in the smartphone market, especially in China which accounts for the largest share of Qorvo’s revenue. Over the longer term, we believe that Qorvo’s supply chain constraints will be resolved and that it offers an appealing way to benefit from the growth of RF content per 5G phone, as well as the proliferation of internet-connected devices globally. At a current valuation of less than 10x our estimate of normalized earnings, we feel the company offers a desirable risk/reward tradeoff.

Willis Towers Watson (WTW) is the third-largest retail insurance broker in the United States. The company offers insurance brokerage, actuarial support, consulting, pension plan design, risk broking and benefits outsourcing. WTW’s share price declined over the past year when an intended acquisition by Aon fell through for anti-trust reasons. WTW is now working to turn around its standalone business, with a new management team and a reconstituted board of directors.

Overall, we believe WTW is an appealing business with good cash flow generation and a strong balance sheet that trades at an attractive valuation level, especially as it works on raising its margins closer to those of its insurance broker peers. Additionally, several activist investors have bought WTW shares to push for its turnaround, and WTW has announced it will be returning a significant amount of excess cash to shareholders over the next 18 months, equal to about 15% of its market cap.

We also initiated a position in Gates Industrial, a global manufacturer of power transmission and fluid power solutions used across a variety of industrial applications. The company is the market leader in belts, hoses, hydraulics and engine systems used by automobile manufacturers, heavy duty trucks, construction and mining, as well as industrial and oil and gas end markets. Demand for its products is largely driven by replacement demand and the cost of product failure is high relative to the component cost, giving Gates pricing power that would be beneficial in an inflationary environment.

Gates was fully owned by private equity firm Blackstone until it went public in 2018, and Blackstone still owns roughly two-thirds of the company today. Blackstone’s partial ownership divestment likely created some overhang on Gates’ stock price, contributing to its recent underperformance. Additionally, Gates has suffered from the well-publicized supply chain issues which have kept the company from meeting end-demand. We feel Gates now trades at an attractive valuation and should benefit from an improvement in economic and industrial activity, as well as the resolution of supply-chain constraints.

Brandes U.S. Value Fund

During the period, the investment committee divested the Fund’s holdings in biotechnology firm Gilead Sciences and real estate investment trust Mid-America Apartment Communities (MAA). Real estate markets and rents have continued to see strong price appreciation, which has significantly benefited MAA. We divested MAA when its share price reached our estimate of its intrinsic value. Additionally, we sold long-time holding in beverage and snack company PepsiCo., the world’s second-largest food and beverage company, as the stock price exceeded our estimate of intrinsic value.

Looking Forward

Value stocks (as measured by the Russell 1000 Value Index) outperformed the broader market (Russell 1000 Index) noticeably at the start of the year when rising inflation and interest rates caused many high-flying growth company valuations to compress. Geopolitical developments in the second half of the quarter (i.e., the invasion of Ukraine) have exacerbated inflationary trends, increased worries about a slowdown in growth, and raised the potential for a “stagflationary” environment (low economic growth and elevated inflation).

Heading into 2022, we were optimistic that improving economic growth and an uptick in inflation (after a decade-plus of weak growth coupled with low and declining interest rates) would benefit value stocks—especially against the valuation discounts value stocks traded at relative to growth stocks. With inflation persisting and growth potentially slowing, we are often asked if these factors change our outlook for value stocks. While weaker growth may be a headwind for value stocks all else being equal, it’s rarely “all else equal.” In fact, two of the best periods for value stocks relative to growth stocks were during the 1970s following the “Nifty Fifty” era (during which the term “stagflation” was first widely used) and the post-tech bubble correction of the early 2000s.

The common factors leading up to these two periods of significant value outperformance were a) U.S. stocks in general were trading at very elevated valuations, and b) the valuation spreads between value and growth stocks were at historically elevated levels – both of which we are experiencing today.

From an industry/sector standpoint, the Fund’s largest relative overweight positions remained in the economically sensitive financials sector, the more defensive health care sector and various areas within the technology sector that are exposed to secular growth at what we consider to be reasonable valuations.

While we feel our health care holdings generally exhibit defensive and high-quality characteristics, many also show the potential to benefit from the resumption of elective procedures that may have been delayed during the pandemic. With regard to our financial holdings, in addition to the tailwind from loan growth and capital returns, many of them should also benefit from the increase in interest rates that we are now starting to experience. Finally, our overweight to the technology sector includes several

Brandes U.S. Value Fund

companies with exposure to secular megatrends like artificial intelligence, fintech, and 5G (companies such as Micron, Fiserv and Qorvo) at what we consider to be very reasonable valuations.

Our most significant underweights are in consumer staples, utilities and real estate, which appear generally expensive to us other than a few specific opportunities.

We believe the differences between the Brandes U.S. Value Fund and the broader market continue to make the Fund an attractive complement to more index-like or growth-oriented alternatives.

Looking ahead to this year and beyond, we remain optimistic about the Fund’s prospects given what we consider to be an attractive environment for value investing, and the Fund’s historic tendency to outperform the Russell 1000 Value Index during periods of value outperformance (Russell 1000 Value vs. Russell 1000).

As always, we thank you for the trust you have placed in us.

Sincerely yours,

The Brandes Global Large-Cap Investment Committee

Brandes Investment Trust

Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.

Forward Price/Earnings: Price per share divided by earnings per share expected over the next 12 months.

Market Capitalization (Cap): The number of common shares outstanding multiplied by the current market price per common share.

Nifty Fifty: A popular term in the 1960s and ‘70s for a group of the largest U.S. companies.

Normalized Earnings: Earnings adjusted based on economic cycles.

Price/Earnings: Price per share divided by earnings per share.

Stagflation: Combination of slow economic growth and high inflation.

Diversification does not assure a profit or protect against a loss in a declining market.

Brandes U.S. Value 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 Russell 1000 Value Index with gross dividends measures performance of the large cap segment of the U.S. equity universe. Securities are categorized as growth or value based on their relative book-to-price ratios, historical sales growth, and expected earnings growth.

The Russell 1000 Index with gross dividends measures performance of the large cap segment of the U.S. equity universe.

One cannot invest directly in an index.

The Brandes U.S. Value Fund is distributed by ALPS Distributors, Inc.

Brandes U.S. Value Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes U.S. Value Fund – Class I from October 1, 2021 to March 31, 2022 with the value of such an investment in the Russell 1000 Total Return Index and Russell 1000 Value Total Return Index for the same period.

Value of $100,000 Investment vs Russell 1000 Total

Return Index & Russell 1000 Value Total

Return Index(Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2022
	YTD		Since Inception^R
Brandes U.S. Value Fund
Class A		-0.10%		6.35%
Class A (with maximum sales charge)		-5.87%		0.24%
Class I		-0.11%		6.14%
Class R6		-0.28%		6.16%
Russell 1000 Total Return		-5.13%		2.97%
Russell 1000 Value Total Return		-0.74%		5.65%

^R	Commencement of operations on October 1, 2021.

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

Brandes U.S. Value Fund

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, 2022 (Unaudited)

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Brandes Core Plus Fixed Income Fund

Dear Fellow Investor,

In the six months ended March 31, 2022, the Brandes Core Plus Fixed Income Fund (Class I Shares) declined 5.27%, while its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, declined 5.92%.

Boxing great Mike Tyson once said: “Everyone has a plan until they get punched in the mouth.” The swift repricing of fixed income markets in the first quarter 2022, the likes which we have not seen since the 1970s, appeared to knock the Federal Reserve (Fed) and many investors on their heels.

During this time, the Fed was forced to quickly pivot from their plan of slowly and methodically winding down the most accommodative monetary policy in their history, to aggressively updating their forecasts for future rate hikes and balance sheet reductions.

In mid-December 2021 the Fed released its closely watched “dot plot”¹, which pegged the median forecast for the fed funds rate at 0.81% for year-end 2022 and 1.65% for year-end 2023. The updated March dot plot pegged the median fed funds rate at 2.05% for year-end 2022 and 2.81% for year-end 2023. This represents an abrupt upward shift in just three months and is particularly interesting in the context of the Fed’s view that the long-term normalized fed funds rate is 2.5%. The updated dot plot forecasts imply that the Fed believes that they will have to aggressively tighten above the projected long-term normalized rate to tame inflation. That is a considerable about-face from the transitory narrative that dominated their thinking for the better part of the past two years.

Market expectations have abruptly changed as well. During the fourth quarter 2021 we observed the disconnect between the Fed’s forward interest rate guidance and market expectations, noting that market expectations for the terminal fed funds rate were much lower than Fed guidance. As the market has reset future expectations guided by the newly hawkish Fed, rates have swiftly moved higher to levels not seen in several years.

After two years of a global health pandemic, during recent months the world has had to grapple with the worst outbreak of European military violence since World War II. Navigating monetary policy through this turbulent time has undoubtedly been a difficult task, but history will likely show that the Fed has simply waited too long to begin policy normalization and hence has run the risk of falling well behind the curve on inflation. Many commentators (including ourselves) have made this accusation, and we finally feel like we are no longer the old man yelling at the clouds when it comes to expressing concerns about inflation.

We have previously accused the Fed of being guilty of policy inertia and we have hoped that inertia would not lead to a policy error. It increasingly looks like the Fed has indeed made a policy error with its continuation of unprecedented stimulus well after the initial shock of the pandemic receded. As a result, taming inflation while achieving a


42		Past Performance is not a guarantee of future results.

Brandes Core Plus Fixed Income Fund

soft landing for the economy has become decidedly more difficult and could lead to additional market volatility.

During the trailing six-month period ending March 31, 2022, holdings in energy (Range Resources & Occidental Petroleum), services (Prime Security Services) and healthcare (Tenet Healthcare) aided returns.

Select holdings in banking (U.S. Bank & Goldman Sachs) and telecom (Telecom Italia) detracted from returns.

The fund’s underweight to agency mortgage-backed securities (MBS) aided performance during the period.

Term-structure positioning was a positive factor in performance as interest rates rose sharply. The fund was positioned near the bottom of its duration-controlled band during the period, helping to mitigate the impact of rising rates on a relative basis.

Select Portfolio Activity

During the period, the Fund added new positions in Mauser Packaging (7.25% coupon, maturing 4/15/25, rated Caa3/CCC), Charles Schwab Inc. (5.375% coupon, perpetual, callable 6/1/25, rated Baa2/BBB), Citigroup Inc. (4.40% coupon, maturing 6/10/25, rated Baa2/BBB), Methanex Corp (5.125% coupon, maturing 10/15/27, rated Ba1/BB), Coty Inc. secured debt (5.00% coupon, maturing 4/15/26, rated B1/B+) and American Transmission System (2.65% coupon, maturing 1/15/32, rated A3/BBB).

We believe that the Charles Schwab bond that we purchased is a good example of a situation where the distinctive structure of the security presents an attractive value opportunity. This bond is a junior subordinated security – it ranks lower in the company’s capital structure. It pays a fixed-rate coupon until June 2025. If the bond is not called in June 2025, it will become a perpetual security, and its coupon will revert to a floating rate based on the 5-year U.S. Treasury rate plus 4.97% - with a quarterly reset. The reset rate will be at a yield spread that is similar to where low-quality high yield bonds generally trade.

The distinctive feature of this bond is that if Charles Schwab chooses not to call the security in June 2025, the company does not have the option to call it again for an additional five years. At today’s interest rates the coupon would reset to nearly 7%. Given the relatively high cost of a coupon reset and the limited flexibility offered to the company for future calls, we believe that this bond is best treated as a bullet security with a 3-year maturity.

Charles Schwab issued this bond in April 2020 during the early stages of the pandemic, which we believe is the likely explanation of why the bond’s structure is not representative of the strong underlying credit quality of the company. As a result, this represents an attractive value opportunity to us.

Brandes Core Plus Fixed Income Fund

Coty Inc. is a world leader in beauty with 75 brands and is home to well-known brands such as CoverGirl, Clairol and Max Factor. The company experienced turnover in the chief executive officer’s (CEO’s) chair with four different CEOs in 2020. Additionally, the pandemic affected revenues as beauty sales suffered in a world dominated by Zoom calls.

However, Coty is in the early stages of an operational turnaround centered on three key initiatives: 1) shifting the mix toward prestige brands with a focus on clean and green—i.e., CoverGirl Clean Fresh vegan makeup; 2) stabilizing its mass market beauty portfolio; and 3) reducing leverage through applying strong operational cash flows to paying down debt and divesting non-core brands.

As the pandemic recedes and more people can return to the office, travel, and engage in leisure activities, we believe Coty is well positioned to benefit from positive industry trends, as well as specific steps the company has taken to strengthen its balance sheet and product portfolio.

American Transmission System is a regulated operating company of First Energy. We believe the company’s bonds offer an attractive higher-quality position within the First Energy capital structure.

The Fund also added to existing positions in MicroStrategy, Netflix, Allison Transmission and Telecom Italia.

The Fund exited our full position in Occidental Petroleum (3.50% coupon, maturing 6/15/25, rated Ba1/BB+), experienced a full call in Range Resources (9.25% coupon, maturing 2/1/26, rated B1/BB-), and saw maturities in Microsoft Corp. and ExxonMobil.

Outlook

From a total return perspective, the performance of virtually the entire fixed income universe was quite painful during the first quarter of 2022. Interest rates moved up swiftly from a very low base, leading to negative returns across the fixed income spectrum.

As the second quarter of 2022 begins, higher yields in the market and in the Fund can help cushion some of the impact if we are in the midst of secular change to a higher rate environment. With any investment, and in particular fixed income, time horizon is important. In the short-term, interest rate increases can cause negative total returns. However, over a longer time horizon, higher rates should allow a diversified portfolio to generate a higher level of income.

For a considerable period now, we have attempted to tilt the Brandes Core Plus Fixed Income Fund into what we believe is a defensive posture in order to mitigate some of the detrimental impact of higher interest rates and wider yield spreads. The Fund continues to favor shorter-maturity corporate bonds and those that we believe exhibit strong, tangible asset coverage. We are managing duration toward the shorter end of

Brandes Core Plus Fixed Income Fund

our duration-controlled range. We have a substantial allocation to U.S. Treasuries and if recent market uncertainty and volatility continues to cause credit fundamentals to become mispriced relative to our estimates of intrinsic value, then we will look to redeploy some of those Treasury holdings thoughtfully and effectively to take advantage of opportunities.

We remain underweight Agency mortgage-backed securities. In March, the Fed finally wrapped up their temporary support for a market where they have been making outright purchases since 2008. We are cautious on this market, given that the Fed owns 37% of the universe and has been absorbing nearly 50% of supply since March 2020.²

While the amount of Agency mortgage-backed securities supply could slow if interest rates continue to move higher, it remains to be seen how the market will respond to the withdrawal of explicit central bank support.

As we move forward, we believe prudence dictates that we continue our search for value at the margins while continuing to tilt the Fund to what we believe is a relatively defensive posture.

As always, thank you for your business and continued trust.

Sincerely yours,

The Brandes Fixed Income Investment Committee

Brandes Investment Trust

¹ Bloomberg, Federal Reserve, 12/15/21, and 3/17/22

² Mortgage QE 2020-22: A Look Back and Ahead, Bloomberg Intelligence, 3/14/22

Agency mortgage-backed securities (MBS): An MBS issued by one of three quasi-governmental agencies: The Government National Mortgage Association (GNMA or Ginnie Mae), the Federal National Mortgage Association (FNMA or Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac). A MBS is an investment similar to a bond that is made up of a bundle of home loans bought from the banks that issued them.

Asset Coverage: Measures how well a company can repay its debts by selling or liquidating its assets.

Bullet security: a debt investment whose entire principal value is paid in one lump sum on its maturity date, rather than amortized over its lifetime.

Cash Flow: The amount of cash generated minus the amount of cash used by a company in a given period.

Coupon: The annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity.

Dot Plot: Data points that are plotted on a graph and is used by the Federal Reserve to show its projected interest-rate outlook. Source: Investopedia

Brandes Core Plus Fixed Income Fund

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.

Mortgage-Backed Security: A type of asset-backed security which is secured by a mortgage or collection of mortgages.

Secured Debt: Debt that is backed by collateral to reduce the risk associated with lending. Source: Investopedia

Total Return: Income plus capital appreciation.

Yield: Annual income from the investment (dividend, interest, etc.) divided by the current market price of the investment.

Yield Spread: The net difference between two interest-bearing instruments of varying maturities, credit ratings, issuer or risk level.

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.

Diversification does not assure a profit or protect against a loss in a declining market.

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.

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

Brandes Core Plus Fixed Income Fund

rated by Moody’s, S&P or Fitch, which are each a Nationally Recognized Statistical Rating Organization. All Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change.

Index securities except for those labeled “Not Rated” have been rated by Moody’s or S&P. Credit ratings are subject to change.

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, Inc.

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, 2012 to March 31, 2022 with the value of such an investment in the Bloomberg U.S. Aggregate Bond Index for the same period.

Value of $100,000 Investment vs Bloomberg

U.S. Aggregate Bond Index (Unaudited)

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	Average Annual Total Return
	Periods Ended March 31, 2022
	One			Five			Ten			Since
	Year			Years			Years			Inception⁽¹⁾
Brandes Core Plus Fixed Income Fund
Class A⁽²⁾		-3.63	%		1.54	%		2.20	%		2.95%
Class A ⁽²⁾(with maximum sales charge)		-7.23	%		0.76	%		1.82	%		2.67%
Class I		-3.39	%		1.82	%		2.52	%		3.25%
Class R6⁽²⁾		-2.21	%		2.68	%		2.98	%		3.59%
Bloomberg Barclays U.S. Aggregate Bond Index		-4.15	%		2.14	%		2.24	%		3.39%

(1)	The inception date is December 28, 2007.

(2)	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.

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, 2022 (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, 2021 to March 31, 2022 (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	$	964.60	1.11%		$5.44^R
Global Equity Fund	$	1,000.00	$	1,007.50	1.25%		$6.26^R
Emerging Markets Value Fund	$	1,000.00	$	887.30	1.31%		$6.16^R
International Small Cap Fund	$	1,000.00	$	897.40	1.35%		$6.39^R
Small Cap Value Fund	$	1,000.00	$	1,024.60	1.15%		$5.80^R
U.S. Value Fund	$	1,000.00	$	1,063.50	0.95%		$4.86^RR
Core Plus Fixed Income Fund	$	1,000.00	$	945.80	0.50%		$2.43^R

	Class C
Fund	Beginning Account Value		Ending Account Value		Annualized Expense Ratio	Expenses Paid During the Period
International Equity Fund	$	1,000.00	$	961.00	1.86%		$9.09^R
Global Equity Fund	$	1,000.00	$	1,003.60	2.00%		$9.99^R
Emerging Markets Value Fund	$	1,000.00	$	883.80	2.06%		$9.67^R
International Small Cap Fund	$	1,000.00	$	893.80	2.10%		$9.92^R

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	$	966.10	0.85%		$4.17^R
Global Equity Fund	$	1,000.00	$	991.40	1.00%		$4.96^R
Emerging Markets Value Fund	$	1,000.00	$	887.70	1.12%		$5.27^R
International Small Cap Fund	$	1,000.00	$	897.90	1.15%		$5.44^R
Small Cap Value Fund	$	1,000.00	$	1,025.80	0.90%		$4.55^R
U.S. Value Fund	$	1,000.00	$	1,061.40	0.70%		$3.58^RR
Core Plus Fixed Income Fund	$	1,000.00	$	947.40	0.30%		$1.46^R

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annualized Expense Ratio	Expenses Paid During the Period
International Equity Fund	$	1,000.00	$	966.20	0.75%		$3.68^R
Emerging Markets Value Fund	$	1,000.00	$	889.10	0.97%		$4.57^R
International Small Cap Fund	$	1,000.00	$	898.30	1.00%		$4.73^R
Small Cap Value Fund	$	1,000.00	$	1,027.70	0.72%		$3.64^R
U.S. Value Fund	$	1,000.00	$	1,061.60	0.60%		$3.07^RR
Core Plus Fixed Income Fund	$	1,000.00	$	953.40	0.30%		$1.46^R

^R	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).

^RR	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 181/365 (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.

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%		$5.59^R
Global Equity Fund	$	1,000.00	$	1,018.70	1.25%		$6.29^R
Emerging Markets Value Fund	$	1,000.00	$	1,018.40	1.31%		$6.59^R
International Small Cap Fund	$	1,000.00	$	1,018.20	1.35%		$6.79^R
Small Cap Value Fund	$	1,000.00	$	1,019.20	1.15%		$5.79^R
U.S. Value Fund	$	1,000.00	$	1,020.08	0.95%		$4.76^RR
Core Plus Fixed Income Fund	$	1,000.00	$	1,022.44	0.50%		$2.52^R

	Class C
Fund	Beginning Account Value		Ending Account Value		Annualized Expense Ratio	Expenses Paid During the Period
International Equity Fund	$	1,000.00	$	1,015.66	1.86%		$ 9.35^R
Global Equity Fund	$	1,000.00	$	1,014.96	2.00%		$10.05^R
Emerging Markets Value Fund	$	1,000.00	$	1,014.66	2.06%		$10.35^R
International Small Cap Fund	$	1,000.00	$	1,014.46	2.10%		$10.55^R

	Class I
Fund	Beginning Account Value		Ending Account Value		Annualized Expense Ratio	Expenses Paid During the Period
International Equity Fund	$	1,000.00	$	1,020.69	0.85%		$4.28^R
Global Equity Fund	$	1,000.00	$	1,019.95	1.00%		$5.04^R
Emerging Markets Value Fund	$	1,000.00	$	1,019.35	1.12%		$5.64^R
International Small Cap Fund	$	1,000.00	$	1,019.20	1.15%		$5.79^R
Small Cap Value Fund	$	1,000.00	$	1,020.44	0.90%		$4.53^R
U.S. Value Fund	$	1,000.00	$	1,021.32	0.70%		$3.51^R^R
Core Plus Fixed Income Fund	$	1,000.00	$	1,023.44	0.30%		$1.51^R

	Class R6
Fund	Beginning Account Value		Ending Account Value		Annualized Expense Ratio	Expenses Paid During the Period
International Equity Fund	$	1,000.00	$	1,021.19	0.75%		$3.78^R
Emerging Markets Value Fund	$	1,000.00	$	1,020.09	0.97%		$4.89^R
International Small Cap Fund	$	1,000.00	$	1,019.95	1.00%		$5.04^R
Small Cap Value Fund	$	1,000.00	$	1,021.34	0.72%		$3.63^R
U.S. Value Fund	$	1,000.00	$	1,021.82	0.60%		$3.01^R^R
Core Plus Fixed Income Fund	$	1,000.00	$	1,023.44	0.30%		$1.51^R

^R	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).

Brandes Investment Trust

^RR	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 181/365 (to reflect the one half-year period).

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value
	COMMON STOCKS – 91.74%
	*Belgium – 1.49%*
	164,338	Anheuser-Busch InBev SA/NV	$	9,825,459


	*Brazil – 5.55%*
	3,441,600	Ambev SA		11,132,132
	907,636	Embraer SA Sponsored – ADR^(a)		11,445,290
	1,250,800	Telefonica Brasil SA		14,105,177

				36,682,599


	*China – 2.49%*
	1,203,500	Alibaba Group Holding Ltd.^(a)		16,423,819


	*France – 18.28%*
	182,548	BNP Paribas SA		10,431,645
	852,822	Carrefour SA		18,559,174
	260,289	Danone SA		14,379,145
	1,096,002	Engie SA		14,409,141
	1,082,792	Orange SA		12,821,665
	238,165	Publicis Groupe SA		14,455,106
	124,687	Renault SA^(a)		3,259,326
	159,487	Sanofi		16,305,896
	144,167	Societe BIC SA		7,283,765
	175,660	TotalEnergies SE		8,888,318

				120,793,181


	*Germany – 5.92%*
	339,841	Fresenius & Co. KGaA		12,477,763
	219,159	HeidelbergCement AG		12,420,660
	215,587	Henkel AG & Co. KGaA		14,229,747


				39,128,170


	*Hong Kong – 0.73%*
	11,842,000	First Pacific Co. Ltd.		4,784,616


	*Italy – 5.39%*
	450,604	Buzzi Unicem SpA		8,338,501
	666,439	Eni SpA		9,718,831
	5,256,037	Intesa Sanpaolo SpA		12,029,838
	16,264,983	Telecom Italia Rsp		5,516,594

				35,603,764


	*Japan – 14.59%*
	199,800	Dai Nippon Printing Co. Ltd.		4,684,345


Shares			Value
	362,200	Honda Motor Co. Ltd.	$	10,266,864
	2,132,500	Mitsubishi UFJ Financial Group, Inc.^(b)		13,181,282
	400,799	MS&AD Insurance Group Holdings, Inc.		13,013,117
	1,200,000	Nissan Motor Co. Ltd.^(a)		5,331,992
	156,900	SoftBank Group Corp.		7,014,944
	299,200	Sumitomo Mitsui Trust Holdings, Inc.		9,737,356
	190,900	Taisho Pharmaceutical Holdings Co. Ltd.		8,861,886
	853,683	Takeda Pharmaceutical Co. Ltd.		24,323,327

				96,415,113


	*Mexico – 4.10%*
	1,893,829	Cemex SAB de CV Sponsored – ADR^(a)		10,018,355
	14,564,736	Fibra Uno Administracion SA de CV		17,061,757

				27,080,112


	*Netherlands – 1.03%*
	1,283,691	Aegon NV		6,805,016


	*Russia – 0.20%*
	1,013,133	Mobile TeleSystems Public Joint Stock Company^(c)		1,344,897


	*South Korea – 4.35%*
	150,417	Hana Financial Group, Inc.		5,982,561
	46,455	Hyundai Mobis Co. Ltd.		8,187,722
	129,701	KT&G Corp.		8,629,015
	24,810	POSCO		5,951,267

				28,750,565


	*Spain – 0.96%*
	485,099	Repsol SA		6,354,410


	*Switzerland – 10.98%*
	1,836,533	Credit Suisse Group AG Registered		14,457,400
	192,185	Novartis AG Registered		16,872,220

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

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value
	16,342	Swatch Group AG Bearer	$	4,633,349
	171,045	Swatch Group AG Registered		9,307,632
	107,656	Swiss Re AG		10,248,200
	872,235	UBS Group AG Registered		17,044,613

				72,563,414


	*United Kingdom – 15.68%*
	3,210,487	Barclays Plc		6,223,454
	1,919,259	BP Plc		9,408,942
	997,306	GlaxoSmithKline Plc		21,578,666
	400,385	Imperial Brands Plc		8,434,009
	3,445,836	J Sainsbury Plc		11,404,985
	1,902,868	Kingfisher Plc		6,351,103
	3,252,132	Marks & Spencer Group Plc^(a)		6,563,976
	57,832	Reckitt Benckiser Group Plc		4,411,770
	691,451	TechnipFMC Plc^(a)		5,358,745


Shares			Value
	3,044,705	Tesco Plc	$	11,022,764
	979,508	WPP Plc		12,819,896

				103,578,310


	TOTAL COMMON STOCKS (Cost $653,594,119)		$	606,133,445

	PREFERRED STOCKS – 5.09%

	*Brazil – 2.37%*
	2,233,200	Petroleo Brasileiro SA, 8.75%^(d)	$	15,689,930


	*Russia – 0.21%*
	21,512,699	Surgutneftegas PJSC, 0%^(c),(d)		1,407,942


	*Spain – 2.51%*
	1,399,701	Grifols SA – Class B, 6.46%^(d)		16,552,778


	TOTAL PREFERRED STOCKS (Cost $39,763,184)		$	33,650,650


	Shares		Value

SHORT-TERM INVESTMENTS – 2.49%

*Money Market Funds — 2.49%*
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%^(e)		16,421,449	$	16,421,449


TOTAL SHORT-TERM INVESTMENTS (Cost $16,421,449)			$	16,421,449


Total Investments (Cost $709,778,752) – 99.32%			$	656,205,544
Other Assets in Excess of Liabilities – 0.68%				4,522,204

TOTAL NET ASSETS – 100.00%			$	660,727,748

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	Non-income producing security.

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

(c)	Level 3 asset.

(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, 2022.

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

Brandes International Equity Fund


SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022


COMMON STOCKS
Aerospace & Defense	1.73	%
Auto Components	1.24	%
Automobiles	2.85	%
Banks	8.71	%
Beverages	3.18	%
Capital Markets	4.77	%
Commercial Services & Supplies	1.81	%
Construction Materials	4.66	%
Diversified Telecommunication Services	4.91	%
Energy Equipment & Services	0.81	%
Equity Real Estate Investment Trusts	2.58	%
Food & Staples Retailing	7.20	%
Food Products	2.91	%
Health Care Providers & Services	1.89	%
Household Products	2.82	%
Insurance	4.55	%
Internet & Direct Marketing Retail	2.49	%
Media	4.13	%
Metals & Mining	0.90	%
Multi-Utilities	2.18	%
Oil, Gas & Consumable Fuels	5.19	%
Pharmaceuticals	13.31	%
Specialty Retail	0.96	%
Textiles, Apparel & Luxury Goods	2.11	%
Tobacco	2.59	%
Wireless Telecommunication Services	1.26	%


TOTAL COMMON STOCKS	91.74	%


PREFERRED STOCKS
Biotechnology	2.51	%
Oil, Gas & Consumable Fuels	2.58	%


TOTAL PREFERRED STOCKS	5.09	%


SHORT-TERM INVESTMENTS	2.49	%


TOTAL INVESTMENTS	99.32	%
Other Assets in Excess of Liabilities	0.68	%


TOTAL NET ASSETS	100.00	%

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

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022 (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.

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value
	COMMON STOCKS – 98.10%

	*Austria – 2.63%*
	33,629	Erste Group Bank AG	$	1,226,332


	*Brazil – 1.48%*
	168,020	Embraer SA^(a)		527,946
	12,908	Embraer SA Sponsored – ADR^(a)		162,770


				690,716


	*Chile – 0.36%*
	5,632,734	Enel Chile SA		168,237


	*China – 3.70%*
	62,300	Alibaba Group Holding Ltd.^(a)		850,190
	104,698	Gree Electric Appliances, Inc. of Zhuhai – Class A		529,744
	413,000	Topsports International Holdings Ltd.		343,261


				1,723,195


	*France – 10.52%*
	29,890	Carrefour SA		650,468
	28,638	Engie SA		376,504
	31,200	Engie SA^(a)		410,187
	15,034	Publicis Groupe SA		912,469
	11,262	Sanofi		1,151,423
	2,650	Schneider Electric SE		444,909
	19,013	TotalEnergies SE		962,049


				4,908,009


	*Germany – 1.66%*
	13,695	HeidelbergCement AG		776,153


	*Ireland – 0.82%*
	9,567	CRH Plc		382,122


	*Italy – 1.29%*
	41,240	Eni SpA		601,412


	*Japan – 1.29%*
	21,200	Honda Motor Co. Ltd.		600,932


	*Malaysia – 1.43%*
	600,000	Genting Berhad		666,163


	*Mexico – 1.68%*
	668,608	Fibra Uno Administracion SA de CV		783,236


Shares			Value
	*South Korea – 5.75%*
	2,433	Hyundai Mobis Co. Ltd.	$	428,818
	3,846	Hyundai Motor Co.		567,442
	4,388	KT&G Corp.		291,934
	15,353	Samsung Electronics Co. Ltd.		878,544
	5,365	SK Hynix, Inc.		516,109


				2,682,847


	*Spain – 1.27%*
	45,360	Repsol SA		594,180


	*Switzerland – 3.25%*
	77,518	UBS Group AG Registered		1,514,803


	*United Kingdom – 14.20%*
	215,586	BP Plc		1,056,885
	56,721	GlaxoSmithKline Plc		1,227,270
	40,460	Imperial Brands Plc		852,280
	98,722	J Sainsbury Plc		326,749
	164,394	Kingfisher Plc		548,689
	165,615	NatWest Group Plc		467,753
	14,819	Shell Plc – ADR		814,007
	126,932	Tesco Plc		459,533
	66,573	WPP Plc		871,314


				6,624,480


	*United States – 46.77%*
	8,073	Amdocs Ltd.		663,681
	14,017	American International Group, Inc.		879,847
	28,633	Bank of America Corp.		1,180,252
	9,412	Bank of New York Mellon Corp.		467,118
	11,964	Cardinal Health, Inc.		678,359
	15,020	Change Healthcare, Inc.^(a)		327,436
	4,593	Cigna Corp.		1,100,529
	19,954	Citigroup, Inc.		1,065,544
	17,564	Comcast Corp. – Class A		822,346
	8,509	CVS Health Corp.		861,196
	4,807	Emerson Electric Co.		471,326
	3,158	FedEx Corp.		730,730
	8,120	Fiserv, Inc.^(a)		823,368
	3,110	General Dynamics Corp.		750,070
	20,471	Halliburton Co.		775,237
	2,628	HCA Healthcare, Inc.		658,629
	3,238	JPMorgan Chase & Co.		441,404

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

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value
	1,669	Laboratory Corp. of America Holdings^(a)	$	440,049
	4,009	McKesson Corp.		1,227,275
	14,370	Merck & Co., Inc.		1,179,058
	3,316	Mohawk Industries, Inc.^(a)		411,847
	18,621	Old Republic International Corp.		481,725
	13,977	OneMain Holdings, Inc.		662,650
	21,182	Pfizer, Inc.		1,096,592
	2,517	PNC Financial Services Group, Inc.		464,261
	7,272	State Street Corp.		633,537
	9,352	Textron, Inc.		695,602
	10,604	Truist Financial Corp.		601,247
	25,275	Wells Fargo & Co.		1,224,826


				21,815,741

	TOTAL COMMON STOCKS (Cost $37,819,337)		$	45,758,558


Shares			Value
	PREFERRED STOCKS – 1.34%

	*South Korea – 0.34%*
	3,072	Samsung Electronics Co. Ltd., 2.308%^(b)	$	159,177


	*Spain – 1.00%*
	39,892	Grifols SA – ADR, 7.503%^(b)		465,939

	TOTAL PREFERRED STOCKS (Cost $722,660)		$	625,116


	Shares		Value
SHORT-TERM INVESTMENTS – 0.45%
*Money Market Funds — 0.45%*
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%^(c)		209,674	$	209,674


TOTAL SHORT-TERM INVESTMENTS (Cost $209,674)			$	209,674


Total Investments (Cost $38,751,671) – 99.89%			$	46,593,348
Other Assets in Excess of Liabilities – 0.11%				50,542


TOTAL NET ASSETS – 100.00%			$	46,643,890

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, 2022.

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

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022


COMMON STOCKS
Aerospace & Defense	4.58	%
Air Freight & Logistics	1.57	%
Auto Components	0.92	%
Automobiles	2.51	%
Banks	14.31	%
Capital Markets	5.61	%
Construction Materials	2.48	%
Consumer Finance	1.42	%
Electric Utilities	0.36	%
Electrical Equipment	1.96	%
Energy Equipment & Services	1.66	%
Equity Real Estate Investment Trusts	1.68	%
Food & Staples Retailing.	3.07	%
Health Care Providers & Services	10.64	%
Health Care Technology	0.70	%
Hotels, Restaurants & Leisure	1.43	%
Household Durables	2.02	%
Insurance	2.92	%
Internet & Direct Marketing Retail	1.82	%
IT Services	3.19	%
Media	5.59	%
Multi-Utilities	1.69	%
Oil, Gas & Consumable Fuels	8.63	%
Pharmaceuticals	9.98	%
Semiconductors & Semiconductor Equipment	1.11	%
Specialty Retail	1.92	%
Technology Hardware, Storage & Peripherals	1.88	%
Tobacco	2.45	%


TOTAL COMMON STOCKS	98.10	%


PREFERRED STOCKS
Biotechnology	1.00	%
Technology Hardware, Storage & Peripherals	0.34	%


TOTAL PREFERRED STOCKS	1.34	%


SHORT-TERM INVESTMENTS	0.45	%


TOTAL INVESTMENTS	99.89	%
Other Assets in Excess of Liabilities	0.11	%


TOTAL NET ASSETS	100.00	%

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

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022 (continued)

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

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value
	COMMON STOCKS – 96.18%

	*Austria – 0.98%*
	287,562	Erste Group Bank AG	$	10,486,381


	*Brazil – 7.66%*
	2,591,574	Embraer SA Sponsored – ADR^(a)		32,679,748
	5,171,400	Sendas Distribuidora SA		17,694,018
	1,125,300	Telefonica Brasil SA		12,689,923
	163,109	Telefonica Brasil SA – ADR		1,834,976
	5,908,900	TIM SA^(a)		17,114,656


				82,013,321


	*Chile – 1.82%*
	2,807,269	Empresa Nacional de Telecomunicaciones SA		12,270,206
	161,104,262	Enel Chile SA		4,811,833
	1,509,388	Enel Chile SA Sponsored – ADR		2,384,833


				19,466,872


	*China – 25.66%*
	3,344,000	Alibaba Group Holding Ltd.^(a)		45,634,608
	18,035,000	China Education Group Holdings Ltd.		15,518,191
	2,145,591	China South Publishing & Media Group Co. Ltd. – Class A		3,192,808
	19,718,000	Chinasoft International Ltd.^(a)		16,162,064
	4,999,000	Galaxy Entertainment Group Ltd.		29,581,004
	20,832,500	Genertec Universal Medical Group Co. Ltd.^(b)		13,651,410
	3,515,396	Gree Electric Appliances, Inc. of Zhuhai – Class A		17,786,976


Shares			Value
	1,881,646	Midea Group Co. Ltd. – Class A	$	16,751,346
	3,512,000	Ping An Insurance Group Co of China Ltd. – Class H		24,552,619
	10,976,200	Shanghai Pharmaceuticals Holding Co. Ltd. – Class H		21,075,397
	18,742,000	Topsports International Holdings Ltd.		15,577,223
	15,236,000	TravelSky Technology Ltd. – Class H		21,856,715
	6,589,000	Weichai Power Co. Ltd. – Class H		10,327,579
	10,112,200	Wynn Macau Ltd.^(a)		7,328,132
	630,090	ZTO Express Cayman, Inc. – ADR		15,752,250


				274,748,322


	*Hong Kong – 4.35%*
	2,298,800	AIA Group Ltd.		24,003,807
	17,315,920	First Pacific Co. Ltd.		6,996,286
	10,348,500	Lifestyle International Holdings Ltd.^(a)		4,955,215
	4,392,200	Luk Fook Holdings International Ltd.		10,651,030


				46,606,338


	*India – 3.99%*
	1,062,300	HDFC Bank Ltd.		20,459,714
	7,638,169	Indus Towers Ltd.^(a)		22,266,022


				42,725,736


	*Indonesia – 6.54%*
	78,235,411	Bank Rakyat Indonesia Persero Tbk PT		25,268,844
	6,612,112	Gudang Garam Tbk PT		14,547,797

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

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value
	36,825,900	Indofood Sukses Makmur Tbk PT	$	15,240,633
	81,651,015	XL Axiata Tbk PT		15,026,767


				70,084,041


	*Malaysia – 2.16%*
	20,807,000	Genting Berhad		23,101,417


	*Mexico – 8.16%*
	6,744,605	America Movil SAB de CV		7,161,692
	3,981,000	Cemex SAB de CV Sponsored – ADR^(a)		21,059,490
	30,775,129	Fibra Uno Administracion SA de CV		36,051,307
	4,086,997	Macquarie Mexico Real Estate Management SA de CV^(b)		4,892,479
	12,836,544	PLA Administradora Industrial S de RL de CV		18,077,003
	512,122	Urbi Desarrollos Urbanos SAB de CV^(a)		173,411


				87,415,382


	*Panama – 2.16%*
	643,993	Banco Latinoamericano de Comercio Exterior SA – Class E		10,033,411
	156,141	Copa Holdings SA – Class A^(a)		13,059,633


				23,093,044


	*Philippines – 1.75%*
	9,718,404	Bank of the Philippine Islands		18,706,214


	*Russia – 1.76%*
	11,121,093	Detsky Mir PJSC^(c)		5,377,449
	236,429	Lukoil PJSC Sponsored – ADR^(c)		2,111,675


Shares			Value
	4,858,073	Mobile TeleSystems Public Joint Stock Company^(c)	$	6,448,912
	7,919,891	Sberbank of Russia PJSC^(c)		19,800
	1,571,174	Sistema PJSFC Sponsored – GDR^(c)		4,937,139


				18,894,975


	*South Korea – 14.59%*
	394,434	KT&G Corp.		26,241,717
	22,168	LG Household & Health Care Ltd.		15,637,573
	108,324	POSCO		25,984,081
	764,342	Samsung Electronics Co. Ltd.		43,737,929
	621,928	Shinhan Financial Group Co. Ltd.		21,126,110
	244,956	SK Hynix, Inc.		23,564,574


				156,291,984


	*Spain – 0.61%*
	9,996,309	Prosegur Cash SA^(b)		6,535,524


	*Taiwan – 9.84%*
	3,036,000	Accton Technology Corp.		23,343,844
	93,000	Largan Precision Co. Ltd.		6,079,356
	2,624,000	Taiwan Semiconductor Manufacturng Co. Ltd.		53,827,480
	626,000	Wiwynn Corp.		22,083,029


				105,333,709


	*Thailand – 4.15%*
	1,989,200	Bangkok Bank PCL – Class F		8,141,800

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

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value
	76,811,481	Jasmine Broadband Internet Infrastructure Fund – Class F	$	25,411,317
	2,263,900	Kasikornbank PCL – Class F		10,926,505


				44,479,622


	TOTAL COMMON STOCKS (Cost $1,266,886,473)		$	1,029,982,882


Shares			Value
	PREFERRED STOCKS – 2.53%

	*Brazil – 2.53%*
	3,864,700	Petroleo Brasileiro SA, 8.749%^(d)	$	27,152,459


	TOTAL PREFERRED STOCKS (Cost $15,633,904)		$	27,152,459


	Shares		Value
SHORT-TERM INVESTMENTS – 1.58%

*Money Market Funds — 1.58%*
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%^(e)		16,878,075	$	16,878,075


TOTAL SHORT-TERM INVESTMENTS (Cost $16,878,075)			$	16,878,075


Total Investments (Cost $1,299,398,452) – 100.29%			$	1,074,013,416
Liabilities in Excess of Other Assets – (0.29)%				(3,119,237	)


TOTAL NET ASSETS – 100.00%			$	1,070,894,179

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 $40,656,636 which represented 3.80% of the net assets of the Fund.

(c)	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 $18,894,975 or 1.76% of the Fund’s net assets and is classified as a Level 3 security. See Note 2 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, 2022.

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

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022


COMMON STOCKS
Aerospace & Defense	3.05	%
Air Freight & Logistics	1.47	%
Airlines	1.22	%
Banks	10.75	%
Commercial Services & Supplies	0.61	%
Communications Equipment	2.18	%
Construction Materials	1.97	%
Diversified Consumer Services	1.45	%
Diversified Financial Services	2.22	%
Diversified Telecommunication Services	5.81	%
Electric Utilities	0.67	%
Electronic Equipment, Instruments & Components	0.57	%
Equity Real Estate Investment Trusts	5.51	%
Food & Staples Retailing	1.65	%
Food Products	2.07	%
Health Care Providers & Services	1.97	%
Hotels, Restaurants & Leisure	5.60	%
Household Durables	3.23	%
Insurance	4.53	%
Internet & Direct Marketing Retail	4.26	%
IT Services	3.55	%
Machinery	0.97	%
Media	0.30	%
Metals & Mining	2.43	%
Multiline Retail	0.46	%
Oil, Gas & Consumable Fuels	0.20	%
Personal Products	1.46	%
Semiconductors & Semiconductor Equipment	7.23	%
Specialty Retail	2.96	%
Technology Hardware, Storage & Peripherals	6.14	%
Tobacco	3.81	%
Wireless Telecommunication Services	5.88	%


TOTAL COMMON STOCKS	96.18	%


PREFERRED STOCKS
Oil, Gas & Consumable Fuels	2.53	%


TOTAL PREFERRED STOCKS	2.53	%


SHORT-TERM INVESTMENTS	1.58	%


TOTAL INVESTMENTS	100.29	%
Liabilities in Excess of Other Assets	(0.29	)%


TOTAL NET ASSETS	100.00	%

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

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022 (continued)

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value
	COMMON STOCKS – 95.68%

	*Austria – 0.83%*
	216,981	Addiko Bank AG	$	2,856,419


	*Belgium – 0.97%*
	456,862	Ontex Group NV^(a)		3,334,401


	*Brazil – 5.10%*
	5,580,440	Embraer SA^(a)		17,534,658


	*Canada – 2.97%*
	118,787	Cameco Corp.		3,456,702
	789,544	Dorel Industries, Inc. – Class B		6,113,495
	35,395	Sierra Wireless, Inc.^(a)		638,526


				10,208,723


	*Chile – 1.79%*
	205,562,931	Enel Chile SA		6,139,716


	*China – 1.96%*
	12,512,900	Boyaa Interactive International Ltd.^(a)		743,329
	300,880	China Yuchai International Ltd.		3,505,252
	8,397,000	Weiqiao Textile Co. – Class H		2,476,232


				6,724,813


	*France – 4.78%*
	570,514	Elior Group SA^(a),(b)		1,912,520
	50,890	Savencia SA		3,422,862
	134,780	Societe BIC SA		6,809,504
	126,443	Vicat SA		4,285,437


				16,430,323


	*Germany – 0.73%*
	46,766	Draegerwerk AG & Co. KGaA		2,519,009


	*Greece – 0.55%*
	236,992	Sarantis SA		1,877,025


	*Hong Kong – 7.58%*
	4,180,050	APT Satellite Holdings Ltd.		1,264,083
	2,059,500	Dickson Concepts International Ltd.		1,051,664
	66,630,000	Emperor Watch & Jewellery Ltd.		1,605,061
	18,613,000	First Pacific Co. Ltd.		7,520,355


Shares			Value
	8,314,020	PAX Global Technology Ltd.	$	6,794,644
	25,232,000	Pico Far East Holdings Ltd.		3,492,353
	2,670,500	Yue Yuen Industrial Holdings Ltd.^(a)		4,309,183


				26,037,343


	*Hungary – 2.05%*
	5,792,540	Magyar Telekom Telecommunications Plc		7,036,110


	*Ireland – 6.38%*
	3,146,582	AIB Group Plc		6,930,680
	496,596	Avadel Pharmaceuticals Plc – ADR^(a)		3,391,751
	2,826,375	C&C Group Plc^(a)		7,277,221
	2,569,148	Greencore Group Plc^(a)		4,336,825


				21,936,477


	*Israel – 1.18%*
	93,929	Taro Pharmaceutical Industries Ltd.^(a)		4,063,369


	*Italy – 3.28%*
	278,717	Buzzi Unicem SpA		5,157,704
	549,590	Credito Emiliano SpA		3,613,286
	251,174	Leonardo SpA^(a)		2,495,960


				11,266,950


	*Japan – 21.22%*
	874,600	Concordia Financial Group Ltd.		3,254,959
	284,800	DeNa Co. Ltd.		4,326,450
	458,900	Fuji Media Holdings, Inc.		4,394,305
	38,900	Fukuda Denshi Co. Ltd.		2,485,232
	301,300	Futaba Corp.		1,618,701
	1,703,300	Hachijuni Bank Ltd.		5,643,482
	1,335,300	Hyakugo Bank Ltd.		3,645,665
	281,600	Japan Petroleum Exploration Co. Ltd.		5,930,778
	96,200	Kaken Pharmaceutical Co. Ltd.		3,059,224

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value
	324,900	Kissei Pharmaceutical Co. Ltd.	$	6,771,995
	293,200	Koatsu Gas Kogyo Co. Ltd.		1,582,232
	1,156,844	Komori Corp.		6,868,767
	534,000	Kyushu Financial Group, Inc.		1,745,848
	189,600	Mitsubishi Shokuhin Co. Ltd.		4,669,618
	119,700	Nichiban Co. Ltd.		1,664,057
	183,200	Oita Bank Ltd.		2,863,144
	92,600	Sankyo Co. Ltd.		2,567,997
	226,600	Tachi-S Co. Ltd.		1,837,754
	100,200	Taisho Pharmaceutical Holdings Co. Ltd.		4,651,445
	154,400	Yodogawa Steel Works Ltd.		3,313,057


				72,894,710


	*Malaysia – 1.40%*
	4,333,200	Genting Berhad		4,811,028


	*Mexico – 7.63%*
	357,715	Cemex SAB de CV Sponsored – ADR^(a)		1,892,312
	24,958,198	Consorcio ARA SAB de CV		5,094,534
	279,501,983	Desarrolladora Homex SAB de CV^(a),(c)		604,253
	11,123,149	Fibra Uno Administracion SA de CV		13,030,134
	4,448,928	Macquarie Mexico Real Estate Management SA de CV^(b)		5,325,741
	806,929	Urbi Desarrollos Urbanos SAB de CV^(a),(c)		273,236


				26,220,210


	*Panama – 1.58%*
	348,146	Banco Latinoamericano de Comercio Exterior SA – Class E		5,424,115


Shares			Value

	*Slovenia – 2.09%*
	474,148	Nova Ljubljanska Banka – GDR^(b)	$	7,186,009


	*South Korea – 2.82%*
	102,219	Binggrae Co. Ltd.		4,542,020
	5,097	Namyang Dairy Products Co. Ltd.		1,686,314
	39,595	Samchully Co. Ltd.		3,461,314


				9,689,648


	*Spain – 2.01%*
	1,262,982	Lar Espana Real Estate Socimi SA		6,905,047


	*Turkey – 1.08%*
	3,558,239	Ulker Biskuvi Sanayi AS		3,717,880


	*United Kingdom – 15.70%*
	1,565,145	Balfour Beatty Plc		5,274,116
	2,373,448	De La Rue Plc^(a)		3,365,660
	752,668	ITV Plc^(a)		809,978
	2,806,878	J Sainsbury Plc		9,290,170
	903,776	LSL Property Services Plc		4,606,512
	2,554,535	Marks & Spencer Group Plc^(a)		5,155,973
	11,438,501	Mitie Group Plc		8,207,415
	1,698,234	Premier Foods Plc		2,543,209
	819,654	QinetiQ Group Plc		3,257,230
	641,649	TechnipFMC Plc^(a)		4,972,780
	1,244,657	Yellow Cake Plc^(a),(b)		6,442,037


				53,925,080


	TOTAL COMMON STOCKS (Cost $356,660,668)		$	328,739,063


	PREFERRED STOCKS – 1.89%

	*Germany – 1.89%*
	117,368	Draegerwerk AG & Co. KGaA, 0.37%^(d)	$	6,494,548


	TOTAL PREFERRED STOCKS (Cost $7,288,587)		$	6,494,548

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value

	INVESTMENT COMPANIES – 0.86%

	*Canada – 0.86%*
	196,492	Sprott Physical Uranium Trust^(a)	$	2,959,600


	TOTAL INVESTMENT COMPANIES (Cost $1,814,617)		$	2,959,600


	Shares		Value

SHORT-TERM INVESTMENTS – 1.15%

*Money Market Funds — 1.15%*
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%^(e)		3,945,685	$	3,945,685


TOTAL SHORT-TERM INVESTMENTS (Cost $3,945,685)			$	3,945,685


Total Investments (Cost $369,709,557) – 99.58%			$	342,138,896

Other Assets in Excess of Liabilities – 0.42%				1,452,096


TOTAL NET ASSETS – 100.00%			$	343,590,992

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

(a)	Non-income producing security.

(b)	Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities

Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,866,306 which represented 6.07% 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, 2022.

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022


COMMON STOCKS
Aerospace & Defense	6.78	%
Auto Components	0.54	%
Banks	10.97	%
Beverages	2.12	%
Chemicals	0.46	%
Commercial Services & Supplies	5.84	%
Communications Equipment	0.18	%
Construction & Engineering	1.54	%
Construction Materials	3.30	%
Diversified Financial Services	1.58	%
Diversified Telecommunication Services	2.42	%
Electric Utilities	1.79	%
Electrical Equipment	0.47	%
Electronic Equipment, Instruments & Components	1.98	%
Energy Equipment & Services	1.45	%
Entertainment	1.48	%
Equity Real Estate Investment Trusts	7.35	%
Food & Staples Retailing	5.56	%
Food Products	8.07	%
Gas Utilities	1.01	%
Health Care Equipment & Supplies	1.45	%
Hotels, Restaurants & Leisure	1.96	%
Household Durables	3.52	%
Leisure Products	0.75	%
Machinery	3.02	%
Media	2.54	%
Metals & Mining	0.96	%
Oil, Gas & Consumable Fuels	2.74	%
Personal Products	1.52	%
Pharmaceuticals	6.38	%
Real Estate Management & Development	1.34	%
Specialty Retail	0.77	%
Textiles, Apparel & Luxury Goods	1.97	%
Trading Companies & Distributors	1.87	%


TOTAL COMMON STOCKS	95.68	%


PREFERRED STOCKS
Health Care Equipment & Supplies	1.89	%


TOTAL PREFERRED STOCKS	1.89	%


INVESTMENT COMPANIES
Trading Companies & Distributors	0.86	%


TOTAL INVESTMENT COMPANIES	0.86	%

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022 (continued)


SHORT-TERM INVESTMENTS	1.15	%


TOTAL INVESTMENTS	99.58	%
Other Assets in Excess of Liabilities	0.42	%


TOTAL NET ASSETS	100.00	%

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

Brandes International Small Cap Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2022 (continued)

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

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value

	COMMON STOCKS – 86.12%

	*Aerospace & Defense – 12.49%*
	11,205	Embraer SA Sponsored – ADR^(a)	$	141,295
	1,449	Moog, Inc. – Class A		127,222
	1,153	National Presto Industries, Inc.		88,723
	8,392	Park Aerospace Corp.		109,516


				466,756


	*Banks – 3.51%*
	1,053	ACNB Corp.		36,802
	787	Eagle Bancorp Montana, Inc.		17,574
	2,063	National Bankshares, Inc.		76,723


				131,099


	*Biotechnology – 5.28%*
	1,993	Eagle Pharmaceuticals, Inc.^(a)		98,633
	11,508	PDL BioPharma, Inc.^(a),(b)		28,425
	392	United Therapeutics Corp.^(a)		70,329


				197,387


	*Commercial Services & Supplies – 1.86%*
	3,977	Kimball International, Inc. – Class B		33,606
	2,994	Steelcase, Inc. – Class A		35,778


				69,384


	*Communications Equipment – 4.68%*
	5,972	NETGEAR, Inc.^(a)		147,389
	8,918	Ribbon Communications, Inc.^(a)		27,557


				174,946


	*Construction & Engineering – 2.13%*
	32,119	Orion Group Holdings, Inc.^(a)		79,655


	*Electric Utilities – 1.01%*
	562	ALLETE, Inc.		37,643


	*Electronic Equipment, Instruments &*

	*Components – 2.87%*
	6,173	Arlo Technologies, Inc.^(a)		54,693
	1,298	Avnet, Inc.		52,686


				107,379


Shares			Value

	*Energy Equipment & Services – 4.89%*
	4,895	Dril-Quip, Inc.^(a)	$	182,828


	*Equity Real Estate Investment Trusts – 3.22%*
	4,270	Equity Commonwealth^(a)		120,457


	*Food & Staples Retailing – 0.80%*
	337	Ingles Markets, Inc. – Class A		30,010


	*Health Care Equipment & Supplies – 0.63%*
	1,354	Invacare Corp.^(a)		1,909
	2,918	LENSAR, Inc.^(a)		21,593


				23,502


	*Health Care Providers & Services – 2.42%*
	2,328	MEDNAX, Inc.^(a)		54,662
	1,007	Premier, Inc. – Class A		35,839

				90,501


	*Household Durables – 3.74%*
	9,253	Dorel Industries, Inc. – Class B		71,647
	2,497	Taylor Morrison Home Corp.^(a)		67,968


				139,615


	*Insurance – 6.34%*
	373	American National Group, Inc.		70,530
	7,695	Crawford & Co. – Class A		58,174
	514	National Western Life Group, Inc. – Class A		108,146


				236,850


	*IT Services – 0.48%*
	1,340	SolarWinds Corp.		17,835


	*Machinery – 10.91%*
	3,431	Flowserve Corp.		123,173
	14,874	Graham Corp.		114,678
	2,613	Hurco Companies, Inc.		82,362
	5,689	L.B. Foster Co. – Class A^(a)		87,440


				407,653


	*Multi-Utilities – 0.97%*
	798	Avista Corp.		36,030


	*Oil, Gas & Consumable Fuels – 4.79%*
	983	Chesapeake Energy Corp.		85,521
	3,457	World Fuel Services Corp.		93,477


				178,998

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

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value

	*Personal Products – 4.03%*
	4,111	Edgewell Personal Care Co.	$	150,750


	*Pharmaceuticals – 5.56%*
	4,197	Avadel Pharmaceuticals Plc –ADR^(a)		28,666
	4,621	Phibro Animal Health Corp. – Class A		92,189
	1,644	Prestige Consumer Healthcare, Inc.^(a)		87,033


				207,888


	*Professional Services – 3.08%*
	1,916	Kelly Services, Inc. – Class A		41,558
	2,162	Resources Connection, Inc.		37,057
	395	Science Applications International Corp.		36,407


				115,022


Shares			Value

	*Software – 0.43%*
	1,781	N-Able, Inc.^(a)	$	16,207


	TOTAL COMMON STOCKS (Cost $ 3,015,966)		$	3,218,395


	INVESTMENT COMPANIES – 2.10%

	*Trading Companies & Distributors – 2.10%*
	5,206	Sprott Physical Uranium Trust^(a)	$	78,413


	TOTAL INVESTMENT COMPANIES (Cost $ 52,994)		$	78,413


	Principal Amount		Value

CORPORATE BONDS – 0.35%

*Multi-Utilities – 0.35%*
Avista Corp. 5.125%, 4/1/2022	$	13,000	$	13,000


TOTAL CORPORATE BONDS (Cost $13,000)			$	13,000


	Shares		Value

SHORT-TERM INVESTMENTS – 10.92%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%, ^(c)		408,112	$	408,112


TOTAL SHORT-TERM INVESTMENTS (Cost $408,112)			$	408,112


Total Investments (Cost $3,490,072) – 99.49%			$	3,717,920
Other Assets in Excess of Liabilities – 0.51%				18,932


TOTAL NET ASSETS – 100.00%			$	3,736,852

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 0.76% 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, 2022.

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

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)

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

Brandes Small Cap Value Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2022


COMMON STOCKS
Brazil	3.78	%
Canada	1.92	%
Ireland	0.77	%
United States	79.65	%


TOTAL COMMON STOCKS	86.12	%


CORPORATE BONDS
United States	0.35	%


TOTAL CORPORATE BONDS	0.35	%


INVESTMENT COMPANIES
Canada	2.10	%


TOTAL INVESTMENT COMPANIES	2.10	%


SHORT-TERM INVESTMENTS	10.92	%


TOTAL INVESTMENTS	99.49	%
Other Assets in Excess of Liabilities	0.51	%


TOTAL NET ASSETS	100.00	%

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

Brandes U.S. Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


Shares			Value

	COMMON STOCKS – 98.02%

	*Aerospace & Defense – 4.35%*
	493	General Dynamics Corp.	$	118,902
	1,376	Textron, Inc.		102,347


				221,249


	*Air Freight & Logistics – 2.51%*
	552	FedEx Corp.		127,727


	*Banks – 12.92%*
	3,266	Bank of America Corp.		134,625
	2,304	Citigroup, Inc.		123,034
	591	JPMorgan Chase & Co.		80,565
	470	PNC Financial Services Group, Inc.		86,691
	1,739	Truist Financial Corp.		98,601
	2,744	Wells Fargo & Co.		132,974


				656,490


	*Building Products – 1.04%*
	806	Johnson Controls International Plc		52,849


	*Capital Markets – 3.24%*
	1,763	Bank of New York Mellon Corp.		87,498
	887	State Street Corp.		77,275


				164,773


	*Chemicals – 2.83%*
	1,626	Corteva, Inc.		93,463
	408	Westlake Corp.		50,347


				143,810


	*Communications Equipment – 1.15%*
	1,047	Cisco Systems, Inc.		58,381


	*Consumer Finance – 1.92%*
	2,062	OneMain Holdings, Inc.		97,759


	*Diversified Financial Services – 1.51%*
	218	Berkshire Hathaway, Inc. – Class B^(a)		76,934


	*Electric Utilities – 0.74%*
	562	ALLETE, Inc.		37,643


	*Electrical Equipment – 1.93%*
	1,001	Emerson Electric Co.		98,148


Shares			Value

	*Electronic Equipment, Instruments & Components – 2.60%*
	1,233	Avnet, Inc.	$	50,048
	4,415	Flex Ltd.^(a)		81,898


				131,946


	*Energy Equipment & Services – 2.86%*
	3,841	Halliburton Co.		145,459


	*Food Products – 1.93%*
	1,126	Ingredion, Inc.		98,131


	*Health Care Providers & Services – 12.34%*
	1,430	Cardinal Health, Inc.		81,081
	574	Cigna Corp.		137,536
	1,294	CVS Health Corp.		130,966
	284	HCA Healthcare, Inc.		71,176
	243	Laboratory Corp. of America Holdings^(a)		64,070
	464	McKesson Corp.		142,044


				626,873


	*Health Care Technology – 1.08%*
	2,525	Change Healthcare, Inc.^(a)		55,045


	*Household Durables – 3.01%*
	638	Mohawk Industries, Inc.^(a)		79,239
	2,708	Taylor Morrison Home Corp.^(a)		73,712


				152,951


	*Industrial Conglomerates – 0.84%*
	286	3M Co.		42,580


	*Insurance – 5.92%*
	1,923	American International Group, Inc.		120,707
	817	Loews Corp.		52,958
	2,830	Old Republic International Corp.		73,212
	229	Willis Towers Watson Plc		54,094


				300,971


	*Interactive Media & Services – 1.27%*
	23	Alphabet, Inc. – Class C^(a)		64,239


	*IT Services – 6.83%*
	1,604	Amdocs Ltd.		131,865
	1,046	Cognizant Technology Solutions Corp. – Class A		93,795
	1,197	Fiserv, Inc.^(a)		121,376


				347,036

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

Brandes U.S. Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


Shares			Value

	*Machinery – 0.99%*
	3,322	Gates Industrial Corp. Plc^(a)	$	50,029


	*Media – 6.32%*
	2,950	Comcast Corp. – Class A		138,119
	2,003	Fox Corp. – Class B		72,669
	1,300	Omnicom Group, Inc.		110,344


				321,132


	*Oil, Gas & Consumable Fuels – 5.34%*
	1,144	Chevron Corp.		186,278
	3,154	World Fuel Services Corp.		85,284


				271,562


	*Pharmaceuticals – 7.01%*
	528	Johnson & Johnson		93,577
	1,648	Merck & Co., Inc.		135,218
	2,463	Pfizer, Inc.		127,510


				356,305


Shares			Value

	*Semiconductors & Semiconductor Equipment – 3.09%*
	240	Applied Materials, Inc.	$	31,632
	839	Micron Technology, Inc.		65,350
	483	Qorvo, Inc.^(a)		59,940


				156,922


	*Software – 1.12%*
	92	Microsoft Corp.		28,364
	346	Oracle Corp.		28,625


				56,989


	*Specialty Retail – 1.33%*
	33	AutoZone, Inc.^(a)		67,471


	TOTAL COMMON STOCKS (Cost $ 5,098,686)		$	4,981,404


	Shares		Value

SHORT-TERM INVESTMENTS – 2.10%
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%, ^(b)		106,638	$	106,638


TOTAL SHORT-TERM INVESTMENTS (Cost $106,638)			$	106,638


Total Investments (Cost $5,205,324) – 100.12%			$	5,088,042

Liabilities in Excess of Other Assets – (0.12)%				(6,006	)


TOTAL NET ASSETS – 100.00%			$	5,082,036

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	The rate shown is the annualized seven day yield as of March 31, 2022.

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

Brandes U.S. Value Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2022


COMMON STOCKS
Ireland	2.10	%
Singapore	1.61	%
United Kingdom	0.99	%
United States	93.32	%


TOTAL COMMON STOCKS	98.02	%


SHORT-TERM INVESTMENTS	2.10	%


TOTAL INVESTMENTS	100.12	%
Liabilities in Excess of Other Assets	(0.12	)%


TOTAL NET ASSETS	100.00	%

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited)


	Shares		Value
COMMON STOCKS – 0.00%
*Household Durables – 0.00%*
Urbi Desarrollos Urbanos SAB de CV ^(a)		1,564	$	530


TOTAL COMMON STOCKS (Cost $292,050)			$	530


	Principal Amount		Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.99%
*Federal Home Loan Mortgage Corporation – 1.62%*
Pool A9-3505 4.500%, 8/1/2040	$	44,524	$	47,413
Pool G0-6018 6.500%, 4/1/2039		13,934		15,152
Pool G1-8578 3.000%, 12/1/2030		607,749		613,067
Pool SD-8001 3.500%, 7/1/2049		194,701		195,763
Pool SD-8003 4.000%, 7/1/2049		240,630		245,938


				1,117,333


*Federal National Mortgage Association – 3.37%*
Pool 934124 5.500%, 7/1/2038		35,932		39,595
Pool AL9865 3.000%, 2/1/2047		713,596		708,464
Pool AS6201 3.500%, 11/1/2045		237,549		242,071
Pool BJ2553 3.500%, 12/1/2047		198,956		201,411
Pool BN6683 3.500%, 6/1/2049		393,514		395,553
Pool CA1624 3.000%, 4/1/2033		472,120		477,031
Pool MA0918 4.000%, 12/1/2041		95,053		99,194
Pool MA3687 4.000%, 6/1/2049		162,315		165,897


				2,329,216


TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $3,425,361)			$	3,446,549


OTHER MORTGAGE RELATED SECURITIES – 0.00%
*Collateralized Mortgage Obligations – 0.00%*
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 2.915%, 10/25/2036^(b)	$	423	$	395


TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $416)			$	395


US GOVERNMENTS – 53.68%
*Sovereign – 53.68%*
United States Treasury Note
2.375%, 8/15/2024	$	2,660,000	$	2,653,870
2.250%, 2/15/2027		9,075,000		8,979,996
2.375%, 5/15/2029		15,900,000		15,854,039

United States Treasury Bond
4.750%, 2/15/2037		5,775,000		7,534,570
3.500%, 2/15/2039		1,750,000		2,004,980

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


	Principal Amount		Value

TOTAL US GOVERNMENTS (Cost $ 38,323,129)			$	37,027,455


CONVERTIBLE BONDS – 1.59%
*Technology – 1.59%*
MicroStrategy, Inc. 0.000%, 2/15/2027^(c)	$	1,540,000	$	1,100,142


TOTAL CONVERTIBLE BONDS (Cost $ 1,137,176)			$	1,100,142


CORPORATE BONDS – 35.50%
*Banks – 7.06%*
Charles Schwab Corp. 5.375% (U.S. Treasury Yield Curve Rate CMT 5Y + 4.971%), Perpetual^(d)	$	465,000	$	478,950
Citigroup, Inc. 4.400%, 6/10/2025		730,000		750,949
Fifth Third Bancorp 8.250%, 3/1/2038		175,000		258,537
Goldman Sachs Group, Inc. 3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), Perpetual^(d)		585,000		542,222
JPMorgan Chase & Co. 3.769% (3M LIBOR + 3.470%), Perpetual^(d)		1,317,000		1,317,000
USB Capital IX 3.500% (3M LIBOR + 1.020%, minimum of 3.500%), Perpetual^(d)		1,830,000		1,520,037


				4,867,695


*Commercial Services & Supplies – 1.94%*
Iron Mountain, Inc. 4.875%, 9/15/2027^(e)		645,000		637,744
Travel + Leisure Co. 6.625%, 7/31/2026^(e)		670,000		698,475


				1,336,219


*Consumer Products – 8.34%*
Avon Products, Inc. 6.500%, 3/15/2023		1,625,000		1,639,332
Coty, Inc. 5.000%, 4/15/2026^(e)		821,000		799,449
Ford Motor Credit Co. LLC
3.350%, 11/1/2022		370,000		370,851
3.375%, 11/13/2025		350,000		342,106

Pilgrim’s Pride Corp.
5.875%, 9/30/2027^(e)		210,000		211,972
4.250%, 4/15/2031^(e)		625,000		578,125

PulteGroup, Inc. 5.500%, 3/1/2026		980,000		1,042,583

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


	Principal Amount		Value

Toll Brothers Finance Corp. 4.875%, 11/15/2025	$	745,000	$	767,166


				5,751,584


*Containers & Packaging – 0.61%*

Sealed Air Corp. 4.000%, 12/1/2027^(e)		430,000		419,250


*Electric Utilities – 1.54%*

American Transmission Systems, Inc. 2.650%, 1/15/2032^(e)		600,000		554,518
Commonwealth Edison Co. 5.900%, 3/15/2036		175,000		214,801
FirstEnergy Corp. 7.375%, 11/15/2031		240,000		296,007


				1,065,326


*Hardware – 0.45%*

Mauser Packaging Solutions Holding Co. 7.250%, 4/15/2025^(e)		310,000		307,244


*Health Care Facilities & Services – 1.51%*
Tenet Healthcare Corp. 4.875%, 1/1/2026^(e)		1,030,000		1,039,013


*Industrial Services – 2.36%*
Continental Airlines Pass Through Trust Series 2007-1 5.983%, 4/19/2022		6,008		6,017
Prime Security Services Borrower LLC
5.750%, 4/15/2026^(e)		715,000		729,425
6.250%, 1/15/2028^(e)		915,000		895,414


				1,630,856


*Media – 1.53%*
Charter Communications Operating LLC 4.908%, 7/23/2025		295,000		305,918
Netflix, Inc. 4.375%, 11/15/2026		720,000		748,753


				1,054,671


*Oil, Gas & Consumable Fuels – 3.44%*
BP Capital Markets Plc 3.506%, 3/17/2025		810,000		825,421
Continental Resources, Inc.
4.500%, 4/15/2023		355,000		359,260
4.375%, 1/15/2028		215,000		217,967

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


	Principal Amount		Value
Range Resources Corp. 4.875%, 5/15/2025	$	960,000	$	971,679


				2,374,327


*Technology – 1.78%*
VMware, Inc. 4.500%, 5/15/2025		215,000		221,470
3.900%, 8/21/2027		995,000		1,007,859


				1,229,329


*Telecommunications – 4.40%*
AT&T, Inc. 3.000%, 6/30/2022		1,630,000		1,631,878
Sprint Spectrum Co. LLC 5.152%, 3/20/2028^(e)		415,000		436,993
Telecom Italia Capital SA 6.375%, 11/15/2033		695,000		664,232
T-Mobile USA, Inc. 4.750%, 2/1/2028		300,000		304,920


				3,038,023


*Transportation & Logistics – 0.54%*
Allison Transmission, Inc. 4.750%, 10/1/2027^(e)		380,000		373,825


TOTAL CORPORATE BONDS (Cost $24,720,007)			$	24,487,362


ASSET BACKED SECURITIES – 1.75%
*Student Loan – 1.75%*
SLM Private Credit Student Loan Trust Series 2007-A, 1.066%, (3M LIBOR + 0.240%), 12/16/2041^(d)	$	179,794	$	174,314
SLM Private Credit Student Loan Trust Series 2004-B, 1.256%, (3M LIBOR + 0.430%), 9/15/2033^(d)		300,000		289,381
SLM Private Credit Student Loan Trust Series 2005-A, 1.136%, (3M LIBOR + 0.310%), 12/15/2038^(d)		293,220		286,952
SLM Private Credit Student Loan Trust Series 2006-A, 1.116%, (3M LIBOR + 0.290%), 6/15/2039^(d)		477,182		458,843


TOTAL ASSET BACKED SECURITIES (Cost $1,160,817)			$	1,209,490


FOREIGN ISSUER BONDS – 0.65%
*Materials – 0.37%*
Methanex Corp., 5.125%, 10/15/2027	$	250,000	$	251,250


*Telecommunications – 0.28%*
SoftBank Group Corp., 4.750%, 9/19/2024		200,000		195,000


TOTAL FOREIGN ISSUER BONDS (Cost $458,519)			$	446,250

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)


		Shares		Value

SHORT-TERM INVESTMENTS – 1.23%
*Money Market Funds – 1.23%*
Northern Institutional Funds - Treasury Portfolio (Premier), 0.12%^(f)			846,688	$	846,688


TOTAL SHORT-TERM INVESTMENTS (Cost $846,688)				$	846,688
	��

Total Investments (Cost $70,364,163) – 99.39%				$	68,564,861
Other Assets in Excess of Liabilities – 0.61%					417,431


Total Net Assets – 100.00%				$	68,982,292

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)	Zero coupon bond.

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

(e)

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 $7,681,446 which represented 11.14% of the net assets of the Fund.

(f)	The rate shown is the annualized seven day yield as of March 31, 2022.

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

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2022 (Unaudited) (continued)

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.

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2022 (Unaudited)


	Brandes International Equity Fund			Brandes Global Equity Fund

ASSETS
Investment in securities, at value^(1),⁽²⁾
Unaffiliated issuers	$	656,205,544		$	46,593,348
Affiliated issuers		—			—
Foreign Currency⁽¹⁾		255,001			25,767
Receivables:
Securities sold		—			—
Fund shares sold		386,368			1,557
Dividends and interest		3,561,842			141,289
Tax reclaims		1,695,468			51,883
Securities lending		1,612			104
Receivable from service providers		12,573			476
Prepaid expenses and other assets		92,201			36,489
Due from Advisor		—			—

Total Assets		662,210,609			46,850,913


LIABILITIES
Payables:
Securities purchased		74			7
Fund shares redeemed		821,868			94,092
12b-1 Fee		13,996			694
Trustee Fees		19,151			1,351
Custodian Fee		19,842			1,461
Foreign capital gains taxes		—			—
Dividends payable		28,008			927
Accrued expenses		206,861			84,159
Due to Advisor		373,061			24,332

Total Liabilities		1,482,861			207,023


NET ASSETS	$	660,727,748		$	46,643,890


COMPONENTS OF NET ASSETS
Paid in Capital	$	787,809,016		$	38,646,614
Total distributable earnings (loss)		(127,081,268	)		7,997,276

Total Net Assets	$	660,727,748		$	46,643,890


Net asset value, offering price and redemption proceeds per share
*Class A Shares*
Net Assets	$	45,730,851		$	868,697
Shares outstanding (unlimited shares authorized without par value)		2,659,081			33,960
Offering and redemption price	$	17.20		$	25.58

Maximum offering price per share*	$	18.25		$	27.14


*Class C Shares*
Net Assets	$	8,211,196		$	800,469
Shares outstanding (unlimited shares authorized without par value)		486,546			31,686
Offering and redemption price	$	16.88		$	25.26


*Class I Shares*
Net Assets	$	554,269,978		$	44,974,724
Shares outstanding (unlimited shares authorized without par value)		31,972,320			1,738,897
Offering and redemption price	$	17.34		$	25.86


*Class R6 Shares*
Net Assets	$	52,515,723		$	N/A
Shares outstanding (unlimited shares authorized without par value)		3,007,584			N/A
Offering and redemption price	$	17.46		$	N/A

⁽¹⁾Cost of:
Investments in securities
Unaffiliated issuers	$	709,778,752		$	38,751,671
Affiliated issuers		—			—
Foreign currency		254,966			25,767
⁽²⁾Market value of securities loaned of:	$	13,224,469		$	—

*	Includes a sales load of 5.75% for the International, Global, Emerging Markets, International Small Cap, Small Cap Value, and U.S. 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.

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2022 (Unaudited) (continued)


Brandes Emerging Markets Value Fund			Brandes International Small Cap Equity Fund			Brandes Small Cap Value Fund		Brandes U.S. Value Fund			Brandes Core Plus Fixed Income Fund


$	1,074,013,416		$	341,261,407		$	3,717,920	$	5,088,042		$	68,564,861
	—			877,489			—		—			—
	182,722			132			—		—			—

	8,230,337			1,542,437			27,509		—			—
	867,153			213,957			28,468		5,582			90,903
	6,059,674			1,883,153			3,697		6,014			497,736
	184,109			393,952			—		117			—
	—			7,487			—		—			—
	25,412			5,189			—		—			1,308
	130,617			70,919			33,961		934			35,351
	—			—			6,620		5,564			—

	1,089,693,440			346,256,122			3,818,175		5,106,253			69,190,159





	10,992,831			1,257,401			30,079		—			—
	4,229,047			879,103			14,479		—			76,074
	43,042			15,682			181		22			178
	33,908			10,686			87		10			2,155
	57,628			18,018			—		90			886
	926,804			—			—		—			—
	1,280,304			9,815			1		—			1,692
	384,327			195,105			36,496		24,095			126,157
	851,370			279,320			—		—			725

	18,799,261			2,665,130			81,323		24,217			207,867

$	1,070,894,179		$	343,590,992		$	3,736,852	$	5,082,036		$	68,982,292



$	1,466,166,758		$	526,087,041		$	3,528,407	$	5,192,726		$	72,155,859
	(395,272,579	)		(182,496,049	)		208,445		(110,690	)		(3,173,567	)

$	1,070,894,179		$	343,590,992		$	3,736,852	$	5,082,036		$	68,982,292



$	177,146,654		$	60,348,689		$	889,280	$	105,948		$	818,095
	23,442,039			5,018,225			69,231		10,026			93,533
$	7.56		$	12.03		$	12.85	$	10.57		$	8.75

$	8.02		$	12.76		$	13.63	$	11.21		$	9.09



$	7,845,447		$	4,411,821		$	N/A	$	N/A		$	N/A
	1,048,641			381,248			N/A		N/A			N/A
$	7.48		$	11.57		$	N/A	$	N/A		$	N/A



$	827,656,545		$	266,173,255		$	2,847,411	$	4,975,982		$	68,164,099
	108,865,383			22,010,888			219,362		471,520			7,717,282
$	7.60		$	12.09		$	12.98	$	10.55		$	8.83



$	58,245,533		$	12,657,227		$	161	$	106		$	98
	7,603,714			1,043,171			13		10			11
$	7.66		$	12.13		$	12.18	$	10.57		$	8.83



$	1,299,398,452		$	338,826,683		$	3,490,072	$	5,205,324		$	70,364,163
	—			30,882,874			—		—			—
	182,729			132			—		—			—
$	—		$	—		$	—	$	—		$	—

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

Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2022 (Unaudited)


	Brandes International Equity Fund			Brandes Global Equity Fund

INVESTMENT INCOME

Income
Dividend income
Unaffiliated issuers	$	9,720,871		$	609,762
Non Cash Dividends		—			—
Less: Foreign taxes withheld		(802,218	)		(28,203	)
Interest income		—			249
Income from securities lending		30,143			709

Total Income		8,948,796			582,517


Expenses
Advisory fees (Note 3)		2,489,665			193,838
Custody fees		39,305			2,454
Administration fees (Note 3)		78,484			13,660
Insurance expense		11,102			811
Legal fees		32,823			2,376
Printing fees		17,352			758
Miscellaneous		41,186			6,298
Registration expense		42,252			27,631
Trustees fees		37,149			2,679
Transfer agent fees		69,928			5,104
12b-1 Fees – Class A		49,698			1,068
12b-1 Fees – Class C		32,401			3,286
Shareholder Service Fees – Class C		10,800			1,095
Sub-Transfer Agency Fees – Class I		139,662			11,683
Auditing fees		23,213			22,111

Total expenses		3,115,020			294,852
Expenses waived by Advisor		(201,868	)		(45,819	)
Expenses recouped		—			—
Expenses waived by Service Providers		(23,528	)		(1,255	)

Total net expenses		2,889,624			247,778

Net investment income		6,059,172			334,739


REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Unaffiliated investments		1,060,378			677,818
Foreign currency transactions		(153,166	)		(2,010	)

Net realized gain (loss)		907,212			675,808

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments (net of increase in estimated foreign capital gains taxes of $3,797,746 for the Emerging Markets Fund)		(30,843,777	)		(625,011	)
Affiliated investments		—			—
Foreign currency transactions		25,817			(2,231	)

Net change in unrealized appreciation (depreciation)		(30,817,960	)		(627,242	)

Net realized and unrealized gain (loss) on investments and foreign currency transactions		(29,910,748	)		48,566

Net increase (decrease) in net assets resulting from operations	$	(23,851,576	)	$	383,305

*	Commencement of operations on October 1, 2021.

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

Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2022 (Unaudited) (continued)


Brandes Emerging Markets Value Fund			Brandes International Small Cap Equity Fund			Brandes Small Cap Value Fund			Brandes U.S. Value Fund*			Brandes Core Plus Fixed Income Fund





$	20,726,166		$	12,298,478		$	66,832		$	18,004		$	85
	—			—			—			—			—
	(3,342,561	)		(1,728,430	)		(6,806	)		—			(2	)
	—			—			25			—			1,008,366
	—			229,264			—			—			—

	17,383,605			10,799,312			60,051			18,004			1,008,449



	5,824,500			1,768,638			10,289			4,353			134,302
	110,448			38,099			3,122			467			1,732
	137,735			47,782			8,865			4,523			16,640
	22,228			6,712			42			5			1,388
	62,991			19,191			133			11			3,866
	48,823			14,773			75			262			2,174
	89,523			35,924			2,900			17,207			6,840
	49,719			40,342			27,703			2,587			27,803
	70,378			21,250			156			18			4,333
	129,180			39,226			310			166			8,084
	257,993			80,812			871			34			2,223
	35,237			18,240			—			—			—
	11,746			6,080			—			—			—
	236,084			72,448			561			236			18,742
	23,864			22,917			20,465			21,032			21,578

	7,110,449			2,232,434			75,492			50,901			249,705
	(39,535	)		(6,384	)		(61,320	)		(45,211	)		(111,043	)
	36,235			—			—			—			—
	(47,208	)		(12,077	)		(28	)		—			(21,811	)

	7,059,941			2,213,973			14,144			5,690			116,851

	10,323,664			8,585,339			45,907			12,314			891,598




	(37,139,257	)		10,252,949			55,307			4,452			157,346
	(178,667	)		(19,714	)		376			—			—

	(37,317,924	)		10,233,235			55,683			4,452			157,346



	(112,600,286	)		(58,584,189	)		(43,007	)		(117,282	)		(5,107,510	)
	—			(418,431	)		—			—			—
	(20,722	)		(24,231	)		15			—			—

	(112,621,008	)		(59,026,851	)		(42,992	)		(117,282	)		(5,107,510	)

	(149,938,932	)		(48,793,616	)		12,691			(112,830	)		(4,950,164	)

$	(139,615,268	)	$	(40,208,277	)	$	58,598		$	(100,516	)	$	(4,058,566	)

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS


	Brandes International Equity							Brandes Global
	Fund							Equity Fund
	Six Months Ended March 31, 2022 (Unaudited)			��	Year Ended September 30, 2021			Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021

INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS
Net investment income	$	6,059,172			$	19,498,943		$	334,739		$	1,021,630
Net realized gain (loss) on:
Investments		1,060,378				(474,713	)		677,818			1,871,263
Foreign currency transactions		(153,166	)			(131,250	)		(2,010	)		(4,557	)
Net unrealized appreciation (depreciation) on:
Investments		(30,843,777	)			154,701,750			(625,011	)		9,678,417
Foreign currency transactions		25,817				(29,853	)		(2,231	)		(3,044	)

Net increase (decrease) in net assets resulting from operations		(23,851,576	)			173,564,877			383,305			12,563,709


DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders
Class A		(647,712	)			(867,045	)		(36,642	)		(24,398	)
Class C		(104,154	)			(203,047	)		(36,326	)		(26,196	)
Class I		(8,025,880	)			(14,614,616	)		(2,009,739	)		(1,407,084	)
Class R6		(760,201	)			(1,576,599	)		N/A			N/A


Decrease in net assets from distributions		(9,537,947	)			(17,261,307	)		(2,082,707	)		(1,457,678	)


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		95,338,830				181,449,754			2,378,740			9,162,908
Net asset value of shares issued on reinvestment of distributions		9,351,063				16,741,706			2,069,801			1,446,229
Cost of shares redeemed		(68,656,645	)			(175,603,810	)		(3,319,730	)		(4,707,060	)

Net increase (decrease) in net assets from capital share transactions		36,033,248				22,587,650			1,128,811			5,902,077

Total increase (decrease) in net assets		2,643,725				178,891,220			(570,591	)		17,008,108


NET ASSETS
Beginning of the Period		658,084,023				479,192,803			47,214,481			30,206,373

End of the Period	$	660,727,748			$	658,084,023		$	46,643,890		$	47,214,481

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Brandes Emerging Markets						Brandes International Small
	Value Fund						Cap Equity Fund
	Six Months Ended March 31, 2022			Year Ended September 30, 2021			Six Months Ended March 31, 2022			Year Ended September 30, 2021
	(Unaudited)						(Unaudited)

INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS
Net investment income	$	10,323,664		$	28,600,598		$	8,585,339		$	4,725,118
Net realized gain (loss) on:
Investments		(37,139,257	)		3,896,861			10,252,949			23,489,024
Foreign currency transactions		(178,667	)		(265,591	)		(19,714	)		(86,203	)
Net unrealized appreciation (depreciation) on:
Investments		(112,600,286	)		224,737,828			(59,002,620	)		130,209,934
Foreign currency transactions		(20,722	)		73,348			(24,231	)		(27,266	)

Net increase (decrease) in net assets resulting from operations		(139,615,268	)		257,043,044			(40,208,277	)		158,310,607


DISTRIBUTIONS TO
SHAREHOLDERS
Distributions to shareholders
Class A		(3,221,170	)		(2,477,613	)		(2,751,254	)		(775,482	)
Class C		(128,667	)		(132,067	)		(192,412	)		(75,830	)
Class I		(15,338,947	)		(12,653,014	)		(12,328,933	)		(3,791,449	)
Class R6		(1,078,028	)		(871,639	)		(585,337	)		(159,657	)

Decrease in net assets from distributions		(19,766,812	)		(16,134,333	)		(15,857,936	)		(4,802,418	)


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		183,328,234			362,787,961			27,180,271			66,727,719
Net asset value of shares issued on reinvestment of distributions		16,340,485			15,194,734			15,826,755			4,783,873
Cost of shares redeemed		(267,886,937	)		(379,551,076	)		(48,183,750	)		(131,748,892	)

Net increase (decrease) in net assets from capital share transactions		(68,218,218	)		(1,568,381	)		(5,176,724	)		(60,237,300	)

Total increase (decrease) in net assets		(227,600,298	)		239,340,330			(61,242,937	)		93,270,889


NET ASSETS
Beginning of the Period		1,298,494,477			1,059,154,147			404,833,929			311,563,040

End of the Period	$	1,070,894,179		$	1,298,494,477		$	343,590,992		$	404,833,929

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


							Brandes
							U.S. Value
	Brandes Small Cap Value Fund						Fund
	Six Months Ended March 31, 2022			Year Ended September 30, 2021			Period Ended March 31, 2022⁽¹⁾
	(Unaudited)						(Unaudited)

INCREASE (DECREASE) IN NET ASSETS FROM:

OPERATIONS
Net investment income	$	45,907		$	11,005		$	12,314
Net realized gain (loss) on:
Investments		55,307			217,309			4,452
Foreign currency transactions		376			(305	)		—
Net unrealized appreciation (depreciation) on:
Investments		(43,007	)		300,796			(117,282	)
Foreign currency transactions		15			(15	)		—

Net increase (decrease) in net assets resulting from operations		58,598			528,790			(100,516	)


DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders
Class A		(37,530	)		(1,309	)		(194	)
Class C		N/A			N/A			N/A
Class I		(122,555	)		(19,384	)		(9,980	)
Class R6		(8	)		(2	)		N/A

Decrease in net assets from distributions		(160,093	)		(20,695	)		(10,174	)


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		2,957,105			2,067,659			5,320,733
Net asset value of shares issued on reinvestment of distributions		160,024			20,693			10,174
Cost of shares redeemed		(1,408,313	)		(1,016,511	)		(138,181	)

Net increase (decrease) in net assets from capital share transactions		1,708,816			1,071,841			5,192,726

Total increase (decrease) in net assets		1,607,321			1,579,936			5,082,036


NET ASSETS
Beginning of the Period		2,129,531			549,595			—

End of the Period	$	3,736,852		$	2,129,531		$	5,082,036

⁽¹⁾	Commencement of operations on October 1, 2021.

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Brandes Core Plus Fixed
	Income Fund
	Six Months Ended March 31, 2022			Year Ended September 30, 2021
	(Unaudited)

INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	891,598		$	1,794,678
Net realized gain (loss) on:
Investments		157,346			2,224,588
Foreign currency transactions		—			—
Net unrealized appreciation (depreciation) on:
Investments		(5,107,510	)		(3,279,513	)
Foreign currency transactions		—			—

Net increase (decrease) in net assets resulting from operations		(4,058,566	)		739,753


DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders
Class A		(18,783	)		(29,720	)
Class C		N/A			N/A
Class I		(871,460	)		(2,138,336	)
Class R6		(2	)		(4	)
		��
Decrease in net assets from distributions		(890,245	)		(2,168,060	)


CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		7,054,292			19,386,128
Net asset value of shares issued on reinvestment of distributions		879,280			2,121,069
Cost of shares redeemed		(13,118,900	)		(27,773,634	)

Net increase (decrease) in net assets from capital share transactions		(5,185,328	)		(6,266,437	)

Total increase (decrease) in net assets		(10,134,139	)		(7,694,744	)


NET ASSETS
Beginning of the Period		79,116,431			86,811,175

End of the Period	$	68,982,292		$	79,116,431

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

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
3/31/2022 (Unaudited)		$18.12		0.15		(0.78)		(0.63)		(0.29)		$17.20
9/30/2021		$13.51		0.53		4.54		5.07		(0.46)		$18.12
9/30/2020		$16.02		0.26		(2.40)		(2.14)		(0.37)		$13.51
9/30/2019		$17.71		0.53		(1.59)		(1.06)		(0.63)		$16.02
9/30/2018		$17.48		0.36		0.17		0.53		(0.30)		$17.71
9/30/2017		$15.70		0.29		2.03		2.32		(0.54)		$17.48
Class C
3/31/2022 (Unaudited)		$17.78		0.07		(0.76)		(0.69)		(0.21)		$16.88
9/30/2021		$13.27		0.43		4.47		4.90		(0.39)		$17.78
9/30/2020		$15.76		0.13		(2.33)		(2.20)		(0.29)		$13.27
9/30/2019		$17.47		0.40		(1.58)		(1.18)		(0.53)		$15.76
9/30/2018		$17.30		0.22		0.18		0.40		(0.23)		$17.47
9/30/2017		$15.58		0.17		2.00		2.17		(0.45)		$17.30
Class I
3/31/2022 (Unaudited)		$18.21		0.17		(0.78)		(0.61)		(0.26)		$17.34
9/30/2021		$13.57		0.57		4.57		5.14		(0.50)		$18.21
9/30/2020		$16.07		0.27		(2.37)		(2.10)		(0.40)		$13.57
9/30/2019		$17.76		0.56		(1.60)		(1.04)		(0.65)		$16.07
9/30/2018		$17.52		0.40		0.16		0.56		(0.32)		$17.76
9/30/2017		$15.72		0.33		2.04		2.37		(0.57)		$17.52
Class R6
3/31/2022 (Unaudited)		$18.32		0.18		(0.79)		(0.61)		(0.25)		$17.46
9/30/2021		$13.64		0.57		4.62		5.19		(0.51)		$18.32
9/30/2020		$16.15		0.36		(2.47)		(2.11)		(0.40)		$13.64
9/30/2019		$17.83		0.59		(1.61)		(1.02)		(0.66)		$16.15
9/30/2018		$17.56		0.42		0.18		0.60		(0.33)		$17.83
9/30/2017		$15.74		0.35		2.04		2.39		(0.57)		$17.56

(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%.

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

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



	(3.54)	%⁽⁴⁾		$	45.7		1.11	%⁽⁵⁾		1.62	%⁽⁵⁾		1.12	%⁽⁵⁾		1.61	%⁽⁵⁾		11.02	%⁽⁴⁾
	37.55	%		$	38.2		1.10	%		3.03	%		1.11	%		3.02	%		30.41	%
	(13.42)	%		$	22.1		1.13	%		1.80	%		1.14	%		1.79	%		23.20	%
	(5.98)	%		$	32.0		1.16	%		3.21	%		1.16	%		3.21	%		14.43	%
	3.02	%		$	34.9		1.16	%		2.00	%		1.16	%		2.00	%		20.37	%
	15.07	%		$	31.5		1.18	%⁽⁶⁾		1.77	%		1.18	%⁽⁶⁾		1.77	%		33.82	%

	(3.90)	%⁽⁴⁾		$	8.2		1.86	%⁽⁵⁾		0.82	%⁽⁵⁾		1.87	%⁽⁵⁾		0.81	%⁽⁵⁾		11.02	%⁽⁴⁾
	36.90	%		$	8.8		1.54	%		2.51	%		1.56	%		2.49	%		30.41	%
	(14.06)	%		$	7.6		1.88	%		1.01	%		1.89	%		1.00	%		23.20	%
	(6.73)	%		$	13.1		1.91	%		2.46	%		1.91	%		2.46	%		14.43	%
	2.31	%		$	18.3		1.91	%		1.25	%		1.91	%		1.25	%		20.37	%
	14.19	%		$	17.9		1.93	%⁽⁶⁾		1.01	%		1.93	%⁽⁶⁾		1.01	%		33.82	%

	(3.39)	%⁽⁴⁾		$	554.3		0.85	%⁽⁵⁾		1.85	%⁽⁵⁾		0.92	%⁽⁵⁾		1.78	%⁽⁵⁾		11.02	%⁽⁴⁾
	37.87	%		$	552.2		0.85	%		3.25	%		0.91	%		3.19	%		30.41	%
	(13.13)	%		$	401.7		0.85	%		2.03	%		0.94	%		1.94	%		23.20	%
	(5.82)	%		$	622.4		0.94	%⁽⁷⁾		3.43	%		0.96	%⁽⁷⁾		3.41	%		14.43	%
	3.23	%		$	664.7		0.96	%		2.20	%		0.96	%		2.20	%		20.37	%
	15.33	%		$	523.1		0.98	%⁽⁶⁾		1.96	%		0.98	%⁽⁶⁾		1.96	%		33.82	%

	(3.38)	%⁽⁴⁾		$	52.5		0.75	%⁽⁵⁾		1.94	%⁽⁵⁾		0.87	%⁽⁵⁾		1.82	%⁽⁵⁾		11.02	%⁽⁴⁾
	38.03	%		$	58.8		0.75	%		3.28	%		0.86	%		3.17	%		30.41	%
	(13.08)	%		$	47.8		0.75	%		2.35	%		0.89	%		2.21	%		23.20	%
	(5.69)	%		$	35.9		0.80	%⁽⁸⁾		3.57	%		0.91	%⁽⁸⁾		3.46	%		14.43	%
	3.44	%		$	24.6		0.82	%		2.34	%		0.91	%		2.25	%		20.37	%
	15.48	%		$	38.5		0.83	%⁽⁶⁾		2.12	%		0.93	%⁽⁶⁾		2.02	%		33.82	%

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

Brandes Investment Trust

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



						Net
	Net asset					realized and						Dividends			Dividends
	value,			Net		unrealized			Total from			from net			from net
	beginning			investment		gain (loss) on			investment			investment			realized
	of period			income⁽¹⁾		investments			operations			income			gains
Brandes Global Equity Fund
Class A
3/31/2022 (Unaudited)		$	26.53		0.15		0.07			0.22			(0.27	)		(0.90	)
9/30/2021		$	19.30		0.55		7.54			8.09			(0.56	)		(0.30	)
9/30/2020		$	21.75		0.28		(2.33	)		(2.05	)		(0.40	)		—
9/30/2019		$	24.61		0.47		(1.80	)		(1.33	)		(0.48	)		(1.05	)
9/30/2018		$	24.42		0.43		0.69			1.12			(0.42	)		(0.51	)
9/30/2017		$	21.21		0.34		3.28			3.62			(0.41	)		—
Class C
3/31/2022 (Unaudited)		$	26.25		0.05		0.06			0.11			(0.20	)		(0.90	)
9/30/2021		$	19.16		0.37		7.47			7.84			(0.45	)		(0.30	)
9/30/2020		$	21.60		0.17		(2.35	)		(2.18	)		(0.26	)		—
9/30/2019		$	24.45		0.30		(1.78	)		(1.48	)		(0.32	)		(1.05	)
9/30/2018		$	24.28		0.24		0.69			0.93			(0.25	)		(0.51	)
9/30/2017		$	21.09		0.18		3.25			3.43			(0.24	)		—
Class I
3/31/2022 (Unaudited)		$	26.78		0.19		0.06			0.25			(0.27	)		(0.90	)
9/30/2021		$	19.46		0.64		7.59			8.23			(0.61	)		(0.30	)
9/30/2020		$	21.91		0.38		(2.39	)		(2.01	)		(0.44	)		—
9/30/2019		$	24.77		0.53		(1.81	)		(1.28	)		(0.53	)		(1.05	)
9/30/2018		$	24.57		0.49		0.70			1.19			(0.48	)		(0.51	)
9/30/2017		$	21.33		0.41		3.30			3.71			(0.47	)		—

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

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

(3)	Annualized.

(4)	Not annualized.

(5)	Includes expenses not covered by the Trust’s expense limitation agreement.

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

Brandes Investment Trust

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


Net asset value, end of period			Total return			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽²⁾			Ratio of net investment income to average net assets⁽²⁾			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


	$	25.58		0.75	%		$	0.9		1.25	%⁽³⁾		1.15	%⁽³⁾		1.40	%⁽³⁾		1.00	%⁽³⁾		7.27	%⁽⁴⁾
	$	26.53		42.30	%		$	0.8		1.25	%		2.21	%		1.41	%		2.05	%		20.46	%
	$	19.30		(9.41	)%		$	0.9		1.25	%		1.56	%		1.58	%		1.23	%		17.16	%
	$	21.75		(5.22	)%		$	1.5		1.25	%		2.11	%		1.56	%		1.81	%		12.11	%
	$	24.61		4.68	%		$	3.4		1.25	%		1.72	%		1.40	%		1.57	%		8.89	%
	$	24.42		17.20	%		$	5.8		1.26	%⁽⁵⁾		1.52	%		1.45	%⁽⁵⁾		1.33	%		17.42	%

	$	25.26		0.36	%		$	0.8		2.00	%⁽³⁾		0.39	%⁽³⁾		2.15	%⁽³⁾		0.24	%⁽³⁾		7.27	%⁽⁴⁾
	$	26.25		41.21	%		$	0.9		2.00	%		1.50	%		1.78	%		1.72	%		20.46	%
	$	19.16		(10.08	)%		$	0.7		2.00	%		0.84	%		2.32	%		0.52	%		17.16	%
	$	21.60		(5.91	)%		$	1.2		2.00	%		1.37	%		2.32	%		1.05	%		12.11	%
	$	24.45		3.88	%		$	1.6		2.00	%		0.97	%		2.15	%		0.82	%		8.89	%
	$	24.28		16.31	%		$	1.7		2.01	%⁽⁵⁾		0.77	%		2.21	%⁽⁵⁾		0.57	%		17.42	%

	$	25.86		0.86	%		$	45.0		1.00	%⁽³⁾		1.41	%⁽³⁾		1.20	%⁽³⁾		1.21	%⁽³⁾		7.27	%⁽⁴⁾
	$	26.78		42.67	%		$	45.5		1.00	%		2.52	%		1.20	%		2.32	%		20.46	%
	$	19.46		(9.18	)%		$	28.6		1.00	%		1.83	%		1.36	%		1.47	%		17.16	%
	$	21.91		(4.98	)%		$	33.4		1.00	%		2.37	%		1.36	%		2.00	%		12.11	%
	$	24.77		4.95	%		$	62.6		1.00	%		1.97	%		1.20	%		1.77	%		8.89	%
	$	24.57		17.48	%		$	61.7		1.01	%⁽⁵⁾		1.77	%		1.26	%⁽⁵⁾		1.52	%		17.42	%

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

Brandes Investment Trust

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



						Net
	Net asset					realized and						Dividends
	value,			Net		unrealized			Total from			from net			Net asset
	beginning			investment		gain (loss) on			investment			investment			value, end
	of period			income⁽¹⁾		investments			operations			income			of period
Brandes Emerging Markets Value Fund
Class A
3/31/2022 (Unaudited)		$	8.66		0.06		(1.03	)		(0.97	)		(0.13	)		$	7.56
9/30/2021		$	7.04		0.18		1.54			1.72			(0.10	)		$	8.66
9/30/2020		$	8.57		0.13		(1.49	)		(1.36	)		(0.17	)		$	7.04
9/30/2019		$	8.46		0.19		0.07			0.26			(0.15	)		$	8.57
9/30/2018		$	9.47		0.15		(1.01	)		(0.86	)		(0.15	)		$	8.46
9/30/2017		$	7.91		0.10		1.60			1.70			(0.14	)		$	9.47
Class C
3/31/2022 (Unaudited)		$	8.59		0.03		(1.02	)		(0.99	)		(0.12	)		$	7.48
9/30/2021		$	7.01		0.14		1.55			1.69			(0.11	)		$	8.59
9/30/2020		$	8.53		0.07		(1.48	)		(1.41	)		(0.11	)		$	7.01
9/30/2019		$	8.44		0.13		0.06			0.19			(0.10	)		$	8.53
9/30/2018		$	9.43		0.08		(0.99	)		(0.91	)		(0.08	)		$	8.44
9/30/2017		$	7.86		0.05		1.58			1.63			(0.06	)		$	9.43
Class I
3/31/2022 (Unaudited)		$	8.71		0.07		(1.04	)		(0.97	)		(0.14	)		$	7.60
9/30/2021		$	7.07		0.20		1.55			1.75			(0.11	)		$	8.71
9/30/2020		$	8.62		0.14		(1.50	)		(1.36	)		(0.19	)		$	7.07
9/30/2019		$	8.50		0.21		0.08			0.29			(0.17	)		$	8.62
9/30/2018		$	9.51		0.17		(1.01	)		(0.84	)		(0.17	)		$	8.50
9/30/2017		$	7.94		0.13		1.60			1.73			(0.16	)		$	9.51
Class R6
3/31/2022 (Unaudited)		$	8.76		0.08		(1.04	)		(0.96	)		(0.14	)		$	7.66
9/30/2021		$	7.11		0.20		1.56			1.76			(0.11	)		$	8.76
9/30/2020		$	8.65		0.16		(1.51	)		(1.35	)		(0.19	)		$	7.11
9/30/2019		$	8.53		0.23		0.07			0.30			(0.18	)		$	8.65
9/30/2018		$	9.53		0.19		(1.02	)		(0.83	)		(0.17	)		$	8.53
9/30/2017		$	7.93		0.15		1.62			1.77			(0.17	)		$	9.53

(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)	Annualized.

(5)	Not annualized.

(6)	Includes expenses not covered by the Trust’s expense limitation agreement.

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

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


	(11.27	)%		$	177.1		1.31	%⁽⁴⁾		1.51	%⁽⁴⁾		1.32	%⁽⁴⁾		1.50	%⁽⁴⁾		14.03	%⁽⁵⁾
	24.41	%		$	216.2		1.30	%		2.02	%		1.31	%		2.01	%		34.97	%
	(16.10	)%		$	174.2		1.33	%		1.75	%		1.34	%		1.74	%		34.39	%
	3.10	%		$	235.9		1.35	%		2.23	%		1.35	%		2.23	%		22.09	%
	(9.14	)%		$	258.8		1.37	%		1.62	%		1.34	%		1.65	%		37.66	%
	21.78	%		$	319.2		1.42	%⁽⁶⁾		1.27	%		1.40	%⁽⁶⁾		1.29	%		23.67	%

	(11.62	)%		$	7.8		2.06	%⁽⁴⁾		0.77	%⁽⁴⁾		2.07	%⁽⁴⁾		0.76	%⁽⁴⁾		14.03	%⁽⁵⁾
	24.01	%		$	10.3		1.59	%		1.66	%		1.60	%		1.65	%		34.97	%
	(16.63	)%		$	11.1		2.08	%		0.90	%		2.09	%		0.89	%		34.39	%
	2.27	%		$	18.0		2.10	%		1.48	%		2.10	%		1.48	%		22.09	%
	(9.70	)%		$	22.8		2.10	%		0.89	%		2.09	%		0.90	%		37.66	%
	20.83	%		$	28.2		2.17	%⁽⁶⁾		0.52	%		2.14	%⁽⁶⁾		0.55	%		23.67	%

	(11.23	)%		$	827.7		1.12	%⁽⁴⁾		1.72	%⁽⁴⁾		1.12	%⁽⁴⁾		1.72	%⁽⁴⁾		14.03	%⁽⁵⁾
	24.71	%		$	1,003.8		1.12	%		2.24	%		1.11	%		2.25	%		34.97	%
	(15.96	)%		$	834.8		1.12	%		1.88	%		1.14	%		1.86	%		34.39	%
	3.41	%		$	1,117.7		1.12	%		2.46	%		1.15	%		2.43	%		22.09	%
	(8.91	)%		$	1,162.1		1.12	%		1.88	%		0.14	%		1.86	%		37.66	%
	22.07	%		$	1,311.5		1.17	%⁽⁶⁾		1.51	%		1.20	%⁽⁶⁾		1.48	%		23.67	%

	(11.09	)%		$	58.2		0.97	%⁽⁴⁾		1.88	%⁽⁴⁾		1.07	%⁽⁴⁾		1.78	%⁽⁴⁾		14.03	%⁽⁵⁾
	24.74	%		$	68.1		0.97	%		2.32	%		1.06	%		2.23	%		34.97	%
	(15.74	)%		$	39.1		0.97	%		2.07	%		1.09	%		1.95	%		34.39	%
	3.45	%		$	47.6		0.97	%		2.61	%		1.10	%		2.48	%		22.09	%
	(8.74	)%		$	33.6		0.97	%		2.02	%		1.08	%		1.91	%		37.66	%
	22.53	%		$	97.4		1.02	%⁽⁶⁾		1.68	%		1.17	%⁽⁶⁾		1.53	%		23.67	%

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

Brandes Investment Trust

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



							Net
	Net asset			Net			realized and						Dividends			Dividends
	value,			investment			unrealized			Total from			from net			from net
	beginning			income			gain (loss) on			investment			investment			realized
	of period			(loss)⁽¹⁾			investments			operations			income			gains
Brandes International Small Cap Equity Fund
Class A
3/31/2022 (Unaudited)		$	14.01		0.30			(1.72	)		(1.42	)		(0.56	)		—
9/30/2021		$	9.33		0.14			4.69			4.83			(0.15	)		—
9/30/2020		$	10.22		0.07			(0.88	)		(0.81	)		(0.08	)		—
9/30/2019		$	12.10		0.15			(1.60	)		(1.45	)		(0.30	)		(0.13	)
9/30/2018		$	14.30		0.14			(1.32	)		(1.18	)		(0.54	)		(0.48	)
9/30/2017		$	13.46		0.14			1.32			1.46			(0.34	)		(0.28	)
Class C
3/31/2022 (Unaudited)		$	13.49		0.23			(1.64	)		(1.41	)		(0.51	)		—
9/30/2021		$	9.03		0.10			4.54			4.64			(0.18	)		—
9/30/2020		$	9.94		(0.01	)		(0.85	)		(0.86	)		(0.05	)		—
9/30/2019		$	11.81		0.06			(1.55	)		(1.49	)		(0.25	)		(0.13	)
9/30/2018		$	14.03		0.04			(1.28	)		(1.24	)		(0.50	)		(0.48	)
9/30/2017		$	13.24		0.04			1.30			1.34			(0.27	)		(0.28	)
Class I
3/31/2022 (Unaudited)		$	14.09		0.31			(1.73	)		(1.42	)		(0.58	)		—
9/30/2021		$	9.37		0.15			4.73			4.88			(0.16	)		—
9/30/2020		$	10.25		0.09			(0.88	)		(0.79	)		(0.09	)		—
9/30/2019		$	12.14		0.17			(1.61	)		(1.44	)		(0.32	)		(0.13	)
9/30/2018		$	14.35		0.17			(1.32	)		(1.15	)		(0.58	)		(0.48	)
9/30/2017		$	13.50		0.17			1.32			1.49			(0.36	)		(0.28	)
Class R6
3/31/2022 (Unaudited)		$	14.14		0.33			(1.75	)		(1.42	)		(0.59	)		—
9/30/2021		$	9.39		0.17			4.74			4.91			(0.16	)		—
9/30/2020		$	10.27		0.07			(0.86	)		(0.79	)		(0.09	)		—
9/30/2019		$	12.15		0.18			(1.61	)		(1.43	)		(0.32	)		(0.13	)
9/30/2018		$	14.36		0.18			(1.33	)		(1.15	)		(0.58	)		(0.48	)
9/30/2017		$	13.50		0.18			1.33			1.51			(0.37	)		(0.28	)

(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)	Annualized.

(5)	Not annualized.

(6)	Includes expenses not covered by the Trust’s expense limitation agreement.

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

100

Brandes Investment Trust

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


Net asset value, end of period			Total return⁽²⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽³⁾			Ratio of net investment income to average net assets⁽³⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


	$	12.03		(10.26	)%		$	60.3		1.35	%⁽⁴⁾		4.48	%⁽⁴⁾		1.35	%⁽⁴⁾		4.48	%⁽⁴⁾		18.51	%⁽⁵⁾
	$	14.01		51.91	%		$	68.0		1.32	%		1.10	%		1.33	%		1.09	%		26.16	%
	$	9.33		(7.95	)%		$	35.8		1.35	%		0.77	%		1.36	%		0.76	%		39.28	%
	$	10.22		(12.04	)%		$	43.5		1.35	%		1.34	%		1.35	%		1.34	%		22.52	%
	$	12.10		(8.88	)%		$	80.9		1.30	%		1.05	%		1.30	%		1.05	%		21.97	%
	$	14.30		11.29	%		$	176.9		1.30	%⁽⁶⁾		1.04	%		1.30	%⁽⁶⁾		1.04	%		21.37	%

	$	11.57		(10.62	)%		$	4.4		2.10	%⁽⁴⁾		3.62	%⁽⁴⁾		2.10	%⁽⁴⁾		3.62	%⁽⁴⁾		18.51	%⁽⁵⁾
	$	13.49		51.52	%		$	5.3		1.49	%		0.86	%		1.50	%		0.85	%		26.16	%
	$	9.03		(8.64	)%		$	4.5		2.11	%		(0.06	)%		2.12	%		(0.07	)%		39.28	%
	$	9.94		(12.69	)%		$	6.9		2.10	%		0.59	%		2.10	%		0.59	%		22.52	%
	$	11.81		(9.55	)%		$	14.5		2.05	%		0.30	%		2.05	%		0.30	%		21.97	%
	$	14.03		10.52	%		$	27.2		2.05	%⁽⁶⁾		0.29	%		2.05	%⁽⁶⁾		0.29	%		21.37	%

	$	12.09		(10.21	)%		$	266.2		1.15	%⁽⁴⁾		4.64	%⁽⁴⁾		1.15	%⁽⁴⁾		4.64	%⁽⁴⁾		18.51	%⁽⁵⁾
	$	14.09		52.15	%		$	318.0		1.12	%		1.23	%		1.13	%		1.22	%		26.16	%
	$	9.37		(7.69	)%		$	260.8		1.15	%		0.93	%		1.16	%		0.92	%		39.28	%
	$	10.25		(11.93	)%		$	414.8		1.15	%		1.54	%		1.15	%		1.54	%		22.52	%
	$	12.14		(8.70	)%		$	963.8		1.10	%		1.25	%		1.10	%		1.25	%		21.97	%
	$	14.35		11.54	%		$	1,543.9		1.10	%⁽⁶⁾		1.24	%		1.10	%⁽⁶⁾		1.24	%		21.37	%

	$	12.13		(10.17	)%		$	12.7		1.00	%⁽⁴⁾		4.94	%⁽⁴⁾		1.10	%⁽⁴⁾		4.84	%⁽⁴⁾		18.51	%⁽⁵⁾
	$	14.14		52.39	%		$	13.5		1.00	%		1.37	%		1.08	%		1.29	%		26.16	%
	$	9.39		(7.72	)%		$	10.5		1.00	%		0.83	%		1.12	%		0.71	%		39.28	%
	$	10.27		(11.80	)%		$	20.4		1.00	%		1.69	%		1.10	%		1.59	%		22.52	%
	$	12.15		(8.64	)%		$	72.5		1.00	%		1.35	%		1.05	%		1.30	%		21.97	%
	$	14.36		11.67	%		$	76.1		1.01	%⁽⁶⁾		1.33	%		1.05	%⁽⁶⁾		1.29	%		21.37	%

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

101

Brandes Investment Trust

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

Net

Net asset

realized and

Dividends

value,

Net

unrealized

Total from

from net

beginning

investment

gain (loss) on

investment

realized

of period

income

investments

operations

income

gains

Brandes Small Cap Value Fund

Class A

3/31/2022 (Unaudited)

13.22

0.21

⁽³⁾

0.12

0.33

(0.19

)

(0.51

)

9/30/2021

8.52

0.02

4.51

4.53

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