# EDGAR Filing Document

**Accession Number:** 0000926678
**File Stem:** 0001145549-23-010309
**Filing Date:** 2023-2
**Character Count:** 168577
**Document Hash:** 284f02656f5698881d19635bd3afc05d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010309.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010309

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRANDES INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000926678
- **IRS NUMBER:** 330635360
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08614
- **FILM NUMBER:** 23670849

**BUSINESS ADDRESS:**
- **STREET 1:** THE NORTHERN TRUST COMPANY
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** 312-444-3195

**MAIL ADDRESS:**
- **STREET 1:** THE NORTHERN TRUST COMPANY
- **STREET 2:** 50 SOUTH LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRANDES INTERNATIONAL FUND
- **DATE OF NAME CHANGE:** 19940712

## Series and Classes Contracts Data

### Brandes Global Equity Fund (Series ID: S000023589)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069401 | Class I      | BGVIX           |
| C000096543 | Class A      | BGEAX           |
| C000123169 | Class C      | BGVCX           |

## Nport-Ex

Brandes International Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 95.56%** | **COMMON STOCKS – 95.56%** | **COMMON STOCKS – 95.56%** |
| ***Austria – 1.68%*** | ***Austria – 1.68%*** | ***Austria – 1.68%*** |
| 280777 | Erste Group Bank AG | &nbsp;&nbsp;&nbsp;$8983528 |
| ***Belgium – 1.65%*** | ***Belgium – 1.65%*** | ***Belgium – 1.65%*** |
| 146320 | Anheuser-Busch InBev SA/NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8812996 |
| ***Brazil – 3.69%*** | ***Brazil – 3.69%*** | ***Brazil – 3.69%*** |
| 1551800 | Ambev SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241336 |
| 929953 | Embraer SA Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10164386 |
| 730200 | Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19680325 |
| ***China – 2.56%*** | ***China – 2.56%*** | ***China – 2.56%*** |
| 1242000 | Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13628358 |
| ***France – 16.68%*** | ***France – 16.68%*** | ***France – 16.68%*** |
| 164435 | BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9362797 |
| 643309 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;10759957 |
| 143930 | Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585936 |
| 677863 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697569 |
| 981785 | Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9741391 |
| 176994 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;11306789 |
| 105304 | Renault SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3513852 |
| 134828 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;13001005 |
| 50538 | Societe BIC SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459475 |
| 167175 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;10494111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;88922882 |
| ***Germany – 8.68%*** | ***Germany – 8.68%*** | ***Germany – 8.68%*** |
| 306888 | Fresenius & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8571971 |
| 230026 | HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;13034442 |
| 185440 | Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;11917253 |
| 123377 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;12737533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46261199 |
| ***Hong Kong – 0.66%*** | ***Hong Kong – 0.66%*** | ***Hong Kong – 0.66%*** |
| 11842000 | First Pacific Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527330 |
| ***Italy – 6.17%*** | ***Italy – 6.17%*** | ***Italy – 6.17%*** |
| 405246 | Buzzi Unicem SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809144 |
| 740013 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;10522592 |
| 4928692 | Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;10919081 |
| 16264983 | Telecom Italia SpA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3628307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32879124 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Japan – 14.19%*** | ***Japan – 14.19%*** | ***Japan – 14.19%*** |
| 333700 | Honda Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;$7611366 |
| 1654300 | Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11106005 |
| 302799 | MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680432 |
| 1129700 | Nissan Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535311 |
| 108100 | SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571870 |
| 230200 | Sumitomo Mitsui Trust Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032954 |
| 179700 | Taisho Pharmaceutical Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904395 |
| 742983 | Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23215763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75658096 |
| ***Mexico – 3.57%*** | ***Mexico – 3.57%*** | ***Mexico – 3.57%*** |
| 2151753 | Cemex SAB de CV Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8714600 |
| 8772148 | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;10335797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19050397 |
| ***Netherlands – 2.61%*** | ***Netherlands – 2.61%*** | ***Netherlands – 2.61%*** |
| 1098749 | Aegon NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567006 |
| 553317 | Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8325885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13892891 |
| ***Russia – 0.06%*** | ***Russia – 0.06%*** | ***Russia – 0.06%*** |
| 1013133 | Mobile TeleSystems PJSC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324223 |
| ***South Korea – 5.55%*** | ***South Korea – 5.55%*** | ***South Korea – 5.55%*** |
| 134352 | Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473803 |
| 43021 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6823920 |
| 107879 | KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7797228 |
| 23433 | POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128357 |
| 122096 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29582497 |
| ***Switzerland – 10.36%*** | ***Switzerland – 10.36%*** | ***Switzerland – 10.36%*** |
| 2524871 | Credit Suisse Group AG Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7537873 |

---

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

------

Brandes International Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 143048 | Novartis AG Registered | &nbsp;&nbsp;$12945480 |
| 8856 | Swatch Group AG Bearer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517059 |
| 186895 | Swatch Group AG Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717979 |
| 95833 | Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8960518 |
| 730343 | UBS Group AG Registered | &nbsp;&nbsp;&nbsp;&nbsp;13574320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;55253229 |
| ***Taiwan – 1.17%*** | ***Taiwan – 1.17%*** | ***Taiwan – 1.17%*** |
| 428000 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216042 |
| ***United Kingdom – 16.28%*** | ***United Kingdom – 16.28%*** | ***United Kingdom – 16.28%*** |
| 2869675 | Barclays Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5460454 |
| 730626 | GSK Plc | &nbsp;&nbsp;&nbsp;&nbsp;12627582 |
| 1262670 | Haleon Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995901 |
| 150038 | Imperial Brands Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737618 |
| 3643459 | J Sainsbury Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556130 |
| 2457439 | Kingfisher Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982140 |
| 3588578 | Marks & Spencer Group Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294050 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 9020750 | Rolls-Royce Holdings Plc<sup>(a)</sup> | &nbsp;&nbsp;$10075952 |
| 334131 | Shell Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9419427 |
| 3061784 | Tesco Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251109 |
| 1052347 | WPP Plc | &nbsp;&nbsp;&nbsp;&nbsp;10397177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;86797540 |
| **TOTAL COMMON STOCKS<br> (Cost $583,561,402)** | **TOTAL COMMON STOCKS<br> (Cost $583,561,402)** | $509470657 |
| **PREFERRED STOCKS – 3.74%** | **PREFERRED STOCKS – 3.74%** | **PREFERRED STOCKS – 3.74%** |
| ***Brazil – 1.57%*** | ***Brazil – 1.57%*** | ***Brazil – 1.57%*** |
| 1798400 | Petroleo Brasileiro SA, 18.87%<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;$8343999 |
| ***Russia – 0.14%*** | ***Russia – 0.14%*** | ***Russia – 0.14%*** |
| 21512699 | Surgutneftegas PJSC, 2.03%<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758280 |
| ***Spain – 2.03%*** | ***Spain – 2.03%*** | ***Spain – 2.03%*** |
| 1286611 | Grifols SA – Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10837469 |
| **TOTAL PREFERRED STOCKS<br> (Cost $36,405,203)** | **TOTAL PREFERRED STOCKS<br> (Cost $36,405,203)** | &nbsp;&nbsp;$19939748 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 0.33%** | **SHORT-TERM INVESTMENTS – 0.33%** | **SHORT-TERM INVESTMENTS – 0.33%** |
| ***Money Market Funds — 0.33%*** | ***Money Market Funds — 0.33%*** | ***Money Market Funds — 0.33%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%<sup>(d)</sup><br>| 1779187 | &nbsp;&nbsp;&nbsp;&nbsp;$1779187 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $1,779,187)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1779187 |
| **Total Investments<br>(Cost $621,745,792) – 99.63%<br>**  |  | **$531189592** |
| **Other Assets in Excess of Liabilities – 0.37%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1965528** |
| **TOTAL NET ASSETS – 100.00%<br>**  |  | **$533155120** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

(a) Non-income producing security.

(b) Level 3 asset.

(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

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

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

------

Brandes International Equity Fund

#### SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80% |
| Auto Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Automobiles<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Banks<br>| &nbsp;&nbsp;&nbsp;10.93% |
| Beverages<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44% |
| Capital Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.96% |
| Commercial Services & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Construction Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.54% |
| Diversified Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.50% |
| Equity Real Estate Investment Trusts<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Food & Staples Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.35% |
| Food Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.08% |
| Health Care Equipment & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Health Care Providers & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Household Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.55% |
| Internet & Direct Marketing Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56% |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07% |
| Metals & Mining<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Multi-Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Oil, Gas & Consumable Fuels<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.71% |
| Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Pharmaceuticals<br>| &nbsp;&nbsp;&nbsp;13.07% |
| Semiconductors & Semiconductor Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Software<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| Specialty Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Technology Hardware, Storage & Peripherals<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Textiles, Apparel & Luxury Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Tobacco<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| Wireless Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| **TOTAL COMMON STOCKS<br>**  | &nbsp;&nbsp;&nbsp;95.56% |
| **PREFERRED STOCKS** |  |
| Biotechnology<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| Oil, Gas & Consumable Fuels<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| **TOTAL PREFERRED STOCKS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3.74% |
| **SHORT-TERM INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.33% |
| **TOTAL INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;99.63% |
| Other Assets in Excess of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS<sup>®</sup>), 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 this Schedule of Investments.

------

Brandes Global Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 101.14%** | **COMMON STOCKS – 101.14%** | **COMMON STOCKS – 101.14%** |
| ***Austria – 2.63%*** | ***Austria – 2.63%*** | ***Austria – 2.63%*** |
| 32652 | Erste Group Bank AG | &nbsp;&nbsp;$1044709 |
| ***Brazil – 1.46%*** | ***Brazil – 1.46%*** | ***Brazil – 1.46%*** |
| 168020 | Embraer SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457051 |
| 11308 | Embraer SA Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580648 |
| ***China – 4.40%*** | ***China – 4.40%*** | ***China – 4.40%*** |
| 73000 | Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801023 |
| 101698 | Gree Electric Appliances, Inc. of Zhuhai – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473390 |
| 604000 | Topsports International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1750292 |
| ***France – 13.24%*** | ***France – 13.24%*** | ***France – 13.24%*** |
| 29021 | Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485404 |
| 22483 | Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321644 |
| 26700 | Engie SA Registered Shares (Prime Fidelite 2019)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381973 |
| 838 | Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426482 |
| 14597 | Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932490 |
| 12720 | Sanofi | &nbsp;&nbsp;&nbsp;&nbsp;1226546 |
| 2573 | Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361338 |
| 17956 | TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;1127156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5263033 |
| ***Germany – 3.45%*** | ***Germany – 3.45%*** | ***Germany – 3.45%*** |
| 13297 | HeidelbergCement AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753475 |
| 5980 | SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1370855 |
| ***Ireland – 0.93%*** | ***Ireland – 0.93%*** | ***Ireland – 0.93%*** |
| 9289 | CRH Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369654 |
| ***Italy – 1.43%*** | ***Italy – 1.43%*** | ***Italy – 1.43%*** |
| 40041 | Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569362 |
| ***Japan – 1.00%*** | ***Japan – 1.00%*** | ***Japan – 1.00%*** |
| 17400 | Honda Motor Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396877 |
| ***Malaysia – 1.49%*** | ***Malaysia – 1.49%*** | ***Malaysia – 1.49%*** |
| 582600 | Genting Berhad | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592448 |
| ***Mexico – 1.82%*** | ***Mexico – 1.82%*** | ***Mexico – 1.82%*** |
| 612704 | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721919 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***South Korea – 4.45%*** | ***South Korea – 4.45%*** | ***South Korea – 4.45%*** |
| 2362 | Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;$374657 |
| 3446 | Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412424 |
| 4260 | KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307902 |
| 15353 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1768876 |
| ***Spain – 1.11%*** | ***Spain – 1.11%*** | ***Spain – 1.11%*** |
| 27833 | Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443018 |
| ***Switzerland – 3.03%*** | ***Switzerland – 3.03%*** | ***Switzerland – 3.03%*** |
| 64802 | UBS Group AG Registered | &nbsp;&nbsp;&nbsp;&nbsp;1204425 |
| ***Taiwan – 1.02%*** | ***Taiwan – 1.02%*** | ***Taiwan – 1.02%*** |
| 28000 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406657 |
| ***United Kingdom – 13.36%*** | ***United Kingdom – 13.36%*** | ***United Kingdom – 13.36%*** |
| 147617 | BP Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851741 |
| 52499 | GSK Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907352 |
| 37769 | Imperial Brands Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940869 |
| 147147 | Kingfisher Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418078 |
| 105193 | NatWest Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335485 |
| 410780 | Rolls-Royce Holdings Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458831 |
| 13377 | Shell Plc – ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761820 |
| 64638 | WPP Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5312799 |
| ***United States – 46.32%*** | ***United States – 46.32%*** | ***United States – 46.32%*** |
| 3966 | Alphabet, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349920 |
| 7287 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662388 |
| 12026 | American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760524 |
| 4039 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393318 |
| 25847 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856053 |
| 8496 | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386738 |
| 9757 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750021 |
| 2535 | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839947 |
| 18012 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814683 |
| 5984 | Cognizant Technology Solutions Corp. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342225 |
| 20379 | Comcast Corp. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712654 |
| 6903 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643290 |
| 4339 | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416804 |
| 2851 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493793 |
| 8557 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864856 |
| 1197 | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296988 |

---

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

------

Brandes Global Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 18479 | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;$727149 |
| 2373 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569425 |
| 2923 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391974 |
| 1674 | Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394193 |
| 2157 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809134 |
| 7097 | Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787412 |
| 6513 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325520 |
| 2994 | Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306047 |
| 11359 | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274320 |
| 12617 | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420272 |
| 17118 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877126 |
| 4199 | PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663190 |
| 6565 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509247 |
| 6950 | Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492060 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 9572 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$411883 |
| 21107 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871508 |
|  |  | &nbsp;&nbsp;&nbsp;18414662 |
| **TOTAL COMMON STOCKS<br> (Cost $34,841,526)** | **TOTAL COMMON STOCKS<br> (Cost $34,841,526)** | $40210234 |
| **PREFERRED STOCKS – 1.02%** | **PREFERRED STOCKS – 1.02%** | **PREFERRED STOCKS – 1.02%** |
| ***South Korea – 0.25%*** | ***South Korea – 0.25%*** | ***South Korea – 0.25%*** |
| 2497 | Samsung Electronics Co. Ltd., 2.861%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$100063 |
| ***Spain – 0.77%*** | ***Spain – 0.77%*** | ***Spain – 0.77%*** |
| 36011 | Grifols SA – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306094 |
| **TOTAL PREFERRED STOCKS<br> (Cost $651,993)** | **TOTAL PREFERRED STOCKS<br> (Cost $651,993)** | &nbsp;&nbsp;&nbsp;&nbsp;$406157 |

---

---

| | |
|:---|:---|
| **Total Investments<br>(Cost $35,493,519) – 102.16%<br>**  | **$40616391** |
| **Liabilities in Excess of Other Assets – (2.16)%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(859983)** |
| **TOTAL NET ASSETS – 100.00%<br>**  | **$39756408** |

---

------

---

| |
|:---|
| 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.

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

------

Brandes Global Equity Fund

#### SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60% |
| Air Freight & Logistics<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| Auto Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Automobiles<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04% |
| Banks<br>| &nbsp;&nbsp;&nbsp;13.56% |
| Capital Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.28% |
| Construction Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83% |
| Consumer Finance<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Electrical Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Energy Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Equity Real Estate Investment Trusts<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Food & Staples Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22% |
| Health Care Providers & Services<br>| &nbsp;&nbsp;&nbsp;10.07% |
| Hotels, Restaurants & Leisure<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Household Durables<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| Interactive Media & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Internet & Direct Marketing Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01% |
| IT Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.70% |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.75% |
| Multi-Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Oil, Gas & Consumable Fuels<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.44% |
| Pharmaceuticals<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.55% |
| Semiconductors & Semiconductor Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83% |
| Software<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Specialty Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Technology Hardware, Storage & Peripherals<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Textiles, Apparel & Luxury Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Tobacco<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| **TOTAL COMMON STOCKS<br>**  | 101.14% |
| **PREFERRED STOCKS** |  |
| Biotechnology<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Technology Hardware, Storage & Peripherals<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| **TOTAL PREFERRED STOCKS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| **TOTAL INVESTMENTS<br>**  | 102.16% |
| Liabilities in Excess of Other Assets<br>| &nbsp;&nbsp;&nbsp;(2.16)% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS<sup>®</sup>), 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 this Schedule of Investments.

------

Brandes Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 97.78%** | **COMMON STOCKS – 97.78%** | **COMMON STOCKS – 97.78%** |
| ***Austria – 2.66%*** | ***Austria – 2.66%*** | ***Austria – 2.66%*** |
| 534725 | Erste Group Bank AG | &nbsp;&nbsp;$17108656 |
| ***Brazil – 6.76%*** | ***Brazil – 6.76%*** | ***Brazil – 6.76%*** |
| 1993023 | Embraer SA Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21783742 |
| 1032161 | Neoenergia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030647 |
| 1565800 | Sendas Distribuidora SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786206 |
| 382900 | Telefonica Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2765880 |
| 4292900 | TIM SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10052187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;43418662 |
| ***Chile – 3.14%*** | ***Chile – 3.14%*** | ***Chile – 3.14%*** |
| 2102284 | Empresa Nacional de Telecomunicaciones SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261647 |
| 257315766 | Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;11827576 |
| 471422 | Enel Chile SA Sponsored – ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20149923 |
| ***China – 28.77%*** | ***China – 28.77%*** | ***China – 28.77%*** |
| 2446400 | Alibaba Group Holding Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26844135 |
| 13317395 | China Education Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17124734 |
| 14764000 | Chinasoft International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12781310 |
| 2444000 | Galaxy Entertainment Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16068460 |
| 2239076 | Gree Electric Appliances, Inc. of Zhuhai – Class A | &nbsp;&nbsp;&nbsp;&nbsp;10422597 |
| 1722146 | Midea Group Co. Ltd. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;12837800 |
| 2629500 | Ping An Insurance Group Co. of China Ltd. – Class H | &nbsp;&nbsp;&nbsp;&nbsp;17275145 |
| 6933500 | Shanghai Pharmaceuticals Holding Co. Ltd. – Class H | &nbsp;&nbsp;&nbsp;&nbsp;11510677 |
| 18177000 | Topsports International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14321279 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 9180000 | TravelSky Technology Ltd. – Class H | &nbsp;&nbsp;$19293192 |
| 5048000 | Weichai Power Co. Ltd. – Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674397 |
| 7430200 | Wynn Macau Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8243544 |
| 428299 | ZTO Express Cayman, Inc. – ADR | &nbsp;&nbsp;&nbsp;&nbsp;11508394 |
|  |  | &nbsp;&nbsp;&nbsp;184905664 |
| ***Hong Kong – 2.84%*** | ***Hong Kong – 2.84%*** | ***Hong Kong – 2.84%*** |
| 936600 | AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10343241 |
| 4427920 | First Pacific Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318927 |
| 2225200 | Luk Fook Holdings International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18263144 |
| ***India – 5.88%*** | ***India – 5.88%*** | ***India – 5.88%*** |
| 825661 | HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16194150 |
| 6136795 | Indus Towers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14090110 |
| 511265 | IndusInd Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37799829 |
| ***Indonesia – 5.05%*** | ***Indonesia – 5.05%*** | ***Indonesia – 5.05%*** |
| 37180111 | Bank Rakyat Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;11787964 |
| 4589612 | Gudang Garam Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306762 |
| 22387200 | Indofood Sukses Makmur Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9677498 |
| 41409715 | XL Axiata Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32463819 |
| ***Luxembourg – 1.02%*** | ***Luxembourg – 1.02%*** | ***Luxembourg – 1.02%*** |
| 516762 | Millicom International Cellular SA – SDR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547179 |
| ***Malaysia – 1.73%*** | ***Malaysia – 1.73%*** | ***Malaysia – 1.73%*** |
| 10936100 | Genting Berhad | &nbsp;&nbsp;&nbsp;&nbsp;11120961 |
| ***Mexico – 8.27%*** | ***Mexico – 8.27%*** | ***Mexico – 8.27%*** |
| 3558329 | Cemex SAB de CV Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14411232 |
| 18397729 | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;21677154 |
| 4089892 | Kimberly-Clark de Mexico SAB de CV - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940842 |

---

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

------

Brandes Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 6943199 | PLA Administradora Industrial S de RL de CV | &nbsp;&nbsp;&nbsp;$9980192 |
| 512122 | Urbi Desarrollos Urbanos SAB de CV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;53167631 |
| ***Panama – 2.96%*** | ***Panama – 2.96%*** | ***Panama – 2.96%*** |
| 472594 | Banco Latinoamericano de Comercio Exterior SA – Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7656023 |
| 136872 | Copa Holdings SA – Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11383644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19039667 |
| ***Philippines – 2.16%*** | ***Philippines – 2.16%*** | ***Philippines – 2.16%*** |
| 7573384 | Bank of the Philippine Islands | &nbsp;&nbsp;&nbsp;&nbsp;13891990 |
| ***Russia – 0.69%*** | ***Russia – 0.69%*** | ***Russia – 0.69%*** |
| 11121093 | Detsky Mir PJSC<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012097 |
| 236429 | LUKOIL PJSC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307867 |
| 4858073 | Mobile TeleSystems PJSC<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554681 |
| 7919891 | Sberbank of Russia PJSC<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 |
| 31423480 | Sistema PJSFC<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403662 |
| ***South Korea – 13.13%*** | ***South Korea – 13.13%*** | ***South Korea – 13.13%*** |
| 26930 | KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946434 |
| 21688 | LG H&H Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12482956 |
| 77734 | POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17012236 |
| 602552 | Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26447962 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 478373 | Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;$13317660 |
| 221339 | SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13205981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;84413229 |
| ***Taiwan – 9.52%*** | ***Taiwan – 9.52%*** | ***Taiwan – 9.52%*** |
| 1774000 | Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13471405 |
| 622000 | Chailease Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382107 |
| 1964000 | Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28524082 |
| 573000 | Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14820887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;61198481 |
| ***Thailand – 3.20%*** | ***Thailand – 3.20%*** | ***Thailand – 3.20%*** |
| 52889881 | Jasmine Broadband Internet Infrastructure Fund - Class F | &nbsp;&nbsp;&nbsp;&nbsp;12292870 |
| 1951200 | Kasikornbank PCL – Class F | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20587908 |
| **TOTAL COMMON STOCKS<br> (Cost $812,179,928)** | **TOTAL COMMON STOCKS<br> (Cost $812,179,928)** | $628480405 |
| **PREFERRED STOCKS – 1.76%** | **PREFERRED STOCKS – 1.76%** | **PREFERRED STOCKS – 1.76%** |
| ***Brazil – 1.76%*** | ***Brazil – 1.76%*** | ***Brazil – 1.76%*** |
| 2434000 | Petroleo Brasileiro SA, 18.871%<sup>(c)</sup> | &nbsp;&nbsp;$11292978 |
| **TOTAL PREFERRED STOCKS<br> (Cost $8,137,859)** | **TOTAL PREFERRED STOCKS<br> (Cost $8,137,859)** | &nbsp;&nbsp;$11292978 |

---

---

| | |
|:---|:---|
| **Total Investments<br>(Cost $820,317,787) – 99.54%<br>**  | **$639773383** |
| **Other Assets in Excess of Liabilities – 0.46%<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2959582** |
| **TOTAL NET ASSETS – 100.00%<br>**  | **$642732965** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

(a) Non-income producing security.

(b) Level 3 asset.

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

------

Brandes Emerging Markets Value Fund

------

(c) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

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

------

Brandes Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.39% |
| Air Freight & Logistics<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Airlines<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Banks<br>| &nbsp;&nbsp;&nbsp;13.70% |
| Communications Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Construction Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24% |
| Diversified Consumer Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66% |
| Diversified Financial Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.87% |
| Diversified Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.53% |
| Electric Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.48% |
| Equity Real Estate Investment Trusts<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.92% |
| Food & Staples Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Food Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Health Care Providers & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| Hotels, Restaurants & Leisure<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.51% |
| Household Durables<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65% |
| Household Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.30% |
| Internet & Direct Marketing Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18% |
| IT Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.99% |
| Machinery<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Metals & Mining<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.65% |
| Oil, Gas & Consumable Fuels<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Semiconductors & Semiconductor Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.49% |
| Specialty Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.42% |
| Technology Hardware, Storage & Peripherals<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.42% |
| Tobacco<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Wireless Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.92% |
| **TOTAL COMMON STOCKS<br>**  | &nbsp;&nbsp;&nbsp;97.78% |
| **PREFERRED STOCKS** |  |
| Oil, Gas & Consumable Fuels<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| **TOTAL PREFERRED STOCKS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| **TOTAL INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;99.54% |
| Other Assets in Excess of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS<sup>®</sup>), 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 this Schedule of Investments.

------

Brandes International Small Cap Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 94.50%** | **COMMON STOCKS – 94.50%** | **COMMON STOCKS – 94.50%** |
| ***Austria – 1.25%*** | ***Austria – 1.25%*** | ***Austria – 1.25%*** |
| 244689 | Addiko Bank AG<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$3313381 |
| ***Belgium – 1.00%*** | ***Belgium – 1.00%*** | ***Belgium – 1.00%*** |
| 395922 | Ontex Group NV<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650368 |
| ***Brazil – 5.46%*** | ***Brazil – 5.46%*** | ***Brazil – 5.46%*** |
| 5334840 | Embraer SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14511937 |
| ***Canada – 2.17%*** | ***Canada – 2.17%*** | ***Canada – 2.17%*** |
| 788759 | Dorel Industries, Inc. – Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029207 |
| 281441 | Heroux-Devtek, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762552 |
| ***Chile – 3.28%*** | ***Chile – 3.28%*** | ***Chile – 3.28%*** |
| 189835830 | Enel Chile SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8725846 |
| ***China – 1.37%*** | ***China – 1.37%*** | ***China – 1.37%*** |
| 12512900 | Boyaa Interactive International Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649254 |
| 207504 | China Yuchai International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468091 |
| 7476000 | Weiqiao Textile Co. – Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645584 |
| ***France – 2.89%*** | ***France – 2.89%*** | ***France – 2.89%*** |
| 538283 | Elior Group SA<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906549 |
| 111434 | LISI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322416 |
| 137529 | Vicat SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7679986 |
| ***Germany – 0.59%*** | ***Germany – 0.59%*** | ***Germany – 0.59%*** |
| 40380 | Draegerwerk AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569059 |
| ***Greece – 0.98%*** | ***Greece – 0.98%*** | ***Greece – 0.98%*** |
| 374473 | Sarantis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601547 |
| ***Hong Kong – 8.84%*** | ***Hong Kong – 8.84%*** | ***Hong Kong – 8.84%*** |
| 2059500 | Dickson Concepts International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102944 |
| 64920000 | Emperor Watch & Jewellery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494068 |
| 15975000 | First Pacific Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758411 |
| 9710020 | PAX Global Technology Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357949 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 21688000 | Pico Far East Holdings Ltd. | &nbsp;&nbsp;&nbsp;$3580855 |
| 3002500 | Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23496138 |
| ***Hungary – 1.62%*** | ***Hungary – 1.62%*** | ***Hungary – 1.62%*** |
| 4750816 | Magyar Telekom Telecommunications Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317795 |
| ***Ireland – 7.52%*** | ***Ireland – 7.52%*** | ***Ireland – 7.52%*** |
| 1932342 | AIB Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417119 |
| 239535 | Avadel Pharmaceuticals Plc – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715070 |
| 3239273 | C&C Group Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6875838 |
| 5128427 | Greencore Group Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19985335 |
| ***Israel – 1.01%*** | ***Israel – 1.01%*** | ***Israel – 1.01%*** |
| 92081 | Taro Pharmaceutical Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674032 |
| ***Italy – 1.90%*** | ***Italy – 1.90%*** | ***Italy – 1.90%*** |
| 262861 | Buzzi Unicem SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065366 |
| ***Japan – 15.13%*** | ***Japan – 15.13%*** | ***Japan – 15.13%*** |
| 644000 | Concordia Financial Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2688974 |
| 378900 | Fuji Media Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081929 |
| 67200 | Fukuda Denshi Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338361 |
| 341900 | Futaba Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373552 |
| 1059100 | Hachijuni Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399483 |
| 1045700 | Hyakugo Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913876 |
| 90700 | Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673925 |
| 181000 | Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536520 |
| 413900 | Koatsu Gas Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005050 |
| 902444 | Komori Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491840 |
| 285000 | Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020419 |
| 190100 | Oita Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952163 |

---

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

------

Brandes International Small Cap Equity Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 45200 | Taisho Pharmaceutical Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;$1988195 |
| 143300 | Yodogawa Steel Works Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40218615 |
| ***Luxembourg – 1.97%*** | ***Luxembourg – 1.97%*** | ***Luxembourg – 1.97%*** |
| 413843 | Millicom International Cellular SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5226837 |
| ***Malaysia – 1.28%*** | ***Malaysia – 1.28%*** | ***Malaysia – 1.28%*** |
| 3360400 | Genting Berhad | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417203 |
| ***Mexico – 6.21%*** | ***Mexico – 6.21%*** | ***Mexico – 6.21%*** |
| 330264 | Cemex SAB de CV Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337569 |
| 23997426 | Consorcio ARA SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940768 |
| 279501983 | Desarrolladora Homex SAB de CV<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387271 |
| 2222219 | FIBRA Macquarie Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243266 |
| 6230777 | Fibra Uno Administracion SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341423 |
| 806929 | Urbi Desarrollos Urbanos SAB de CV<sup>(a),(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16499583 |
| ***Panama – 2.03%*** | ***Panama – 2.03%*** | ***Panama – 2.03%*** |
| 333628 | Banco Latinoamericano de Comercio Exterior SA – Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404774 |
| ***Slovenia – 2.27%*** | ***Slovenia – 2.27%*** | ***Slovenia – 2.27%*** |
| 426357 | Nova Ljubljanska Banka – GDR<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773382 |
| 18740 | Nova Ljubljanska Banka – GDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027144 |
| ***South Korea – 2.28%*** | ***South Korea – 2.28%*** | ***South Korea – 2.28%*** |
| 88102 | Binggrae Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742762 |
| 70397 | S-1 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3308525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6051287 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Spain – 4.12%*** | ***Spain – 4.12%*** | ***Spain – 4.12%*** |
| 1219817 | Lar Espana Real Estate Socimi SA | &nbsp;&nbsp;&nbsp;$5516807 |
| 4931991 | Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5445591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10962398 |
| ***Switzerland – 1.35%*** | ***Switzerland – 1.35%*** | ***Switzerland – 1.35%*** |
| 46162 | Sulzer AG Registered | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590977 |
| ***United Kingdom – 17.98%*** | ***United Kingdom – 17.98%*** | ***United Kingdom – 17.98%*** |
| 974997 | Balfour Beatty Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3979368 |
| 2779021 | De La Rue Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603868 |
| 4771346 | ITV Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315049 |
| 3264147 | J Sainsbury Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561264 |
| 895584 | LSL Property Services Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706791 |
| 3471261 | Marks & Spencer Group Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120978 |
| 5822783 | Mitie Group Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219596 |
| 6387713 | Rolls-Royce Holdings Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7134916 |
| 329731 | TechnipFMC Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4019421 |
| 919100 | Yellow Cake Plc<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47791590 |
| **TOTAL COMMON STOCKS<br> (Cost $288,232,405)** | **TOTAL COMMON STOCKS<br> (Cost $288,232,405)** | $251189334 |
| **PREFERRED STOCKS – 4.21%** | **PREFERRED STOCKS – 4.21%** | **PREFERRED STOCKS – 4.21%** |
| ***Germany – 2.06%*** | ***Germany – 2.06%*** | ***Germany – 2.06%*** |
| 122632 | Draegerwerk AG & Co. KGaA, 0.455%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;$5466016 |
| ***Spain – 2.15%*** | ***Spain – 2.15%*** | ***Spain – 2.15%*** |
| 672774 | Grifols SA – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5718579 |
| **TOTAL PREFERRED STOCKS<br> (Cost $11,698,128)** | **TOTAL PREFERRED STOCKS<br> (Cost $11,698,128)** | &nbsp;&nbsp;$11184595 |
| **INVESTMENT COMPANIES – 0.59%** | **INVESTMENT COMPANIES – 0.59%** | **INVESTMENT COMPANIES – 0.59%** |
| ***Canada – 0.59%*** | ***Canada – 0.59%*** | ***Canada – 0.59%*** |
| 134253 | Sprott Physical Uranium Trust<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;$1569590 |
| **TOTAL INVESTMENT COMPANIES<br> (Cost $1,222,003)** | **TOTAL INVESTMENT COMPANIES<br> (Cost $1,222,003)** | &nbsp;&nbsp;&nbsp;$1569590 |

---

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

------

Brandes International Small Cap Equity Fund

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.72%** | **SHORT-TERM INVESTMENTS – 1.72%** | **SHORT-TERM INVESTMENTS – 1.72%** |
| ***Money Market Funds — 1.72%*** | ***Money Market Funds — 1.72%*** | ***Money Market Funds — 1.72%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%<sup>(e)</sup><br>| 4571790 | &nbsp;&nbsp;&nbsp;&nbsp;$4571790 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,571,790)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4571790 |
| **Total Investments<br>(Cost $305,724,326) – 101.02%<br>**  |  | **$268515309** |
| **Liabilities in Excess of Other Assets – (1.02)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2722021)** |
| **TOTAL NET ASSETS – 100.00%<br>**  |  | **$265793288** |

---

------

---

| |
|:---|
| 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 $15,053,537 which represented 5.66% 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 December 31, 2022.

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

------

Brandes International Small Cap Equity Fund

#### SCHEDULE OF INVESTMENTS BY INDUSTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense<br>| &nbsp;&nbsp;&nbsp;10.05% |
| Banks<br>| &nbsp;&nbsp;&nbsp;11.18% |
| Beverages<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.59% |
| Chemicals<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Commercial Services & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.19% |
| Construction & Engineering<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Construction Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| Diversified Financial Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| Diversified Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Electric Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.28% |
| Electrical Equipment<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Electronic Equipment, Instruments & Components<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| Energy Equipment & Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Entertainment<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24% |
| Equity Real Estate Investment Trusts<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.05% |
| Food & Staples Retailing<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.15% |
| Food Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.32% |
| Health Care Equipment & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Hotels, Restaurants & Leisure<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00% |
| Household Durables<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.87% |
| Insurance<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Machinery<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.97% |
| Media<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Metals & Mining<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Personal Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| Pharmaceuticals<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.73% |
| Real Estate Management & Development<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Specialty Retail<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Textiles, Apparel & Luxury Goods<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.16% |
| Trading Companies & Distributors<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Wireless Telecommunication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| **TOTAL COMMON STOCKS<br>**  | &nbsp;&nbsp;&nbsp;94.50% |
| **PREFERRED STOCKS** |  |
| Biotechnology<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Health Care Equipment & Supplies<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| **TOTAL PREFERRED STOCKS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;4.21% |
| **INVESTMENT COMPANIES** |  |
| Trading Companies & Distributors<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| **TOTAL INVESTMENT COMPANIES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| **SHORT-TERM INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| **TOTAL INVESTMENTS<br>**  | 101.02% |
| Liabilities in Excess of Other Assets<br>| &nbsp;&nbsp;&nbsp;(1.02)% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

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

------

Brandes International Small Cap Equity Fund

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

------

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS<sup>®</sup>), 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 this Schedule of Investments.

------

Brandes Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 89.38%** | **COMMON STOCKS – 89.38%** | **COMMON STOCKS – 89.38%** |
| ***Aerospace & Defense – 15.03%*** | ***Aerospace & Defense – 15.03%*** | ***Aerospace & Defense – 15.03%*** |
| 19997 | Embraer SA Sponsored – ADR<sup>(a)</sup> | &nbsp;&nbsp;$218567 |
| 2114 | Moog, Inc. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;185525 |
| 1910 | National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130758 |
| 18443 | Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;247321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;782171 |
| ***Banks – 4.21%*** | ***Banks – 4.21%*** | ***Banks – 4.21%*** |
| 1382 | ACNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55017 |
| 4073 | National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;164142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;219159 |
| ***Biotechnology – 3.40%*** | ***Biotechnology – 3.40%*** | ***Biotechnology – 3.40%*** |
| 3994 | Eagle Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;116745 |
| 11508 | PDL BioPharma, Inc.<sup>(a),(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 |
| 164 | United Therapeutics Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;176852 |
| ***Chemicals – 1.48%*** | ***Chemicals – 1.48%*** | ***Chemicals – 1.48%*** |
| 1591 | Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77307 |
| ***Commercial Services & Supplies – 2.98%*** | ***Commercial Services & Supplies – 2.98%*** | ***Commercial Services & Supplies – 2.98%*** |
| 6413 | Healthcare Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76956 |
| 5930 | Kimball International, Inc. – Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38545 |
| 5591 | Steelcase, Inc. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;155029 |
| ***Communications Equipment – 5.25%*** | ***Communications Equipment – 5.25%*** | ***Communications Equipment – 5.25%*** |
| 11543 | NETGEAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;209044 |
| 23027 | Ribbon Communications, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;273289 |
| ***Construction & Engineering – 2.01%*** | ***Construction & Engineering – 2.01%*** | ***Construction & Engineering – 2.01%*** |
| 43979 | Orion Group Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104670 |
| ***Construction Materials – 1.62%*** | ***Construction Materials – 1.62%*** | ***Construction Materials – 1.62%*** |
| 8777 | Buzzi Unicem SpA – ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84305 |
| ***Electronic Equipment, Instruments &<br> Components – 1.58%*** | ***Electronic Equipment, Instruments &<br> Components – 1.58%*** | ***Electronic Equipment, Instruments &<br> Components – 1.58%*** |
| 23377 | Arlo Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82053 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Energy Equipment & Services – 4.56%*** | ***Energy Equipment & Services – 4.56%*** | ***Energy Equipment & Services – 4.56%*** |
| 8731 | Dril-Quip, Inc.<sup>(a)</sup> | &nbsp;&nbsp;$237221 |
| ***Equity Real Estate Investment Trusts – 2.92%*** | ***Equity Real Estate Investment Trusts – 2.92%*** | ***Equity Real Estate Investment Trusts – 2.92%*** |
| 6086 | Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp;151967 |
| ***Food & Staples Retailing – 1.22%*** | ***Food & Staples Retailing – 1.22%*** | ***Food & Staples Retailing – 1.22%*** |
| 659 | Ingles Markets, Inc. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63567 |
| ***Health Care Equipment & Supplies – 1.27%*** | ***Health Care Equipment & Supplies – 1.27%*** | ***Health Care Equipment & Supplies – 1.27%*** |
| 1354 | Invacare Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| 4499 | LENSAR, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
| 521 | Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66262 |
| ***Health Care Providers & Services – 2.46%*** | ***Health Care Providers & Services – 2.46%*** | ***Health Care Providers & Services – 2.46%*** |
| 5184 | Pediatrix Medical Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77034 |
| 1463 | Premier, Inc. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;128210 |
| ***Household Durables – 1.02%*** | ***Household Durables – 1.02%*** | ***Household Durables – 1.02%*** |
| 13857 | Dorel Industries, Inc. – Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53218 |
| ***Insurance – 6.41%*** | ***Insurance – 6.41%*** | ***Insurance – 6.41%*** |
| 19337 | Crawford & Co. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;107514 |
| 804 | National Western Life Group, Inc. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;225924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;333438 |
| ***Machinery – 14.60%*** | ***Machinery – 14.60%*** | ***Machinery – 14.60%*** |
| 5015 | Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153860 |
| 22252 | Graham Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;214064 |
| 5586 | Hurco Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145962 |
| 4246 | Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102159 |
| 10913 | L.B. Foster Co. – Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105638 |
| 1444 | Miller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;760180 |
| ***Oil, Gas & Consumable Fuels – 3.91%*** | ***Oil, Gas & Consumable Fuels – 3.91%*** | ***Oil, Gas & Consumable Fuels – 3.91%*** |
| 795 | Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75024 |
| 4699 | World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;203448 |
| ***Personal Products – 3.88%*** | ***Personal Products – 3.88%*** | ***Personal Products – 3.88%*** |
| 5240 | Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;201950 |
| ***Pharmaceuticals – 5.88%*** | ***Pharmaceuticals – 5.88%*** | ***Pharmaceuticals – 5.88%*** |
| 5584 | Avadel Pharmaceuticals Plc – ADR<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39981 |

---

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

------

Brandes Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 9358 | Phibro Animal Health Corp. – Class A | &nbsp;&nbsp;$125491 |
| 2242 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;140349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;305821 |
| ***Professional Services – 0.94%*** | ***Professional Services – 0.94%*** | ***Professional Services – 0.94%*** |
| 441 | Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48920 |
| ***Software – 1.24%*** | ***Software – 1.24%*** | ***Software – 1.24%*** |
| 6925 | SolarWinds Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64818 |
| ***Textiles, Apparel & Luxury Goods – 1.51%*** | ***Textiles, Apparel & Luxury Goods – 1.51%*** | ***Textiles, Apparel & Luxury Goods – 1.51%*** |
| 12332 | Hanesbrands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78432 |
| **TOTAL COMMON STOCKS<br> (Cost $4,531,657)** | **TOTAL COMMON STOCKS<br> (Cost $4,531,657)** | $4652287 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **INVESTMENT COMPANIES – 1.95%** | **INVESTMENT COMPANIES – 1.95%** | **INVESTMENT COMPANIES – 1.95%** |
| ***Trading Companies & Distributors – 1.95%*** | ***Trading Companies & Distributors – 1.95%*** | ***Trading Companies & Distributors – 1.95%*** |
| 8703 | Sprott Physical Uranium Trust<sup>(a)</sup> | &nbsp;&nbsp;$101749 |
| **TOTAL INVESTMENT COMPANIES<br> (Cost $91,422)** | **TOTAL INVESTMENT COMPANIES<br> (Cost $91,422)** | &nbsp;&nbsp;$101749 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 11.98%** | **SHORT-TERM INVESTMENTS – 11.98%** | **SHORT-TERM INVESTMENTS – 11.98%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%, <sup>(c)</sup><br>| 623399 | &nbsp;&nbsp;&nbsp;&nbsp;$623399 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $623,399)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$623399 |
| **Total Investments (Cost $5,246,478) – 103.31%<br>**  |  | **$5377435** |
| **Liabilities in Excess of Other Assets – (3.31)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(172444)** |
| **TOTAL NET ASSETS – 100.00%<br>**  |  | **$5204991** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

(a) Non-income producing security.

(b) Level 3 asset.

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

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.

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

------

Brandes Small Cap Value Fund

#### SCHEDULE OF INVESTMENTS BY COUNTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Brazil<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| Canada<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Italy<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| United States<br>| &nbsp;&nbsp;&nbsp;81.77% |
| **TOTAL COMMON STOCKS<br>**  | &nbsp;&nbsp;&nbsp;89.38% |
| **INVESTMENT COMPANIES** |  |
| Canada<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| **TOTAL INVESTMENT COMPANIES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| **SHORT-TERM INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;11.98% |
| **TOTAL INVESTMENTS<br>**  | 103.31% |
| Liabilities in Excess of Other Assets<br>| &nbsp;&nbsp;&nbsp;(3.31)% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

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

------

Brandes U.S. Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 97.23%** | **COMMON STOCKS – 97.23%** | **COMMON STOCKS – 97.23%** |
| ***Aerospace & Defense – 3.58%*** | ***Aerospace & Defense – 3.58%*** | ***Aerospace & Defense – 3.58%*** |
| 337 | General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$83613 |
| 1366 | Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;180326 |
| ***Air Freight & Logistics – 2.02%*** | ***Air Freight & Logistics – 2.02%*** | ***Air Freight & Logistics – 2.02%*** |
| 586 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101495 |
| ***Banks – 13.17%*** | ***Banks – 13.17%*** | ***Banks – 13.17%*** |
| 3704 | Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;122676 |
| 2458 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111175 |
| 718 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96284 |
| 690 | PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108979 |
| 2396 | Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;103100 |
| 2939 | Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;121351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;663565 |
| ***Building Products – 0.72%*** | ***Building Products – 0.72%*** | ***Building Products – 0.72%*** |
| 564 | Johnson Controls International Plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36096 |
| ***Capital Markets – 2.90%*** | ***Capital Markets – 2.90%*** | ***Capital Markets – 2.90%*** |
| 1399 | Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63683 |
| 1060 | State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;145907 |
| ***Chemicals – 0.89%*** | ***Chemicals – 0.89%*** | ***Chemicals – 0.89%*** |
| 765 | Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 |
| ***Communications Equipment – 1.03%*** | ***Communications Equipment – 1.03%*** | ***Communications Equipment – 1.03%*** |
| 1084 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51642 |
| ***Consumer Finance – 1.32%*** | ***Consumer Finance – 1.32%*** | ***Consumer Finance – 1.32%*** |
| 1999 | OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66587 |
| ***Diversified Financial Services – 1.51%*** | ***Diversified Financial Services – 1.51%*** | ***Diversified Financial Services – 1.51%*** |
| 247 | Berkshire Hathaway, Inc. – Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76298 |
| ***Electrical Equipment – 2.23%*** | ***Electrical Equipment – 2.23%*** | ***Electrical Equipment – 2.23%*** |
| 1171 | Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;112486 |
| ***Electronic Equipment, Instruments &<br> Components – 1.88%*** | ***Electronic Equipment, Instruments &<br> Components – 1.88%*** | ***Electronic Equipment, Instruments &<br> Components – 1.88%*** |
| 4423 | Flex Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94918 |
| ***Energy Equipment & Services – 3.13%*** | ***Energy Equipment & Services – 3.13%*** | ***Energy Equipment & Services – 3.13%*** |
| 4013 | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;157912 |
| ***Food Products – 1.98%*** | ***Food Products – 1.98%*** | ***Food Products – 1.98%*** |
| 1016 | Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99497 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Health Care Providers & Services – 13.23%*** | ***Health Care Providers & Services – 13.23%*** | ***Health Care Providers & Services – 13.23%*** |
| 1390 | Cardinal Health, Inc. | &nbsp;&nbsp;$106849 |
| 415 | Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137506 |
| 1233 | CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114903 |
| 409 | HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98144 |
| 308 | Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72528 |
| 364 | McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;666474 |
| ***Household Durables – 2.24%*** | ***Household Durables – 2.24%*** | ***Household Durables – 2.24%*** |
| 711 | Mohawk Industries, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72678 |
| 1327 | Taylor Morrison Home Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112953 |
| ***Insurance – 6.97%*** | ***Insurance – 6.97%*** | ***Insurance – 6.97%*** |
| 2012 | American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127239 |
| 843 | Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49172 |
| 2874 | Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69407 |
| 431 | Willis Towers Watson Plc | &nbsp;&nbsp;&nbsp;&nbsp;105414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;351232 |
| ***Interactive Media & Services – 1.61%*** | ***Interactive Media & Services – 1.61%*** | ***Interactive Media & Services – 1.61%*** |
| 913 | Alphabet, Inc. – Class C<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81010 |
| ***IT Services – 7.31%*** | ***IT Services – 7.31%*** | ***IT Services – 7.31%*** |
| 1623 | Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;147531 |
| 1648 | Cognizant Technology Solutions Corp. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94249 |
| 1251 | Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;126438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;368218 |
| ***Machinery – 0.87%*** | ***Machinery – 0.87%*** | ***Machinery – 0.87%*** |
| 3859 | Gates Industrial Corp. Plc<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44031 |
| ***Media – 6.40%*** | ***Media – 6.40%*** | ***Media – 6.40%*** |
| 3845 | Comcast Corp. – Class A | &nbsp;&nbsp;&nbsp;&nbsp;134460 |
| 2635 | Fox Corp. – Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74966 |
| 1388 | Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;322645 |
| ***Oil, Gas & Consumable Fuels – 5.87%*** | ***Oil, Gas & Consumable Fuels – 5.87%*** | ***Oil, Gas & Consumable Fuels – 5.87%*** |
| 1151 | Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;206593 |
| 3266 | World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;295853 |
| ***Pharmaceuticals – 8.87%*** | ***Pharmaceuticals – 8.87%*** | ***Pharmaceuticals – 8.87%*** |
| 538 | Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95038 |

---

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

------

Brandes U.S. Value Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1331 | Merck & Co., Inc. | &nbsp;&nbsp;$147674 |
| 2464 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126255 |
| 1607 | Sanofi – ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;446794 |
| ***Semiconductors & Semiconductor Equipment<br> – 4.05%*** | ***Semiconductors & Semiconductor Equipment<br> – 4.05%*** | ***Semiconductors & Semiconductor Equipment<br> – 4.05%*** |
| 823 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80144 |
| 1537 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76819 |
| 522 | Qorvo, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;204277 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Software – 1.69%*** | ***Software – 1.69%*** | ***Software – 1.69%*** |
| 87 | Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;$20865 |
| 1266 | Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37524 |
| 326 | Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85036 |
| ***Specialty Retail – 1.76%*** | ***Specialty Retail – 1.76%*** | ***Specialty Retail – 1.76%*** |
| 36 | AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88782 |
| **TOTAL COMMON STOCKS<br> (Cost $5,222,047)** | **TOTAL COMMON STOCKS<br> (Cost $5,222,047)** | $4899001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.19%** | **SHORT-TERM INVESTMENTS – 2.19%** | **SHORT-TERM INVESTMENTS – 2.19%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%, <sup>(b)</sup><br>| 110416 | &nbsp;&nbsp;&nbsp;&nbsp;$110416 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $110,416)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$110416 |
| **Total Investments (Cost $5,332,463) – 99.42%<br>**  |  | **$5009417** |
| **Other Assets in Excess of Liabilities – 0.58%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29395** |
| **TOTAL NET ASSETS – 100.00%<br>**  |  | **$5038812** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |

---

(a) Non-income producing security.

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

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.

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

------

Brandes U.S. Value Fund

#### SCHEDULE OF INVESTMENTS BY COUNTRY — December 31, 2022

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Canada<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| France<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Ireland<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81% |
| Singapore<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| United States<br>| &nbsp;&nbsp;&nbsp;89.37% |
| **TOTAL COMMON STOCKS<br>**  | &nbsp;&nbsp;&nbsp;97.23% |
| **SHORT-TERM INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2.19% |
| **TOTAL INVESTMENTS<br>**  | &nbsp;&nbsp;&nbsp;99.42% |
| Other Assets in Excess of Liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| **TOTAL NET ASSETS<br>**  | 100.00% |

---

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

------

Brandes Core Plus Fixed Income Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS – 0.00%** | **COMMON STOCKS – 0.00%** | **COMMON STOCKS – 0.00%** |
| ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** |
| Urbi Desarrollos Urbanos SAB de CV <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | $483 |
| **TOTAL COMMON STOCKS<br>(Cost $292,050)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$483 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.80%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.80%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.80%** |
| ***Federal Home Loan Mortgage Corporation – 1.51%*** | ***Federal Home Loan Mortgage Corporation – 1.51%*** | ***Federal Home Loan Mortgage Corporation – 1.51%*** |
| Pool A9-3505 4.500%, 8/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;$39140 | $38884 |
| Pool G0-6018 6.500%, 4/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12326 | &nbsp;&nbsp;&nbsp; 12864 |
| Pool G1-8578 3.000%, 12/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;502300 | &nbsp;&nbsp;&nbsp; 480288 |
| Pool SD-8001 3.500%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;166676 | &nbsp;&nbsp;&nbsp; 153552 |
| Pool SD-8003 4.000%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;192514 | &nbsp;&nbsp;&nbsp; 183355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868943 |
| ***Federal National Mortgage Association – 3.29%*** | ***Federal National Mortgage Association – 3.29%*** | ***Federal National Mortgage Association – 3.29%*** |
| Pool 934124 5.500%, 7/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30552 | &nbsp;&nbsp;&nbsp; 31705 |
| Pool AL9865 3.000%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;647366 | &nbsp;&nbsp;&nbsp; 579751 |
| Pool AS6201 3.500%, 11/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;210947 | &nbsp;&nbsp;&nbsp; 196479 |
| Pool BJ2553 3.500%, 12/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;183532 | &nbsp;&nbsp;&nbsp; 170432 |
| Pool BN6683 3.500%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;337408 | &nbsp;&nbsp;&nbsp; 310842 |
| Pool CA1624 3.000%, 4/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;415491 | &nbsp;&nbsp;&nbsp; 390627 |
| Pool MA0918 4.000%, 12/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82537 | &nbsp;&nbsp;&nbsp; 79361 |
| Pool MA3687 4.000%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;133268 | &nbsp;&nbsp;&nbsp; 127004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886201 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS<br>(Cost $2,964,040)<br>**  |  | &nbsp;&nbsp;&nbsp;$2755144 |
| **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** |
| ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** |
| Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 4.480%, 10/25/2036<sup>(a)</sup><br>| $302 | $266 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES<br>(Cost $298)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$266 |
| **US GOVERNMENTS – 53.24%** | **US GOVERNMENTS – 53.24%** | **US GOVERNMENTS – 53.24%** |
| ***Sovereign Government – 53.24%*** | ***Sovereign Government – 53.24%*** | ***Sovereign Government – 53.24%*** |
| United States Treasury Note | United States Treasury Note | United States Treasury Note |
| 2.375%, 8/15/2024<br>| $5260000 | $5077133 |
| 2.250%, 2/15/2027<br>| &nbsp;&nbsp;&nbsp;8125000 | &nbsp;&nbsp;&nbsp; 7571802 |
| 2.375%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;9075000 | &nbsp;&nbsp;&nbsp; 8268885 |
| United States Treasury Bond | United States Treasury Bond | United States Treasury Bond |
| 4.750%, 2/15/2037<br>| &nbsp;&nbsp;&nbsp;5775000 | &nbsp;&nbsp;&nbsp; 6342348 |
| 3.500%, 2/15/2039<br>| &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp; 1653887 |
| 3.000%, 5/15/2047<br>| &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 1649609 |

---

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

------

Brandes Core Plus Fixed Income Fund

#### SCHEDULE OF INVESTMENTS — December 31, 2022 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **TOTAL US GOVERNMENTS<br>(Cost $33,953,938)<br>**  |  | &nbsp;&nbsp;$30563664 |
| **CONVERTIBLE BONDS – 0.98%** | **CONVERTIBLE BONDS – 0.98%** | **CONVERTIBLE BONDS – 0.98%** |
| ***Software – 0.98%*** | ***Software – 0.98%*** | ***Software – 0.98%*** |
| MicroStrategy, Inc.<br>0.000%, 2/15/2027<sup>(b)</sup><br>| $1540000 | $560252 |
| **TOTAL CONVERTIBLE BONDS<br>(Cost $1,191,712)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$560252 |
| **CORPORATE BONDS – 34.51%** | **CORPORATE BONDS – 34.51%** | **CORPORATE BONDS – 34.51%** |
| ***Asset Management – 1.27%*** | ***Asset Management – 1.27%*** | ***Asset Management – 1.27%*** |
| Charles Schwab Corp.<br>5.375% (U.S. Treasury Yield Curve Rate CMT 5Y + 4.971%), 6/1/2025<sup>(c)</sup><br>| &nbsp;&nbsp; $745000 | $728610 |
| ***Automotive – 1.39%*** | ***Automotive – 1.39%*** | ***Automotive – 1.39%*** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 3.375%, 11/13/2025<br>| &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 316405 |
| 2.700%, 8/10/2026<br>| &nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp; 482006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798411 |
| ***Banking – 5.71%*** | ***Banking – 5.71%*** | ***Banking – 5.71%*** |
| Bank of America Corp.<br>4.450%, 3/3/2026<br>| &nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 902219 |
| Citigroup, Inc.<br>4.400%, 6/10/2025<br>| &nbsp;&nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp; 717103 |
| Fifth Third Bancorp<br>8.250%, 3/1/2038<br>| &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 217485 |
| USB Capital IX<br>5.099% (3M LIBOR + 1.020%, minimum of 5.099%), Perpetual, 2/27/2023<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;1830000 | &nbsp;&nbsp;&nbsp; 1441124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277931 |
| ***Cable & Satellite – 0.50%*** | ***Cable & Satellite – 0.50%*** | ***Cable & Satellite – 0.50%*** |
| Charter Communications Operating LLC<br>4.908%, 7/23/2025<br>| &nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp; 289365 |
| ***Commercial Support Services – 2.65%*** | ***Commercial Support Services – 2.65%*** | ***Commercial Support Services – 2.65%*** |
| Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
| 5.750%, 4/15/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp; 686134 |
| 6.250%, 1/15/2028<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp; 832797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518931 |
| ***Containers & Packaging – 1.18%*** | ***Containers & Packaging – 1.18%*** | ***Containers & Packaging – 1.18%*** |
| Mauser Packaging Solutions Holding Co.<br>7.250%, 4/15/2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 286640 |
| Sealed Air Corp.<br>4.000%, 12/1/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; 390129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676769 |

---

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

------

Brandes Core Plus Fixed Income Fund

------

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| ***Electric Utilities – 1.99%*** | ***Electric Utilities – 1.99%*** | ***Electric Utilities – 1.99%*** |
| American Transmission Systems, Inc.<br>2.650%, 1/15/2032<sup>(d),(e)</sup><br>| &nbsp;&nbsp; $600000 | $494099 |
| Commonwealth Edison Co.<br>5.900%, 3/15/2036<br>| &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 183338 |
| FirstEnergy Corp.<br>7.375%, 11/15/2031<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp; 461763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139200 |
| ***Food – 1.28%*** | ***Food – 1.28%*** | ***Food – 1.28%*** |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 5.875%, 9/30/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 203695 |
| 4.250%, 4/15/2031<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 531597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735292 |
| ***Health Care Facilities & Services – 1.70%*** | ***Health Care Facilities & Services – 1.70%*** | ***Health Care Facilities & Services – 1.70%*** |
| Tenet Healthcare Corp.<br>4.875%, 1/1/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;1030000 | &nbsp;&nbsp;&nbsp; 977892 |
| ***Home Construction – 2.98%*** | ***Home Construction – 2.98%*** | ***Home Construction – 2.98%*** |
| PulteGroup, Inc.<br>5.500%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 984154 |
| Toll Brothers Finance Corp.<br>4.875%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 728723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712877 |
| ***Household Products – 1.36%*** | ***Household Products – 1.36%*** | ***Household Products – 1.36%*** |
| Coty, Inc.<br>5.000%, 4/15/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 821000 | &nbsp;&nbsp;&nbsp; 778531 |
| ***Institutional Financial Services – 0.83%*** | ***Institutional Financial Services – 0.83%*** | ***Institutional Financial Services – 0.83%*** |
| Goldman Sachs Group, Inc.<br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 476601 |
| ***Internet Media & Services – 2.45%*** | ***Internet Media & Services – 2.45%*** | ***Internet Media & Services – 2.45%*** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3.800%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp; 119559 |
| 3.250%, 2/15/2030<br>| &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 276386 |
| Netflix, Inc.<br>4.375%, 11/15/2026<br>| &nbsp;&nbsp;&nbsp;1050000 | &nbsp;&nbsp;&nbsp; 1010625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406570 |
| ***Leisure Facilities & Services – 1.89%*** | ***Leisure Facilities & Services – 1.89%*** | ***Leisure Facilities & Services – 1.89%*** |
| Carnival Corp.<br>9.875%, 8/1/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp; 316575 |
| Travel + Leisure Co.<br>6.625%, 7/31/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp; 767936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084511 |

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

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Brandes Core Plus Fixed Income Fund

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---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| ***Oil & Gas Producers – 3.09%*** | ***Oil & Gas Producers – 3.09%*** | ***Oil & Gas Producers – 3.09%*** |
| Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
| 4.500%, 4/15/2023<br>| &nbsp;&nbsp; $355000 | $354141 |
| 4.375%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 195426 |
| Hess Midstream Operations LP<br>4.250%, 2/15/2030<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 312058 |
| Range Resources Corp.<br>4.875%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp; 911906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773531 |
| ***REIT – 1.03%*** | ***REIT – 1.03%*** | ***REIT – 1.03%*** |
| Iron Mountain, Inc.<br>4.875%, 9/15/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp; 593142 |
| ***Software – 1.99%*** | ***Software – 1.99%*** | ***Software – 1.99%*** |
| VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 4.500%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp; 210991 |
| 3.900%, 8/21/2027<br>| &nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp; 930015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141006 |
| ***Telecommunications – 1.22%*** | ***Telecommunications – 1.22%*** | ***Telecommunications – 1.22%*** |
| Sprint Spectrum Co. LLC<br>5.152%, 3/20/2028<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp; 409352 |
| T-Mobile USA, Inc.<br>4.750%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 291649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701001 |
| **TOTAL CORPORATE BONDS<br>(Cost $21,016,029)<br>**  |  | &nbsp;&nbsp;$19810171 |
| **FOREIGN ISSUER BONDS – 2.03%** | **FOREIGN ISSUER BONDS – 2.03%** | **FOREIGN ISSUER BONDS – 2.03%** |
| ***Chemicals – 0.71%*** | ***Chemicals – 0.71%*** | ***Chemicals – 0.71%*** |
| Methanex Corp. | Methanex Corp. | Methanex Corp. |
| 5.125%, 10/15/2027<br>| &nbsp;&nbsp; $250000 | $231875 |
| 5.250%, 12/15/2029<br>| &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 177439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409314 |
| ***Telecommunications – 1.32%*** | ***Telecommunications – 1.32%*** | ***Telecommunications – 1.32%*** |
| SoftBank Group Corp.<br>4.750%, 9/19/2024<br>| &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 189700 |
| Telecom Italia Capital SA<br>6.375%, 11/15/2033<br>| &nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp; 568573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758273 |
| **TOTAL FOREIGN ISSUER BONDS<br>(Cost $1,433,453)<br>**  |  | &nbsp;&nbsp;&nbsp;$1167587 |
| **ASSET BACKED SECURITIES – 1.86%** | **ASSET BACKED SECURITIES – 1.86%** | **ASSET BACKED SECURITIES – 1.86%** |
| ***Specialty Finance – 1.86%*** | ***Specialty Finance – 1.86%*** | ***Specialty Finance – 1.86%*** |
| SLM Private Credit Student Loan Trust Series 2007-A, 5.009%, (3M LIBOR + 0.240%), 12/16/2041<sup>(c)</sup><br>| &nbsp;&nbsp; $150267 | $145699 |

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

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Brandes Core Plus Fixed Income Fund

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| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| SLM Private Credit Student Loan Trust Series 2004-B, 5.199%, (3M LIBOR + 0.430%), 9/15/2033<sup>(c)</sup><br>| &nbsp;&nbsp; $300000 | $289263 |
| SLM Private Credit Student Loan Trust Series 2005-A, 5.079%, (3M LIBOR + 0.310%), 12/15/2038<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 249173 | &nbsp;&nbsp;&nbsp; 237365 |
| SLM Private Credit Student Loan Trust Series 2006-A, 5.059%, (3M LIBOR + 0.290%), 6/15/2039<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 419885 | &nbsp;&nbsp;&nbsp; 395120 |
| **TOTAL ASSET BACKED SECURITIES<br>(Cost $1,043,139)<br>**  |  | &nbsp;&nbsp;&nbsp;$1067447 |

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.39%** | **SHORT-TERM INVESTMENTS – 3.39%** | **SHORT-TERM INVESTMENTS – 3.39%** |
| ***Money Market Funds – 3.39%*** | ***Money Market Funds – 3.39%*** | ***Money Market Funds – 3.39%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%<sup>(f)</sup><br>| 1949289 | $1949289 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $1,949,289)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1949289 |
| **Total Investments (Cost $63,843,948) – 100.81%<br>**  |  | **$57874303** |
| **Liabilities in Excess of Other Assets – (0.81)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(462458)** |
| **Total Net Assets – 100.00%<br>**  |  | **$57411845** |

---

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| |
|:---|
| Percentages are stated as a percent of net assets. |
| LIBOR London Interbank Offered Rate |
| LP Limited Partnership |
| REIT Real Estate Investment Trust |

---

(a) Variable rate security. The coupon is based on an underlying pool of loans.

(b) Zero coupon bond.

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

(d) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from
registration, normally to qualified institutional buyers. The total value of all such securities was $7,580,577 which represented 13.20% of the net assets of the Fund.

(e) Non-income producing security.

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

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 this Schedule of Investments.

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS

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#### NOTE 1 – ORGANIZATION
The Brandes International Equity Fund (the "International Fund"), the Brandes Global Equity Fund (the "Global Fund"), the Brandes Emerging Markets Value Fund (the "Emerging Markets Fund"), the Brandes International Small Cap Equity Fund (the "International Small Cap Fund"), the Brandes Small Cap Value Fund (the "Small Cap Value Fund"), the Brandes U.S. Value Fund (the "U.S. Value Fund") and the Brandes Core Plus Fixed Income Fund (the "Core Plus Fund") (each a "Fund" and collectively the "Funds") are series of Brandes Investment Trust (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company.

The International Fund, Global Fund, Emerging Markets Fund, International Small Cap Fund, Small Cap Value Fund, U.S. Value Fund and Core Plus Fund began operations on January 2, 1997, October 6, 2008, January 31, 2011, February 1, 2012, January 2, 2018, October 1, 2021 and December 28, 2007, respectively. Prior to January 31, 2011 for the Emerging Markets Fund, February 1, 2012 for the International Small Cap and January 2, 2018 for the Small Cap Value Fund, these Funds' portfolios were managed as private investment funds with investment objectives, investment policies and strategies that were, in all material respects, equivalent to those of the Emerging Markets Fund, International Small Cap Fund and Small Cap Value Fund, respectively.

The International Fund, Emerging Markets Fund and International Small Cap Fund have four classes of shares: Class A, Class C, Class I and Class R6. The Global Fund has three classes of shares: Class A, Class C and Class I. The Small Cap Value Fund, U.S. Value Fund and Core Plus Fund have three classes of shares: Class A, Class I and Class R6.

The International Fund and Global Fund invest their assets primarily in equity securities of issuers with market capitalizations greater than $5 billion. The International, International Small Cap and Emerging Markets Funds invest their assets in securities of foreign companies, while the Global Fund invests its assets in securities of foreign and domestic companies. The Small Cap Value Fund invests primarily in U.S. equity securities of issuers with market capitalizations less than $5 billion. The U.S. Value Fund invests primarily in U.S. equity securities of issuers with market capitalizations greater than $5 billion. The Core Plus Fund invests predominantly in debt securities issued by U.S. and foreign companies and debt obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities.

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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#### NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, "Financial Services-Investment Companies", by the Financial Accounting Standards Board ("FASB"). The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

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| | |
|:---|:---|
| A. | *Fair Value Measurements. The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:* |
|  | Level 1—Fair value measurement within Level 1 should be based on an unadjusted quoted price in an active market that the Funds have the ability to access for the asset or liability at the measurement date. Because a quoted price alone forms the basis for the measurement, the access requirement within Level 1 limits discretion in pricing the asset or liability, including in situations in which there are multiple markets for the asset or liability with different prices and no single market represents a principal market for the asset or liability. Importantly, the FASB has indicated that when a quoted price in an active market for a security is available, that price should be used to measure fair value without regard to an entity's intent to transact at that price. |
|  | Level 2—Fair value measurement within Level 2 should be based on all inputs other than unadjusted quoted prices included within Level 1 that are observable for the asset or liability. Other significant observable market inputs include quoted prices for similar instruments in active markets, quoted adjusted prices in active markets, quoted prices for identical or similar instruments in markets that are not active, and model derived valuations in which the majority of significant inputs and significant value drivers are observable in active markets. |
|  | Level 3—Fair value measurement within Level 3 should be based on unobservable inputs in such cases where markets do not exist or are illiquid. Significant unobservable inputs include model derived valuations in which the majority of significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information. |

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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| | |
|:---|:---|
| B. | *Security Valuation. Common and preferred stocks, exchange-traded funds and financial derivative instruments, such as futures contracts and options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales price at the close of regular trading on each day the exchange is open for trading, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.* |
|  | Equity securities traded on an exchange for which there have been no sales on the valuation date are generally valued at the mean between last bid and ask price on such day and are categorized as Level 2 of the fair value hierarchy, or are fair valued by the Advisor. |
|  | Investments in registered open-end management investment companies are valued based upon the Net Asset Values ("NAVs") of such investments and are categorized as Level 1 of the fair value hierarchy. |
|  | Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange ("NYSE"). These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. As of December 31, 2022, the International Fund, Global Fund, Emerging Markets Fund and International Small Cap Fund had securities with market values of $499,113,119, $20,288,299, $492,120,733 and $170,500,688 that represent 93.61%, 51.03%, 76.57%, and 64.15% of each Fund's net assets, respectively, that were fair valued using these valuation adjustments. |
|  | Fixed income securities (other than repurchase agreements and demand notes) including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, fixed income securities purchased on a delayed delivery basis and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' |

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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| |
|:---|
| internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. |
| Rights that are traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchange is open. A right is a privilege offered by a corporation to its shareholders pro rata to subscribe to a certain security at a specified price, often for a short period. Rights may or may not be transferable. Rights that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. |
| Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market based yield spreads for each tranche, and current market data and incorporate packaged collateral performance, as available. Mortgage and asset-backed securities that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. |
| Repurchase agreements and demand notes, for which neither vendor pricing nor market maker prices are available, are valued at amortized cost on the day of valuation, unless Brandes Investment Partners, L.P. (the "Advisor") determines that the use of amortized cost valuation on such day is not appropriate (in which case such instrument is fair valued in accordance with the fair value procedures of the Trust). Repurchase agreements and demand notes that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy. |
| The Board of Trustees has designated the Advisor as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Advisor is generally responsible for overseeing the day-to-day valuation processes and the Board of Trustees oversees the Advisor in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. The Advisor is authorized to make all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The securities fair valued by the Advisor are indicated in the |

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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| |
|:---|
| Schedules of Investments and are categorized as Level 2 or Level 3 of the fair value hierarchy. Certain vendor priced securities may also be considered Level 3 if significant unobservable inputs are used by the vendors. |
| In using fair value pricing, each Fund attempts to establish the price that it might reasonably have expected to receive upon a sale of the security at 4:00 p.m. Eastern time. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. A Fund using fair value to price securities may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value. |

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The following is a summary of the level inputs used, as of December 31, 2022, involving the Funds' assets carried at fair value. The inputs used for valuing securities may not be an indication of the risk associated with investing in those securities.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**International Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$44920137 | &nbsp;&nbsp;$324223 | &nbsp;&nbsp;$45244360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;54329985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;54329985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;86476844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;86476844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30436130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30436130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;103658771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;103658771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;86592081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;86592081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;10164386 | &nbsp;&nbsp;&nbsp;13535427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23699813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;8714600 | &nbsp;&nbsp;&nbsp;25971943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;34686543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate<br>| &nbsp;&nbsp;&nbsp;10335797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10335797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24312764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24312764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9697569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9697569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;29214783 | &nbsp;&nbsp;&nbsp;&nbsp;479931651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324223 | &nbsp;&nbsp;&nbsp;&nbsp;509470657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8343999 | &nbsp;&nbsp;&nbsp;&nbsp;758280 | &nbsp;&nbsp;&nbsp;&nbsp;9102279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10837469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10837469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;19181468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758280 | &nbsp;&nbsp;&nbsp;&nbsp;19939748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1779187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1779187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;$30993970 | $499113119 | $1082503 | $531189592 |

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#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**Global Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services<br>| &nbsp;&nbsp;&nbsp;$1062574 | &nbsp;&nbsp;&nbsp;$1571113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$2633687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306047 | &nbsp;&nbsp;&nbsp;&nbsp;4371258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4677305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1734175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1734175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;1488969 | &nbsp;&nbsp;&nbsp;&nbsp;2991277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4480246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;6360392 | &nbsp;&nbsp;&nbsp;&nbsp;2584619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8945011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;5670548 | &nbsp;&nbsp;&nbsp;&nbsp;2133898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7804446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;&nbsp;1823242 | &nbsp;&nbsp;&nbsp;&nbsp;1277220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3100462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1123129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1123129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;2588307 | &nbsp;&nbsp;&nbsp;&nbsp;1697930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4286237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;20021998 | &nbsp;&nbsp;&nbsp;&nbsp;20188236 |  | &nbsp;&nbsp;&nbsp;&nbsp;40210234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100063 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;$20328092 | &nbsp;&nbsp;$20288299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$40616391 |
| &nbsp;&nbsp;&nbsp;**Emerging Markets Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services<br>| &nbsp;&nbsp;&nbsp;$7261647 | &nbsp;&nbsp;$51439821 | $2063898 | &nbsp;&nbsp;$60765366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158211 | &nbsp;&nbsp;123584486 | &nbsp;&nbsp;1012097 | &nbsp;&nbsp;124754794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;12247604 | &nbsp;&nbsp;&nbsp;31212021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;43459625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1307867 | &nbsp;&nbsp;&nbsp;&nbsp;1307867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;7656023 | &nbsp;&nbsp;120111520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;127787343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11510677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11510677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;44675780 | &nbsp;&nbsp;&nbsp;&nbsp;6674397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;51350177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;14411232 | &nbsp;&nbsp;&nbsp;17012236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31423468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate<br>| &nbsp;&nbsp;&nbsp;31657346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31657346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;128544819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;128544819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities<br>| &nbsp;&nbsp;&nbsp;12888276 | &nbsp;&nbsp;&nbsp;&nbsp;3030647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15918923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;130956119 | &nbsp;&nbsp;&nbsp;&nbsp;493120624 | &nbsp;&nbsp;&nbsp;&nbsp;4403662 | &nbsp;&nbsp;&nbsp;&nbsp;628480405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11292978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11292978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| $130956119 | $504413602 | $4403662 | $639773383 |

---

------

#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**International Small Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services<br>| &nbsp;&nbsp;$10193886 | &nbsp;&nbsp;$10977833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$21171719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;7606532 | &nbsp;&nbsp;&nbsp;13650914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21257446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;&nbsp;6578855 | &nbsp;&nbsp;&nbsp;30709621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;37288476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;4019421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4019421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;8971917 | &nbsp;&nbsp;&nbsp;31590588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;40562505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;5958161 | &nbsp;&nbsp;&nbsp;10537001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16495162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;&nbsp;8180804 | &nbsp;&nbsp;&nbsp;49687966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;57868770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;1337569 | &nbsp;&nbsp;&nbsp;15296184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16633753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate<br>| &nbsp;&nbsp;&nbsp;18808287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18808287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8357949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8357949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;8725846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8725846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;80381278 | &nbsp;&nbsp;&nbsp;&nbsp;170808056 |  | &nbsp;&nbsp;&nbsp;&nbsp;251189334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;5718579 | &nbsp;&nbsp;&nbsp;&nbsp;5466016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11184595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;1569590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1569590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4571790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4571790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;$92241237 | $176274072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $268515309 |
| &nbsp;&nbsp;&nbsp;**Small Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$131650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$131650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;&nbsp;1850970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1850970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4553482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Companies<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;&nbsp;$5278630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84305 | &nbsp;&nbsp;&nbsp;&nbsp;$14500 | &nbsp;&nbsp;&nbsp;$5377435 |

---

------

#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;**U.S. Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$403656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials<br>| &nbsp;&nbsp;&nbsp;&nbsp;1303589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1303589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care<br>| &nbsp;&nbsp;&nbsp;&nbsp;1113268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1113268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899001 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;&nbsp;$5009417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5009417 |
| &nbsp;&nbsp;&nbsp;**Core Plus Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1067447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1067447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19810171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19810171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30563664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30563664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Foreign Issuer Bonds<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167587 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2755410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2755410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1949289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1949289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;&nbsp;$1949772 | &nbsp;&nbsp;$55924531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$57874303 |

---

There were no Level 3 securities in the Global, International Small Cap, U.S. Value and Core Plus Funds at the beginning or during the period presented. Management has determined that the amounts of Level 3 securities in the Small Cap Value Fund compared to the total net assets are not material; therefore, the reconciliation of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value in the International Fund:

------

#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balance<br> As Of<br> September 30,<br> 2022** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change In<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Transfers<br> Into<br> Level 3** | &nbsp;&nbsp;**Transfers<br> Out Of<br> Level 3** | &nbsp;&nbsp;**Balance<br> As Of<br> December 31,<br> 2022** |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;$777985 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(19705) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$758280 |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317960 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6263 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324223 |
| Total<br>| &nbsp;&nbsp;$1095945 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(13442) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1082503 |

---

The International fund held two level 3 securities with a fair value of $1,082,503 at December 31, 2022 that were valued using prices provided by the Fund's investment advisor.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value<br> at December 31,<br> 2022** | &nbsp;&nbsp;**Valuation<br> Techniques** | &nbsp;&nbsp;**Unobservable<br> Inputs** | &nbsp;&nbsp;**Range<br> (Weighted Average)** |
| &nbsp;&nbsp;&nbsp;Preferred stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;$758280 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Approach | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market<br> Discount Rate | &nbsp;&nbsp;90% |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;&nbsp;324223 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Approach | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market<br> Discount Rate | &nbsp;&nbsp;90% |

---

The significant unobservable inputs that can be used in the fair value measurement are; Market Discount Rate. Significant decreases (increase) in Market Discount Rate would have resulted in a significantly higher (lower) fair value measurement.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value in the Emerging Markets Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Balance<br> As Of<br> September 30,<br> 2022** | &nbsp;&nbsp;**Realized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Change In<br> Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** | &nbsp;&nbsp;**Transfers<br> Into<br> Level 3** | &nbsp;&nbsp;**Transfers<br> Out Of<br> Level 3** | &nbsp;&nbsp;**Balance<br> As Of<br> December 31,<br> 2022** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;$4843557 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(439895) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4403662 |
| Total<br>| &nbsp;&nbsp;$4843557 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(439895) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4403662 |

---

The Emerging Market Value fund held five level 3 securities with a fair value of $4,403,662 at December 31, 2022 that were valued using prices provided by the Fund's investment advisor.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Fair Value<br> at December 31,<br> 2022** | &nbsp;&nbsp;**Valuation<br> Techniques** | &nbsp;&nbsp;**Unobservable<br> Inputs** | &nbsp;&nbsp;**Range<br> (Weighted Average)** |
| &nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia<br>| &nbsp;&nbsp;$4403662 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Approach | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market<br> Discount Rate | &nbsp;&nbsp;90% - 99.9% |

---

The significant unobservable inputs that can be used in the fair value measurement are; Market Discount Rate. Significant decreases (increase) in Market Discount Rate would have resulted in a significantly higher (lower) fair value measurement.

------

#### Brandes Investment Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

#### NOTE 3 – TRANSACTIONS WITH AFFILIATES
The following issuers were affiliated with the International Small Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as these Funds held 5% or more of the outstanding voting securities of the following issuers during the period from September 30, 2022 through December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** |
| **Issuer Name** | **Value At<br> September 30,<br> 2022** | **Purchases** | **Sales Proceeds** | **Realized<br> Gain/(Loss)** | **Unrealized<br> Appreciation/(Depreciation)** | **Value At<br> December 31,<br> 2022** | **Dividend<br> Income** |
| Desarrolladora Homex SAB de CV | $388592 | $— | $— | $— | &nbsp;&nbsp;$(1321) | $387271 | $— |
| Urbi Desarrollos Urbanos SAB de CV | &nbsp;&nbsp;258432 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(9146) | &nbsp;&nbsp;249286 | &nbsp;&nbsp;— |
|  | $647024 | $— | $— | $— | $(10467) | $636557 | $— |

---

#### NOTE 4 – SUBSEQUENT EVENTS
In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Brandes Investment Trust

- **b. Investment Company Act file number:** 811-08614

- **c. CIK number of Registrant:** 0000926678

- **d. LEI of Registrant:** 549300JQ33UR3YOTFN83

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4275 Executive Square

  - **City:** La Jolla

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92037

  - **Telephone number:** 800 331 2979

**Item A.2. Information about the Series.**

- **a. Name of Series:** Brandes Global Equity Fund

- **b. EDGAR series identifier (if any):** S000023589

- **c. LEI of Series:** 549300H7GK9JG3H7DK33

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $39880525.65

**Total Liabilities:** $164860.71

**Net Assets:** $39715664.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069401 | 11.62%               | 10.02%               | -2.58%               |
| Class ID C000096543 | 11.61%               | 10.00%               | -2.57%               |
| Class ID C000123169 | 11.50%               | 9.96%                | -2.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-271217.08              | $4481634.64                                |
| Month 2  | $222700.62               | $3722560.98                                |
| Month 3  | $177191.18               | $-1359644.40                               |

### Schedule of Portfolio Investments

| Name                                         | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BP PLC                                       | BP PLC ORD USD0.25                                         | CUSIP: G12793108<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    147617 | NS      | $851741.57    | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                               | Kingfisher PLC ORD GBP0.157142857                          | CUSIP: G5256E441<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    147147 | NS      | $418077.94    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                          | Imperial Brands PLC GBP0.10                                | CUSIP: G4720C107<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |     37769 | NS      | $940868.87    | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Embraer S.A.                                 | Embraer S.A. SPON ADS EACH REP 4 ORD SHS                   | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     11308 | NS      | $123596.44    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                           | HCA Healthcare Inc COM USD0.01                             | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      2552 | NS      | $612377.92    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation                         | McKesson Corporation COM USD0.01                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2320 | NS      | $870278.40    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                       | Applied Materials Inc. COM USD0.01                         | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4344 | NS      | $423018.72    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                               | Amdocs Limited ORD GBP0.01                                 | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |      7838 | NS      | $712474.20    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.         | Cognizant Technology Solutions Corp. COM CL A USD0.01      | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      6436 | NS      | $368074.84    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                            | FedEx Corporation COM USD0.10                              | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      3066 | NS      | $531031.20    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                        | Cardinal Health, Inc. COM NPV                              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     10495 | NS      | $806750.65    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM USD1.00                           | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3144 | NS      | $421610.40    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Holdings          | Laboratory Corp of America Holdings COM USD0.1             | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |      1801 | NS      | $424099.48    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corporation                  | Bank of America Corporation COM USD0.01                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     27801 | NS      | $920769.12    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                         | Emerson Electric Co. COM USD0.50                           | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      4667 | NS      | $448312.02    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                  | Fiserv Inc. COM USD0.01                                    | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      9204 | NS      | $930248.28    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                 | General Dynamics Corporation COM USD1.00                   | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1288 | NS      | $319565.68    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                          | Halliburton Company COM USD2.50                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     19876 | NS      | $782120.60    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                              | CVS Health Corp COM USD0.01                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      7425 | NS      | $691935.75    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                       | Micron Technology Inc. COM USD0.10                         | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      6513 | NS      | $325519.74    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries, Inc.                      | Mohawk Industries, Inc. COM USD0.01                        | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      3220 | NS      | $329148.40    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc             | PNC Financial Services Group Inc COM USD5                  | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      4516 | NS      | $713257.04    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | Comcast Corporation COM USD0.01 CL A                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     21920 | NS      | $766542.40    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc.                                 | Textron Inc. COM STK USD0.125                              | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      7475 | NS      | $529230.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corporation                 | Truist Financial Corporation COM                           | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     10296 | NS      | $443036.88    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                    | Shell PLC SPON ADS                                         | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     14388 | NS      | $819396.60    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                      | GSK plc ORD GBP0.3125                                      | CUSIP: G3910J179<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     52499 | NS      | $907352.62    | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Wells Fargo & Company                        | Wells Fargo & Company COM USD1.666                         | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     22703 | NS      | $937406.87    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation       | Old Republic International Corporation COM USD1            | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |     12218 | NS      | $295064.70    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | Pfizer Inc. COM USD0.05                                    | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     18412 | NS      | $943430.88    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corporation                     | State Street Corporation COM STK USD1                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      7061 | NS      | $547721.77    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Co., Inc COM USD0.50                               | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      7633 | NS      | $846881.35    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WPP PLC                                      | WPP PLC ORD GBP0.10                                        | CUSIP: G9788D103<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |     64638 | NS      | $638622.72    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| OneMain Holdings Incorporation               | OneMain Holdings Incorporation USD0.01                     | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     13571 | NS      | $452050.01    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corporation                            | Cigna Corporation COM USD0.01                              | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      2835 | NS      | $939348.90    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                        | Schneider Electric SE EUR4.00                              | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      2573 | NS      | $361338.37    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                             | TotalEnergies SE EUR2.5                                    | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     17956 | NS      | $1127155.71   | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                       | SAP SE ORD NPV                                             | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      5980 | NS      | $617379.65    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                           | Publicis Groupe SA EUR0.40                                 | CUSIP: F7607Z165<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |     14597 | NS      | $932490.33    | 2.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                          | Erste Group Bank AG NPV                                    | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     32652 | NS      | $1044708.64   | 2.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering S.A.                                  | Kering S.A. EUR4                                           | CUSIP: F5433L103<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |       838 | NS      | $426481.62    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| HeidelbergCement AG                          | HeidelbergCement AG NPV                                    | CUSIP: D31709104<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     13297 | NS      | $753475.56    | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour S.A.                               | Carrefour S.A. EUR2.50                                     | CUSIP: F13923119<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     29021 | NS      | $485403.92    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                    | Repsol SA EUR1                                             | CUSIP: E8471S130<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     27833 | NS      | $443018.51    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                       | Sanofi EUR2                                                | CUSIP: F5548N101<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     12720 | NS      | $1226546.25   | 3.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                     | Engie SA EUR1                                              | CUSIP: F7629A107<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     22483 | NS      | $321643.83    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Embraer S.A.                                 | Embraer S.A. COM NPV                                       | CUSIP: P3700H201<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    168020 | NS      | $457051.31    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Actinver SA                            | Banco Actinver SA CBFI (FIBRA UNO ADMINISTRACION SA DE CV) | CUSIP: P3515D163<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    613223 | NS      | $722530.99    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup Inc. COM USD0.01                                 | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     19374 | NS      | $876286.02    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                     | Engie SA EUR1 (PRIME DE FIDELITE)(REGD)                    | CUSIP: F3R09R118<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     26700 | NS      | $381972.60    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                            | NatWest Group PLC ORD GBP1.0769                            | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |    105193 | NS      | $335484.64    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                   | KT&G Corp. KRW5000                                         | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |      4260 | NS      | $307902.29    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd.                          | Honda Motor Co Ltd. NPV                                    | CUSIP: J22302111<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     17400 | NS      | $396876.74    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co., Ltd                       | Hyundai Mobis Co., Ltd KRW5000                             | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |      2362 | NS      | $374656.54    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co.                            | Hyundai Motor Co. KRW5000                                  | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |      3446 | NS      | $412424.10    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Berhad                               | Genting Berhad NPV                                         | CUSIP: Y26926116<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    582600 | NS      | $592448.13    | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| The Bank of New York Mellon Corporation      | The Bank of New York Mellon Corporation COM USD0.01        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      9138 | NS      | $415961.76    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                   | Samsung Electronics Co Ltd KRW100                          | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     15353 | NS      | $673892.97    | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                   | Samsung Electronics Co Ltd N/VTG PFD KRW100                | CUSIP: Y74718118<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |      2497 | PA      | $100063.17    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10         | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     28000 | NS      | $406656.97    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                      | CRH PLC ORD EUR 0.32 (CDI)                                 | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      9289 | NS      | $369653.51    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                      | Eni SpA NPV                                                | CUSIP: T3643A145<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     40041 | NS      | $569361.78    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| American International Group, Inc.           | American International Group, Inc. COM USD2.50             | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     12935 | NS      | $818009.40    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK USD0.001 CL A                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4266 | NS      | $376389.18    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                    | Alibaba Group Holding Ltd USD0.000003125                   | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     73000 | NS      | $801022.68    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | Rolls-Royce Holdings PLC ORD GBP0.20                       | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    410780 | NS      | $458830.99    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols S.A.                                 | Grifols S.A. SPON ADR EA REPR 1 ORD                        | CUSIP: 398438408<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |     38733 | NS      | $329230.50    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                 | UBS Group AG CHF0.10 (REGD)                                | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     64802 | NS      | $1204424.66   | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Gree Electric Appliances Inc of Zhuhai       | Gree Electric Appliances Inc of Zhuhai 'A'CNY1             | CUSIP: Y2882R102<br>LEI: 655600UY069MU9JRAN62 | Long             | EC               | CORP              | CN        |    101698 | NS      | $473390.46    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Topsports International Holdings Limited     | Topsports International Holdings Limited HKD0.000001       | CUSIP: G8924B104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    604000 | NS      | $475879.01    | 1.20%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-02

**Name of Applicant:** Brandes Investment Trust

**Signature:** Marsha Otto

**Name of Signer:** Marsha Otto

**Title:** Director - Mutual Funds