# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0002066578-26-001981
**Filing Date:** 2026-6
**Character Count:** 487796
**Document Hash:** a4c2979efdc57e5ff64dd831254a3b46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001981.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0002066578-26-001981

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Datum One Series Trust
- **CENTRAL INDEX KEY:** 0001806095

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23556
- **FILM NUMBER:** 261054962

**BUSINESS ADDRESS:**
- **STREET 1:** 333 SOUTH WABASH AVE.
- **STREET 2:** 43RD FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60604
- **BUSINESS PHONE:** 866-494-4270

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### BRANDES INTERNATIONAL EQUITY FUND (Series ID: S000084885)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249523 | Class C      | BIECX           |
| C000249524 | Class I      | BIIEX           |
| C000249525 | Class R6     | BIERX           |
| C000249526 | Class A      | BIEAX           |

### BRANDES INTERNATIONAL SMALL CAP EQUITY FUND (Series ID: S000084886)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249527 | Class A      | BISAX           |
| C000249528 | Class C      | BINCX           |
| C000249529 | Class I      | BISMX           |
| C000249530 | Class R6     | BISRX           |

### BRANDES GLOBAL EQUITY FUND (Series ID: S000084887)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249532 | Class A      | BGEAX           |
| C000249533 | Class C      | BGVCX           |
| C000249534 | Class I      | BGVIX           |

### BRANDES SMALL CAP VALUE FUND (Series ID: S000084888)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249535 | Class A      | BSCAX           |
| C000249536 | Class R6     | BSCRX           |
| C000249537 | Class I      | BSCMX           |

### BRANDES EMERGING MARKETS VALUE FUND (Series ID: S000084889)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249538 | Class C      | BEMCX           |
| C000249539 | Class I      | BEMIX           |
| C000249540 | Class A      | BEMAX           |
| C000249541 | Class R6     | BEMRX           |

### BRANDES CORE PLUS FIXED INCOME FUND (Series ID: S000084890)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000249542 | Class A      | BCPAX           |
| C000249543 | Class I      | BCPIX           |
| C000249544 | Class R6     | BCPRX           |

### BRANDES SEPARATELY MANAGED ACCOUNT RESERVE TRUST (Series ID: S000084891)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000249545 | BRANDES SEPARATELY MANAGED ACCOUNT RESERVE TRUST | SMARX           |

?xml version='1.0' encoding='ASCII'? b8c62d2a-efd9-4c17-a436-712f08139f8d

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23556

#### Datum One Series Trust
(Exact name of registrant as specified in charter)

------

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices)(Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(866) 494-4270

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2026

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

(b) Not Applicable.

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Equity Fund

### Class A/ BIEAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Equity Fund<br>(Class A/BIEAX) | $122 | 1.07% |

---

#### Management's Discussion of Fund Performance - BIEAX - A - Share
Summary of Results

The net asset value of the Brandes International Equity Fund (Class A Shares without load) advanced 28.28% in the trailing twelve months ended March 31, 2026, outperforming the 21.27% return of the MSCI EAFE Index, and underperforming the 30.05% return of the MSCI EAFE Value Index. Notable contributors included holdings in South Korea, Mexico, Brazil, and France. Meanwhile, allocations to Netherlands, Spain, and Hong Kong weighed on relative returns, as did our exposure to China. From a sector and industry standpoint, holdings in health care, consumer discretionary, and energy were solid performers, along with semiconductor-related holdings. Conversely, holdings in the IT services and software industries hurt returns, as did positions in beverage companies. Furthermore, while our holdings did well overall, our underweight to financials and overweight consumer staples detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| Astellas Pharma (Japan) and GSK (U.K.). Astellas Pharma benefited from improved market optimism around its drug pipeline as well as the release of solid earnings results.

**Consumer Discretionary** \| Kering (France), Swatch Group (Switzerland), and Hyundai Mobis (South Korea).

**Information Technology** \| Samsung Electronics (South Korea), Taiwan Semiconductor Manufacturing Company, and STMicroelectronics (France). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

TOP PERFORMANCE DETRACTORS

**IT Services and Software** \| Capgemini (France), SAP (Germany), and Open Text (Canada). IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), Diageo (U.K.). Slowing global demand for alcoholic beverages hurt the shares of these holdings.

**Underweight to Financials and Overweight to Consumer Staples** \| Financials was one of the best-performing sectors in the benchmark, while consumer staples underperformed.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3357700.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Equity Fund (Class A/BIEAX) (with maximum sales charge)(1)** | 20.90% | 12.00% | 8.97% |
| **Brandes International Equity Fund (Class A/BIEAX) (without sales charge)** | 28.28% | 13.34% | 9.62% |
| **MSCI EAFE (Europe, Australasia and Far East) Index** | 21.27% | 7.91% | 8.38% |
| **MSCI EAFE (Europe, Australasia and Far East) Value Index** | 30.05% | 12.19% | 9.34% |

---

(1) Maximum sales charge imposed on Class A purchases is 5.75%.

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504338569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14168009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 21.42% |
| Health Care | 17.13% |
| Consumer Discretionary | 14.66% |
| Technology | 10.72% |
| Industrials | 8.74% |
| Financials | 6.59% |
| Energy | 4.80% |
| Materials | 4.50% |
| Communication Services | 4.47% |
| Short-Term Investments | 3.71% |
| Other | 3.36% |

---

Where can I find more information?

![](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Equity Fund

### Class C/BIECX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Equity Fund<br>(Class C/BIECX) | $194 | 1.71% |

---

#### Management's Discussion of Fund Performance - BIECX - C - Share
Summary of Results

The net asset value of the Brandes International Equity Fund (Class C Shares without load) advanced 27.42% in the trailing twelve months ended March 31, 2026, outperforming the 21.27% return of the MSCI EAFE Index, and underperforming the 30.05% return of the MSCI EAFE Value Index. Notable contributors included holdings in South Korea, Mexico, Brazil, and France. Meanwhile, allocations to Netherlands, Spain, and Hong Kong weighed on relative returns, as did our exposure to China. From a sector and industry standpoint, holdings in health care, consumer discretionary, and energy were solid performers, along with semiconductor-related holdings. Conversely, holdings in the IT services and software industries hurt returns, as did positions in beverage companies. Furthermore, while our holdings did well overall, our underweight to financials and overweight consumer staples detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| Astellas Pharma (Japan) and GSK (U.K.). Astellas Pharma benefited from improved market optimism around its drug pipeline as well as the release of solid earnings results.

**Consumer Discretionary** \| Kering (France), Swatch Group (Switzerland), and Hyundai Mobis (South Korea).

**Information Technology** \| Samsung Electronics (South Korea), Taiwan Semiconductor Manufacturing Company, and STMicroelectronics (France). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

TOP PERFORMANCE DETRACTORS

**IT Services and Software** \| Capgemini (France), SAP (Germany), and Open Text (Canada). IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), Diageo (U.K.). Slowing global demand for alcoholic beverages hurt the shares of these holdings.

**Underweight to Financials and Overweight to Consumer Staples** \| Financials was one of the best-performing sectors in the benchmark, while consumer staples underperformed.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C Shares of the Fund<sup>(1)</sup>. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3357759.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Equity Fund (Class C/BIECX) (with maximum sales charge)(1),(2)** | 26.39% | 12.56% | 8.99% |
| **Brandes International Equity Fund (Class C/BIECX) (without sales charge)(1)** | 27.42% | 12.56% | 8.99% |
| **MSCI EAFE (Europe, Australasia and Far East) Index** | 21.27% | 7.91% | 8.38% |
| **MSCI EAFE (Europe, Australasia and Far East) Value Index** | 30.05% | 12.19% | 9.34% |

---

*(1)* *The Class C shares ' average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares 8 years after the start of the period.* 

*(2)* *A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504338569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14168009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 21.42% |
| Health Care | 17.13% |
| Consumer Discretionary | 14.66% |
| Technology | 10.72% |
| Industrials | 8.74% |
| Financials | 6.59% |
| Energy | 4.80% |
| Materials | 4.50% |
| Communication Services | 4.47% |
| Short-Term Investments | 3.71% |
| Other | 3.36% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Equity Fund

### Class I/BIIEX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Equity Fund<br>(Class I/BIIEX) | $97 | 0.85% |

---

#### Management's Discussion of Fund Performance - BIIEX - I - Share
Summary of Results

The net asset value of the Brandes International Equity Fund (Class I Shares) advanced 28.56% in the trailing twelve months ended March 31, 2026, outperforming the 21.27% return of the MSCI EAFE Index, and underperforming the 30.05% return of the MSCI EAFE Value Index. Notable contributors included holdings in South Korea, Mexico, Brazil, and France. Meanwhile, allocations to Netherlands, Spain, and Hong Kong weighed on relative returns, as did our exposure to China. From a sector and industry standpoint, holdings in health care, consumer discretionary, and energy were solid performers, along with semiconductor-related holdings. Conversely, holdings in the IT services and software industries hurt returns, as did positions in beverage companies. Furthermore, while our holdings did well overall, our underweight to financials and overweight consumer staples detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| Astellas Pharma (Japan) and GSK (U.K.). Astellas Pharma benefited from improved market optimism around its drug pipeline as well as the release of solid earnings results.

**Consumer Discretionary** \| Kering (France), Swatch Group (Switzerland), and Hyundai Mobis (South Korea).

**Information Technology** \| Samsung Electronics (South Korea), Taiwan Semiconductor Manufacturing Company, and STMicroelectronics (France). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

TOP PERFORMANCE DETRACTORS

**IT Services and Software** \| Capgemini (France), SAP (Germany), and Open Text (Canada). IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), Diageo (U.K.). Slowing global demand for alcoholic beverages hurt the shares of these holdings.

**Underweight to Financials and Overweight to Consumer Staples** \| Financials was one of the best-performing sectors in the benchmark, while consumer staples underperformed.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3357776.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Equity Fund (Class I/BIIEX)** | 28.56% | 13.62% | 9.88% |
| **MSCI EAFE (Europe, Australasia and Far East) Index** | 21.27% | 7.91% | 8.38% |
| **MSCI EAFE (Europe, Australasia and Far East) Value Index** | 30.05% | 12.19% | 9.34% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504338569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14168009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 21.42% |
| Health Care | 17.13% |
| Consumer Discretionary | 14.66% |
| Technology | 10.72% |
| Industrials | 8.74% |
| Financials | 6.59% |
| Energy | 4.80% |
| Materials | 4.50% |
| Communication Services | 4.47% |
| Short-Term Investments | 3.71% |
| Other | 3.36% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Equity Fund

### Class R6/BIERX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Equity Fund<br>(Class R6/BIERX) | $86 | 0.75% |

---

#### Management's Discussion of Fund Performance - BIERX - R6 - Share
Summary of Results

The net asset value of the Brandes International Equity Fund (Class R6 Shares) advanced 28.68% in the trailing twelve months ended March 31, 2026, outperforming the 21.27% return of the MSCI EAFE Index, and underperforming the 30.05% return of the MSCI EAFE Value Index. Notable contributors included holdings in South Korea, Mexico, Brazil, and France. Meanwhile, allocations to Netherlands, Spain, and Hong Kong weighed on relative returns, as did our exposure to China. From a sector and industry standpoint, holdings in health care, consumer discretionary, and energy were solid performers, along with semiconductor-related holdings. Conversely, holdings in the IT services and software industries hurt returns, as did positions in beverage companies. Furthermore, while our holdings did well overall, our underweight to financials and overweight consumer staples detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| Astellas Pharma (Japan) and GSK (U.K.). Astellas Pharma benefited from improved market optimism around its drug pipeline as well as the release of solid earnings results.

**Consumer Discretionary** \| Kering (France), Swatch Group (Switzerland), and Hyundai Mobis (South Korea).

**Information Technology** \| Samsung Electronics (South Korea), Taiwan Semiconductor Manufacturing Company, and STMicroelectronics (France). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

TOP PERFORMANCE DETRACTORS

**IT Services and Software** \| Capgemini (France), SAP (Germany), and Open Text (Canada). IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), Diageo (U.K.). Slowing global demand for alcoholic beverages hurt the shares of these holdings.

**Underweight to Financials and Overweight to Consumer Staples** \| Financials was one of the best-performing sectors in the benchmark, while consumer staples underperformed.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 Shares of the Fund. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3357835.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Equity Fund (Class R6/BIERX)** | 28.68% | 13.73% | 10.02% |
| **MSCI EAFE (Europe, Australasia and Far East) Index** | 21.27% | 7.91% | 8.38% |
| **MSCI EAFE (Europe, Australasia and Far East) Value Index** | 30.05% | 12.19% | 9.34% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2504338569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$14168009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 21.42% |
| Health Care | 17.13% |
| Consumer Discretionary | 14.66% |
| Technology | 10.72% |
| Industrials | 8.74% |
| Financials | 6.59% |
| Energy | 4.80% |
| Materials | 4.50% |
| Communication Services | 4.47% |
| Short-Term Investments | 3.71% |
| Other | 3.36% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Global Equity Fund

### Class A/BGEAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Global Equity Fund<br>(Class A/BGEAX) | $139 | 1.25% |

---

#### Management's Discussion of Fund Performance - BGEAX - A - Share
Summary of Results

The net asset value of the Brandes Global Equity Fund (Class A Shares without load) rose 22.86% in the trailing twelve months ended March 31, 2026, outperforming the 18.90% return of the MSCI World Index, as well as the 16.60% return of the MSCI World Value Index. Notable contributors included holdings in South Korea, Taiwan, the United Kingdom, and the United States. Meanwhile, allocations to China, Canada, and the Netherlands weighed on relative returns, along with our overweight to France. From a sector and industry standpoint, holdings in health care, information technology (particularly semiconductor-related holdings), and financials helped performance. Conversely, allocations to IT services, communication services, and beverages detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| GSK (U.K.), Merck and Cardinal Health (U.S.). We exited our position in U.S.-based health care distributor Cardinal Health during the first quarter 2026 after the share price rose to our estimate of intrinsic value following a strong period of performance.

**Information Technology** \| Taiwan Semiconductor Manufacturing Company, Micron Technology (U.S.), Samsung Electronics (South Korea), and Wiwynn Corporation (Taiwan). TSMC and Samsung rose as they continued to benefit from significant artificial intelligence (AI) demand-driven spending, including the increasing need for memory semiconductors as well as leading edge semiconductor chips.

**Financials** \| Erste Group Bank (Austria), Citigroup (U.S.), and AIA Group Limited (Hong Kong).

TOP PERFORMANCE DETRACTORS

**IT Services** \| Amdocs, Cognizant, and EPAM Systems (U.S.), Capgemini (France). IT services companies were pressured by heightened concerns around perceived AI disruption.

**Communication Services** \| Publicis Groupe (France) and Comcast (U.S.). Despite posting better-than-expected earnings, Publicis guided for slightly weaker growth than the market had anticipated. Additionally, the broader sell-off in businesses perceived as vulnerable to potential AI disruption negatively impacted Publicis.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), and Heineken (Netherlands). Slowing global demand for alcoholic beverages hurt the share prices of these holdings.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358004.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Global Equity Fund (Class A/BGEAX) (with maximum sales charge)(1)** | 15.79% | 11.47% | 10.12% |
| **Brandes Global Equity Fund (Class A/BGEAX) (without sales charge)** | 22.86% | 12.80% | 10.77% |
| **MSCI World Index** | 18.90% | 10.27% | 11.80% |
| **MSCI World Value Index** | 16.60% | 9.59% | 9.35% |

---

*(1)* *Maximum sales charge imposed on Class A purchases is 5.75%.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$83826893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$456561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 21.74% |
| Financials | 18.27% |
| Technology | 13.89% |
| Consumer Staples | 9.15% |
| Industrials | 8.18% |
| Consumer Discretionary | 7.14% |
| Energy | 6.75% |
| Communication Services | 5.04% |
| Materials | 3.91% |
| Utilities | 2.54% |
| Short-Term Investments | 2.40% |
| Other | 0.66% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Global Equity Fund

### Class C/BGVCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Global Equity Fund<br>(Class C/BGVCX) | $222 | 2.00% |

---

#### Management's Discussion of Fund Performance - BGVCX - C - Share
Summary of Results

The net asset value of the Brandes Global Equity Fund (Class C Shares without load) rose 21.95% in the trailing twelve months ended March 31, 2026, outperforming the 18.90% return of the MSCI World Index, as well as the 16.60% return of the MSCI World Value Index. Notable contributors included holdings in South Korea, Taiwan, the United Kingdom, and the United States. Meanwhile, allocations to China, Canada, and the Netherlands weighed on relative returns, along with our overweight to France. From a sector and industry standpoint, holdings in health care, information technology (particularly semiconductor-related holdings), and financials helped performance. Conversely, allocations to IT services, communication services, and beverages detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| GSK (U.K.), Merck and Cardinal Health (U.S.). We exited our position in U.S.-based health care distributor Cardinal Health during the first quarter 2026 after the share price rose to our estimate of intrinsic value following a strong period of performance.

**Information Technology** \| Taiwan Semiconductor Manufacturing Company, Micron Technology (U.S.), Samsung Electronics (South Korea), and Wiwynn Corporation (Taiwan). TSMC and Samsung rose as they continued to benefit from significant artificial intelligence (AI) demand-driven spending, including the increasing need for memory semiconductors as well as leading edge semiconductor chips.

**Financials** \| Erste Group Bank (Austria), Citigroup (U.S.), and AIA Group Limited (Hong Kong).

TOP PERFORMANCE DETRACTORS

**IT Services** \| Amdocs, Cognizant, and EPAM Systems (U.S.), Capgemini (France). IT services companies were pressured by heightened concerns around perceived AI disruption.

**Communication Services** \| Publicis Groupe (France) and Comcast (U.S.). Despite posting better-than-expected earnings, Publicis guided for slightly weaker growth than the market had anticipated. Additionally, the broader sell-off in businesses perceived as vulnerable to potential AI disruption negatively impacted Publicis.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), and Heineken (Netherlands). Slowing global demand for alcoholic beverages hurt the share prices of these holdings.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C Shares of the Fund<sup>(1)</sup>. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358063.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Global Equity Fund (Class C/BGVCX) (with maximum sales charge)(1),(2)** | 20.97% | 11.96% | 10.11% |
| **Brandes Global Equity Fund (Class C/BGVCX) (without sales charge)(1)** | 21.95% | 11.96% | 10.11% |
| **MSCI World Index** | 18.90% | 10.27% | 11.80% |
| **MSCI World Value Index** | 16.60% | 9.59% | 9.35% |

---

*(1)* *The Class C shares' average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares 8 years after the start of the period.* 

*(2)* *A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$83826893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$456561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 21.74% |
| Financials | 18.27% |
| Technology | 13.89% |
| Consumer Staples | 9.15% |
| Industrials | 8.18% |
| Consumer Discretionary | 7.14% |
| Energy | 6.75% |
| Communication Services | 5.04% |
| Materials | 3.91% |
| Utilities | 2.54% |
| Short-Term Investments | 2.40% |
| Other | 0.66% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Global Equity Fund

### Class I/BGVIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Global Equity Fund<br>(Class I/BGVIX) | $112 | 1.00% |

---

#### Management's Discussion of Fund Performance - BGVIX - I - Share
Summary of Results

The net asset value of the Brandes Global Equity Fund (Class I Shares) rose 23.17% in the trailing twelve months ended March 31, 2026, outperforming the 18.90% return of the MSCI World Index, as well as the 16.60% return of the MSCI World Value Index. Notable contributors included holdings in South Korea, Taiwan, the United Kingdom, and the United States. Meanwhile, allocations to China, Canada, and the Netherlands weighed on relative returns, along with our overweight to France. From a sector and industry standpoint, holdings in health care, information technology (particularly semiconductor-related holdings), and financials helped performance. Conversely, allocations to IT services, communication services, and beverages detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Health Care** \| GSK (U.K.), Merck and Cardinal Health (U.S.). We exited our position in U.S.-based health care distributor Cardinal Health during the first quarter 2026 after the share price rose to our estimate of intrinsic value following a strong period of performance.

**Information Technology** \| Taiwan Semiconductor Manufacturing Company, Micron Technology (U.S.), Samsung Electronics (South Korea), and Wiwynn Corporation (Taiwan). TSMC and Samsung rose as they continued to benefit from significant artificial intelligence (AI) demand-driven spending, including the increasing need for memory semiconductors as well as leading edge semiconductor chips.

**Financials** \| Erste Group Bank (Austria), Citigroup (U.S.), and AIA Group Limited (Hong Kong).

TOP PERFORMANCE DETRACTORS

**IT Services** \| Amdocs, Cognizant, and EPAM Systems (U.S.), Capgemini (France). IT services companies were pressured by heightened concerns around perceived AI disruption.

**Communication Services** \| Publicis Groupe (France) and Comcast (U.S.). Despite posting better-than-expected earnings, Publicis guided for slightly weaker growth than the market had anticipated. Additionally, the broader sell-off in businesses perceived as vulnerable to potential AI disruption negatively impacted Publicis.

**Beverages** \| Pernod Ricard (France), Budweiser Brewing Co. APAC (Hong Kong), and Heineken (Netherlands). Slowing global demand for alcoholic beverages hurt the share prices of these holdings.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3358080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Global Equity Fund (Class I/BGVIX)** | 23.17% | 13.07% | 11.04% |
| **MSCI World Index** | 18.90% | 10.27% | 11.80% |
| **MSCI World Value Index** | 16.60% | 9.59% | 9.35% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$83826893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$456561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 21.74% |
| Financials | 18.27% |
| Technology | 13.89% |
| Consumer Staples | 9.15% |
| Industrials | 8.18% |
| Consumer Discretionary | 7.14% |
| Energy | 6.75% |
| Communication Services | 5.04% |
| Materials | 3.91% |
| Utilities | 2.54% |
| Short-Term Investments | 2.40% |
| Other | 0.66% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Emerging Markets Value Fund

### Class A/BEMAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Emerging Markets Value Fund<br>(Class A/BEMAX) | $161 | 1.29% |

---

#### Management's Discussion of Fund Performance - BEMAX - A - Share
Summary of Results

The net asset value of the Brandes Emerging Markets Value Fund (Class A Shares without load) rose 48.95% in the trailing twelve months ended March 31, 2026, outperforming the 29.55% return of the MSCI Emerging Markets Index and the 28.65% return of the MSCI Emerging Markets Value Index. Notable contributors included holdings in South Korea, Brazil, and Mexico. Our significant underweights to India and China also helped relative returns. From a sector standpoint, holdings in communication services and information technology were solid performers, while select holdings in consumer discretionary and consumer staples hurt returns. Additionally, our lack of exposure to metals & mining detracted from relative performance, as did our underweight to Taiwan.

TOP PERFORMANCE CONTRIBUTORS

**Communication Services** \| Millicom International Cellular (Sweden), TIM (Brazil), and NetEase (China). NetEase benefited performance as regulatory concerns eased and monetization of new game titles accelerated.

**Information Technology** \| Samsung Electronics (South Korea), Wiwynn (Taiwan), SK Hynix (South Korea), and ASMPT Limited (Hong Kong). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

**Underweights to India and China** \| India and China were among the weakest performing markets within the benchmark.

TOP PERFORMANCE DETRACTORS

**Consumer Discretionary** \| TravelSky Technology, Topsports International Holdings, and Haier Smart Home (China). These holdings detracted amid the broader risk-off sentiment for the sector.

**Consumer Staples** \| China Resources Beer (China) and Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358291.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Emerging Markets Value Fund (Class A/BEMAX) (with maximum sales charge)(1)** | 40.38% | 8.94% | 7.46% |
| **Brandes Emerging Markets Value Fund (Class A/BEMAX) (without sales charge)** | 48.95% | 10.24% | 8.10% |
| **MSCI Emerging Markets Index** | 29.55% | 3.69% | 7.80% |
| **MSCI Emerging Markets Value Index** | 28.65% | 6.14% | 7.27% |

---

*(1)* *Maximum sales charge imposed on Class A purchases is 5.75%.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1123773776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8352747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Technology | 25.78% |
| Financials | 22.76% |
| Consumer Discretionary | 12.54% |
| Communication Services | 12.17% |
| Consumer Staples | 11.33% |
| Industrials | 5.53% |
| Energy | 3.16% |
| Real Estate | 2.92% |
| Other | 3.75% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Emerging Markets Value Fund

### Class C/BEMCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Emerging Markets Value Fund<br>(Class C/BEMCX) | $250 | 2.02% |

---

#### Management's Discussion of Fund Performance - BEMCX - C - Share
Summary of Results

The net asset value of the Brandes Emerging Markets Value Fund (Class C Shares without load) rose 47.88% in the trailing twelve months ended March 31, 2026, outperforming the 29.55% return of the MSCI Emerging Markets Index and the 28.65% return of the MSCI Emerging Markets Value Index. Notable contributors included holdings in South Korea, Brazil, and Mexico. Our significant underweights to India and China also helped relative returns. From a sector standpoint, holdings in communication services and information technology were solid performers, while select holdings in consumer discretionary and consumer staples hurt returns. Additionally, our lack of exposure to metals & mining detracted from relative performance, as did our underweight to Taiwan.

TOP PERFORMANCE CONTRIBUTORS

**Communication Services** \| Millicom International Cellular (Sweden), TIM (Brazil), and NetEase (China). NetEase benefited performance as regulatory concerns eased and monetization of new game titles accelerated.

**Information Technology** \| Samsung Electronics (South Korea), Wiwynn (Taiwan), SK Hynix (South Korea), and ASMPT Limited (Hong Kong). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

**Underweights to India and China** \| India and China were among the weakest performing markets within the benchmark.

TOP PERFORMANCE DETRACTORS

**Consumer Discretionary** \| TravelSky Technology, Topsports International Holdings, and Haier Smart Home (China). These holdings detracted amid the broader risk-off sentiment for the sector.

**Consumer Staples** \| China Resources Beer (China) and Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C Shares of the Fund<sup>(1)</sup>. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358308.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Emerging Markets Value Fund (Class C/BEMCX) (with maximum sales charge)(1),(2)** | 46.88% | 9.53% | 7.51% |
| **Brandes Emerging Markets Value Fund (Class C/BEMCX) (without sales charge)(1)** | 47.88% | 9.53% | 7.51% |
| **MSCI Emerging Markets Index** | 29.55% | 3.69% | 7.80% |
| **MSCI Emerging Markets Value Index** | 28.65% | 6.14% | 7.27% |

---

*(1)* *The Class C shares' average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares 8 years after the start of the period.* 

*(2)* *A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1123773776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8352747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Technology | 25.78% |
| Financials | 22.76% |
| Consumer Discretionary | 12.54% |
| Communication Services | 12.17% |
| Consumer Staples | 11.33% |
| Industrials | 5.53% |
| Energy | 3.16% |
| Real Estate | 2.92% |
| Other | 3.75% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Emerging Markets Value Fund

### Class I/BEMIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Emerging Markets Value Fund<br>(Class I/BEMIX) | $138 | 1.11% |

---

#### Management's Discussion of Fund Performance - BEMIX - I - Share
Summary of Results

The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) rose 49.19% in the trailing twelve months ended March 31, 2026, outperforming the 29.55% return of the MSCI Emerging Markets Index and the 28.65% return of the MSCI Emerging Markets Value Index. Notable contributors included holdings in South Korea, Brazil, and Mexico. Our significant underweights to India and China also helped relative returns. From a sector standpoint, holdings in communication services and information technology were solid performers, while select holdings in consumer discretionary and consumer staples hurt returns. Additionally, our lack of exposure to metals & mining detracted from relative performance, as did our underweight to Taiwan.

TOP PERFORMANCE CONTRIBUTORS

**Communication Services** \| Millicom International Cellular (Sweden), TIM (Brazil), and NetEase (China). NetEase benefited performance as regulatory concerns eased and monetization of new game titles accelerated.

**Information Technology** \| Samsung Electronics (South Korea), Wiwynn (Taiwan), SK Hynix (South Korea), and ASMPT Limited (Hong Kong). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

**Underweights to India and China** \| India and China were among the weakest performing markets within the benchmark.

TOP PERFORMANCE DETRACTORS

**Consumer Discretionary** \| TravelSky Technology, Topsports International Holdings, and Haier Smart Home (China). These holdings detracted amid the broader risk-off sentiment for the sector.

**Consumer Staples** \| China Resources Beer (China) and Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3358367.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Emerging Markets Value Fund (Class I/BEMIX)** | 49.19% | 10.45% | 8.32% |
| **MSCI Emerging Markets Index** | 29.55% | 3.69% | 7.80% |
| **MSCI Emerging Markets Value Index** | 28.65% | 6.14% | 7.27% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1123773776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8352747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Technology | 25.78% |
| Financials | 22.76% |
| Consumer Discretionary | 12.54% |
| Communication Services | 12.17% |
| Consumer Staples | 11.33% |
| Industrials | 5.53% |
| Energy | 3.16% |
| Real Estate | 2.92% |
| Other | 3.75% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Emerging Markets Value Fund

### Class R6/BEMRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Emerging Markets Value Fund<br>(Class R6/BEMRX) | $121 | 0.97% |

---

#### Management's Discussion of Fund Performance - BEMRX - R6 - Share
Summary of Results

The net asset value of the Brandes Emerging Markets Value Fund (Class R6 Shares) rose 49.46% in the trailing twelve months ended March 31, 2026, outperforming the 29.55% return of the MSCI Emerging Markets Index and the 28.65% return of the MSCI Emerging Markets Value Index. Notable contributors included holdings in South Korea, Brazil, and Mexico. Our significant underweights to India and China also helped relative returns. From a sector standpoint, holdings in communication services and information technology were solid performers, while select holdings in consumer discretionary and consumer staples hurt returns. Additionally, our lack of exposure to metals & mining detracted from relative performance, as did our underweight to Taiwan.

TOP PERFORMANCE CONTRIBUTORS

**Communication Services** \| Millicom International Cellular (Sweden), TIM (Brazil), and NetEase (China). NetEase benefited performance as regulatory concerns eased and monetization of new game titles accelerated.

**Information Technology** \| Samsung Electronics (South Korea), Wiwynn (Taiwan), SK Hynix (South Korea), and ASMPT Limited (Hong Kong). Samsung Electronics advanced as infrastructure spending linked to AI continued to underpin memory demand and pricing. We believe its scale, balance-sheet strength, and vertically integrated manufacturing footprint position Samsung well within the industry.

**Underweights to India and China** \| India and China were among the weakest performing markets within the benchmark.

TOP PERFORMANCE DETRACTORS

**Consumer Discretionary** \| TravelSky Technology, Topsports International Holdings, and Haier Smart Home (China). These holdings detracted amid the broader risk-off sentiment for the sector.

**Consumer Staples** \| China Resources Beer (China) and Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 Shares of the Fund<sup>(1)</sup>. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3358384.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Emerging Markets Value Fund (Class R6/BEMRX)(1)** | 49.46% | 10.58% | 8.47% |
| **MSCI Emerging Markets Index** | 29.55% | 3.69% | 7.80% |
| **MSCI Emerging Markets Value Index** | 28.65% | 6.14% | 7.27% |

---

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

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1123773776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8352747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Technology | 25.78% |
| Financials | 22.76% |
| Consumer Discretionary | 12.54% |
| Communication Services | 12.17% |
| Consumer Staples | 11.33% |
| Industrials | 5.53% |
| Energy | 3.16% |
| Real Estate | 2.92% |
| Other | 3.75% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Small Cap Equity Fund

### Class A/BISAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Small Cap Equity Fund<br>(Class A/BISAX) | $147 | 1.28% |

---

#### Management's Discussion of Fund Performance - BISAX - A - Share
Summary of Results

The net asset value of the Brandes International Small Cap Equity Fund (Class A Shares without load) advanced 30.46% in the trailing twelve months ended March 31, 2026, outperforming the 27.82% return of the MSCI ACWI ex-USA Small Cap Index, as well as outperforming the 28.53% return of the MSCI ACWI ex-USA Small Cap Value Index. Notable contributors included holdings in consumer discretionary, communication services, industrials, and health care were standout performers, whereas allocations to information technology and consumer staples detracted from relative returns, along with a lack of exposure to metals & mining. Geographically, the Fund benefited from holdings in France and emerging markets.

TOP PERFORMANCE CONTRIBUTORS

**Consumer Discretionary** \| Hankook Tire & Technology (South Korea), Burberry Group (U.K.), Emperor Watch & Jewelry (Hong Kong).

**Communication Services** \| Millicom International Cellular (Sweden) and Magyar Telekom (Hungary).

**Industrials** \| Kennametal (U.S.), LISI (France), and Montana Aerospace (Switzerland). Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

TOP PERFORMANCE DETRACTORS

**Information Technology** I Open Text (Canada), Globant (U.S.), and underweight to Semiconductors & Semiconductor Equipment. Both Open Text and Globant were pressured by heightened concerns around perceived AI disruption in the IT services and software industries.

**Consumer Staples** \| C&C Group (Ireland) and PT Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358139.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Small Cap Equity Fund (Class A/BISAX) (with maximum sales charge)(1)** | 22.96% | 17.44% | 10.02% |
| **Brandes International Small Cap Equity Fund (Class A/BISAX) (without sales charge)** | 30.46% | 18.84% | 10.68% |
| **MSCI ACWI ex USA Index** | 24.92% | 7.02% | 8.38% |
| **MSCI ACWI ex USA Small Cap Index** | 27.82% | 5.66% | 8.01% |
| **MSCI ACWI ex USA Small Cap Value Index** | 28.53% | 8.03% | 8.48% |

---

*(1)* *Maximum sales charge imposed on Class A purchases is 5.75%.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1456836613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12133498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 27.45% |
| Consumer Staples | 13.44% |
| Health Care | 12.19% |
| Financials | 12.16% |
| Communication Services | 7.63% |
| Consumer Discretionary | 6.78% |
| Technology | 6.31% |
| Materials | 5.40% |
| Real Estate | 4.50% |
| Energy | 2.17% |
| Other | 1.38% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Small Cap Equity Fund

### Class C/BINCX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Small Cap Equity Fund<br>(Class C/BINCX) | $215 | 1.87% |

---

#### Management's Discussion of Fund Performance - BINCX - C - Share
Summary of Results

The net asset value of the Brandes International Small Cap Equity Fund (Class C Shares without load) advanced 29.68% in the trailing twelve months ended March 31, 2026, outperforming the 27.82% return of the MSCI ACWI ex-USA Small Cap Index, as well as outperforming the 28.53% return of the MSCI ACWI ex-USA Small Cap Value Index. Notable contributors included holdings in consumer discretionary, communication services, industrials, and health care were standout performers, whereas allocations to information technology and consumer staples detracted from relative returns, along with a lack of exposure to metals & mining. Geographically, the Fund benefited from holdings in France and emerging markets.

TOP PERFORMANCE CONTRIBUTORS

**Consumer Discretionary** \| Hankook Tire & Technology (South Korea), Burberry Group (U.K.), Emperor Watch & Jewelry (Hong Kong).

**Communication Services** \| Millicom International Cellular (Sweden) and Magyar Telekom (Hungary).

**Industrials** \| Kennametal (U.S.), LISI (France), and Montana Aerospace (Switzerland). Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

TOP PERFORMANCE DETRACTORS

**Information Technology** I Open Text (Canada), Globant (U.S.), and underweight to Semiconductors & Semiconductor Equipment. Both Open Text and Globant were pressured by heightened concerns around perceived AI disruption in the IT services and software industries.

**Consumer Staples** \| C&C Group (Ireland) and PT Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C Shares of the Fund<sup>(1)</sup>. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358156.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Small Cap Equity Fund (Class C/BINCX) (with maximum sales charge)(1),(2)** | 28.75% | 18.15% | 10.08% |
| **Brandes International Small Cap Equity Fund (Class C/BINCX) (without sales charge)(1)** | 29.68% | 18.15% | 10.08% |
| **MSCI ACWI ex USA Index** | 24.92% | 7.02% | 8.38% |
| **MSCI ACWI ex USA Small Cap Index** | 27.82% | 5.66% | 8.01% |
| **MSCI ACWI ex USA Small Cap Value Index** | 28.53% | 8.03% | 8.48% |

---

*(1)* *The Class C shares' average annual total return for the 10-year period assumes that Class C shares automatically converted to Class A shares 8 years after the start of the period.* 

*(2)* *A charge of 1.00% will be imposed on Class C shares redeemed within one year of purchase by any investor.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1456836613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12133498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 27.45% |
| Consumer Staples | 13.44% |
| Health Care | 12.19% |
| Financials | 12.16% |
| Communication Services | 7.63% |
| Consumer Discretionary | 6.78% |
| Technology | 6.31% |
| Materials | 5.40% |
| Real Estate | 4.50% |
| Energy | 2.17% |
| Other | 1.38% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Small Cap Equity Fund

### Class I/BISMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Small Cap Equity Fund<br>(Class I/BISMX) | $123 | 1.07% |

---

#### Management's Discussion of Fund Performance - BISMX - I - Share
Summary of Results

The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) advanced 30.76% in the trailing twelve months ended March 31, 2026, outperforming the 27.82% return of the MSCI ACWI ex-USA Small Cap Index, as well as outperforming the 28.53% return of the MSCI ACWI ex-USA Small Cap Value Index. Notable contributors included holdings in consumer discretionary, communication services, industrials, and health care were standout performers, whereas allocations to information technology and consumer staples detracted from relative returns, along with a lack of exposure to metals & mining. Geographically, the Fund benefited from holdings in France and emerging markets.

TOP PERFORMANCE CONTRIBUTORS

**Consumer Discretionary** \| Hankook Tire & Technology (South Korea), Burberry Group (U.K.), Emperor Watch & Jewelry (Hong Kong).

**Communication Services** \| Millicom International Cellular (Sweden) and Magyar Telekom (Hungary).

**Industrials** \| Kennametal (U.S.), LISI (France), and Montana Aerospace (Switzerland). Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

TOP PERFORMANCE DETRACTORS

**Information Technology** I Open Text (Canada), Globant (U.S.), and underweight to Semiconductors & Semiconductor Equipment. Both Open Text and Globant were pressured by heightened concerns around perceived AI disruption in the IT services and software industries.

**Consumer Staples** \| C&C Group (Ireland) and PT Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3358215.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Small Cap Equity Fund (Class I/BISMX)** | 30.76% | 19.09% | 10.91% |
| **MSCI ACWI ex USA Index** | 24.92% | 7.02% | 8.38% |
| **MSCI ACWI ex USA Small Cap Index** | 27.82% | 5.66% | 8.01% |
| **MSCI ACWI ex USA Small Cap Value Index** | 28.53% | 8.03% | 8.48% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1456836613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12133498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 27.45% |
| Consumer Staples | 13.44% |
| Health Care | 12.19% |
| Financials | 12.16% |
| Communication Services | 7.63% |
| Consumer Discretionary | 6.78% |
| Technology | 6.31% |
| Materials | 5.40% |
| Real Estate | 4.50% |
| Energy | 2.17% |
| Other | 1.38% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes International Small Cap Equity Fund

### Class R6/BISRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes International Small Cap Equity Fund<br>(Class R6/BISRX) | $115 | 1.00% |

---

#### Management's Discussion of Fund Performance - BISRX - R6 - Share
Summary of Results

The net asset value of the Brandes International Small Cap Equity Fund (Class R6 Shares) advanced 30.84% in the trailing twelve months ended March 31, 2026, outperforming the 27.82% return of the MSCI ACWI ex-USA Small Cap Index, as well as outperforming the 28.53% return of the MSCI ACWI ex-USA Small Cap Value Index. Notable contributors included holdings in consumer discretionary, communication services, industrials, and health care were standout performers, whereas allocations to information technology and consumer staples detracted from relative returns, along with a lack of exposure to metals & mining. Geographically, the Fund benefited from holdings in France and emerging markets.

TOP PERFORMANCE CONTRIBUTORS

**Consumer Discretionary** \| Hankook Tire & Technology (South Korea), Burberry Group (U.K.), Emperor Watch & Jewelry (Hong Kong).

**Communication Services** \| Millicom International Cellular (Sweden) and Magyar Telekom (Hungary).

**Industrials** \| Kennametal (U.S.), LISI (France), and Montana Aerospace (Switzerland). Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

TOP PERFORMANCE DETRACTORS

**Information Technology** I Open Text (Canada), Globant (U.S.), and underweight to Semiconductors & Semiconductor Equipment. Both Open Text and Globant were pressured by heightened concerns around perceived AI disruption in the IT services and software industries.

**Consumer Staples** \| C&C Group (Ireland) and PT Indofood (Indonesia).

**Lack of Exposure to Metals & Mining** \| Metals & mining was one of the best performing industries in the benchmark.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 Shares of the Fund<sup>(1)</sup>. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3358232.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes International Small Cap Equity Fund (Class R6/BISRX)(1)** | 30.84% | 19.24% | 11.04% |
| **MSCI ACWI ex USA Index** | 24.92% | 7.02% | 8.38% |
| **MSCI ACWI ex USA Small Cap Index** | 27.82% | 5.66% | 8.01% |
| **MSCI ACWI ex USA Small Cap Value Index** | 28.53% | 8.03% | 8.48% |

---

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

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1456836613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$12133498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;38% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 27.45% |
| Consumer Staples | 13.44% |
| Health Care | 12.19% |
| Financials | 12.16% |
| Communication Services | 7.63% |
| Consumer Discretionary | 6.78% |
| Technology | 6.31% |
| Materials | 5.40% |
| Real Estate | 4.50% |
| Energy | 2.17% |
| Other | 1.38% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Small Cap Value Fund

### Class A/BSCAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Small Cap Value Fund<br>(Class A/BSCAX) | $139 | 1.15% |

---

#### Management's Discussion of Fund Performance - BSCAX - A - Share
Summary of Results

The net asset value of the Brandes Small Cap Value Fund (Class A Shares without load) rose 42.46% in the trailing twelve months ended March 31, 2026, outperforming the 28.09% return of the Russell 2000 Value Index and the 25.72% return of the broad Russell 2000 Index. Notable contributors were holdings in industrials, health care and financials sectors. In particular, machinery and aerospace & defense holdings excelled in the period. Meanwhile, select positions in the energy, information technology, and consumer staples sectors weighed on relative performance.

TOP PERFORMANCE CONTRIBUTORS

**Machinery** \| Graham Corporation, Kennametal, Timken Company, and L.B. Foster Company. Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

**Aerospace & Defense** \| Park Aerospace, Moog Inc, and Hexcel Corporation. Park Aerospace benefited from surging demand for its missile defense materials. It also reported strong earnings.

**Health Care** I Elanco Animal Health and Avadel Pharmaceuticals. The bidding war between Alkermes and H. Lundbeck propelled Avadel's share price, leading us to divest our position as it reached our estimate of intrinsic value.

TOP PERFORMANCE DETRACTORS

**Energy** \| World Kinect Corporation, underweight to Energy Equipment & Services.

**Information Technology** \| NETGEAR, Open Text, Amdocs, and Globant. IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Consumer Staples** I Edgewell Personal Care and Molson Coors Beverage.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3358443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Small Cap Value Fund (Class A/BSCAX) (with maximum sales charge)(1)** | 34.29% | 13.94% | 13.40% |
| **Brandes Small Cap Value Fund (Class A/BSCAX) (without sales charge)** | 42.46% | 15.30% | 14.07% |
| **Russell 3000 Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000 Index** | 25.72% | 3.77% | 9.88% |
| **Russell 2000 Value Index** | 28.09% | 5.79% | 9.61% |

---

*(1)* *Maximum sales charge imposed on Class A purchases is 5.75%.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$462814616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1731487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 32.70% |
| Consumer Staples | 14.89% |
| Technology | 12.25% |
| Health Care | 10.66% |
| Consumer Discretionary | 10.13% |
| Materials | 9.74% |
| Energy | 5.95% |
| Other | 3.55% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Small Cap Value Fund

### Class I/BSCMX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Small Cap Value Fund<br>(Class I/BSCMX) | $109 | 0.90% |

---

#### Management's Discussion of Fund Performance - BSCMX - I - Share
Summary of Results

The net asset value of the Brandes Small Cap Value Fund (Class I Shares) rose 42.77% in the trailing twelve months ended March 31, 2026, outperforming the 28.09% return of the Russell 2000 Value Index and the 25.72% return of the broad Russell 2000 Index. Notable contributors were holdings in industrials, health care and financials sectors. In particular, machinery and aerospace & defense holdings excelled in the period. Meanwhile, select positions in the energy, information technology, and consumer staples sectors weighed on relative performance.

TOP PERFORMANCE CONTRIBUTORS

**Machinery** \| Graham Corporation, Kennametal, Timken Company, and L.B. Foster Company. Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

**Aerospace & Defense** \| Park Aerospace, Moog Inc, and Hexcel Corporation. Park Aerospace benefited from surging demand for its missile defense materials. It also reported strong earnings.

**Health Care** I Elanco Animal Health and Avadel Pharmaceuticals. The bidding war between Alkermes and H. Lundbeck propelled Avadel's share price, leading us to divest our position as it reached our estimate of intrinsic value.

TOP PERFORMANCE DETRACTORS

**Energy** \| World Kinect Corporation, underweight to Energy Equipment & Services.

**Information Technology** \| NETGEAR, Open Text, Amdocs, and Globant. IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Consumer Staples** I Edgewell Personal Care and Molson Coors Beverage.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3358460.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Small Cap Value Fund (Class I/BSCMX)** | 42.77% | 15.59% | 14.39% |
| **Russell 3000 Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000 Index** | 25.72% | 3.77% | 9.88% |
| **Russell 2000 Value Index** | 28.09% | 5.79% | 9.61% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$462814616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1731487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 32.70% |
| Consumer Staples | 14.89% |
| Technology | 12.25% |
| Health Care | 10.66% |
| Consumer Discretionary | 10.13% |
| Materials | 9.74% |
| Energy | 5.95% |
| Other | 3.55% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Small Cap Value Fund

### Class R6/BSCRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Small Cap Value Fund<br>(Class R6/BSCRX) | $88 | 0.72% |

---

#### Management's Discussion of Fund Performance - BSCRX - R6 - Share
Summary of Results

The net asset value of the Brandes Small Cap Value Fund (Class R6 Shares) rose 43.11% in the trailing twelve months ended March 31, 2026, outperforming the 28.09% return of the Russell 2000 Value Index and the 25.72% return of the broad Russell 2000 Index. Notable contributors were holdings in industrials, health care and financials sectors. In particular, machinery and aerospace & defense holdings excelled in the period. Meanwhile, select positions in the energy, information technology, and consumer staples sectors weighed on relative performance.

TOP PERFORMANCE CONTRIBUTORS

**Machinery** \| Graham Corporation, Kennametal, Timken Company, and L.B. Foster Company. Kennametal significantly raised its guidance for fiscal year 2026 and is expected to be a key beneficiary of the material increase in tungsten prices, providing a potential positive tailwind to its margins.

**Aerospace & Defense** \| Park Aerospace, Moog Inc, and Hexcel Corporation. Park Aerospace benefited from surging demand for its missile defense materials. It also reported strong earnings.

**Health Care** I Elanco Animal Health and Avadel Pharmaceuticals. The bidding war between Alkermes and H. Lundbeck propelled Avadel's share price, leading us to divest our position as it reached our estimate of intrinsic value.

TOP PERFORMANCE DETRACTORS

**Energy** \| World Kinect Corporation, underweight to Energy Equipment & Services.

**Information Technology** \| NETGEAR, Open Text, Amdocs, and Globant. IT services and software companies were pressured by heightened concerns around perceived AI disruption.

**Consumer Staples** I Edgewell Personal Care and Molson Coors Beverage.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 Shares of the Fund<sup>(1)</sup>. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3358519.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Small Cap Value Fund (Class R6/BSCRX)(1)** | 43.11% | 15.88% | 13.81% |
| **Russell 3000 Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000 Index** | 25.72% | 3.77% | 9.88% |
| **Russell 2000 Value Index** | 28.09% | 5.79% | 9.61% |

---

*(1)* *Performance shown prior to January 2, 2018 for Class R6 shares reflects the performance of Class I shares.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$462814616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$1731487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 32.70% |
| Consumer Staples | 14.89% |
| Technology | 12.25% |
| Health Care | 10.66% |
| Consumer Discretionary | 10.13% |
| Materials | 9.74% |
| Energy | 5.95% |
| Other | 3.55% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Core Plus Fixed Income Fund

### Class A/BCPAX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Core Plus Fixed Income Fund<br>(Class A/BCPAX) | $51 | 0.50% |

---

#### Management's Discussion of Fund Performance - BCPAX - A - Share
Summary of Results

The net asset value of the Brandes Core Plus Fixed Income Fund (Class A Shares, without load) rose 3.72% in the trailing twelve months ended March 31, 2026, underperforming the 4.35% return of the Bloomberg U.S. Aggregate Bond Index. From a sector standpoint, notable contributors were holdings in communications and pharmaceuticals; whereas select holdings in banking and technology modestly detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Communications** \| Univision Communications and Fibercop SPA

**Pharmaceuticals** \| Organon & Co.

**Overall Duration Positioning** I The portfolio duration was positioned at 90% of the duration of the benchmark throughout the period. This aided performance as yields rose across longer maturities in the yield curve.

TOP PERFORMANCE DETRACTORS

**Banking** I US Bank and Bank of America

**Technology** \| Sabre Global Inc

Underweight Agency Mortgage-Backed Securities

Overweight U.S. Treasury Securities

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A Shares of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3357911.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Core Plus Fixed Income Fund (Class A/BCPAX) (with maximum sales charge)(1)** | -0.12% | 0.33% | 1.58% |
| **Brandes Core Plus Fixed Income Fund (Class A/BCPAX) (without sales charge)** | 3.72% | 1.10% | 1.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

*(1)* *Maximum sales charge imposed on Class A purchases is 3.75%.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78021616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$82493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 52.78% |
| Corporate Bonds | 31.53% |
| Federal and Federally Sponsored Credits | 8.56% |
| Foreign Issuer Bonds | 3.91% |
| Short-Term Investments | 2.38% |
| Other | 0.79% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Core Plus Fixed Income Fund

### Class I/BCPIX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Core Plus Fixed Income Fund<br>(Class I/BCPIX) | $31 | 0.30% |

---

#### Management's Discussion of Fund Performance - BCPIX - I - Share
Summary of Results

The net asset value of the Brandes Core Plus Fixed Income Fund (Class I Shares) rose 4.05% in the trailing twelve months ended March 31, 2026, underperforming the 4.35% return of the Bloomberg U.S. Aggregate Bond Index. From a sector standpoint, notable contributors were holdings in communications and pharmaceuticals; whereas select holdings in banking and technology modestly detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Communications** \| Univision Communications and Fibercop SPA

**Pharmaceuticals** \| Organon & Co.

**Overall Duration Positioning** I The portfolio duration was positioned at 90% of the duration of the benchmark throughout the period. This aided performance as yields rose across longer maturities in the yield curve.

TOP PERFORMANCE DETRACTORS

**Banking** I US Bank and Bank of America

**Technology** \| Sabre Global Inc

Underweight Agency Mortgage-Backed Securities

Overweight U.S. Treasury Securities

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I Shares of the Fund. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](chartimages_3357928.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Core Plus Fixed Income Fund (Class I/BCPIX)** | 4.05% | 1.34% | 2.23% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78021616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$82493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 52.78% |
| Corporate Bonds | 31.53% |
| Federal and Federally Sponsored Credits | 8.56% |
| Foreign Issuer Bonds | 3.91% |
| Short-Term Investments | 2.38% |
| Other | 0.79% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Core Plus Fixed Income Fund

### Class R6/BCPRX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Core Plus Fixed Income Fund<br>(Class R6/BCPRX) | $31 | 0.30% |

---

#### Management's Discussion of Fund Performance - BCPRX - R6 - Share
Summary of Results

The net asset value of the Brandes Core Plus Fixed Income Fund (Class R6 Shares) rose 3.93% in the trailing twelve months ended March 31, 2026, underperforming the 4.35% return of the Bloomberg U.S. Aggregate Bond Index. From a sector standpoint, notable contributors were holdings in communications and pharmaceuticals; whereas select holdings in banking and technology modestly detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Communications** \| Univision Communications and Fibercop SPA

**Pharmaceuticals** \| Organon & Co.

**Overall Duration Positioning** I The portfolio duration was positioned at 90% of the duration of the benchmark throughout the period. This aided performance as yields rose across longer maturities in the yield curve.

TOP PERFORMANCE DETRACTORS

**Banking** I US Bank and Bank of America

**Technology** \| Sabre Global Inc

Underweight Agency Mortgage-Backed Securities

Overweight U.S. Treasury Securities

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 Shares of the Fund<sup>(1)</sup>. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3357987.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Core Plus Fixed Income Fund (Class R6/BCPRX)(1)** | 3.93% | 1.71% | 2.74% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

*(1)* *Performance shown prior to October 10, 2017 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.* 

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78021616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$82493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 52.78% |
| Corporate Bonds | 31.53% |
| Federal and Federally Sponsored Credits | 8.56% |
| Foreign Issuer Bonds | 3.91% |
| Short-Term Investments | 2.38% |
| Other | 0.79% |

---

Where can I find more information?

![TSR - QR Code](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

![TSR - Fund Logo](images_8285.jpg)

### Brandes Separately Managed Account Reserve Trust

### Ticker \| SMARX

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Brandes Separately Managed Account Reserve Trust (the "Fund") for the period of April 1, 2025, to March 31, 2026. You can find additional information about the Fund at brandes.com/funds/regulatory-literature. You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Brandes Separately Managed Account Reserve Trust<sup>\*</sup> | $0 | 0.00% |

---

\* No expenses have been charged to the Fund over the period, as the Fund participates in a wrap-fee program sponsored by investment advisors unaffiliated with the Fund.

#### Management's Discussion of Fund Performance - SMARX
Summary of Results

The net asset value of the Fund rose 4.56% in the trailing twelve months ended March 31, 2026, outperforming the 4.35% return of the Bloomberg U.S. Aggregate Bond Index. From a sector standpoint, notable contributors were holdings in communications and pharmaceuticals; whereas select holdings in banking and technology modestly detracted from relative returns.

TOP PERFORMANCE CONTRIBUTORS

**Communications** \| Univision Communications and Fibercop SPA

**Pharmaceuticals** \| Organon & Co.

**Overall Duration Positioning** I The portfolio duration was positioned at 90% of the duration of the benchmark throughout the period. This aided performance as yields rose across longer maturities in the yield curve.

TOP PERFORMANCE DETRACTORS

**Banking** I US Bank and Bank of America

**Technology** \| Sabre Global Inc

Underweight Agency Mortgage-Backed Securities

Overweight U.S. Treasury Securities

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3357852.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Brandes Separately Managed Account Reserve Trust** | 4.56% | 2.60% | 3.70% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. Intermediate Credit Bond Index** | 5.25% | 1.93% | 2.84% |

---

The Fund's past performance is not a good predictor of the Fund's future performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$196878292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| Corporate Bonds | 47.35% |
| US Governments | 33.61% |
| Federal and Federally Sponsored Credits | 9.79% |
| Foreign Issuer Bonds | 5.19% |
| Short-Term Investments | 3.12% |
| Other | 1.03% |

---

Where can I find more information?

![](images_8286.jpg)

At brandes.com/funds/regulatory-literature, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 1-800-395-3807 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-395-3807 (toll free) and we will begin sending you separate copies of these materials within 30 days after receiving your request.

BRANDES INVESTMENT PARTNERS

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
As of March 31, 2026, the registrant had adopted a "code of ethics" (as such term is defined in Item 2 of Form N-CSR) that applies to the registrant's principal executive officer and principal financial officer. This code is filed as Exhibit 19(a)(1) hereto. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined the registrant has at least one "audit committee financial expert" (as such term is defined in Item 3 of Form N-CSR) serving on its Audit Committee. The "audit committee financial expert" is JoAnn Lilek, who is "independent" for purposes of this Item 3 of Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

Brandes Funds

2026: $171,500

2025: $147,000

The fees paid to Deloitte & Touche LLP for 2026 and 2025 relate to the audit of the registrant's annual financial statements and letters for the filings of the registrant's Form N-CEN and Form N-1A.

(b) Audit-Related Fees

Brandes Funds

2026: $0

2025: $0

(c) Tax Fees

Brandes Funds

2026: $31,500

2025: $31,500

The fees paid to Deloitte & Touche LLP for 2026 and 2025 relate to the audit of the registrant's annual financial statements and letters for the filings of the registrant's Form N-CEN and Form N-1A.

(d) All Other Fees

Brandes Funds

2026: $0

2025: $0

(e)(1) Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the registrant's audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to the registrant, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) Brandes Funds

2026: 0%

2025: 0%

(f) Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; Brandes Funds

2026: $0

2025: $0

(h) The Audit Committee considered the non-audit services rendered to the registrant's investment adviser and believes the services are compatible with the principal accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The Schedule of Investments in securities of unaffiliated issuers is included in the financial statements filed under Item 7 of this Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

ANNUAL FINANCIAL STATEMENTS

AND OTHER INFORMATION

INTERNATIONAL EQUITY FUND

GLOBAL EQUITY FUND

EMERGING MARKETS VALUE FUND

INTERNATIONAL SMALL CAP EQUITY FUND

SMALL CAP VALUE FUND

CORE PLUS FIXED INCOME FUND

For the year ended March 31, 2026

![](img63b7927a1.gif)

------

![](imgb92a382c2.gif)

**Table of Contents**

------

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_1)** | 2 |
| [Brandes International Equity Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_1) | 2 |
| [Brandes Global Equity Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_5) | 6 |
| [Brandes Emerging Markets Value Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_9) | 10 |
| [Brandes International Small Cap Equity Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_13) | 14 |
| [Brandes Small Cap Value Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_18) | 19 |
| [Brandes Core Plus Fixed Income Fund](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOI-FundBookHeader-3_22) | 23 |
| **[Statements of Assets and Liabilities](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_FS-FundBookHeader-4_1)** | 28 |
| **[Statements of Operations](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOP-StatementofOperations_1)** | 30 |
| **[Statements of Changes in Net Assets](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_SOC-StatementofChangesinNetAssets_1)** | 32 |
| **[Financial Highlights](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_FIHI-FinancialHighlights-1618_1)** | 38 |
| **[Notes to Financial Statements](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_NTF-NTF-TOC_1)** | 50 |
| **[Report of Independent Registered Public Accounting Firm](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_AR-FundBookHeader-6-1620_1)** | 71 |
| **[Additional Information](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_AI-FundBookHeader-7-1620_1)** | 73 |
| **[Changes in and Disagreements with Accountants for](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_CAD-TOC-ChangesinandDisagreements_1)**<br> **[Open-End Management Investment Companies](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_CAD-TOC-ChangesinandDisagreements_1)**<br>| 75 |
| **[Proxy Disclosure for Open-End Management Investment Companies](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_PD-TOC-ProxyDisclosure_1)** | 76 |
| **[Basis for Trustees' Approval of Investment Advisory Agreement](#xx_5f9ee800-3797-4f50-9a49-07b8ff942521_BTA-TOC-BasisforTrustees_1)** | 77 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 91.13%** | **COMMON STOCKS – 91.13%** | **COMMON STOCKS – 91.13%** |
| ***Austria – 0.93%*** | ***Austria – 0.93%*** | ***Austria – 0.93%*** |
| 215441 | Erste Group Bank <br> AG<br>| $23273077 |
| ***Brazil – 3.90%*** | ***Brazil – 3.90%*** | ***Brazil – 3.90%*** |
| 14444400 | Ambev SA | 42525768 |
| 636109 | Embraer SA <br> Sponsored – ADR<br>| 37746708 |
| 2195100 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 17472316 |
|  |  | 97744792 |
| ***Canada – 3.06%*** | ***Canada – 3.06%*** | ***Canada – 3.06%*** |
| 1373441 | CAE, Inc.<sup>(a)</sup> <br>| 35778138 |
| 156594 | Nutrien Ltd. | 11816583 |
| 1302223 | Open Text Corp. | 28961440 |
|  |  | 76556161 |
| ***China – 3.43%*** | ***China – 3.43%*** | ***China – 3.43%*** |
| 3522700 | Alibaba Group <br> Holding Ltd.<br>| 55216524 |
| 622650 | Trip.com Group <br> Ltd.<br>| 30770570 |
|  |  | 85987094 |
| ***France – 16.88%*** | ***France – 16.88%*** | ***France – 16.88%*** |
| 402289 | BNP Paribas SA | 38323510 |
| 336065 | Capgemini SE | 39655160 |
| 2744312 | Carrefour SA | 50813290 |
| 150873 | Kering SA | 45814636 |
| 579626 | Pernod Ricard SA | 43102080 |
| 442218 | Publicis Groupe SA | 36602171 |
| 857628 | Sanofi SA | 82820995 |
| 330293 | Societe BIC SA | 20670081 |
| 642622 | Sodexo SA | 32987116 |
| 347203 | TotalEnergies SE | 31864258 |
|  |  | 422653297 |
| ***Germany – 7.96%*** | ***Germany – 7.96%*** | ***Germany – 7.96%*** |
| 658434 | Deutsche Post AG | 34704037 |
| 868986 | Fresenius Medical <br> Care AG<br>| 39380310 |
| 691567 | Henkel AG & Co. <br> KGaA<br>| 49675541 |
| 408419 | Infineon <br> Technologies AG<br>| 18528393 |
| 333989 | SAP SE | 56939332 |
|  |  | 199227613 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Hong Kong – 2.25%*** | ***Hong Kong – 2.25%*** | ***Hong Kong – 2.25%*** |
| 40560100 | Budweiser Brewing <br> Co. APAC Ltd.<sup>(b)</sup> <br>| $37492488 |
| 27034000 | First Pacific Co. <br> Ltd.<br>| 18893322 |
|  |  | 56385810 |
| ***Israel – 1.03%*** | ***Israel – 1.03%*** | ***Israel – 1.03%*** |
| 234888 | Nice Ltd. – ADR<sup>(a)</sup> <br>| 25898751 |
| ***Italy – 2.02%*** | ***Italy – 2.02%*** | ***Italy – 2.02%*** |
| 380372 | Buzzi SpA | 19230471 |
| 5187117 | Intesa Sanpaolo SpA | 31371089 |
|  |  | 50601560 |
| ***Japan – 12.62%*** | ***Japan – 12.62%*** | ***Japan – 12.62%*** |
| 3550700 | Astellas Pharma, <br> Inc.<br>| 57882859 |
| 1494300 | Bridgestone Corp. | 31138624 |
| 4599000 | Honda Motor Co. <br> Ltd.<br>| 37222345 |
| 1927100 | Kubota Corp. | 30882141 |
| 993000 | Makita Corp. | 32636298 |
| 67400 | SMC Corp. | 26508306 |
| 1093500 | Sumitomo Mitsui <br> Trust Group, Inc.<br>| 34835236 |
| 1763383 | Takeda <br> Pharmaceutical Co. <br> Ltd.<br>| 64941684 |
|  |  | 316047493 |
| ***Mexico – 7.26%*** | ***Mexico – 7.26%*** | ***Mexico – 7.26%*** |
| 743485 | America Movil SAB <br> de CV – ADR<br>| 18943998 |
| 16897170 | America Movil SAB <br> de CV – Class B<br>| 21476178 |
| 1484946 | Cemex SAB de CV <br> Sponsored – ADR<br>| 16987782 |
| 28522666 | Fibra Uno <br> Administracion SA <br> de CV<br>| 46421144 |
| 8217618 | Kimberly-Clark de <br> Mexico SAB de CV <br> – Class A<br>| 19453971 |
| 18049574 | Wal-Mart de Mexico <br> SAB de CV<br>| 58611014 |
|  |  | 181894087 |
| ***Netherlands – 6.28%*** | ***Netherlands – 6.28%*** | ***Netherlands – 6.28%*** |
| 386846 | DSM-Firmenich AG | 27668800 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 688132 | Heineken Holding <br> NV<br>| $48971785 |
| 1585898 | Koninklijke Philips <br> NV<br>| 43377859 |
| 1095604 | STMicroelectronics <br> NV<br>| 37281885 |
|  |  | 157300329 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 1013133 | Mobile TeleSystems <br> PJSC<sup>(a),(c)</sup> <br>|  |
| ***Singapore – 2.38%*** | ***Singapore – 2.38%*** | ***Singapore – 2.38%*** |
| 19879700 | Wilmar <br> International Ltd.<br>| 59726081 |
| ***South Korea – 0.46%*** | ***South Korea – 0.46%*** | ***South Korea – 0.46%*** |
| 44270 | Hyundai Mobis Co. <br> Ltd.<br>| 11422557 |
| ***Switzerland – 6.22%*** | ***Switzerland – 6.22%*** | ***Switzerland – 6.22%*** |
| 204747 | Cie Financiere <br> Richemont SA – <br> Class A Registered<br>| 36151387 |
| 166642 | Novartis AG <br> Registered<br>| 25578620 |
| 43723 | Swatch Group AG <br> Bearer<br>| 9652356 |
| 1063581 | Swatch Group AG <br> Registered<br>| 47124617 |
| 954068 | UBS Group AG <br> Registered<br>| 37202351 |
|  |  | 155709331 |
| ***Taiwan – 0.96%*** | ***Taiwan – 0.96%*** | ***Taiwan – 0.96%*** |
| 417000 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 24116997 |
| ***United Kingdom – 13.49%*** | ***United Kingdom – 13.49%*** | ***United Kingdom – 13.49%*** |
| 2059256 | Diageo Plc | 38296427 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1745085 | GSK Plc | $48069205 |
| 8583851 | J Sainsbury Plc | 38515777 |
| 7737051 | Kingfisher Plc | 29418882 |
| 3275101 | Mondi Plc | 37027071 |
| 2235098 | National Grid Plc | 37728667 |
| 449250 | Reckitt Benckiser <br> Group Plc<br>| 30207727 |
| 673031 | Shell Plc | 31171462 |
| 1884921 | Smith & Nephew <br> Plc<br>| 29864715 |
| 5577518 | WPP Plc | 17443527 |
|  |  | 337743460 |
| **TOTAL COMMON STOCKS** <br>(Cost $2,034,825,073) | **TOTAL COMMON STOCKS** <br>(Cost $2,034,825,073) | $2282288490 |
| **PREFERRED STOCKS – 5.26%** | **PREFERRED STOCKS – 5.26%** | **PREFERRED STOCKS – 5.26%** |
| ***Brazil – 2.29%*** | ***Brazil – 2.29%*** | ***Brazil – 2.29%*** |
| 6117400 | Petroleo Brasileiro <br> SA – Petrobras, <br> 2.510%<sup>(d)</sup> <br>| $57479243 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 21512699 | Surgutneftegas <br> PJSC<sup>(a),(c)</sup> <br>|  |
| ***South Korea – 1.48%*** | ***South Korea – 1.48%*** | ***South Korea – 1.48%*** |
| 459221 | Samsung <br> Electronics Co. <br> Ltd., 1.464%<sup>(d)</sup> <br>| 37069967 |
| ***Spain – 1.49%*** | ***Spain – 1.49%*** | ***Spain – 1.49%*** |
| 4650133 | Grifols SA – Class B, <br> 2.209%<sup>(d)</sup> <br>| 37203752 |
| **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $107,988,440) | **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $107,988,440) | $131752962 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.71%** | **SHORT-TERM INVESTMENTS – 3.71%** | **SHORT-TERM INVESTMENTS – 3.71%** |
| ***Money Market Funds — 3.71%*** | ***Money Market Funds — 3.71%*** | ***Money Market Funds — 3.71%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(e)</sup> | 92774890 | $92774890 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $92,774,890)<br>|  | $92774890 |
| **Total Investments** <br>**(Cost $2,235,588,403) – 100.10%**<br>|  | **$2506816342** |
| **Liabilities in Excess of Other Assets – (0.10)%** |  | **(2477773)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$2504338569** |

---

------

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $37,492,488 which
 represented 1.50% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of March 31, 2026.

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 2.93<br> %<br>|
| Air Freight & Logistics | 1.39<br> %<br>|
| Automobile Components | 1.71<br> %<br>|
| Automobiles | 1.49<br> %<br>|
| Banks | 5.10<br> %<br>|
| Beverages | 8.41<br> %<br>|
| Broadline Retail | 2.20<br> %<br>|
| Capital Markets | 1.49<br> %<br>|
| Chemicals | 1.57<br> %<br>|
| Commercial Services & Supplies | 0.83<br> %<br>|
| Construction Materials | 1.45<br> %<br>|
| Consumer Staples Distribution & Retail | 5.91<br> %<br>|
| Diversified Real Estate Investment Trusts | 1.85<br> %<br>|
| Diversified Telecommunication Services | 0.70<br> %<br>|
| Food Products | 3.13<br> %<br>|
| Health Care Equipment & Supplies | 2.92<br> %<br>|
| Health Care Providers & Services | 1.57<br> %<br>|
| Hotels, Restaurants & Leisure | 2.55<br> %<br>|
| Household Products | 3.97<br> %<br>|
| IT Services | 1.58<br> %<br>|
| Machinery | 3.59<br> %<br>|
| Media | 2.16<br> %<br>|
| Multi-Utilities | 1.51<br> %<br>|
| Oil, Gas & Consumable Fuels | 2.51<br> %<br>|
| Paper & Forest Products | 1.48<br> %<br>|
| Pharmaceuticals | 11.15<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.19<br> %<br>|
| Software | 4.47<br> %<br>|
| Specialty Retail | 1.17<br> %<br>|
| Textiles, Apparel & Luxury Goods | 5.54<br> %<br>|
| Wireless Telecommunication Services | 1.61<br> %<br>|
| **TOTAL COMMON STOCKS** | 91.13<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.49<br> %<br>|
| Oil, Gas & Consumable Fuels | 2.29<br> %<br>|
| Technology Hardware, Storage & Peripherals | 1.48<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 5.26<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 3.71<br> %<br>|
| **TOTAL INVESTMENTS** | 100.10<br> %<br>|
| Liabilities in Excess of Other Assets | (0.10)%<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

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.

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 95.09%** | **COMMON STOCKS – 95.09%** | **COMMON STOCKS – 95.09%** |
| ***Austria – 1.98%*** | ***Austria – 1.98%*** | ***Austria – 1.98%*** |
| 15380 | Erste Group Bank AG | $1661429 |
| ***Brazil – 3.09%*** | ***Brazil – 3.09%*** | ***Brazil – 3.09%*** |
| 436500 | Ambev SA | 1285100 |
| 87920 | Embraer SA | 1306108 |
|  |  | 2591208 |
| ***Canada – 1.01%*** | ***Canada – 1.01%*** | ***Canada – 1.01%*** |
| 32428 | CAE, Inc.<sup>(a)</sup> <br>| 844749 |
| ***China – 3.66%*** | ***China – 3.66%*** | ***China – 3.66%*** |
| 99600 | Alibaba Group Holding <br> Ltd.<br>| 1561179 |
| 39400 | NetEase, Inc. | 880386 |
| 1787000 | Topsports International <br> Holdings Ltd.<br>| 629199 |
|  |  | 3070764 |
| ***France – 12.65%*** | ***France – 12.65%*** | ***France – 12.65%*** |
| 9045 | Capgemini SE | 1067297 |
| 35508 | Carrefour SA | 657461 |
| 4504 | Kering SA | 1367701 |
| 14505 | Pernod Ricard SA | 1078619 |
| 13328 | Publicis Groupe SA | 1103152 |
| 22828 | Sanofi SA | 2204496 |
| 16698 | Sodexo SA | 857143 |
| 24736 | TotalEnergies SE | 2270125 |
|  |  | 10605994 |
| ***Germany – 2.85%*** | ***Germany – 2.85%*** | ***Germany – 2.85%*** |
| 3394 | Heidelberg Materials <br> AG<br>| 716258 |
| 9789 | SAP SE | 1668855 |
|  |  | 2385113 |
| ***Hong Kong – 2.10%*** | ***Hong Kong – 2.10%*** | ***Hong Kong – 2.10%*** |
| 158800 | AIA Group Ltd. | 1764479 |
| ***Indonesia – 0.90%*** | ***Indonesia – 0.90%*** | ***Indonesia – 0.90%*** |
| 3781700 | Bank Rakyat Indonesia <br> Persero Tbk PT<br>| 755663 |
| ***Ireland – 1.10%*** | ***Ireland – 1.10%*** | ***Ireland – 1.10%*** |
| 8366 | ICON Plc<sup>(a)</sup> <br>| 925781 |
| ***Japan – 1.18%*** | ***Japan – 1.18%*** | ***Japan – 1.18%*** |
| 26800 | Takeda Pharmaceutical <br> Co. Ltd.<br>| 986987 |
| ***Malaysia – 0.40%*** | ***Malaysia – 0.40%*** | ***Malaysia – 0.40%*** |
| 601300 | Genting Bhd | 333393 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Mexico – 2.72%*** | ***Mexico – 2.72%*** | ***Mexico – 2.72%*** |
| 339966 | Fibra Uno <br> Administracion SA de <br> CV<br>| $553300 |
| 531606 | Wal-Mart de Mexico <br> SAB de CV<br>| 1726244 |
|  |  | 2279544 |
| ***Netherlands – 1.78%*** | ***Netherlands – 1.78%*** | ***Netherlands – 1.78%*** |
| 19428 | Heineken NV | 1494369 |
| ***South Korea – 0.83%*** | ***South Korea – 0.83%*** | ***South Korea – 0.83%*** |
| 5954 | Samsung Electronics Co. <br> Ltd.<br>| 696388 |
| ***Switzerland – 2.43%*** | ***Switzerland – 2.43%*** | ***Switzerland – 2.43%*** |
| 3014 | Cie Financiere <br> Richemont SA – Class A <br> Registered<br>| 532170 |
| 38514 | UBS Group AG <br> Registered<br>| 1501792 |
|  |  | 2033962 |
| ***Taiwan – 3.42%*** | ***Taiwan – 3.42%*** | ***Taiwan – 3.42%*** |
| 31000 | Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1792870 |
| 10000 | Wiwynn Corp. | 1076060 |
|  |  | 2868930 |
| ***United Kingdom – 12.09%*** | ***United Kingdom – 12.09%*** | ***United Kingdom – 12.09%*** |
| 85583 | GSK Plc | 2357425 |
| 18942 | Imperial Brands Plc | 768057 |
| 8461 | London Stock Exchange <br> Group Plc<br>| 999141 |
| 90707 | Mondi Plc | 1025499 |
| 71264 | National Grid Plc | 1202943 |
| 9858 | Reckitt Benckiser Group <br> Plc<br>| 662855 |
| 23008 | Shell Plc Sponsored – <br> ADR<br>| 2139744 |
| 61527 | Smith & Nephew Plc | 974835 |
|  |  | 10130499 |
| ***United States – 40.90%*** | ***United States – 40.90%*** | ***United States – 40.90%*** |
| 3255 | Alphabet, Inc. – Class A | 936008 |
| 19480 | Amdocs Ltd. | 1271265 |
| 9381 | Arch Capital Group <br> Ltd.<sup>(a)</sup> <br>| 900482 |
| 4945 | Arthur J Gallagher & <br> Co.<br>| 1070988 |
| 26443 | Bank of America Corp. | 1289096 |

---

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 8777 | Becton Dickinson & Co. | $1380008 |
| 6906 | Cigna Corp. | 1842175 |
| 14526 | Citigroup, Inc. | 1647394 |
| 17721 | Cognizant Technology <br> Solutions Corp. – <br> Class A<br>| 1087183 |
| 45141 | Comcast Corp. – Class A | 1295998 |
| 11217 | CVS Health Corp. | 805605 |
| 4264 | Emerson Electric Co. | 558669 |
| 8502 | EPAM Systems, Inc.<sup>(a)</sup> <br>| 1151171 |
| 4722 | Equifax, Inc. | 850291 |
| 11258 | Evergy, Inc. | 922255 |
| 4249 | FedEx Corp. | 1513409 |
| 12775 | Fiserv, Inc.<sup>(a)</sup> <br>| 712845 |
| 32013 | Halliburton Co. | 1248187 |
| 1935 | HCA Healthcare, Inc. | 915719 |
| 1042 | McKesson Corp. | 901705 |
| 13133 | Merck & Co., Inc. | 1579769 |
| 2335 | Micron Technology, Inc. | 788856 |
| 7174 | Mohawk Industries, <br> Inc.<sup>(a)</sup> <br>| 706352 |
| 53715 | Pfizer, Inc. | 1508317 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 3579 | PNC Financial Services <br> Group, Inc.<br>| $744754 |
| 5329 | Progressive Corp. | 1056421 |
| 20394 | Textron, Inc. | 1785699 |
| 3950 | UnitedHealth Group, <br> Inc.<br>| 1068831 |
| 15344 | Wells Fargo & Co. | 1221536 |
| 13043 | Westlake Corp. | 1523683 |
|  |  | 34284671 |
| **TOTAL COMMON STOCKS** <br>(Cost $63,272,617) | **TOTAL COMMON STOCKS** <br>(Cost $63,272,617) | $79713923 |
| **PREFERRED STOCKS – 2.18%** | **PREFERRED STOCKS – 2.18%** | **PREFERRED STOCKS – 2.18%** |
| ***South Korea – 1.25%*** | ***South Korea – 1.25%*** | ***South Korea – 1.25%*** |
| 12914 | Samsung Electronics Co. <br> Ltd., 1.464%<sup>(b)</sup> <br>| $1042465 |
| ***Spain – 0.93%*** | ***Spain – 0.93%*** | ***Spain – 0.93%*** |
| 97452 | Grifols SA – Class B – <br> ADR, 2.192%<sup>(b)</sup> <br>| 781565 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $1,553,260) | **TOTAL PREFERRED STOCKS** <br>(Cost $1,553,260) | $1824030 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.40%** | **SHORT-TERM INVESTMENTS – 2.40%** | **SHORT-TERM INVESTMENTS – 2.40%** |
| ***Money Market Funds — 2.40%*** | ***Money Market Funds — 2.40%*** | ***Money Market Funds — 2.40%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(c)</sup> | 2016234 | $2016234 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $2,016,234)<br>|  | $2016234 |
| **Total Investments** <br>**(Cost $66,842,111) – 99.67%**<br>|  | **$83554187** |
| **Other Assets in Excess of Liabilities – 0.33%** |  | **272706** |
| **TOTAL NET ASSETS – 100.00%** |  | **$83826893** |

---

------

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the annualized seven day yield as of March 31, 2026.

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 4.70<br> %<br>|
| Air Freight & Logistics | 1.80<br> %<br>|
| Banks | 8.73<br> %<br>|
| Beverages | 4.60<br> %<br>|
| Broadline Retail | 1.86<br> %<br>|
| Capital Markets | 2.98<br> %<br>|
| Chemicals | 1.82<br> %<br>|
| Construction Materials | 0.86<br> %<br>|
| Consumer Staples Distribution & Retail | 2.84<br> %<br>|
| Diversified Real Estate Investment Trusts | 0.66<br> %<br>|
| Diversified Telecommunication Services | 1.55<br> %<br>|
| Electric Utilities | 1.10<br> %<br>|
| Electrical Equipment | 0.67<br> %<br>|
| Energy Equipment & Services | 1.49<br> %<br>|
| Entertainment | 1.05<br> %<br>|
| Financial Services | 0.85<br> %<br>|
| Health Care Equipment & Supplies | 2.81<br> %<br>|
| Health Care Providers & Services | 6.60<br> %<br>|
| Hotels, Restaurants & Leisure | 1.42<br> %<br>|
| Household Durables | 0.84<br> %<br>|
| Household Products | 0.79<br> %<br>|
| Insurance | 5.71<br> %<br>|
| Interactive Media & Services | 1.12<br> %<br>|
| IT Services | 5.46<br> %<br>|
| Life Sciences Tools & Services | 1.10<br> %<br>|
| Media | 1.32<br> %<br>|
| Multi-Utilities | 1.44<br> %<br>|
| Oil, Gas & Consumable Fuels | 5.26<br> %<br>|
| Paper & Forest Products | 1.23<br> %<br>|
| Pharmaceuticals | 10.30<br> %<br>|
| Professional Services | 1.01<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.08<br> %<br>|
| Software | 1.99<br> %<br>|
| Specialty Retail | 0.75<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.11<br> %<br>|
| Textiles, Apparel & Luxury Goods | 2.27<br> %<br>|
| Tobacco | 0.92<br> %<br>|
| **TOTAL COMMON STOCKS** | 95.09<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 0.93<br> %<br>|
| Technology Hardware, Storage & Peripherals | 1.25<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.18<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026 (continued)**

------

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS** | 2.40<br> %<br>|
| **TOTAL INVESTMENTS** | 99.67<br> %<br>|
| Other Assets in Excess of Liabilities | 0.33<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

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.

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 94.89%** | **COMMON STOCKS – 94.89%** | **COMMON STOCKS – 94.89%** |
| ***Austria – 1.54%*** | ***Austria – 1.54%*** | ***Austria – 1.54%*** |
| 160655 | Erste Group Bank <br> AG<br>| $17354803 |
| ***Brazil – 7.79%*** | ***Brazil – 7.79%*** | ***Brazil – 7.79%*** |
| 344334 | Embraer SA <br> Sponsored – ADR<br>| 20432780 |
| 1515652 | Engie Brasil <br> Energia SA<br>| 9606235 |
| 705635 | JBS NV – Class A<sup>(a)</sup> <br>| 12673205 |
| 4125700 | Sendas <br> Distribuidora SA<br>| 7550728 |
| 1125800 | Suzano SA | 11280060 |
| 735760 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 5856421 |
| 3791800 | TIM SA | 20101514 |
|  |  | 87500943 |
| ***Chile – 0.28%*** | ***Chile – 0.28%*** | ***Chile – 0.28%*** |
| 787344 | Empresa Nacional <br> de <br> Telecomunicaciones <br> SA<br>| 3119591 |
| ***China – 17.41%*** | ***China – 17.41%*** | ***China – 17.41%*** |
| 2885000 | Alibaba Group <br> Holding Ltd.<br>| 45220902 |
| 3621000 | BYD Electronic <br> International Co. <br> Ltd.<br>| 13025056 |
| 7316000 | China Resources <br> Beer Holdings Co. <br> Ltd.<br>| 24211936 |
| 2874000 | Galaxy <br> Entertainment <br> Group Ltd.<br>| 12990162 |
| 4427200 | Haier Smart Home <br> Co. Ltd. – Class H<br>| 11860254 |
| 802900 | NetEase, Inc. | 17940650 |
| 30652000 | Topsports <br> International <br> Holdings Ltd.<br>| 10792505 |
| 10438000 | TravelSky <br> Technology Ltd. – <br> Class H<br>| 12989232 |
| 527600 | Trip.com Group <br> Ltd.<br>| 26073320 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 6440600 | Wynn Macau Ltd. | $4533260 |
| 650650 | ZTO Express <br> Cayman, Inc.<br>| 16014380 |
|  |  | 195651657 |
| ***Georgia – 1.42%*** | ***Georgia – 1.42%*** | ***Georgia – 1.42%*** |
| 292331 | TBC Bank Group <br> Plc<br>| 15960180 |
| ***Greece – 1.99%*** | ***Greece – 1.99%*** | ***Greece – 1.99%*** |
| 1184539 | Hellenic <br> Telecommunications <br> Organization SA<br>| 22344520 |
| ***Hong Kong – 3.22%*** | ***Hong Kong – 3.22%*** | ***Hong Kong – 3.22%*** |
| 1149800 | AIA Group Ltd. | 12775805 |
| 1369700 | ASMPT Ltd. | 17729075 |
| 1909200 | Luk Fook Holdings <br> International Ltd.<br>| 5658548 |
|  |  | 36163428 |
| ***India – 3.17%*** | ***India – 3.17%*** | ***India – 3.17%*** |
| 805905 | Embassy Office <br> Parks REIT<br>| 3591188 |
| 2441077 | HDFC Bank Ltd. | 19121069 |
| 1606292 | IndusInd Bank <br> Ltd.<sup>(a)</sup> <br>| 12867568 |
|  |  | 35579825 |
| ***Indonesia – 5.30%*** | ***Indonesia – 5.30%*** | ***Indonesia – 5.30%*** |
| 137245711 | Bank Rakyat <br> Indonesia Persero <br> Tbk PT<br>| 27424579 |
| 43420645 | Indofood Sukses <br> Makmur Tbk PT<br>| 16201275 |
| 88691000 | Telkom Indonesia <br> Persero Tbk PT<br>| 15969547 |
|  |  | 59595401 |
| ***Kazakhstan – 1.29%*** | ***Kazakhstan – 1.29%*** | ***Kazakhstan – 1.29%*** |
| 195634 | Kaspi.KZ JSC – <br> ADR<sup>(a)</sup> <br>| 14490610 |
| ***Mexico – 7.32%*** | ***Mexico – 7.32%*** | ***Mexico – 7.32%*** |
| 342717 | America Movil <br> SAB de CV – ADR<br>| 8732429 |
| 1586133 | America Movil <br> SAB de CV – <br> Class B<br>| 2015963 |
| 12259028 | Fibra Uno <br> Administracion SA <br> de CV<br>| 19951785 |

---

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1143704 | Kimberly-Clark de <br> Mexico SAB de CV <br> – ADR<br>| $13452018 |
| 1621162 | Kimberly-Clark de <br> Mexico SAB de CV <br> – Class A<br>| 3837857 |
| 2131503 | Prologis Property <br> Mexico SA de CV<br>| 9308305 |
| 7682435 | Wal-Mart de <br> Mexico SAB de CV<br>| 24946589 |
|  |  | 82244946 |
| ***Panama – 3.81%*** | ***Panama – 3.81%*** | ***Panama – 3.81%*** |
| 334380 | Banco <br> Latinoamericano <br> de Comercio <br> Exterior SA – <br> Class E<br>| 17080130 |
| 226485 | Copa Holdings SA <br> – Class A<br>| 25730961 |
|  |  | 42811091 |
| ***Philippines – 2.27%*** | ***Philippines – 2.27%*** | ***Philippines – 2.27%*** |
| 15537099 | Bank of the <br> Philippine Islands<br>| 25549896 |
| ***Poland – 1.33%*** | ***Poland – 1.33%*** | ***Poland – 1.33%*** |
| 94609 | Santander Bank <br> Polska SA<br>| 15000497 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 236429 | LUKOIL <br> PJSC<sup>(a),(b)</sup> <br>|  |
| 4858073 | Mobile <br> TeleSystems <br> PJSC<sup>(a),(b)</sup> <br>|  |
| 7919891 | Sberbank of Russia <br> PJSC<sup>(a),(b)</sup> <br>|  |
| 31423480 | Sistema AFK <br> PAO<sup>(a),(b)</sup> <br>|  |
| ***Singapore – 2.18%*** | ***Singapore – 2.18%*** | ***Singapore – 2.18%*** |
| 8143993 | Wilmar <br> International Ltd.<br>| 24467612 |
| ***Slovenia – 1.46%*** | ***Slovenia – 1.46%*** | ***Slovenia – 1.46%*** |
| 335544 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 16444355 |
| ***South Africa – 1.11%*** | ***South Africa – 1.11%*** | ***South Africa – 1.11%*** |
| 870107 | Absa Group Ltd. | 12533805 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***South Korea – 13.78%*** | ***South Korea – 13.78%*** | ***South Korea – 13.78%*** |
| 193128 | Hana Financial <br> Group, Inc.<br>| $14078429 |
| 291512 | Hankook Tire & <br> Technology Co. <br> Ltd.<br>| 10730785 |
| 819753 | Samsung <br> Electronics Co. <br> Ltd.<br>| 95879452 |
| 142272 | Shinhan Financial <br> Group Co. Ltd.<br>| 8479604 |
| 45331 | SK Hynix, Inc. | 25719228 |
|  |  | 154887498 |
| ***Sweden – 2.99%*** | ***Sweden – 2.99%*** | ***Sweden – 2.99%*** |
| 447962 | Millicom <br> International <br> Cellular SA<br>| 33570272 |
| ***Taiwan – 12.69%*** | ***Taiwan – 12.69%*** | ***Taiwan – 12.69%*** |
| 4978398 | Chailease Holding <br> Co. Ltd.<br>| 17252311 |
| 1755900 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 101551642 |
| 221000 | Wiwynn Corp. | 23780913 |
|  |  | 142584866 |
| ***Thailand – 0.62%*** | ***Thailand – 0.62%*** | ***Thailand – 0.62%*** |
| 34904081 | 3BB Internet <br> Infrastructure <br> Fund<br>| 6932133 |
| ***United Kingdom – 0.86%*** | ***United Kingdom – 0.86%*** | ***United Kingdom – 0.86%*** |
| 588255 | HSBC Holdings <br> Plc<br>| 9660674 |
| ***United States – 1.06%*** | ***United States – 1.06%*** | ***United States – 1.06%*** |
| 258928 | Globant SA<sup>(a)</sup> <br>| 11939170 |
| **TOTAL COMMON STOCKS** <br>(Cost $858,528,005) | **TOTAL COMMON STOCKS** <br>(Cost $858,528,005) | $1066387773 |
| **PREFERRED STOCKS – 3.16%** | **PREFERRED STOCKS – 3.16%** | **PREFERRED STOCKS – 3.16%** |
| ***Brazil – 3.16%*** | ***Brazil – 3.16%*** | ***Brazil – 3.16%*** |
| 3775157 | Petroleo Brasileiro <br> SA – Petrobras, <br> 2.510%<sup>(c)</sup> <br>| $35471469 |
| **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $16,496,161) | **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $16,496,161) | $35471469 |

---

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.89%** | **SHORT-TERM INVESTMENTS – 1.89%** | **SHORT-TERM INVESTMENTS – 1.89%** |
| ***Money Market Funds — 1.89%*** | ***Money Market Funds — 1.89%*** | ***Money Market Funds — 1.89%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(d)</sup> | 21253808 | $21253808 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $21,253,808)<br>|  | $21253808 |
| **Total Investments** <br>**(Cost $896,277,974) – 99.94%**<br>|  | **$1123113050** |
| **Other Assets in Excess of Liabilities – 0.06%** |  | **660726** |
| **TOTAL NET ASSETS – 100.00%** |  | **$1123773776** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| ADR American Depositary Receipt |
| REIT Real Estate Investment Trust |
| GDR Global Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven day yield as of March 31, 2026.

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 1.82<br> %<br>|
| Air Freight & Logistics | 1.42<br> %<br>|
| Automobile Components | 0.96<br> %<br>|
| Banks | 17.28<br> %<br>|
| Beverages | 2.15<br> %<br>|
| Broadline Retail | 4.02<br> %<br>|
| Communications Equipment | 1.16<br> %<br>|
| Consumer Finance | 1.29<br> %<br>|
| Consumer Staples Distribution & Retail | 2.89<br> %<br>|
| Diversified Real Estate Investment Trusts | 1.77<br> %<br>|
| Diversified Telecommunication Services | 4.55<br> %<br>|
| Entertainment | 1.60<br> %<br>|
| Financial Services | 3.05<br> %<br>|
| Food Products | 4.75<br> %<br>|
| Hotels, Restaurants & Leisure | 5.04<br> %<br>|
| Household Durables | 1.06<br> %<br>|
| Household Products | 1.54<br> %<br>|
| Independent Power and Renewable Electricity Producers | 0.86<br> %<br>|
| Industrial Real Estate Investment Trusts | 0.83<br> %<br>|
| Insurance | 1.14<br> %<br>|
| IT Services | 1.06<br> %<br>|
| Office Real Estate Investment Trusts | 0.32<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.00<br> %<br>|
| Paper & Forest Products | 1.00<br> %<br>|
| Passenger Airlines | 2.29<br> %<br>|
| Semiconductors & Semiconductor Equipment | 12.91<br> %<br>|
| Specialty Retail | 1.46<br> %<br>|
| Technology Hardware, Storage & Peripherals | 10.65<br> %<br>|
| Wireless Telecommunication Services | 6.02<br> %<br>|
| **TOTAL COMMON STOCKS** | 94.89<br> %<br>|
| **PREFERRED STOCKS** |  |
| Oil, Gas & Consumable Fuels | 3.16<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 3.16<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 1.89<br> %<br>|
| **TOTAL INVESTMENTS** | 99.94<br> %<br>|
| Other Assets in Excess of Liabilities | 0.06<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

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.

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 92.01%** | **COMMON STOCKS – 92.01%** | **COMMON STOCKS – 92.01%** |
| ***Austria – 1.18%*** | ***Austria – 1.18%*** | ***Austria – 1.18%*** |
| 599204 | Addiko Bank AG<sup>(a)</sup> <br>| $17176232 |
| ***Belgium – 1.15%*** | ***Belgium – 1.15%*** | ***Belgium – 1.15%*** |
| 3991418 | Ontex Group NV<sup>(a)</sup> <br>| 16707488 |
| ***Brazil – 2.04%*** | ***Brazil – 2.04%*** | ***Brazil – 2.04%*** |
| 1999040 | Embraer SA | 29697024 |
| ***Canada – 9.83%*** | ***Canada – 9.83%*** | ***Canada – 9.83%*** |
| 1111623 | CAE, Inc.<sup>(a)</sup> <br>| 28957779 |
| 1846245 | Canfor Corp.<sup>(a)</sup> <br>| 18208958 |
| 698063 | Corby Spirit and <br> Wine Ltd.<br>| 7236049 |
| 1156725 | Dorel Industries, <br> Inc. – Class B<sup>(a)</sup> <br>| 1546624 |
| 57845 | Lassonde <br> Industries, Inc. – <br> Class A<br>| 9460367 |
| 1270370 | Open Text Corp. | 28253029 |
| 2616875 | Pason Systems, <br> Inc.<br>| 24906495 |
| 758443 | Winpak Ltd. | 24610824 |
|  |  | 143180125 |
| ***France – 9.60%*** | ***France – 9.60%*** | ***France – 9.60%*** |
| 1380797 | Carrefour SA | 25566640 |
| 1528018 | Euroapi SA<sup>(a)</sup> <br>| 2341526 |
| 569453 | LISI SA | 34817909 |
| 92661 | LISI SA (PRIME) | 5612156 |
| 137000 | LISI SA <br> Registered (2027)<br>| 8297617 |
| 116658 | LISI SA <br> Registered (2028)<br>| 7065572 |
| 540848 | Societe BIC SA | 33846834 |
| 434425 | Sodexo SA | 22299934 |
|  |  | 139848188 |
| ***Germany – 1.43%*** | ***Germany – 1.43%*** | ***Germany – 1.43%*** |
| 91918 | Draegerwerk AG & <br> Co. KGaA<br>| 7311043 |
| 635249 | Springer Nature <br> AG & Co. KGaA<br>| 13472149 |
|  |  | 20783192 |
| ***Hong Kong – 4.98%*** | ***Hong Kong – 4.98%*** | ***Hong Kong – 4.98%*** |
| 2059500 | Dickson Concepts <br> International Ltd.<br>| 1641570 |
| 44855000 | First Pacific Co. <br> Ltd.<br>| 31347932 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 39010020 | PAX Global <br> Technology Ltd.<br>| $21392527 |
| 57168000 | Pico Far East <br> Holdings Ltd.<br>| 18145285 |
|  |  | 72527314 |
| ***Hungary – 2.08%*** | ***Hungary – 2.08%*** | ***Hungary – 2.08%*** |
| 4889778 | Magyar Telekom <br> Telecommunications <br> Plc<br>| 30361781 |
| ***Indonesia – 2.66%*** | ***Indonesia – 2.66%*** | ***Indonesia – 2.66%*** |
| 104054800 | Indofood Sukses <br> Makmur Tbk PT<br>| 38825321 |
| ***Ireland – 2.32%*** | ***Ireland – 2.32%*** | ***Ireland – 2.32%*** |
| 22809997 | C&C Group Plc<sup>(e)</sup> <br>| 33814272 |
| ***Israel – 1.45%*** | ***Israel – 1.45%*** | ***Israel – 1.45%*** |
| 191851 | Nice Ltd. – ADR<sup>(a)</sup> <br>| 21153491 |
| ***Japan – 9.06%*** | ***Japan – 9.06%*** | ***Japan – 9.06%*** |
| 1006300 | Futaba Corp. | 4082970 |
| 1503600 | H.U. Group <br> Holdings, Inc.<br>| 30586537 |
| 591000 | Kaken <br> Pharmaceutical Co. <br> Ltd.<br>| 15537165 |
| 538100 | Kissei <br> Pharmaceutical Co. <br> Ltd.<br>| 15996002 |
| 778900 | Koatsu Gas Kogyo <br> Co. Ltd.<br>| 5464133 |
| 1208544 | Komori Corp. | 11922590 |
| 2134800 | Medipal Holdings <br> Corp.<br>| 40085909 |
| 26200 | Mitsubishi Pencil <br> Co. Ltd.<br>| 386643 |
| 263000 | Pilot Corp. | 7871285 |
|  |  | 131933234 |
| ***Mexico – 7.64%*** | ***Mexico – 7.64%*** | ***Mexico – 7.64%*** |
| 16147760 | Bolsa Mexicana de <br> Valores SAB de CV<br>| 34164094 |
| 32000124 | Consorcio ARA <br> SAB de CV<br>| 8159380 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 27312306 | Fibra Uno <br> Administracion SA <br> de CV<br>| $44451262 |
| 2555224 | Qualitas <br> Controladora SAB <br> de CV<br>| 24525759 |
|  |  | 111300495 |
| ***Netherlands – 1.64%*** | ***Netherlands – 1.64%*** | ***Netherlands – 1.64%*** |
| 684940 | Aalberts NV | 23854173 |
| ***Slovenia – 3.20%*** | ***Slovenia – 3.20%*** | ***Slovenia – 3.20%*** |
| 406612 | Nova Ljubljanska <br> Banka – GDR<sup>(b)</sup> <br>| 19927259 |
| 543836 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 26652338 |
|  |  | 46579597 |
| ***South Korea – 4.27%*** | ***South Korea – 4.27%*** | ***South Korea – 4.27%*** |
| 160342 | Binggrae Co. Ltd. | 7595191 |
| 610300 | Hankook Tire & <br> Technology Co. <br> Ltd.<br>| 22465620 |
| 574659 | S-1 Corp. | 32153740 |
|  |  | 62214551 |
| ***Spain – 2.24%*** | ***Spain – 2.24%*** | ***Spain – 2.24%*** |
| 23955683 | Linea Directa <br> Aseguradora SA <br> Cia de Seguros y <br> Reaseguros<br>| 32617852 |
| ***Sweden – 1.52%*** | ***Sweden – 1.52%*** | ***Sweden – 1.52%*** |
| 295714 | Millicom <br> International <br> Cellular SA<br>| 22160807 |
| ***Switzerland – 4.14%*** | ***Switzerland – 4.14%*** | ***Switzerland – 4.14%*** |
| 17726 | Bystronic AG | 4656099 |
| 1696771 | Montana <br> Aerospace AG<sup>(a),(b)</sup> <br>| 55696557 |
|  |  | 60352656 |
| ***United Kingdom – 15.91%*** | ***United Kingdom – 15.91%*** | ***United Kingdom – 15.91%*** |
| 1055315 | Balfour Beatty Plc | 10684699 |
| 1411871 | Burberry Group <br> Plc<sup>(a)</sup> <br>| 20658646 |
| 12498539 | Card Factory Plc | 10504848 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 17894077 | Hays Plc | $7944937 |
| 26639429 | ITV Plc | 26942096 |
| 5660236 | J Sainsbury Plc | 25397504 |
| 7160845 | LSL Property <br> Services Plc<sup>(e)</sup> <br>| 21136153 |
| 2698942 | Mondi Plc | 30513232 |
| 4181975 | Moonpig Group <br> Plc<br>| 11596375 |
| 8355905 | Morgan Advanced <br> Materials Plc<br>| 22230352 |
| 6941203 | Pagegroup Plc | 12678580 |
| 1834498 | QinetiQ Group Plc | 11112019 |
| 1832362 | Travis Perkins Plc | 13703027 |
| 840523 | Yellow Cake <br> Plc<sup>(a),(b)</sup> <br>| 6731449 |
|  |  | 231833917 |
| ***United States – 3.67%*** | ***United States – 3.67%*** | ***United States – 3.67%*** |
| 458128 | Globant SA<sup>(a)</sup> <br>| 21124282 |
| 896463 | Kennametal, Inc. | 32389208 |
|  |  | 53513490 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,163,731,299) | **TOTAL COMMON STOCKS** <br>(Cost $1,163,731,299) | $1340435200 |
| **PREFERRED STOCKS – 4.51%** | **PREFERRED STOCKS – 4.51%** | **PREFERRED STOCKS – 4.51%** |
| ***Germany – 1.94%*** | ***Germany – 1.94%*** | ***Germany – 1.94%*** |
| 266095 | Draegerwerk AG & <br> Co. KGaA, <br> 2.503%<sup>(c)</sup> <br>| $28321454 |
| ***Spain – 2.57%*** | ***Spain – 2.57%*** | ***Spain – 2.57%*** |
| 4669548 | Grifols SA – <br> Class B – ADR, <br> 2.192%<sup>(c)</sup> <br>| 37449775 |
| **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $52,039,221) | **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $52,039,221) | $65771229 |
| **INVESTMENT COMPANIES – 1.51%** | **INVESTMENT COMPANIES – 1.51%** | **INVESTMENT COMPANIES – 1.51%** |
| ***Canada – 1.51%*** | ***Canada – 1.51%*** | ***Canada – 1.51%*** |
| 1090919 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $22036391 |
| **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $18,296,923) | **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $18,296,923) | $22036391 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.38%** | **SHORT-TERM INVESTMENTS – 1.38%** | **SHORT-TERM INVESTMENTS – 1.38%** |
| ***Money Market Funds — 1.38%*** | ***Money Market Funds — 1.38%*** | ***Money Market Funds — 1.38%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(d)</sup> | 20048117 | $20048117 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $20,048,117)<br>|  | $20048117 |
| **Total Investments** <br>**(Cost $1,254,115,560) – 99.41%**<br>|  | **$1448290937** |
| **Other Assets in Excess of Liabilities – 0.59%** |  | **8545676** |
| **TOTAL NET ASSETS – 100.00%** |  | **$1456836613** |

---

------

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $82,355,265 which
 represented 5.65% of the net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the annualized seven day yield as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Affiliated issuer. The following issuers were affiliated with the International Small
 Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
 voting securities of the following issuers as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value At** <br>**March 31,** <br>**2025**<br>| **Purchases** | **Sales Proceeds** | **Realized** <br>**Gain/(Loss)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value At** <br>**March 31, 2026**<br>| **Dividend** <br>**Income**<br>|
| C&C Group Plc | $22991426 | $17931959 | $— | $— | $(7109113)<br>| $33814272 | $1385473 |
| LSL Property Services Plc | 13171370 | 12605585 |  |  | (4640803)<br>| 21136152 | 722601 |
|  | $36162796 | $30537544 | $— | $— | $(11749916)<br>| $54950424 | $2108074 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 12.45<br> %<br>|
| Automobile Components | 1.54<br> %<br>|
| Banks | 4.38<br> %<br>|
| Beverages | 2.82<br> %<br>|
| Capital Markets | 2.35<br> %<br>|
| Chemicals | 0.37<br> %<br>|
| Commercial Services & Supplies | 5.10<br> %<br>|
| Construction & Engineering | 0.73<br> %<br>|
| Consumer Staples Distribution & Retail | 3.49<br> %<br>|
| Containers & Packaging | 1.69<br> %<br>|
| Diversified Real Estate Investment Trusts | 3.05<br> %<br>|
| Diversified Telecommunication Services | 2.08<br> %<br>|
| Electrical Equipment | 0.28<br> %<br>|
| Electronic Equipment, Instruments & Components | 1.47<br> %<br>|
| Energy Equipment & Services | 1.71<br> %<br>|
| Food Products | 5.98<br> %<br>|
| Health Care Equipment & Supplies | 0.50<br> %<br>|
| Health Care Providers & Services | 4.85<br> %<br>|
| Hotels, Restaurants & Leisure | 1.53<br> %<br>|
| Household Durables | 0.66<br> %<br>|
| Insurance | 3.92<br> %<br>|
| IT Services | 1.45<br> %<br>|
| Machinery | 6.53<br> %<br>|
| Media | 4.03<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.46<br> %<br>|
| Paper & Forest Products | 3.34<br> %<br>|
| Personal Care Products | 1.15<br> %<br>|
| Pharmaceuticals | 2.33<br> %<br>|
| Professional Services | 1.42<br> %<br>|
| Real Estate Management & Development | 1.45<br> %<br>|
| Software | 3.39<br> %<br>|
| Specialty Retail | 1.63<br> %<br>|
| Textiles, Apparel & Luxury Goods | 1.42<br> %<br>|
| Trading Companies & Distributors | 0.94<br> %<br>|
| Wireless Telecommunication Services | 1.52<br> %<br>|
| **TOTAL COMMON STOCKS** | 92.01<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 2.57<br> %<br>|
| Health Care Equipment & Supplies | 1.94<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 4.51<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Trading Companies & Distributors | 1.51<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 1.51<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2026 (continued)**

------

---

| | |
|:---|:---|
| **SHORT-TERM INVESTMENTS** | 1.38<br> %<br>|
| **TOTAL INVESTMENTS** | 99.41<br> %<br>|
| Other Assets in Excess of Liabilities | 0.59<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

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.

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 94.98%** | **COMMON STOCKS – 94.98%** | **COMMON STOCKS – 94.98%** |
| ***Aerospace & Defense – 11.46%*** | ***Aerospace & Defense – 11.46%*** | ***Aerospace & Defense – 11.46%*** |
| 190863 | CAE, Inc.<sup>(a)</sup> <br>| $4971981 |
| 167786 | Hexcel Corp. | 13578921 |
| 55406 | Moog, Inc. – Class A | 16214012 |
| 668172 | Park Aerospace Corp. | 18294549 |
|  |  | 53059463 |
| ***Banks – 0.94%*** | ***Banks – 0.94%*** | ***Banks – 0.94%*** |
| 64963 | Eagle Bancorp <br> Montana, Inc.<br>| 1336939 |
| 82359 | National Bankshares, <br> Inc.<br>| 2998691 |
|  |  | 4335630 |
| ***Beverages – 2.71%*** | ***Beverages – 2.71%*** | ***Beverages – 2.71%*** |
| 291182 | Molson Coors <br> Beverage Co. – Class B<br>| 12538297 |
| ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** |
| 11508 | PDL BioPharma, <br> Inc.<sup>(a),(b)</sup> <br>| — <br><sup>(c)</sup><br>|
| ***Chemicals – 4.97%*** | ***Chemicals – 4.97%*** | ***Chemicals – 4.97%*** |
| 162470 | Minerals Technologies, <br> Inc.<br>| 11522372 |
| 188983 | Scotts Miracle-Gro Co. | 11492056 |
|  |  | 23014428 |
| ***Commercial Services & Supplies – 2.82%*** | ***Commercial Services & Supplies – 2.82%*** | ***Commercial Services & Supplies – 2.82%*** |
| 24232 | Brady Corp. – Class A | 1968607 |
| 44081 | UniFirst Corp. | 11090339 |
|  |  | 13058946 |
| ***Communications Equipment – 2.03%*** | ***Communications Equipment – 2.03%*** | ***Communications Equipment – 2.03%*** |
| 429566 | NETGEAR, Inc.<sup>(a)</sup> <br>| 9381721 |
| ***Construction & Engineering – 3.13%*** | ***Construction & Engineering – 3.13%*** | ***Construction & Engineering – 3.13%*** |
| 1330306 | Orion Group Holdings, <br> Inc.<sup>(a)</sup> <br>| 14500335 |
| ***Consumer Staples Distribution & Retail –*** <br> ***3.90%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.90%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.90%*** |
| 201021 | Ingles Markets, Inc. – <br> Class A<br>| 18069778 |
| ***Containers & Packaging – 3.97%*** | ***Containers & Packaging – 3.97%*** | ***Containers & Packaging – 3.97%*** |
| 173273 | Sonoco Products Co. | 9372336 |
| 277908 | Winpak Ltd. | 9017876 |
|  |  | 18390212 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Electronic Equipment, Instruments &*** <br> ***Components – 3.76%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 3.76%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 3.76%*** |
| 1223223 | Arlo Technologies, <br> Inc.<sup>(a)</sup> <br>| $17406463 |
| ***Energy Equipment & Services – 3.84%*** | ***Energy Equipment & Services – 3.84%*** | ***Energy Equipment & Services – 3.84%*** |
| 727765 | Innovex International, <br> Inc.<sup>(a)</sup> <br>| 17750188 |
| ***Food Products – 3.66%*** | ***Food Products – 3.66%*** | ***Food Products – 3.66%*** |
| 60260 | Ingredion, Inc. | 6788892 |
| 239852 | Lamb Weston <br> Holdings, Inc.<br>| 10136145 |
|  |  | 16925037 |
| ***Health Care Equipment & Supplies – 3.25%*** | ***Health Care Equipment & Supplies – 3.25%*** | ***Health Care Equipment & Supplies – 3.25%*** |
| 484761 | LENSAR, Inc.<sup>(a)</sup> <br>| 2889176 |
| 196402 | Utah Medical Products, <br> Inc.<sup>(f)</sup> <br>| 12174960 |
|  |  | 15064136 |
| ***Hotels, Restaurants & Leisure – 2.86%*** | ***Hotels, Restaurants & Leisure – 2.86%*** | ***Hotels, Restaurants & Leisure – 2.86%*** |
| 408650 | Papa John's <br> International, Inc.<br>| 13244347 |
| ***Household Durables – 3.33%*** | ***Household Durables – 3.33%*** | ***Household Durables – 3.33%*** |
| 164960 | Dorel Industries, Inc. – <br> Class B<sup>(a)</sup> <br>| 220563 |
| 154351 | Mohawk Industries, <br> Inc.<sup>(a)</sup> <br>| 15197400 |
|  |  | 15417963 |
| ***Household Products – 0.62%*** | ***Household Products – 0.62%*** | ***Household Products – 0.62%*** |
| 87944 | Central Garden & Pet <br> Co. – Class A<sup>(a)</sup> <br>| 2851144 |
| ***IT Services – 3.75%*** | ***IT Services – 3.75%*** | ***IT Services – 3.75%*** |
| 153493 | Amdocs Ltd. | 10016953 |
| 158997 | Globant SA<sup>(a)</sup> <br>| 7331352 |
|  |  | 17348305 |
| ***Leisure Products – 2.42%*** | ***Leisure Products – 2.42%*** | ***Leisure Products – 2.42%*** |
| 1199006 | American Outdoor <br> Brands, Inc.<sup>(a),(f)</sup> <br>| 11198716 |
| ***Machinery – 12.44%*** | ***Machinery – 12.44%*** | ***Machinery – 12.44%*** |
| 199676 | Graham Corp.<sup>(a)</sup> <br>| 15758430 |
| 224861 | Hurco Companies, <br> Inc.<sup>(a)</sup> <br>| 3307706 |
| 476454 | Kennametal, Inc. | 17214283 |

---

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 399688 | L.B. Foster Co. – <br> Class A<sup>(a)</sup> <br>| $11151295 |
| 100630 | Timken Co. | 10120359 |
|  |  | 57552073 |
| ***Oil, Gas & Consumable Fuels – 2.11%*** | ***Oil, Gas & Consumable Fuels – 2.11%*** | ***Oil, Gas & Consumable Fuels – 2.11%*** |
| 422787 | World Kinect Corp. | 9753696 |
| ***Paper & Forest Products – 0.80%*** | ***Paper & Forest Products – 0.80%*** | ***Paper & Forest Products – 0.80%*** |
| 374967 | Canfor Corp.<sup>(a)</sup> <br>| 3698187 |
| ***Personal Care Products – 4.00%*** | ***Personal Care Products – 4.00%*** | ***Personal Care Products – 4.00%*** |
| 868328 | Edgewell Personal <br> Care Co.<br>| 18530120 |
| ***Pharmaceuticals – 5.13%*** | ***Pharmaceuticals – 5.13%*** | ***Pharmaceuticals – 5.13%*** |
| 363614 | Elanco Animal Health, <br> Inc.<sup>(a)</sup> <br>| 8701283 |
| 253661 | Prestige Consumer <br> Healthcare, Inc.<sup>(a)</sup> <br>| 15034487 |
|  |  | 23735770 |
| ***Professional Services – 0.69%*** | ***Professional Services – 0.69%*** | ***Professional Services – 0.69%*** |
| 853474 | Resources Connection, <br> Inc.<br>| 3183458 |
| ***Software – 2.71%*** | ***Software – 2.71%*** | ***Software – 2.71%*** |
| 45855 | Nice Ltd. – ADR<sup>(a)</sup> <br>| 5055972 |
| 336339 | Open Text Corp. | 7480180 |
|  |  | 12536152 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Textiles, Apparel & Luxury Goods – 1.52%*** | ***Textiles, Apparel & Luxury Goods – 1.52%*** | ***Textiles, Apparel & Luxury Goods – 1.52%*** |
| 287154 | Movado Group, Inc. | $7012301 |
| ***Trading Companies & Distributors – 2.16%*** | ***Trading Companies & Distributors – 2.16%*** | ***Trading Companies & Distributors – 2.16%*** |
| 108360 | MSC Industrial Direct <br> Co., Inc. – Class A<br>| 9998377 |
| **TOTAL COMMON STOCKS** <br>(Cost $390,030,315) | **TOTAL COMMON STOCKS** <br>(Cost $390,030,315) | $439555243 |
| **PREFERRED STOCKS – 2.28%** | **PREFERRED STOCKS – 2.28%** | **PREFERRED STOCKS – 2.28%** |
| ***Biotechnology – 2.28%*** | ***Biotechnology – 2.28%*** | ***Biotechnology – 2.28%*** |
| 1318045 | Grifols SA – Class B – <br> ADR, 2.192%<sup>(d)</sup> <br>| $10570721 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $11,264,824) | **TOTAL PREFERRED STOCKS** <br>(Cost $11,264,824) | $10570721 |
| **INVESTMENT COMPANIES – 0.88%** | **INVESTMENT COMPANIES – 0.88%** | **INVESTMENT COMPANIES – 0.88%** |
| ***Trading Companies & Distributors – 0.88%*** | ***Trading Companies & Distributors – 0.88%*** | ***Trading Companies & Distributors – 0.88%*** |
| 201504 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $4070349 |
| **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $3,614,217) | **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $3,614,217) | $4070349 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.73%** | **SHORT-TERM INVESTMENTS – 1.73%** | **SHORT-TERM INVESTMENTS – 1.73%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%, <sup>(e)</sup> | 8011580 | $8011580 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $8,011,580)<br>|  | $8011580 |
| **Total Investments (Cost $412,920,936) – 99.87%** |  | **$462207893** |
| **Other Assets in Excess of Liabilities – 0.13%** |  | **606723** |
| **TOTAL NET ASSETS – 100.00%** |  | **$462814616** |

---

------

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is valued using significant unobservable inputs and is classified as Level
 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Value rounds to less than one.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of March 31, 2026.

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(f) Affiliated issuer. The following issuers were affiliated with the Small Cap Value
 Fund as defined in Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
 voting securities of the following issuers as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Value At** <br>**March 31,** <br>**2025**<br>| **Purchases** | **Sales Proceeds** | **Realized** <br>**Gain/(Loss)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value At** <br>**March 31, 2026**<br>| **Dividend** <br>**Income**<br>|
| American Outdoor Brands, <br> Inc.<br>| $3757124 | $7636607 | $(104391)<br>| $(61497)<br>| $(29127)<br>| $11198716 | $— |
| Utah Medical Products, Inc. | 3774182 | 8069999 | (296058)<br>| (84972)<br>| 711809 | 12174960 | 148093 |
|  | $7531306 | $15706606 | $(400449)<br>| $(146469)<br>| $682682 | $23373676 | $148093 |

---

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2026** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Canada | 5.50<br> %<br>|
| Israel | 1.09<br> %<br>|
| United States | 88.39<br> %<br>|
| **TOTAL COMMON STOCKS** | 94.98<br> %<br>|
| **PREFERRED STOCKS** |  |
| Spain | 2.28<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.28<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Canada | 0.88<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 0.88<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 1.73<br> %<br>|
| **TOTAL INVESTMENTS** | 99.87<br> %<br>|
| Other Assets in Excess of Liabilities | 0.13<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

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.

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 8.56%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 8.56%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 8.56%** |
| ***Federal Home Loan Mortgage Corporation – 2.90%*** | ***Federal Home Loan Mortgage Corporation – 2.90%*** | ***Federal Home Loan Mortgage Corporation – 2.90%*** |
| Pool A9-3505 4.500%, 8/1/2040 | 33500 | $33195 |
| Pool G0-6018 6.500%, 4/1/2039 | 7984 | 8452 |
| Pool G1-8578 3.000%, 12/1/2030 | 243459 | 238064 |
| Pool SD-2873 3.000%, 1/1/2052 | 1881293 | 1676845 |
| Pool SD-8001 3.500%, 7/1/2049 | 162775 | 150935 |
| Pool SD-8003 4.000%, 7/1/2049 | 161732 | 154756 |
|  |  | 2262247 |
| ***Federal National Mortgage Association – 5.66%*** | ***Federal National Mortgage Association – 5.66%*** | ***Federal National Mortgage Association – 5.66%*** |
| Pool 934124 5.500%, 7/1/2038 | 30774 | 31626 |
| Pool AL9865 3.000%, 2/1/2047 | 548801 | 493239 |
| Pool AS6201 3.500%, 11/1/2045 | 105426 | 98994 |
| Pool BJ2553 3.500%, 12/1/2047 | 188264 | 175495 |
| Pool BN6683 3.500%, 6/1/2049 | 281856 | 261353 |
| Pool BZ6304 4.020%, 1/1/2031 | 1160000 | 1147482 |
| Pool BZ6433 4.580%, 3/1/2036 | 1235000 | 1230663 |
| Pool CA0483 3.500%, 10/1/2047 | 549265 | 512442 |
| Pool CA1624 3.000%, 4/1/2033 | 267417 | 259436 |
| Pool MA0918 4.000%, 12/1/2041 | 81108 | 78314 |
| Pool MA3687 4.000%, 6/1/2049 | 129651 | 122803 |
| Pool MA3695 3.000%, 7/1/2034 | 3503 | 3377 |
|  |  | 4415224 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $6,649,315)<br>|  | $6677471 |
| **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 6.644%, <br> 10/25/2036<sup>(a)</sup><br>| 193 | $182 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $190)<br>|  | $182 |
| **US GOVERNMENTS – 52.78%** | **US GOVERNMENTS – 52.78%** | **US GOVERNMENTS – 52.78%** |
| ***Sovereign Government – 52.78%*** | ***Sovereign Government – 52.78%*** | ***Sovereign Government – 52.78%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 6600497 | $6836155 |
| 3.500%, 2/15/2039 | 832289 | 750881 |
| 3.750%, 11/15/2043 | 7586874 | 6573908 |
| 3.000%, 5/15/2047 | 7579223 | 5632902 |
| 4.750%, 5/15/2055 | 650000 | 632912 |
|  |  | 20426758 |
| United States Treasury Note  | United States Treasury Note  | United States Treasury Note  |
| 2.250%, 2/15/2027 | 2532255 | 2499387 |
| 2.375%, 5/15/2029 | 10011090 | 9584837 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 1.625%, 5/15/2031 | 5951124 | $5307426 |
| 4.375%, 5/15/2034 | 3325000 | 3360068 |
|  |  | 20751718 |
| **TOTAL US GOVERNMENTS** <br>(Cost $41,263,524)<br>|  | $41178476 |
| **CORPORATE BONDS – 31.53%** | **CORPORATE BONDS – 31.53%** | **CORPORATE BONDS – 31.53%** |
| ***Automotive – 1.69%*** | ***Automotive – 1.69%*** | ***Automotive – 1.69%*** |
| Ford Motor Credit Co. LLC <br>2.700%, 8/10/2026<br>| 1328842 | $1319030 |
| ***Banking – 6.82%*** | ***Banking – 6.82%*** | ***Banking – 6.82%*** |
| Bank of America Corp. <br>5.162% (U.S. SOFR + 1.000%), 1/24/2031<sup>(b)</sup><br>| 800000 | 815242 |
| Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), 2/15/2030<sup>(c)</sup><br>| 1115000 | 1123280 |
| Fifth Third Bancorp <br>8.250%, 3/1/2038<br>| 380381 | 457285 |
| JPMorgan Chase & Co. <br>5.140% (U.S. SOFR + 1.010%), 1/24/2031<sup>(b)</sup><br>| 800000 | 814641 |
| PNC Financial Services Group, Inc. <br>4.075% (U.S. SOFR + 0.610%), 1/26/2029<sup>(b)</sup><br>| 825000 | 820647 |
| USB Capital IX <br>4.954% (CME Term SOFR 3M + 1.282%, minimum of 4.954%), <br> 5/1/2026<sup>(b)</sup><br>| 1629060 | 1292808 |
|  |  | 5323903 |
| ***Biotechnology & Pharmaceuticals – 2.06%*** | ***Biotechnology & Pharmaceuticals – 2.06%*** | ***Biotechnology & Pharmaceuticals – 2.06%*** |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(d)</sup><br>| 1655000 | 1605935 |
| ***Commercial Support Services – 0.07%*** | ***Commercial Support Services – 0.07%*** | ***Commercial Support Services – 0.07%*** |
| Prime Security Services Borrower LLC/Prime Finance, Inc. <br>5.750%, 4/15/2026<sup>(d)</sup><br>| 54223 | 54291 |
| ***Containers & Packaging – 0.76%*** | ***Containers & Packaging – 0.76%*** | ***Containers & Packaging – 0.76%*** |
| Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(d)</sup><br>| 594612 | 593124 |
| ***Electric Utilities – 1.10%*** | ***Electric Utilities – 1.10%*** | ***Electric Utilities – 1.10%*** |
| American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(d)</sup><br>| 677534 | 607054 |
| Commonwealth Edison Co. <br>5.900%, 3/15/2036<br>| 237766 | 252462 |
|  |  | 859516 |
| ***Entertainment Content – 3.96%*** | ***Entertainment Content – 3.96%*** | ***Entertainment Content – 3.96%*** |
| Netflix, Inc. <br>4.375%, 11/15/2026<br>| 336608 | 337111 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 8.000%, 8/15/2028<sup>(d)</sup> | 965000 | $979467 |
| 8.500%, 7/31/2031<sup>(d)</sup> | 1765000 | 1773613 |
|  |  | 3090191 |
| ***Food – 1.21%*** | ***Food – 1.21%*** | ***Food – 1.21%*** |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 986533 | 942352 |
| ***Institutional Financial Services – 2.78%*** | ***Institutional Financial Services – 2.78%*** | ***Institutional Financial Services – 2.78%*** |
| Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  |
| 3.800%, (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(c)</sup> | 1363842 | 1356618 |
| 5.049%, (U.S. SOFR + 1.210%), 7/23/2030<sup>(b)</sup> | 800000 | 809638 |
|  |  | 2166256 |
| ***Internet Media & Services – 2.70%*** | ***Internet Media & Services – 2.70%*** | ***Internet Media & Services – 2.70%*** |
| Alphabet, Inc. <br>4.100%, 2/15/2031<br>| 815000 | 809337 |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 150307 | 148274 |
| 3.250%, 2/15/2030 | 796151 | 752315 |
| Meta Platforms, Inc. <br>4.950%, 5/15/2033<br>| 395456 | 398808 |
|  |  | 2108734 |
| ***IT Services – 1.54%*** | ***IT Services – 1.54%*** | ***IT Services – 1.54%*** |
| Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(d)</sup><br>| 1205000 | 1203553 |
| ***Leisure Facilities & Services – 2.74%*** | ***Leisure Facilities & Services – 2.74%*** | ***Leisure Facilities & Services – 2.74%*** |
| Sabre GLBL, Inc. <br>11.125%, 7/15/2030<sup>(d)</sup><br>| 1275000 | 1082169 |
| Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(d)</sup><br>| 1056839 | 1057735 |
|  |  | 2139904 |
| ***Oil & Gas Supply Chain – 0.64%*** | ***Oil & Gas Supply Chain – 0.64%*** | ***Oil & Gas Supply Chain – 0.64%*** |
| Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(d)</sup><br>| 516689 | 496506 |
| ***Publishing & Broadcasting – 1.22%*** | ***Publishing & Broadcasting – 1.22%*** | ***Publishing & Broadcasting – 1.22%*** |
| Gray Media, Inc. <br>9.625%, 7/15/2032<sup>(d)</sup><br>| 950000 | 949940 |
| ***Real Estate Investment Trusts – 1.14%*** | ***Real Estate Investment Trusts – 1.14%*** | ***Real Estate Investment Trusts – 1.14%*** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.875%, 9/15/2027<sup>(d)</sup> | 852228 | 850583 |
| 4.875%, 9/15/2027 | 38767 | 38692 |
|  |  | 889275 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Retail - Discretionary – 0.85%*** | ***Retail - Discretionary – 0.85%*** | ***Retail - Discretionary – 0.85%*** |
| Kohl's Corp. <br>10.000%, 6/1/2030<sup>(d)</sup><br>| 630000 | $666176 |
| ***Telecommunications – 0.25%*** | ***Telecommunications – 0.25%*** | ***Telecommunications – 0.25%*** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC <br>5.152%, 3/20/2028<sup>(d)</sup><br>| 195537 | 196503 |
| **TOTAL CORPORATE BONDS** <br>(Cost $24,686,353)<br>|  | $24605189 |
| **FOREIGN ISSUER BONDS – 3.91%** | **FOREIGN ISSUER BONDS – 3.91%** | **FOREIGN ISSUER BONDS – 3.91%** |
| ***Chemicals – 1.05%*** | ***Chemicals – 1.05%*** | ***Chemicals – 1.05%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 283229 | $281466 |
| 5.250%, 12/15/2029 | 541689 | 536287 |
|  |  | 817753 |
| ***Oil, Gas Services & Equipment – 1.00%*** | ***Oil, Gas Services & Equipment – 1.00%*** | ***Oil, Gas Services & Equipment – 1.00%*** |
| Transocean International Ltd. <br>8.750%, 2/15/2030<sup>(d)</sup><br>| 750721 | 780895 |
| ***Telecommunications – 1.86%*** | ***Telecommunications – 1.86%*** | ***Telecommunications – 1.86%*** |
| Fibercop SpA <br>6.375%, 11/15/2033<sup>(d)</sup><br>| 1278000 | 1262817 |
| Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 182302 | 190452 |
|  |  | 1453269 |
| **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $3,064,700)<br>|  | $3051917 |
| **ASSET BACKED SECURITIES – 0.79%** | **ASSET BACKED SECURITIES – 0.79%** | **ASSET BACKED SECURITIES – 0.79%** |
| ***Specialty Finance – 0.79%*** | ***Specialty Finance – 0.79%*** | ***Specialty Finance – 0.79%*** |
| SLM Private Credit Student Loan Trust Series 2004-B, 4.366%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(b)</sup><br>| 164051 | $162441 |
| SLM Private Credit Student Loan Trust Series 2005-A, 4.246%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(b)</sup><br>| 136724 | 135532 |
| SLM Private Credit Student Loan Trust Series 2006-A, 4.226%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(b)</sup><br>| 245285 | 239107 |
| SLM Private Credit Student Loan Trust Series 2007-A, 4.176%, (CME <br> Term SOFR 3M + 0.502%), 12/16/2041<sup>(b)</sup><br>| 79382 | 78347 |
| **TOTAL ASSET BACKED SECURITIES** <br>(Cost $593,080)<br>|  | $615427 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.38%** | **SHORT-TERM INVESTMENTS – 2.38%** | **SHORT-TERM INVESTMENTS – 2.38%** |
| ***Money Market Funds – 2.38%*** | ***Money Market Funds – 2.38%*** | ***Money Market Funds – 2.38%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(e)</sup> | 1856345 | $1856345 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,856,345)<br>|  | $1856345 |
| **Total Investments (Cost $78,113,507) – 99.95%** |  | **$77985007** |
| **Other Assets in Excess of Liabilities – 0.05%** |  | **36609** |
| **Total Net Assets – 100.00%** |  | **$78021616** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| 3M 3 Month |
| 5Y 5 Year |
| CME Chicago Mercantile Exchange |
| CMT Constant Maturity Treasury |
| LLC Limited Liability Company |
| LP Limited Partnership |
| SOFR Secured Overnight Financing Rate |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The coupon is based on a reference index and spread index.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security issued at a fixed rate for a specified period of time, after which it will
 convert to a variable rate.

&nbsp;&nbsp;&nbsp;&nbsp;(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 $14,160,361 which
 represented 18.15% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of March 31, 2026.

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.

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

**STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
|  | **Brandes** <br>**International** <br>**Equity Fund**<br>| **Brandes** <br>**Global** <br>**Equity Fund**<br>|
| **ASSETS** |  |  |
| Investments in securities, at value<sup>(1)</sup> | &nbsp;&nbsp; $2506816342 | &nbsp;&nbsp;&nbsp;&nbsp; $83554187 |
| Foreign currency<sup>(1)</sup> | &nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 9865 |
| Receivables: |  |  |
| Securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50060 |
| Fund shares sold | &nbsp;&nbsp; 4515824 | &nbsp;&nbsp;&nbsp;&nbsp; 9976 |
| Dividends and interest | &nbsp;&nbsp; 7345981 | &nbsp;&nbsp;&nbsp;&nbsp; 161555 |
| Tax reclaims | &nbsp;&nbsp; 4592824 | &nbsp;&nbsp;&nbsp;&nbsp; 114767 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 142025 | &nbsp;&nbsp;&nbsp;&nbsp; 36914 |
| Total Assets | &nbsp;&nbsp; 2523413709 | &nbsp;&nbsp;&nbsp;&nbsp; 83937324 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Securities purchased | &nbsp;&nbsp; 15826483 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp; 1156090 | &nbsp;&nbsp;&nbsp;&nbsp; 14441 |
| Overdraft payable | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12b-1 fee | &nbsp;&nbsp; 45043 | &nbsp;&nbsp;&nbsp;&nbsp; 1532 |
| Trustee fees | &nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Custodian fee | &nbsp;&nbsp; 34759 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign capital gains taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued expenses | &nbsp;&nbsp; 439860 | &nbsp;&nbsp;&nbsp;&nbsp; 37358 |
| Due to Advisor | &nbsp;&nbsp; 1572369 | &nbsp;&nbsp;&nbsp;&nbsp; 57082 |
| Total Liabilities | &nbsp;&nbsp; 19075140 | &nbsp;&nbsp;&nbsp;&nbsp; 110431 |
| **NET ASSETS** | &nbsp;&nbsp; $2504338569 | &nbsp;&nbsp;&nbsp;&nbsp; $83826893 |
| **COMPONENTS OF NET ASSETS** |  |  |
| Paid in capital | &nbsp;&nbsp; $2093017906 | &nbsp;&nbsp;&nbsp;&nbsp; $62795688 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 411320663 | &nbsp;&nbsp;&nbsp;&nbsp; 21031205 |
| Total Net Assets | &nbsp;&nbsp; $2504338569 | &nbsp;&nbsp;&nbsp;&nbsp; $83826893 |
| **Net asset value, offering price and redemption proceeds per share** |  |  |
| ***Class A Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $179098076 | &nbsp;&nbsp;&nbsp;&nbsp; $3629192 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 6451412 | &nbsp;&nbsp;&nbsp;&nbsp; 107691 |
| Offering and redemption price | &nbsp;&nbsp; $27.76 | &nbsp;&nbsp;&nbsp;&nbsp; $33.70 |
| Maximum offering price per share\* | &nbsp;&nbsp; $29.45 | &nbsp;&nbsp;&nbsp;&nbsp; $35.76 |
| ***Class C Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $11834315 | &nbsp;&nbsp;&nbsp;&nbsp; $1207342 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 436920 | &nbsp;&nbsp;&nbsp;&nbsp; 36614 |
| Offering and redemption price | &nbsp;&nbsp; $27.09 | &nbsp;&nbsp;&nbsp;&nbsp; $32.97 |
| ***Class I Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $2083150676 | &nbsp;&nbsp;&nbsp;&nbsp; $78990359 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 74122963 | &nbsp;&nbsp;&nbsp;&nbsp; 2301455 |
| Offering and redemption price | &nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp;&nbsp; $34.32 |
| ***Class R6 Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $230255502 | &nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 8111330 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Offering and redemption price | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| <sup>(1)</sup>Cost of: |  |  |
| Investments in securities | &nbsp;&nbsp; 2235588403 | &nbsp;&nbsp;&nbsp;&nbsp; 66842111 |
| Foreign currency | &nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp;&nbsp; 9865 |

---

------

<sup>\*</sup> Includes a sales load of 5.75% for the International, Global, Emerging Markets, International Small Cap, and Small Cap Value Funds and 3.75% for the Core Plus Fund. (see Note 7 of the Notes to Financial Statements) 

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2026 (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
| **Brandes** <br>**Emerging** <br>**Markets** <br>**Value Fund**<br>| **Brandes** <br>**International** <br>**Small Cap** <br>**Equity Fund**<br>| **Brandes** <br>**Small Cap** <br>**Value Fund**<br>| **Brandes** <br>**Core Plus** <br>**Fixed** <br>**Income** <br>**Fund**<br>|
| $1123113050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1448290937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $462207893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77985007 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4866663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 1187615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343631 |
| 2174633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815049 |
| 497040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 99300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50648 |
| 1127071638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1460741861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463981226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79194335 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 704918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189421 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602540 |
| 51187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| 27773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| 1379056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321094 |
| 214778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34756 |
| 919910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23998 |
| 3297862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3905248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172719 |
| $1123773776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1456836613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $462814616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78021616 |
| $1162209996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1165323463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $403525534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83307635 |
| (38436220)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291513150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59289082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5286019)<br>|
| $1123773776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1456836613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $462814616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $78021616 |
| $221827496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $167871570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60233442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $685861 |
| 17365159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6510717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2828975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82689 |
| $12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.29 |
| $13.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.61 |
| $5199747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12484763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| 412356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| $12.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| $864980963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1263631038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $386324693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $69944575 |
| 67137976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48601553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17817320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8351576 |
| $12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.38 |
| $31765570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12849242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16256481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7391180 |
| 2441239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882611 |
| $13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.37 |
| 896277974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254115560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412920936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78113507 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

*See Notes to Financial Statements.*

------

**STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
|  | **Brandes** <br>**International** <br>**Equity Fund**<br>| **Brandes** <br>**Global** <br>**Equity Fund**<br>|
| **INVESTMENT INCOME** |  |  |
| **Income** |  |  |
| Dividend income | &nbsp;&nbsp; $68295275 | &nbsp;&nbsp;&nbsp;&nbsp; $1941681 |
| Dividend income from affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (6438867)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115342)<br>|
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Income from securities lending (net of any rebates or fees paid to <br> borrowers)<br>| &nbsp;&nbsp; 82918 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| Total Income | &nbsp;&nbsp; 61939326 | &nbsp;&nbsp;&nbsp;&nbsp; 1828630 |
| **Expenses** |  |  |
| Advisory fees (Note 3) | &nbsp;&nbsp; 14468543 | &nbsp;&nbsp;&nbsp;&nbsp; 539297 |
| Custody fees (Note 3) | &nbsp;&nbsp; 212764 | &nbsp;&nbsp;&nbsp;&nbsp; 8419 |
| Administration fees (Note 3) | &nbsp;&nbsp; 277709 | &nbsp;&nbsp;&nbsp;&nbsp; 22701 |
| Insurance expense | &nbsp;&nbsp; 41612 | &nbsp;&nbsp;&nbsp;&nbsp; 1926 |
| Legal fees | &nbsp;&nbsp; 120030 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| Printing fees | &nbsp;&nbsp; 72186 | &nbsp;&nbsp;&nbsp;&nbsp; 4332 |
| Miscellaneous | &nbsp;&nbsp; 100365 | &nbsp;&nbsp;&nbsp;&nbsp; 19689 |
| Registration expense | &nbsp;&nbsp; 170094 | &nbsp;&nbsp;&nbsp;&nbsp; 50631 |
| Trustees fees | &nbsp;&nbsp; 65662 | &nbsp;&nbsp;&nbsp;&nbsp; 2359 |
| Compliance and Financial Officer Services fees (Note 3) | &nbsp;&nbsp; 35645 | &nbsp;&nbsp;&nbsp;&nbsp; 35225 |
| Transfer agent fees (Note 3) | &nbsp;&nbsp; 268551 | &nbsp;&nbsp;&nbsp;&nbsp; 12729 |
| 12b-1 fees – Class A (Note 3) | &nbsp;&nbsp; 346966 | &nbsp;&nbsp;&nbsp;&nbsp; 6887 |
| 12b-1 fees – Class C (Note 3) | &nbsp;&nbsp; 64593 | &nbsp;&nbsp;&nbsp;&nbsp; 5857 |
| Shareholder Service fees – Class C (Note 3) | &nbsp;&nbsp; 10190 | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |
| Sub-Transfer Agency fees – Class I (Note 3) | &nbsp;&nbsp; 665375 | &nbsp;&nbsp;&nbsp;&nbsp; 26379 |
| Audit & Tax fees | &nbsp;&nbsp; 32269 | &nbsp;&nbsp;&nbsp;&nbsp; 30359 |
| Expenses recouped (Note 3) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 16952554 | &nbsp;&nbsp;&nbsp;&nbsp; 772376 |
| Expenses waived/reimbursed by Advisor (Note 3) | &nbsp;&nbsp; (300534)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (82736)<br>|
| Advisory fees waived (Note 3) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 16652020 | &nbsp;&nbsp;&nbsp;&nbsp; 689640 |
| **Net investment income** | &nbsp;&nbsp; 45287306 | &nbsp;&nbsp;&nbsp;&nbsp; 1138990 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain (loss) on: |  |  |
| Unaffiliated investments (net of foreign capital gains taxes <br> (refunded)/paid of $0, $0, $(126799), $0, $0 and $0, respectively)<br>| &nbsp;&nbsp; 220310022 | &nbsp;&nbsp;&nbsp;&nbsp; 8573853 |
| Affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; (714816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3577 |
| Net realized gain (loss) | &nbsp;&nbsp; 219595206 | &nbsp;&nbsp;&nbsp;&nbsp; 8577430 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Unaffiliated investments (net change in deferred foreign capital gains <br> taxes of $1,379,056 for the Emerging Markets Fund)<br>| &nbsp;&nbsp; 174522295 | &nbsp;&nbsp;&nbsp;&nbsp; 3144252 |
| Affiliated investments | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp; 314063 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 174836358 | &nbsp;&nbsp;&nbsp;&nbsp; 3149518 |
| **Net realized and unrealized gain (loss) on investments and** <br> **foreign currency transactions**<br>| &nbsp;&nbsp; 394431564 | &nbsp;&nbsp;&nbsp;&nbsp; 11726948 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $439718870 | &nbsp;&nbsp;&nbsp;&nbsp; $12865938 |

---

*See Notes to Financial Statements.*

------

**STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2026 (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
| **Brandes** <br>**Emerging** <br>**Markets** <br>**Value Fund**<br>| **Brandes** <br>**International** <br>**Small Cap** <br>**Equity Fund**<br>| **Brandes** <br>**Small Cap** <br>**Value Fund**<br>| **Brandes** <br>**Core Plus** <br>**Fixed** <br>**Income** <br>**Fund**<br>|
| $32706362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $41189385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3654269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $128814 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2108074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (3482809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4423298)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36332)<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;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4992414 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 29223553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38874165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3766030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5121228 |
| 8172220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12137979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376732 |
| 163811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4933 |
| 132309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31837 |
| 24588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4120 |
| 62655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6622 |
| 19901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9140 |
| 57498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12783 |
| 85512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57489 |
| 29887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4412 |
| 35395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35236 |
| 122698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21864 |
| 495237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 |
| 33802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 8589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 263724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20899 |
| 31044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30285 |
| 192054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 9930924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14239266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2253338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618245 |
| (11527)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4481)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24477)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (240418)<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;&nbsp; (53821)<br>|
| 9919397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14234785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2228861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324006 |
| 19304156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24639380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4797222 |
| 38617455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213756425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16994472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1551297)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146469)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| (54730)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170391)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 38562725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213586034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16850912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1551297)<br>|
| 255393798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55680725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51113896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537608 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11749916)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 26355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28212)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 255420153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43902597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51796578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537608 |
| 293982878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257488631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68647490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13689)<br>|
| $313287034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $282128011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $70184659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4783533 |

---

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes International Equity** <br>**Fund** | **Brandes International Equity** <br>**Fund** | **Brandes International Equity** <br>**Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $45287306 | $8608738 | $21194502 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 220310022 | 47753072 | 50032062 |
| Foreign currency transactions | (714816)<br>| (338250)<br>| (346725)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 174522295 | (40349979)<br>| 139173611 |
| Foreign currency transactions | 314063 | (102291)<br>| 256684 |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| 439718870 | 15571290 | 210310134 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (8823323)<br>| (549561)<br>| (1081544)<br>|
| Class C | (506491)<br>| (31438)<br>| (118344)<br>|
| Class I | (103386412)<br>| (9846043)<br>| (15874424)<br>|
| Class R6 | (10011144)<br>| (1000440)<br>| (1556062)<br>|
| **Decrease in net assets from distributions** | (122727370)<br>| (11427482)<br>| (18630374)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 1216306827 | 423479188 | 270503441 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 111557743 | 10881256 | 17770341 |
| Payments for shares redeemed | (426451182)<br>| (118177336)<br>| (172689900)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| 901413388 | 316183108 | 115583882 |
| Total increase (decrease) in net assets | 1218404888 | 320326916 | 307263642 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 1285933681 | 965606765 | 658343123 |
| End of the Period | $2504338569 | $1285933681 | $965606765 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes Global** <br>**Equity Fund** | **Brandes Global** <br>**Equity Fund** | **Brandes Global** <br>**Equity Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $1138990 | $315391 | $937759 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 8573853 | 3507012 | 3073376 |
| Foreign currency transactions | 3577 | 2277 | (13554)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 3144252 | (1635385)<br>| 8075912 |
| Foreign currency transactions | 5266 | (3818)<br>| 6526 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| 12865938 | 2185477 | 12080019 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (353848)<br>| (117229)<br>| (60651)<br>|
| Class C | (91674)<br>| (49122)<br>| (16829)<br>|
| Class I | (8148461)<br>| (3338149)<br>| (2067286)<br>|
| Class R6 | N/A | N/A | N/A |
| **Decrease in net assets from distributions** | (8593983)<br>| (3504500)<br>| (2144766)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 31777559 | 1238964 | 4201061 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 8542724 | 3478506 | 2127932 |
| Payments for shares redeemed | (11316765)<br>| (6037158)<br>| (5165227)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| 29003518 | (1319688)<br>| 1163766 |
| Total increase (decrease) in net assets | 33275473 | (2638711)<br>| 11099019 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 50551420 | 53190131 | 42091112 |
| End of the Period | $83826893 | $50551420 | $53190131 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes Emerging Markets** <br>**Value Fund** | **Brandes Emerging Markets** <br>**Value Fund** | **Brandes Emerging Markets** <br>**Value Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $19304156 | $4599332 | $16994326 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 38617455 | 7524126 | (26034102)<br>|
| Foreign currency transactions | (54730)<br>| (56416)<br>| (608992)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 255393798 | (35721603)<br>| 140197823 |
| Foreign currency transactions | 26355 | (1931)<br>| (5233)<br>|
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| 313287034 | (23656492)<br>| 130543822 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (4453981)<br>| (1705501)<br>| (4119967)<br>|
| Class C | (76496)<br>| (32672)<br>| (80997)<br>|
| Class I | (14327826)<br>| (5130263)<br>| (14265133)<br>|
| Class R6 | (288537)<br>| (86087)<br>| (229709)<br>|
| **Decrease in net assets from distributions** | (19146840)<br>| (6954523)<br>| (18695806)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 367569759 | 51373151 | 96289970 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 15197648 | 5415668 | 15107348 |
| Payments for shares redeemed | (192959305)<br>| (76437634)<br>| (208653466)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| 189808102 | (19648815)<br>| (97256148)<br>|
| Total increase (decrease) in net assets | 483948296 | (50259830)<br>| 14591868 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 639825480 | 690085310 | 675493442 |
| End of the Period | $1123773776 | $639825480 | $690085310 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes International Small** <br>**Cap Equity Fund** | **Brandes International Small** <br>**Cap Equity Fund** | **Brandes International Small** <br>**Cap Equity Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $24639380 | $3795127 | $11145502 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 213756425 | 54354296 | 14930598 |
| Foreign currency transactions | (170391)<br>| (167839)<br>| (551291)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 43930809 | (8247719)<br>| 152687275 |
| Foreign currency transactions | (28212)<br>| (5397)<br>| 72275 |
| **Net increase (decrease) in net assets resulting** <br> **from operations**<br>| 282128011 | 49728468 | 178284359 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (5009910)<br>| (1278224)<br>| (1886310)<br>|
| Class C | (304945)<br>| (80086)<br>| (94968)<br>|
| Class I | (39411072)<br>| (9323006)<br>| (14067922)<br>|
| Class R6 | (328095)<br>| (55184)<br>| (43037)<br>|
| **Decrease in net assets from distributions** | (45054022)<br>| (10736500)<br>| (16092237)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 866662388 | 158207113 | 273156598 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 44408058 | 10600999 | 15883466 |
| Payments for shares redeemed | (475201713)<br>| (88208672)<br>| (112276155)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| 435868733 | 80599440 | 176763909 |
| Total increase (decrease) in net assets | 672942722 | 119591408 | 338956031 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 783893891 | 664302483 | 325346452 |
| End of the Period | $1456836613 | $783893891 | $664302483 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $1537169 | $183122 | $176841 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 16848003 | 4768751 | 1217077 |
| Foreign currency transactions | 2909 | (5745)<br>| 340 |
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 51796578 | (9381368)<br>| 6099183 |
| Foreign currency transactions |  |  | (11)<br>|
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| 70184659 | (4435240)<br>| 7493430 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (1618702)<br>| (189889)<br>| (134800)<br>|
| Class C | N/A | N/A | N/A |
| Class I | (10119042)<br>| (1359002)<br>| (380573)<br>|
| Class R6 | (460835)<br>| (36764)<br>| (1890)<br>|
| **Decrease in net assets from distributions** | (12198579)<br>| (1585655)<br>| (517263)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 352979776 | 77708714 | 53200377 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 12006636 | 1579073 | 516333 |
| Payments for shares redeemed | (78681935)<br>| (16037200)<br>| (11268493)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| 286304477 | 63250587 | 42448217 |
| Total increase (decrease) in net assets | 344290557 | 57229692 | 49424384 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 118524059 | 61294367 | 11869983 |
| End of the Period | $462814616 | $118524059 | $61294367 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Brandes Core Plus Fixed** <br>**Income Fund** | **Brandes Core Plus Fixed** <br>**Income Fund** | **Brandes Core Plus Fixed** <br>**Income Fund** |
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE (DECREASE) IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $4797222 | $2545682 | $3693554 |
| Net realized gain (loss) on: |  |  |  |
| Investments | (1551297)<br>| (249768)<br>| (883478)<br>|
| Foreign currency transactions |  |  | (815)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 1537608 | (1896480)<br>| 7548858 |
| Foreign currency transactions |  |  |  |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| 4783533 | 399434 | 10358119 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (32209)<br>| (18476)<br>| (46294)<br>|
| Class C | N/A | N/A | N/A |
| Class I | (4220526)<br>| (2305044)<br>| (3400659)<br>|
| Class R6 | (505617)<br>| (200284)<br>| (203901)<br>|
| **Decrease in net assets from distributions** | (4758352)<br>| (2523804)<br>| (3650854)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 25227160 | 33033812 | 65616036 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 4705906 | 2502587 | 3617639 |
| Payments for shares redeemed | (81496376)<br>| (19246130)<br>| (27289565)<br>|
| **Net increase (decrease) in net assets from capital** <br> **share transactions**<br>| (51563310)<br>| 16290269 | 41944110 |
| Total increase (decrease) in net assets | (51538129)<br>| 14165899 | 48651375 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 129559745 | 115393846 | 66742471 |
| End of the Period | $78021616 | $129559745 | $115393846 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Dividends** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>|
| **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** | **Brandes International Equity Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $23.01 | 0.57 | 5.83 | 6.40 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; $27.76 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $23.03 | 0.16 | 0.04 | 0.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.01 |
| 9/30/2024 | &nbsp;&nbsp; $18.15 | 0.46 | 4.88 | 5.34 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.03 |
| 9/30/2023 | &nbsp;&nbsp; $12.97 | 0.46 | 5.14 | 5.60 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.15 |
| 9/30/2022 | &nbsp;&nbsp; $18.12 | 0.60 | &nbsp;&nbsp; (5.02)<br>| &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $12.97 |
| 9/30/2021 | &nbsp;&nbsp; $13.51 | 0.53 | 4.54 | 5.07 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.12 |
| Class C |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $22.54 | 0.39 | 5.70 | 6.09 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; $27.09 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $22.53 | 0.07 | 0.06 | 0.13 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $22.54 |
| 9/30/2024 | &nbsp;&nbsp; $17.79 | 0.31 | 4.77 | 5.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $22.53 |
| 9/30/2023 | &nbsp;&nbsp; $12.72 | 0.30 | 5.07 | 5.37 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $17.79 |
| 9/30/2022 | &nbsp;&nbsp; $17.78 | 0.43 | &nbsp;&nbsp; (4.89)<br>| &nbsp;&nbsp; (4.46)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $12.72 |
| 9/30/2021 | &nbsp;&nbsp; $13.27 | 0.43 | 4.47 | 4.90 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $17.78 |
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $23.26 | 0.63 | 5.90 | 6.53 | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; $28.10 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $23.29 | 0.19 | 0.04 | 0.23 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.26 |
| 9/30/2024 | &nbsp;&nbsp; $18.32 | 0.56 | 4.89 | 5.45 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.29 |
| 9/30/2023 | &nbsp;&nbsp; $13.08 | 0.51 | 5.19 | 5.70 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.32 |
| 9/30/2022 | &nbsp;&nbsp; $18.21 | 0.62 | &nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.08 |
| 9/30/2021 | &nbsp;&nbsp; $13.57 | 0.57 | 4.57 | 5.14 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.21 |
| Class R6 |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $23.48 | 0.66 | 5.96 | 6.62 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; $28.39 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $23.51 | 0.20 | 0.04 | 0.24 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.48 |
| 9/30/2024 | &nbsp;&nbsp; $18.47 | 0.59 | 4.94 | 5.53 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $23.51 |
| 9/30/2023 | &nbsp;&nbsp; $13.18 | 0.52 | 5.23 | 5.75 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.47 |
| 9/30/2022 | &nbsp;&nbsp; $18.32 | 0.63 | &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (4.43)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.18 |
| 9/30/2021 | &nbsp;&nbsp; $13.64 | 0.57 | 4.62 | 5.19 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.32 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A or C shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **Net assets, end** <br>**of period** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(millions)**<br>| &nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| 28.28<br> %<br>| &nbsp;&nbsp;&nbsp; $179.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.14<br> %<br>|
| 1.01 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $78.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(5)</sup><br>|
| 29.73<br> %<br>| &nbsp;&nbsp;&nbsp; $57.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.26<br> %<br>|
| 43.29<br> %<br>| &nbsp;&nbsp;&nbsp; $43.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br> %<br>|
| (25.05)%<br>| &nbsp;&nbsp;&nbsp; $27.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>|
| 37.55<br> %<br>| &nbsp;&nbsp;&nbsp; $38.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.41<br> %<br>|
| 27.42<br> %<br>| &nbsp;&nbsp;&nbsp; $11.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.14<br> %<br>|
| 0.62 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(5)</sup><br>|
| 28.80<br> %<br>| &nbsp;&nbsp;&nbsp; $7.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.26<br> %<br>|
| 42.25<br> %<br>| &nbsp;&nbsp;&nbsp; $7.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br> %<br>|
| (25.64)%<br>| &nbsp;&nbsp;&nbsp; $5.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>|
| 36.90<br> %<br>| &nbsp;&nbsp;&nbsp; $8.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.41<br> %<br>|
| 28.56<br> %<br>| &nbsp;&nbsp;&nbsp; $2083.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.14<br> %<br>|
| 1.13 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $1106.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(5)</sup><br>|
| 30.12<br> %<br>| &nbsp;&nbsp;&nbsp; $822.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.26<br> %<br>|
| 43.66<br> %<br>| &nbsp;&nbsp;&nbsp; $553.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br> %<br>|
| (24.83)%<br>| &nbsp;&nbsp;&nbsp; $387.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>|
| 37.87<br> %<br>| &nbsp;&nbsp;&nbsp; $552.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.41<br> %<br>|
| 28.68<br> %<br>| &nbsp;&nbsp;&nbsp; $230.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.14<br> %<br>|
| 1.15 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $94.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(5)</sup><br>|
| 30.30<br> %<br>| &nbsp;&nbsp;&nbsp; $77.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.26<br> %<br>|
| 43.76<br> %<br>| &nbsp;&nbsp;&nbsp; $54.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.81<br> %<br>|
| (24.76)%<br>| &nbsp;&nbsp;&nbsp; $40.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.67<br> %<br>|
| 38.03<br> %<br>| &nbsp;&nbsp;&nbsp; $58.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.41<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Dividends** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>|
| **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** | **Brandes Global Equity Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $30.93 | 0.49 | 6.50 | 6.99 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; $33.70 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $31.84 | 0.16 | 1.13 | 1.29 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; $30.93 |
| 9/30/2024 | &nbsp;&nbsp; $25.80 | 0.51 | 6.82 | 7.33 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; $31.84 |
| 9/30/2023 | &nbsp;&nbsp; $20.42 | 0.48 | 5.67 | 6.15 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; $25.80 |
| 9/30/2022 | &nbsp;&nbsp; $26.53 | 0.49 | &nbsp;&nbsp; (5.09)<br>| &nbsp;&nbsp; (4.60)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; $20.42 |
| 9/30/2021 | &nbsp;&nbsp; $19.30 | 0.55 | 7.54 | 8.09 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $26.53 |
| Class C |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $30.42 | 0.23 | 6.38 | 6.61 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; $32.97 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $31.41 | 0.04 | 1.11 | 1.15 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; $30.42 |
| 9/30/2024 | &nbsp;&nbsp; $25.48 | 0.34 | 6.67 | 7.01 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; $31.41 |
| 9/30/2023 | &nbsp;&nbsp; $20.17 | 0.28 | 5.61 | 5.89 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; $25.48 |
| 9/30/2022 | &nbsp;&nbsp; $26.25 | 0.29 | &nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; $20.17 |
| 9/30/2021 | &nbsp;&nbsp; $19.16 | 0.37 | 7.47 | 7.84 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $26.25 |
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $31.41 | 0.59 | 6.60 | 7.19 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; $34.32 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $32.28 | 0.20 | 1.15 | 1.35 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; $31.41 |
| 9/30/2024 | &nbsp;&nbsp; $26.13 | 0.58 | 6.91 | 7.49 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; $32.28 |
| 9/30/2023 | &nbsp;&nbsp; $20.66 | 0.54 | 5.75 | 6.29 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; $26.13 |
| 9/30/2022 | &nbsp;&nbsp; $26.78 | 0.55 | &nbsp;&nbsp; (5.14)<br>| &nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; $20.66 |
| 9/30/2021 | &nbsp;&nbsp; $19.46 | 0.64 | 7.59 | 8.23 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $26.78 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A or C shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **Net assets, end** <br>**of period** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(millions)**<br>| &nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| 22.86<br> %<br>| &nbsp;&nbsp;&nbsp; $3.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.32<br> %<br>|
| 4.39 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $1.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(5)</sup><br>|
| 29.18<br> %<br>| &nbsp;&nbsp;&nbsp; $1.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> %<br>|
| 30.29<br> %<br>| &nbsp;&nbsp;&nbsp; $1.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.28<br> %<br>|
| (18.30)%<br>| &nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.57<br> %<br>|
| 42.30<br> %<br>| &nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.46<br> %<br>|
| 21.95<br> %<br>| &nbsp;&nbsp;&nbsp; $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.32<br> %<br>|
| 3.98 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp; (0.18 )%<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(5)</sup><br>|
| 28.24<br> %<br>| &nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> %<br>|
| 29.35<br> %<br>| &nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.28<br> %<br>|
| (18.91)%<br>| &nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.57<br> %<br>|
| 41.21<br> %<br>| &nbsp;&nbsp;&nbsp; $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.46<br> %<br>|
| 23.17<br> %<br>| &nbsp;&nbsp;&nbsp; $79.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.32<br> %<br>|
| 4.51 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $48.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(5)</sup><br>|
| 29.46<br> %<br>| &nbsp;&nbsp;&nbsp; $50.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> %<br>|
| 30.60<br> %<br>| &nbsp;&nbsp;&nbsp; $40.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.28<br> %<br>|
| (18.08)%<br>| &nbsp;&nbsp;&nbsp; $35.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.57<br> %<br>|
| 42.67<br> %<br>| &nbsp;&nbsp;&nbsp; $45.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.46<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Return** <br>**of** <br>**capital**<br>| **Net asset** <br>**value, end** <br>**of period**<br>|
| **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** | **Brandes Emerging Markets Value Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.77 | 0.25 | 4.00 | 4.25 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $12.77 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $9.19 | 0.06 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.77 |
| 9/30/2024 | &nbsp;&nbsp; $7.76 | 0.20 | 1.45 | 1.65 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.19 |
| 9/30/2023 | &nbsp;&nbsp; $5.92 | 0.16 | 1.79 | 1.95 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $7.76 |
| 9/30/2022 | &nbsp;&nbsp; $8.66 | 0.28 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — <br><sup>(7)</sup><br>| &nbsp;&nbsp; $5.92 |
| 9/30/2021 | &nbsp;&nbsp; $7.04 | 0.18 | 1.54 | 1.72 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.66 |
| Class C |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.68 | 0.16 | 3.96 | 4.12 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $12.61 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $9.10 | 0.02 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.68 |
| 9/30/2024 | &nbsp;&nbsp; $7.69 | 0.13 | 1.43 | 1.56 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.10 |
| 9/30/2023 | &nbsp;&nbsp; $5.86 | 0.09 | 1.79 | 1.88 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $7.69 |
| 9/30/2022 | &nbsp;&nbsp; $8.59 | 0.22 | &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — <br><sup>(7)</sup><br>| &nbsp;&nbsp; $5.86 |
| 9/30/2021 | &nbsp;&nbsp; $7.01 | 0.14 | 1.55 | 1.69 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.59 |
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.84 | 0.26 | 4.04 | 4.30 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $12.88 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $9.25 | 0.06 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.84 |
| 9/30/2024 | &nbsp;&nbsp; $7.81 | 0.21 | 1.46 | 1.67 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.25 |
| 9/30/2023 | &nbsp;&nbsp; $5.96 | 0.18 | 1.80 | 1.98 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $7.81 |
| 9/30/2022 | &nbsp;&nbsp; $8.71 | 0.24 | &nbsp;&nbsp; (2.70)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; $5.96 |
| 9/30/2021 | &nbsp;&nbsp; $7.07 | 0.20 | 1.55 | 1.75 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.71 |
| Class R6 |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.92 | 0.23 | 4.13 | 4.36 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.01 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $9.33 | 0.07 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.92 |
| 9/30/2024 | &nbsp;&nbsp; $7.87 | 0.22 | 1.48 | 1.70 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.33 |
| 9/30/2023 | &nbsp;&nbsp; $6.00 | 0.15 | 1.85 | 2.00 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $7.87 |
| 9/30/2022 | &nbsp;&nbsp; $8.76 | 0.28 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; $6.00 |
| 9/30/2021 | &nbsp;&nbsp; $7.11 | 0.20 | 1.56 | 1.76 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $8.76 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A or C shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(7) Amount is less than $0.01 per share.

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **Net assets, end** <br>**of period** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(millions)**<br>| &nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| 48.95<br> %<br>| &nbsp;&nbsp;&nbsp; $221.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>|
| (3.41 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $162.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(5)</sup><br>|
| 21.38<br> %<br>| &nbsp;&nbsp;&nbsp; $176.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.76<br> %<br>|
| 33.00<br> %<br>| &nbsp;&nbsp;&nbsp; $141.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.23<br> %<br>|
| (28.99)%<br>| &nbsp;&nbsp;&nbsp; $137.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>|
| 24.41<br> %<br>| &nbsp;&nbsp;&nbsp; $216.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.97<br> %<br>|
| 47.88<br> %<br>| &nbsp;&nbsp;&nbsp; $5.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>|
| (3.76 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $3.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(5)</sup><br>|
| 20.53<br> %<br>| &nbsp;&nbsp;&nbsp; $4.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.76<br> %<br>|
| 32.05<br> %<br>| &nbsp;&nbsp;&nbsp; $4.4 | &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.23<br> %<br>|
| (29.54)%<br>| &nbsp;&nbsp;&nbsp; $5.1 | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>|
| 24.01<br> %<br>| &nbsp;&nbsp;&nbsp; $10.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.97<br> %<br>|
| 49.19<br> %<br>| &nbsp;&nbsp;&nbsp; $865.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>|
| (3.33 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $466.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(5)</sup><br>|
| 21.71<br> %<br>| &nbsp;&nbsp;&nbsp; $501.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.76<br> %<br>|
| 33.37<br> %<br>| &nbsp;&nbsp;&nbsp; $520.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.23<br> %<br>|
| (28.79)%<br>| &nbsp;&nbsp;&nbsp; $457.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>|
| 24.71<br> %<br>| &nbsp;&nbsp;&nbsp; $1003.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.97<br> %<br>|
| 49.46<br> %<br>| &nbsp;&nbsp;&nbsp; $31.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.56<br> %<br>|
| (3.27 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $7.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(5)</sup><br>|
| 21.89<br> %<br>| &nbsp;&nbsp;&nbsp; $8.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.76<br> %<br>|
| 33.54<br> %<br>| &nbsp;&nbsp;&nbsp; $8.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.23<br> %<br>|
| (28.75)%<br>| &nbsp;&nbsp;&nbsp; $21.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.04<br> %<br>|
| 24.74<br> %<br>| &nbsp;&nbsp;&nbsp; $68.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.97<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Dividends** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>|
| **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** | **Brandes International Small Cap Equity Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $20.42 | 0.43 | 5.77 | 6.20 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $25.78 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $19.39 | 0.09 | 1.25 | 1.34 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $20.42 |
| 9/30/2024 | &nbsp;&nbsp; $13.89 | 0.34 | 5.67 | 6.01 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.39 |
| 9/30/2023 | &nbsp;&nbsp; $9.45 | 0.25 | 4.41 | 4.66 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.89 |
| 9/30/2022 | &nbsp;&nbsp; $14.01 | 0.45 | &nbsp;&nbsp; (4.27)<br>| &nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.45 |
| 9/30/2021 | &nbsp;&nbsp; $9.33 | 0.14 | 4.69 | 4.83 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $14.01 |
| Class C |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $19.52 | 0.24 | 5.53 | 5.77 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $24.54 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $18.60 | 0.02 | 1.20 | 1.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.52 |
| 9/30/2024 | &nbsp;&nbsp; $13.36 | 0.20 | 5.44 | 5.64 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.60 |
| 9/30/2023 | &nbsp;&nbsp; $9.09 | 0.13 | 4.27 | 4.40 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.36 |
| 9/30/2022 | &nbsp;&nbsp; $13.49 | 0.33 | &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.09 |
| 9/30/2021 | &nbsp;&nbsp; $9.03 | 0.10 | 4.54 | 4.64 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.49 |
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $20.57 | 0.49 | 5.82 | 6.31 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $26.00 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $19.51 | 0.11 | 1.26 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $20.57 |
| 9/30/2024 | &nbsp;&nbsp; $13.97 | 0.39 | 5.70 | 6.09 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.51 |
| 9/30/2023 | &nbsp;&nbsp; $9.50 | 0.28 | 4.43 | 4.71 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $13.97 |
| 9/30/2022 | &nbsp;&nbsp; $14.09 | 0.47 | &nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp; (3.82)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.50 |
| 9/30/2021 | &nbsp;&nbsp; $9.37 | 0.15 | 4.73 | 4.88 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $14.09 |
| Class R6 |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $20.72 | 0.49 | 5.88 | 6.37 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $26.20 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $19.64 | 0.13 | 1.26 | 1.39 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $20.72 |
| 9/30/2024 | &nbsp;&nbsp; $14.05 | 0.41 | 5.73 | 6.14 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.64 |
| 9/30/2023 | &nbsp;&nbsp; $9.54 | 0.32 | 4.44 | 4.76 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $14.05 |
| 9/30/2022 | &nbsp;&nbsp; $14.14 | 0.59 | &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $9.54 |
| 9/30/2021 | &nbsp;&nbsp; $9.39 | 0.17 | 4.74 | 4.91 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $14.14 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A or C shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **Net assets, end** <br>**of period** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(millions)**<br>| &nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| 30.46<br> %<br>| &nbsp;&nbsp;&nbsp; $167.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.40<br> %<br>|
| 7.05 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $94.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(5)</sup><br>|
| 43.93<br> %<br>| &nbsp;&nbsp;&nbsp; $79.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.77<br> %<br>|
| 49.42<br> %<br>| &nbsp;&nbsp;&nbsp; $48.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>|
| (28.26)%<br>| &nbsp;&nbsp;&nbsp; $37.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.17<br> %<br>|
| 51.91<br> %<br>| &nbsp;&nbsp;&nbsp; $68.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16<br> %<br>|
| 29.68<br> %<br>| &nbsp;&nbsp;&nbsp; $12.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.40<br> %<br>|
| 6.69 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(5)</sup><br>|
| 42.78<br> %<br>| &nbsp;&nbsp;&nbsp; $4.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.77<br> %<br>|
| 48.26<br> %<br>| &nbsp;&nbsp;&nbsp; $3.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>|
| (28.71)%<br>| &nbsp;&nbsp;&nbsp; $3.2 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.17<br> %<br>|
| 51.52<br> %<br>| &nbsp;&nbsp;&nbsp; $5.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16<br> %<br>|
| 30.76<br> %<br>| &nbsp;&nbsp;&nbsp; $1263.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.40<br> %<br>|
| 7.17 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $679.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(5)</sup><br>|
| 44.22<br> %<br>| &nbsp;&nbsp;&nbsp; $576.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.77<br> %<br>|
| 49.62<br> %<br>| &nbsp;&nbsp;&nbsp; $272.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>|
| (28.04)%<br>| &nbsp;&nbsp;&nbsp; $196.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.17<br> %<br>|
| 52.15<br> %<br>| &nbsp;&nbsp;&nbsp; $318.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16<br> %<br>|
| 30.84<br> %<br>| &nbsp;&nbsp;&nbsp; $12.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.40<br> %<br>|
| 7.22 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $4.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(5)</sup><br>|
| 44.39<br> %<br>| &nbsp;&nbsp;&nbsp; $3.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.77<br> %<br>|
| 50.05<br> %<br>| &nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>|
| (28.00)%<br>| &nbsp;&nbsp;&nbsp; $0.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.17<br> %<br>|
| 52.39<br> %<br>| &nbsp;&nbsp;&nbsp; $13.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.16<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Dividends** <br>**from net** <br>**realized** <br>**gains**<br>| **Net asset** <br>**value, end** <br>**of period**<br>|
| **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** | **Brandes Small Cap Value Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $15.62 | 0.08 | 6.48 | 6.56 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; $21.29 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $16.12 | 0.01 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; $15.62 |
| 9/30/2024 | &nbsp;&nbsp; $13.12 | 0.05 | 3.36 | 3.41 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; $16.12 |
| 9/30/2023 | &nbsp;&nbsp; $10.40 | 0.12 | 2.88 | 3.00 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; $13.12 |
| 9/30/2022 | &nbsp;&nbsp; $13.22 | 0.20 | &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; $10.40 |
| 9/30/2021 | &nbsp;&nbsp; $8.52 | 0.02 | 4.51 | 4.53 | 0.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; $13.22 |
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $15.88 | 0.13 | 6.58 | 6.71 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; $21.68 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $16.36 | 0.04 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; $15.88 |
| 9/30/2024 | &nbsp;&nbsp; $13.30 | 0.09 | 3.40 | 3.49 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; $16.36 |
| 9/30/2023 | &nbsp;&nbsp; $10.52 | 0.17 | 2.89 | 3.06 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; $13.30 |
| 9/30/2022 | &nbsp;&nbsp; $13.34 | 0.19 | &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; $10.52 |
| 9/30/2021 | &nbsp;&nbsp; $8.58 | 0.09 | 4.50 | 4.59 | 0.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; $13.34 |
| Class R6 |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $14.88 | 0.16 | 6.17 | 6.33 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; $20.28 |
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $15.35 | 0.05 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; $14.88 |
| 9/30/2024 | &nbsp;&nbsp; $12.49 | 0.07 | 3.23 | 3.30 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; $15.35 |
| 9/30/2023 | &nbsp;&nbsp; $9.88 | 0.19 | 2.70 | 2.89 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; $12.49 |
| 9/30/2022 | &nbsp;&nbsp; $12.53 | 0.20 | &nbsp;&nbsp; (2.13)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; $9.88 |
| 9/30/2021 | &nbsp;&nbsp; $8.00 | 0.18 | 4.18 | 4.36 | 0.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; $12.53 |

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(7) Amount is less than $50,000.

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**return**<sup>(2)</sup> <br>| &nbsp;&nbsp; **Net assets, end** <br>**of period** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(millions)**<br>| &nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| 42.46<br> %<br>| &nbsp;&nbsp;&nbsp; $60.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.28<br> %<br>|
| (1.22 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $11.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01 )%<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(5)</sup><br>|
| 26.59<br> %<br>| &nbsp;&nbsp;&nbsp; $8.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.36<br> %<br>|
| 29.02<br> %<br>| &nbsp;&nbsp;&nbsp; $2.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.99<br> %<br>|
| (16.84)%<br>| &nbsp;&nbsp;&nbsp; $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66<br> %<br>| &nbsp;&nbsp;&nbsp; (1.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160.46<br> %<br>|
| 57.55<br> %<br>| &nbsp;&nbsp;&nbsp; $0.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.78<br> %<br>| &nbsp;&nbsp;&nbsp; (4.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.71<br> %<br>|
| 42.77<br> %<br>| &nbsp;&nbsp;&nbsp; $386.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.28<br> %<br>|
| (1.09 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $103.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(5)</sup><br>|
| 26.94<br> %<br>| &nbsp;&nbsp;&nbsp; $51.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.36<br> %<br>|
| 29.33<br> %<br>| &nbsp;&nbsp;&nbsp; $9.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.99<br> %<br>|
| (16.66)%<br>| &nbsp;&nbsp;&nbsp; $3.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp; (1.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160.46<br> %<br>|
| 58.09<br> %<br>| &nbsp;&nbsp;&nbsp; $1.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.66<br> %<br>| &nbsp;&nbsp;&nbsp; (5.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.71<br> %<br>|
| 43.11<br> %<br>| &nbsp;&nbsp;&nbsp; $16.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.28<br> %<br>|
| (1.06 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; $3.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(5)</sup><br>|
| 27.14<br> %<br>| &nbsp;&nbsp;&nbsp; $1.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp; (0.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.36<br> %<br>|
| 29.66<br> %<br>| &nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.99<br> %<br>|
| (16.50)%<br>| &nbsp;&nbsp;&nbsp; $0.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160.46<br> %<br>|
| 59.25<br> %<br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(7)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>| &nbsp;&nbsp;&nbsp; (5.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.71<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net asset** <br>**value,** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income**<sup>(1)</sup> <br>| **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain** <br>**(loss) on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Dividends** <br>**from net** <br>**investment** <br>**income**<br>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(2)</sup> <br>|
| **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** | **Brandes Core Plus Fixed Income Fund** |
| Class A |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.34 | 0.36 | &nbsp;&nbsp; (0.05)<br>| 0.31 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; $8.29 | 3.72<br> %<br>|
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $8.52 | 0.16 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $8.34 | &nbsp;&nbsp; (0.18 )%<sup>(5)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $7.90 | 0.31 | 0.61 | 0.92 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $8.52 | 11.88<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $7.98 | 0.27 | &nbsp;&nbsp; (0.08)<br>| 0.19 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; $7.90 | 2.33<br> %<br>|
| 9/30/2022 | &nbsp;&nbsp; $9.35 | 0.20 | &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; $7.98 | &nbsp;&nbsp; (12.55)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.52 | 0.18 | &nbsp;&nbsp; (0.12)<br>| 0.06 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; $9.35 | 0.67<br> %<br>|
| Class I |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.42 | 0.38 | &nbsp;&nbsp; (0.04)<br>| 0.34 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; $8.38 | 4.05<br> %<br>|
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $8.60 | 0.17 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; (0.06 )%<sup>(5)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $7.98 | 0.33 | 0.61 | 0.94 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; $8.60 | 12.02<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $8.06 | 0.29 | &nbsp;&nbsp; (0.08)<br>| 0.21 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; $7.98 | 2.55<br> %<br>|
| 9/30/2022 | &nbsp;&nbsp; $9.43 | 0.23 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; $8.06 | &nbsp;&nbsp; (12.25)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.60 | 0.21 | &nbsp;&nbsp; (0.13)<br>| 0.08 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; $9.43 | 0.89<br> %<br>|
| Class R6 |  |  |  |  |  |  |  |
| 3/31/2026 | &nbsp;&nbsp; $8.42 | 0.37 | &nbsp;&nbsp; (0.04)<br>| 0.33 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; $8.37 | 3.93<br> %<br>|
| 3/31/2025<sup>(4)</sup> | &nbsp;&nbsp; $8.60 | 0.18 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; (0.06 )%<sup>(5)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $7.98 | 0.33 | 0.61 | 0.94 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; $8.60 | 12.04<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $8.06 | 0.29 | &nbsp;&nbsp; (0.06)<br>| 0.23 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; $7.98 | 2.79<br> %<br>|
| 9/30/2022 | &nbsp;&nbsp; $9.43 | 0.33 | &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; $8.06 | &nbsp;&nbsp; (11.26)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.60 | 0.34 | &nbsp;&nbsp; (0.13)<br>| 0.21 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; $9.43 | 2.23<br> %<br>|

---

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) The total return calculation does not reflect the sales loads that may be imposed
 on Class A shares (see Note 7 of the Notes to Financial Statements).

&nbsp;&nbsp;&nbsp;&nbsp;(3) After fees waived and expenses absorbed or recouped by the Advisor, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(7) Amount is less than $50,000.

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Net assets, end** <br>**of period** <br>**(millions)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio of** <br>**net expenses** <br>**to average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income to** <br>**average** <br>**net assets**<sup>(3)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio of** <br>**expenses (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Ratio of net** <br>**investment** <br>**income (prior** <br>**to reimburse-** <br>**ments) to** <br>**average** <br>**net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Portfolio** <br>**turnover** <br>**rate**<br>|
| $0.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.24<br> %<br>|
| $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(5)</sup><br>|
| $1.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.42<br> %<br>|
| $1.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.72<br> %<br>|
| $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.44<br> %<br>|
| $1.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.13<br> %<br>|
| $69.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.24<br> %<br>|
| $111.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(5)</sup><br>|
| $113.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.42<br> %<br>|
| $65.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.72<br> %<br>|
| $60.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.44<br> %<br>|
| $78.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.13<br> %<br>|
| $7.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.24<br> %<br>|
| $17.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97 %<sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(5)</sup><br>|
| $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.42<br> %<br>|
| $— <br><sup>(7)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.72<br> %<br>|
| $— <br><sup>(7)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.44<br> %<br>|
| $— <br><sup>(7)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.13<br> %<br>|

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*See Notes to the Financial Statements.* 

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**Brandes Investment Partners**

**NOTES TO FINANCIAL STATEMENTS** 

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**NOTE 1–ORGANIZATION**

Effective August 5, 2024, the Brandes International Equity Fund, Brandes Global Equity Fund, Brandes Emerging Markets Value Fund, Brandes International Small Cap Equity Fund, Brandes Small Cap Value Fund, and Brandes Core Plus Fixed Income Fund (each an "Acquired Fund" and "Predecessor Fund", collectively the "Predecessor Funds" or the "Acquired Funds"), each a series of Brandes Investment Trust ("BIT"), reorganized and merged with and into respective series bearing the same name of the Datum One Series Trust (the "Trust") pursuant to an Agreement and Plan of Reorganization that was approved by the shareholders of each Acquired Fund.

The Trust is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated February 24, 2026. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. 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"), and the Brandes Core Plus Fixed Income Fund (the "Core Plus Fund") (each a "Fund" and collectively the "Funds" or the "Brandes Funds") are each diversified funds and are each series of the Trust. These financial statements and accompanying notes only relate to the Brandes Funds.

Prior to August 5, 2024, the Funds were each a series of BIT. BIT was registered under the1940 Act, as an open-end management investment company.

The Predecessor International Fund, Predecessor Global Fund, Predecessor Emerging Markets Fund, Predecessor International Small Cap Fund, Predecessor Small Cap Value Fund and Predecessor Core Plus Fund began operations on January 2, 1997, October 6, 2008, January 31, 2011, February 1, 2012, January 2, 2018 and December 28, 2007, respectively. Prior to January 31, 2011 for the Predecessor Emerging Markets Fund, February 1, 2012 for the Predecessor International Small Cap and January 2, 2018 for the Predecessor Small Cap Value Fund, these Predecessor 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 Predecessor Emerging Markets Fund, Predecessor International Small Cap Fund and Predecessor Small Cap Value Fund, respectively.

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**Brandes Investment Partners**

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

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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 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 $7.5 billion or less. 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.

Subsequent to September 30, 2024, the Board approved a change in the fiscal year end for each Fund to March 31 to align the fiscal year end with the other series in the Trust.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Foreign Currency Translation and Transactions*. Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rates of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the year. The Funds report certain foreign currency-related transactions as

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**Brandes Investment Partners**

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

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components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Delayed Delivery Securities.* The Funds may purchase securities on a when issued or delayed delivery basis. "When-issued" or delayed delivery refers to securities whose terms are available and for which a market exists, but that have not been issued. For a when-issued or delayed delivery transaction, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or liquid securities, of any type or maturity, equal in value to the Fund's commitment. Losses may arise if the market value of the underlying securities changes, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors. The Funds did not have any open commitments on delayed delivery securities as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Zero Coupon Bonds.* The Funds may invest without limit in so-called zero coupon bonds. Zero coupon securities are debt securities issued or sold at a discount from their face value. These securities do not entitle the holder to interest payments prior to maturity or a specified redemption date, when they are redeemed at face value. Zero coupon securities may also take the form of debt securities that have been stripped of their unmatured interest coupons, the coupons themselves, and receipts and certificates representing interests in such stripped obligations and coupons. The market prices of zero coupon securities tend to be more sensitive to interest rate changes, and are more volatile, than interest bearing securities of like maturity. The discount from face value is amortized over the life of the security and such amortization will constitute the income earned on the security for accounting and tax purposes. Even though income is accrued on a current basis, the Funds do not receive the income currently in cash. Therefore, the Funds may have to sell other portfolio investments to obtain cash needed to make income distributions. The Funds did not hold any zero coupon bonds at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Participatory Notes*. The International, Global, Emerging Markets, International Small Cap and Small Cap Value Funds may invest in participatory notes. Participatory notes are derivative securities which are designed to provide synthetic exposure to one or more underlying securities, subject to the credit risk of the issuing financial institution.

Investments in participatory notes involve risks normally associated with a direct investment in the underlying securities. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete

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**Brandes Investment Partners**

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

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the transaction with the Trust. Participatory notes constitute general unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them and generally are issued as an actual note from the financial intermediary or an equity linked warrant (commonly known as a low exercise price option). The Trust is relying on the creditworthiness of such banks or broker-dealers and has no rights under a participatory note against the issuer of the securities underlying such participatory note. The investment advisor has established guidelines for monitoring participatory note exposure for the Funds. Prior to investment in a participatory note, the investment advisor will complete an analysis of the prospective counterparties and once purchased, will continue to monitor creditworthiness on a quarterly basis. The investment advisor requires a minimum credit rating for such counterparties (as determined by rating agencies such as Moody's, Fitch and S&P) of A.

The Funds record counterparty credit risk valuation adjustments, if material, on the participatory notes in order to appropriately reflect the credit quality of the counterparty.

The International, Global, Emerging Markets, International Small Cap and Small Cap Value Funds did not invest in any participatory notes at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Investment Transactions, Dividends and Distributions.* Investment transactions are accounted for on the trade dates. Realized gains and losses are recorded on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend dates. Interest is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the investment received. Withholding taxes on foreign dividends and capital gains, which are included as a component of net investment income, realized gain (loss) on investments, and net change in unrealized appreciation (depreciation) on investments, respectively, have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates. Each Fund's investment income, expenses, other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of the Fund's shares based upon the relative net asset values of outstanding shares of each class of shares at the beginning of the day (after adjusting for the current capital shares activity of the respective class). Expenses common to the Funds' portfolios are allocated among the Funds based upon their relative net asset values or other appropriate allocation methods. The Funds amortize premiums and accrete discounts using the constant yield method.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net

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**Brandes Investment Partners**

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

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unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption "Foreign capital gains taxes". When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in "Net realized gain (loss) on Investments".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Concentration of Risk*. As of March 31, 2026, the International, Global, Emerging Markets and International Small Cap Funds held significant portions of their assets in foreign securities. Certain price and foreign exchange fluctuations as well as economic and political situations in the foreign jurisdictions could have an impact on the International, Global, Emerging Markets and International Small Cap Funds' net assets. The investment advisor monitors these off-balance sheet risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *Use of Estimates*. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Securities Lending.* The Funds may lend their portfolio securities to banks, brokers and dealers. Lending Fund securities exposes the Fund to risks such as the following: (i) the borrower may fail to return the loaned securities, (ii) the borrower may not be able to provide additional collateral, or (iii) the Funds may experience delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails financially.

To minimize these risks, the borrower must agree to maintain collateral with the Fund's custodian, marked to market daily, in the form of U.S. Government obligations, in an amount at least equal to 102% (105% in the case of loans of foreign securities not denominated in U.S. dollars) of the market value of the loaned securities. As of March 31, 2026, the Funds did not have any securities on loan.

Each Fund receives compensation for lending securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and reasonable administrative and custody fees paid to the lending agent. Such compensation is accrued daily and payable to the Fund monthly. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. The borrower pays to the Funds an amount equal to any dividends or interest received on loaned securities. These payments from the borrower are not eligible for reduced tax rates as

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**Brandes Investment Partners**

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

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"qualified dividend income" under the Jobs and Growth Tax Reconciliation Act of 2003. The securities lending income earned by the Funds is disclosed on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *Indemnification Obligations.* Under the Trust's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Trust has indemnified its trustees against any expenses actually and reasonably incurred by the trustees in any proceeding arising out of or in connection with the trustees' service to the Trust. In addition, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. *Accounting for Uncertainty in Income Taxes.* Each Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Funds may be subject to a nondeductible excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. The Funds intend to distribute their net investment income and capital gains as necessary to avoid this excise tax. Therefore, no provision for federal income taxes or excise taxes has been made.

The Trust analyzes all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years for the Funds are those that are open for exam by taxing authorities (2023 through 2026). As of March 31, 2026 the Trust has no examinations in progress.

Management has analyzed the Trust's tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year ended March 31, 2026.

The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. *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

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**Brandes Investment Partners**

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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. *Security Valuation*. Common stocks, preferred stocks, and exchange-traded funds 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, 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.

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**Brandes Investment Partners**

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

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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 and categorized as Level 2 or Level 3 of the fair value hierarchy.

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.

Fixed income securities (other than repurchase agreements and demand notes) including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, fixed income securities purchased on a delayed delivery basis and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ 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

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**Brandes Investment Partners**

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

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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 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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**Brandes Investment Partners**

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

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The following is a summary of the level inputs used, as of March 31, 2026, 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** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| **International Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $439502890 | &nbsp;&nbsp; $1842785600 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $2282288490 |
| Preferred Stocks | &nbsp;&nbsp; 57479243 | &nbsp;&nbsp; 74273719 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 131752962 |
| Short-Term Investments | &nbsp;&nbsp; 92774890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92774890 |
| Total Investments in Securities | &nbsp;&nbsp; $589757023 | &nbsp;&nbsp; $1917059319 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2506816342 |
| **Global Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $43065697 | &nbsp;&nbsp; $36648226 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79713923 |
| Preferred Stocks | &nbsp;&nbsp; 781565 | &nbsp;&nbsp; 1042465 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1824030 |
| Short-Term Investments | &nbsp;&nbsp; 2016234 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2016234 |
| Total Investments in Securities | &nbsp;&nbsp; $45863496 | &nbsp;&nbsp; $37690691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83554187 |
| **Emerging Markets Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $355123604 | &nbsp;&nbsp; $711264169 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $1066387773 |
| Preferred Stocks | &nbsp;&nbsp; 35471469 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35471469 |
| Short-Term Investments | &nbsp;&nbsp; 21253808 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21253808 |
| Total Investments in Securities | &nbsp;&nbsp; $411848881 | &nbsp;&nbsp; $711264169 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1123113050 |
| **International Small Cap Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $746385860 | &nbsp;&nbsp; $594049340 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1340435200 |
| Preferred Stocks | &nbsp;&nbsp; 37449775 | &nbsp;&nbsp; 28321454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65771229 |
| Investment Companies | &nbsp;&nbsp; 22036391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22036391 |
| Short-Term Investments | &nbsp;&nbsp; 20048117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20048117 |
| Total Investments in Securities | &nbsp;&nbsp; $825920143 | &nbsp;&nbsp; $622370794 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1448290937 |
| **Small Cap Value Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $439555243 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $439555243 |
| Preferred Stocks | &nbsp;&nbsp; 10570721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10570721 |
| Investment Companies | &nbsp;&nbsp; 4070349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4070349 |
| Short-Term Investments | &nbsp;&nbsp; 8011580 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8011580 |
| Total Investments in Securities | &nbsp;&nbsp; $462207893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462207893 |
| **Core Plus Fund** |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $615427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $615427 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 24605189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24605189 |
| Other Mortgage Related Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182 |
| Federal And Federally Sponsored <br> Credits<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 6677471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6677471 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 3051917 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3051917 |
| Short-Term Investments | &nbsp;&nbsp; 1856345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1856345 |
| US Governments | &nbsp;&nbsp; — | &nbsp;&nbsp; 41178476 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41178476 |
| Total Investments in Securities | &nbsp;&nbsp; $1856345 | &nbsp;&nbsp; $76128662 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77985007 |

---

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**Brandes Investment Partners**

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> *Value rounds to less than one.* <br> \* *Investments categorized as level 3 securities that are effectively valued at zero.*

There were no Level 3 securities in the Global, International Small Cap and Core Plus Funds at the beginning or during the period presented.

The International Fund and the Emerging Markets Fund held two and four, level 3 securities, respectively, that were all effectively valued at $0 as of March 31, 2026 due to the inability of the Funds to transact in these investments, the lack of visibility on when the Funds may do so, and the lack or readily available market prices for such investments. All of these factors are related to the Russian invasion of Ukraine and responses to the event. The value of these securities compared to the Funds' net assets is not material and therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

The Small Cap Value Fund held one level 3 security with a fair value less than $1 as of March 31, 2026. The valuation technique used for this security was the last observable price and the unobservable input used was management's estimate of net liquidation value. The value of this security compared to the Fund's net assets is not material and therefore, the reconciliation of Level 3 securities is not disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. *Recent Accounting Pronouncements.* In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosure requirements by providing greater disaggregation of information by jurisdiction and category and by eliminating certain disclosures that are no longer considered meaningful. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Funds adopted ASU 2023-09 during the current fiscal year. The adoption of ASU 2023-09 did not have a material impact on the Funds' financial statements or related disclosures.

**NOTE 3–INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Advisor Fee.* The Advisor provides the Funds with investment management services under an Investment Advisory Agreement. The Advisor furnishes all investment advice, office space and certain administrative services, and provides certain personnel, needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee. The Advisor received a monthly fee at the annual rate of 0.75% of the first $2.5 billion of average daily net assets, 0.70% on average daily net assets from $2.5 billion to $5.0 billion, and 0.67% of the average daily net assets greater than $5.0 billion, of the International Fund. The Advisor received a monthly fee at the annual rate of 0.95% of the first $2.5 billion of average daily net assets, 0.90% on average

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**Brandes Investment Partners**

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

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daily net assets from $2.5 billion to $5.0 billion, and 0.85% of the amount of average daily net assets greater than $5.0 billion, of the Emerging Markets Fund. The Advisor received a monthly fee at the annual rate of 0.95% of the first $1.0 billion of average daily net assets, and 0.90% of the average daily net assets greater than $1.0 billion, of the International Small Cap Fund. The Global Fund, Small Cap Value Fund and Core Plus Fund incurred a monthly fee at the annual rate of 0.80%, 0.70% and 0.35% based upon their average daily net assets, respectively. The Advisor has contractually agreed to limit the Management Fee of each share class of the Core Plus Fund to 0.30% pursuant to an Investment Advisory Fee Waiver Agreement in effect until July 29, 2027. For the year ended March 31, 2026, the Core Plus fund had $53,821 in advisory fees waived. These waived fees are not eligible for recoupment. For the year ended March 31, 2026, the International Fund, the Global Fund, the Emerging Markets Fund, the International Small Cap Fund, the Small Cap Value Fund, and the Core Plus Fund incurred $14,468,543, $539,297, $8,172,220, $12,137,979, $1,675,146 and $376,732 in advisory fees, respectively.

The Funds are responsible for their own operating expenses. The Advisor contractually agreed to limit each Fund's annual operating expenses, including repayment of previous waivers, to the following percentages of the Fund's average daily net assets attributable to the specific classes through July 29, 2027 (the "Expense Cap Agreement"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** |
| International Fund | 1.20<br> %<br>| 1.95<br> %<br>| 0.85<br> %<br>| 0.75<br> %<br>|
| Global Fund | 1.25<br> %<br>| 2.00<br> %<br>| 1.00<br> %<br>| 0.82<br> %\*<br>|
| Emerging Markets Fund | 1.37<br> %<br>| 2.12<br> %<br>| 1.12<br> %<br>| 0.97<br> %<br>|
| International Small Cap Fund | 1.40<br> %<br>| 2.15<br> %<br>| 1.15<br> %<br>| 1.00<br> %<br>|
| Small Cap Value Fund | 1.15<br> %<br>| &nbsp;&nbsp; N/A | 0.90<br> %<br>| 0.72<br> %<br>|
| Core Plus Fund | 0.50<br> %<br>| &nbsp;&nbsp; N/A | 0.30<br> %<br>| 0.30<br> %<br>|

---

\* This class is not active.

The Funds may incur additional expenses not covered under the Expense Cap Agreement. These expenses include acquired fund fees and expenses, taxes, interest, broker commissions, and proxy expenses or other extraordinary expenses.

Any reimbursements of fee waivers made by the Advisor to a Fund are subject to repayment by the Fund, to the extent that the Fund is able to make the repayment within the expense limit specified in its Expense Cap Agreement. Under the Expense Cap Agreement that was in place during the period covered by this report, any such repayment must be made before the end of the thirty-six months after the month in which the related reimbursement or waiver occurred. The Trust has agreed to repay the expense reimbursement to the Advisor. However, the repayment of previously waived expenses is limited

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**Brandes Investment Partners**

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

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to amounts that do not cause the aggregate operating expenses of the Fund to exceed the current expense cap or the expense cap in place at the time the waiver was generated. For the year ended March 31, 2026, the Advisor waived expenses and/or reimbursed the Funds $300,534, $82,736, $11,527, $4,481, $24,477, and $240,418 for the International Fund, Global Fund, Emerging Markets Fund, International Small Cap Fund, Small Cap Value Fund, and Core Plus Fund, respectively. Repayment rights expire as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **September 30,** <br>**2026**<br>| **September 30,** <br>**2027**<br>| **March 31,** <br>**2028**<br>| **March 31,** <br>**2029**<br>|
| International Fund | &nbsp;&nbsp; $249327 | &nbsp;&nbsp; $509051 | &nbsp;&nbsp; $240606 | &nbsp;&nbsp; $300534 |
| Global Fund | &nbsp;&nbsp; 44263 | &nbsp;&nbsp; 72945 | &nbsp;&nbsp; 63580 | &nbsp;&nbsp; 82736 |
| Emerging Markets Fund | &nbsp;&nbsp; 7227 | &nbsp;&nbsp; 8954 | &nbsp;&nbsp; 4919 | &nbsp;&nbsp; 11527 |
| International Small Cap Fund | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 2416 | &nbsp;&nbsp; 4481 |
| Small Cap Value Fund | &nbsp;&nbsp; 14008 | &nbsp;&nbsp; 88230 | &nbsp;&nbsp; 54575 | &nbsp;&nbsp; 24477 |
| Core Plus Fund | &nbsp;&nbsp; 98617 | &nbsp;&nbsp; 212390 | &nbsp;&nbsp; 133382 | &nbsp;&nbsp; 240418 |

---

The Advisor did not recoup any fees previously waived or reimbursed for the International Fund, Global Fund, International Small Cap Fund, and Core Plus Fund. For the year ended March 31, 2026, the Advisor recouped fees previously waived or reimbursed in the following amounts:

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class I** |
| Emerging Markets Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $192054 |
| Small Cap Value Fund | &nbsp;&nbsp; 22637 | &nbsp;&nbsp; 58181 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Administration Fee.* The Northern Trust Company (the "Administrator") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The total fee for each Fund is subject to reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. The fees paid to the Administrator for the year ended March 31, 2026 is reflected on the Statements of Operations as "Custody fees", "Administration fees" and "Transfer agent fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Distribution and Servicing Fees.* Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Distributor"), provides distribution services to the Funds pursuant to a Distribution Agreement with the Trust, on behalf of the Funds. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. A portion of the Funds' distribution expenses is paid by the Advisor.

The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act for the Funds' Class A and C shares. The Plan is designed to reimburse the Distributor or dealers for certain promotional and other sales related costs associated with sales of such Fund shares.

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**Brandes Investment Partners**

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

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Unreimbursed amounts may be carried forward and paid in a subsequent year, to the extent that total expenses under the Plan do not exceed 0.25% and 0.75% of the average daily net assets of each Fund's Class A and C shares, respectively. During the year ended March 31, 2026, the Funds paid to the Distributor and each dealer a monthly fee at the annual rate of 0.25% of the average daily net assets of Class A shares and 0.75% of the average daily net assets of Class C shares beneficially owned by the Distributor's and each dealer's existing brokerage clients. The Plan may be continued in effect from year to year if such continuance is approved annually by the Board of Trustees of the Trust, including the vote of a majority of the Independent Trustees. For the year ended March 31, 2026, the following Funds incurred expenses pursuant to the Plan:

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| International Fund | &nbsp;&nbsp; $346966 | &nbsp;&nbsp; $64593 |
| Global Fund | &nbsp;&nbsp; 6887 | &nbsp;&nbsp; 5857 |
| Emerging Markets Fund | &nbsp;&nbsp; 495237 | &nbsp;&nbsp; 33802 |
| International Small Cap Fund | &nbsp;&nbsp; 371630 | &nbsp;&nbsp; 73743 |
| Small Cap Value Fund | &nbsp;&nbsp; 82546 | &nbsp;&nbsp; N/A |
| Core Plus Fund | &nbsp;&nbsp; 1893 | &nbsp;&nbsp; N/A |

---

The Funds have adopted a Shareholder Service Plan for Class C, and have authorized sub-transfer agency fee payments for Class I, to pay to securities broker-dealers, retirement plan sponsors and administrators, banks and their affiliates, and other institutions and service professionals, as shareholder servicing agents of the Funds, an annual fee for non-distribution sub-transfer agent and/or subaccounting services up to 0.25% and 0.05% of average daily net assets attributable to Class C and Class I, respectively (the "Service Fees"). For the year ended March 31, 2026, the Funds incurred the following Service Fees:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class C** | **Class I** |
| International Fund | &nbsp;&nbsp; $10190 | &nbsp;&nbsp; $665375 |
| Global Fund | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 26379 |
| Emerging Markets Fund | &nbsp;&nbsp; 8589 | &nbsp;&nbsp; 263724 |
| International Small Cap Fund | &nbsp;&nbsp; 7211 | &nbsp;&nbsp; 485623 |
| Small Cap Value Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 94703 |
| Core Plus Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 20899 |

---

Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("ACA Group"), provides compliance and financial control services for the Funds pursuant to a written agreement with the Trust, on behalf of the Funds, including providing certain officers to the Funds. The Funds have agreed to pay ACA Group an annual fixed fee per Fund and have agreed to reimburse ACA Group for certain expenses incurred on behalf of the Funds. Total fees paid to ACA Group pursuant to this agreement are reflected as "Compliance and Financial Officer Services fees" on the Statement of Operations.

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**Brandes Investment Partners**

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

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Certain Officers and Trustees of the Trust are affiliated with ACA Group, the Administrator, or the Distributor and receive no compensation directly from the Funds for serving in their respective role. For the year ended March 31, 2026, the amounts the Funds paid in Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust on behalf of the Funds directly to the Trustees who are not interested persons of the Funds, is reflected as "Trustee fees" on the Statement of Operations.

**NOTE 4–PURCHASES AND SALES OF SECURITIES**

The cost of purchases and the proceeds from sales of securities, excluding short term investments, were as follows for the year ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government** | **U.S. Government** | **Other** | **Other** |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| International Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1354694175 | &nbsp;&nbsp; $562500555 |
| Global Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40572025 | &nbsp;&nbsp; $20709608 |
| Emerging Markets Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $331788067 | &nbsp;&nbsp; $157334464 |
| International Small Cap Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $878538702 | &nbsp;&nbsp; $480512855 |
| Small Cap Value Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $340298514 | &nbsp;&nbsp; $72736081 |
| Core Plus Fund | &nbsp;&nbsp; $13889613 | &nbsp;&nbsp; $53818180 | &nbsp;&nbsp; $9150087 | &nbsp;&nbsp; $19012521 |

---

**NOTE 5–CAPITAL SHARE TRANSACTIONS**

Capital share activity for each class of shares was as follows (shares and dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** | **International Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 4534 | $116969 | 1171 | $26343 | 938 | $19801 |
| Class C | 231 | 6084 | 43 | 947 | 73 | 1489 |
| Class I | 35793 | 956241 | 16268 | 370465 | 10806 | 223707 |
| Class R6 | 5072 | 137012 | 1143 | 25724 | 1222 | 25507 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 326 | 8657 | 26 | 547 | 52 | 1071 |
| Class C | 19 | 502 | 1 | 31 | 6 | 118 |
| Class I | 3473 | 93109 | 448 | 9412 | 737 | 15203 |
| Class R6 | 343 | 9290 | 42 | 891 | 66 | 1378 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (1819)<br>| (47492)<br>| (292)<br>| (6417)<br>| (905)<br>| (18272)<br>|
| Class C | (87)<br>| (2233)<br>| (99)<br>| (2101)<br>| (162)<br>| (3220)<br>|
| Class I | (12713)<br>| (340681)<br>| (4478)<br>| (99308)<br>| (6397)<br>| (131911)<br>|
| Class R6 | (1334)<br>| (36045)<br>| (458)<br>| (10351)<br>| (912)<br>| (19287)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 33838 | $901413 | 13815 | $316183 | 5524 | $115584 |

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**Brandes Investment Partners**

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

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 68 | $2283 | 6 | $187 | 12 | $337 |
| Class C | 18 | 619 |  |  | 16 | 465 |
| Class I | 827 | 28876 | 34 | 1052 | 114 | 3399 |
| Class R6 | N/A | N/A | N/A | N/A | N/A | N/A |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 11 | 352 | 4 | 117 | 2 | 60 |
| Class C | 3 | 91 | 2 | 49 | 1 | 17 |
| Class I | 237 | 8099 | 111 | 3312 | 72 | 2051 |
| Class R6 | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (27)<br>| (889)<br>| (7)<br>| (214)<br>| (5)<br>| (132)<br>|
| Class C | (5)<br>| (162)<br>| (4)<br>| (132)<br>| (6)<br>| (185)<br>|
| Class I | (297)<br>| (10265)<br>| (183)<br>| (5691)<br>| (169)<br>| (4848)<br>|
| Class R6 | N/A | N/A | N/A | N/A | N/A | N/A |
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 835 | $29004 | (37)<br>| $(1320)<br>| 37 | $1164 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 1356 | $16056 | 319 | $2792 | 2339 | $19786 |
| Class C | 114 | 1300 | 21 | 183 | 87 | 699 |
| Class I | 27015 | 326280 | 5464 | 47922 | 9041 | 75090 |
| Class R6 | 1949 | 23934 | 53 | 476 | 85 | 715 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 77 | 842 | 39 | 329 | 113 | 956 |
| Class C | 7 | 76 | 4 | 33 | 10 | 81 |
| Class I | 1288 | 14220 | 598 | 5038 | 1645 | 14038 |
| Class R6 | 5 | 59 | 2 | 16 | 4 | 32 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (2550)<br>| (28965)<br>| (1079)<br>| (9526)<br>| (1496)<br>| (12281)<br>|
| Class C | (113)<br>| (1251)<br>| (106)<br>| (930)<br>| (188)<br>| (1534)<br>|
| Class I | (13962)<br>| (158860)<br>| (7418)<br>| (64917)<br>| (23169)<br>| (192329)<br>|
| Class R6 | (333)<br>| (3883)<br>| (122)<br>| (1065)<br>| (302)<br>| (2509)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 14853 | $189808 | (2225)<br>| $(19649)<br>| (11831)<br>| $(97256)<br>|

---

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**Brandes Investment Partners**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 3996 | $100223 | 1187 | $23327 | 1761 | $29469 |
| Class C | 366 | 8779 | 59 | 1117 | 90 | 1411 |
| Class I | 30194 | 748542 | 6666 | 131991 | 14427 | 239641 |
| Class R6 | 357 | 9119 | 89 | 1772 | 144 | 2636 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 185 | 4705 | 65 | 1207 | 106 | 1775 |
| Class C | 11 | 271 | 4 | 74 | 6 | 85 |
| Class I | 1524 | 39109 | 498 | 9267 | 823 | 13984 |
| Class R6 | 12 | 323 | 3 | 53 | 2 | 39 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (2310)<br>| (58444)<br>| (712)<br>| (13962)<br>| (1289)<br>| (21380)<br>|
| Class C | (143)<br>| (3374)<br>| (37)<br>| (689)<br>| (73)<br>| (1106)<br>|
| Class I | (16121)<br>| (410509)<br>| (3729)<br>| (73007)<br>| (5212)<br>| (89508)<br>|
| Class R6 | (110)<br>| (2875)<br>| (28)<br>| (551)<br>| (16)<br>| (282)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 17961 | $435869 | 4065 | $80599 | 10769 | $176764 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** | **Small Cap Value Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 2398 | $46341 | 283 | $4778 | 484 | $6907 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 14326 | 292416 | 4146 | 70211 | 3024 | 44854 |
| Class R6 | 743 | 14223 | 170 | 2720 | 97 | 1439 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 82 | 1612 | 11 | 189 | 10 | 134 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 500 | 10028 | 76 | 1353 | 27 | 381 |
| Class R6 | 20 | 366 | 2 | 37 |  | 2 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (395)<br>| (7792)<br>| (75)<br>| (1255)<br>| (148)<br>| (2171)<br>|
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | (3509)<br>| (66973)<br>| (865)<br>| (14547)<br>| (615)<br>| (8919)<br>|
| Class R6 | (210)<br>| (3917)<br>| (15)<br>| (235)<br>| (14)<br>| (179)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 13955 | $286304 | 3733 | $63251 | 2865 | $42448 |

---

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**Brandes Investment Partners**

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** |
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months Ended** <br>**3/31/2025** | **Six Months Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold |  |  |  |  |  |  |
| Class A | 3 | $26 | 13 | $109 | 11 | $88 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 2241 | 18872 | 1947 | 16271 | 6695 | 55583 |
| Class R6 | 752 | 6329 | 2008 | 16654 | 1187 | 9945 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 4 | 32 | 2 | 18 | 6 | 46 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 494 | 4168 | 273 | 2284 | 403 | 3368 |
| Class R6 | 60 | 506 | 24 | 200 | 25 | 204 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (27)<br>| (226)<br>| (53)<br>| (449)<br>| (46)<br>| (382)<br>|
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | (7597)<br>| (64465)<br>| (2178)<br>| (18239)<br>| (2124)<br>| (17726)<br>|
| Class R6 | (1993)<br>| (16805)<br>| (67)<br>| (558)<br>| (1113)<br>| (9182)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| (6063)<br>| $(51563)<br>| 1969 | $16290 | 5044 | $41944 |

---

**NOTE 6–FEDERAL INCOME TAX**

As of March 31, 2026, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributable** <br> **Ordinary** <br> **Income**<br>| **Distributable** <br> **Long-term** <br> **Capital Gains**<br>| **Other** <br> **Accumulated** <br> **Gains/(Losses)**<br>| **Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>|
| International Fund | &nbsp;&nbsp; $32530656 | &nbsp;&nbsp; $112425736 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $266364271 |
| Global Fund | &nbsp;&nbsp; 501108 | &nbsp;&nbsp; 4151846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16378251 |
| Emerging Markets Fund | &nbsp;&nbsp; 205249 | &nbsp;&nbsp; — | &nbsp;&nbsp; (232398918)<br>| &nbsp;&nbsp; 193757449 |
| International Small Cap Fund | &nbsp;&nbsp; 48149983 | &nbsp;&nbsp; 74751860 | &nbsp;&nbsp; (3383)<br>| &nbsp;&nbsp; 168614690 |
| Small Cap Value Fund | &nbsp;&nbsp; 8243585 | &nbsp;&nbsp; 4308068 | &nbsp;&nbsp; (2200)<br>| &nbsp;&nbsp; 46739631 |
| Core Plus Fund | &nbsp;&nbsp; 366989 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5390144)<br>| &nbsp;&nbsp; (262864)<br>|

---

At March 31, 2026, the Funds had capital loss carryforwards and capital loss carryforwards utilized as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** | **Utilized** |
| International Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4245357)<br>|
| Global Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Fund | &nbsp;&nbsp; (232398918)<br>| &nbsp;&nbsp; (37343670)<br>|
| International Small Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; (80594661)<br>|
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; (5069050)<br>| &nbsp;&nbsp; — |

---

------

**Brandes Investment Partners**

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

------

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Funds may periodically make reclassifications among the capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications primarily related to the tax treatment of partnership investments. These reclassifications have no impact on the net assets or the NAV per share of each of the Funds.

At March 31, 2026, the following reclassifications were recorded:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br> **Earnings**<br>| **Paid-In** <br> **Capital**<br>|
| International Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Global Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Fund | &nbsp;&nbsp; (59999)<br>| &nbsp;&nbsp; 59999 |
| International Small Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The tax composition of dividends for the year ended March 31, 2026, six months ended March 31, 2025 and year ended September 30, 2024 for the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** | **Ordinary Income** | **Long Term** <br>**Capital Gains** | **Long Term** <br>**Capital Gains** | **Long Term** <br>**Capital Gains** |
|  | **2026** | **2025** | **2024** | **2026** | **2025** | **2024** |
| International <br> Fund<br>| &nbsp;&nbsp; $52416495 | &nbsp;&nbsp; $11427482 | &nbsp;&nbsp; $18630374 | &nbsp;&nbsp; $70310875 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Global Fund | &nbsp;&nbsp; 1221423 | &nbsp;&nbsp; 245138 | &nbsp;&nbsp; 916414 | &nbsp;&nbsp; 7372560 | &nbsp;&nbsp; 3260957 | &nbsp;&nbsp; 1226757 |
| Emerging Markets <br> Fund<br>| &nbsp;&nbsp; 19146840 | &nbsp;&nbsp; 7663161 | &nbsp;&nbsp; 17987168 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International <br> Small Cap Fund<br>| &nbsp;&nbsp; 45054022 | &nbsp;&nbsp; 10757122 | &nbsp;&nbsp; 16071615 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap <br> Value Fund<br>| &nbsp;&nbsp; 5641649 | &nbsp;&nbsp; 498933 | &nbsp;&nbsp; 259817 | &nbsp;&nbsp; 6556930 | &nbsp;&nbsp; 1086770 | &nbsp;&nbsp; 257398 |
| Core Plus Fund | &nbsp;&nbsp; 4905161 | &nbsp;&nbsp; 2059065 | &nbsp;&nbsp; 3647690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Brandes Investment Partners**

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

------

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Tax** <br>**Unrealized** <br>**Appreciation**<br>| **Tax** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| International Fund | &nbsp;&nbsp; $2240802610 | &nbsp;&nbsp; $400837598 | &nbsp;&nbsp; $(134823866)<br>| &nbsp;&nbsp; $266013732 |
| Global Fund | &nbsp;&nbsp; 67180997 | &nbsp;&nbsp; 21014223 | &nbsp;&nbsp; (4641033)<br>| &nbsp;&nbsp; 16373190 |
| Emerging Markets Fund | &nbsp;&nbsp; 927991825 | &nbsp;&nbsp; 337019559 | &nbsp;&nbsp; (141898334)<br>| &nbsp;&nbsp; 195121225 |
| International Small Cap Fund | &nbsp;&nbsp; 1279636618 | &nbsp;&nbsp; 264040927 | &nbsp;&nbsp; (95386608)<br>| &nbsp;&nbsp; 168654319 |
| Small Cap Value Fund | &nbsp;&nbsp; 415468262 | &nbsp;&nbsp; 66073572 | &nbsp;&nbsp; (19333941)<br>| &nbsp;&nbsp; 46739631 |
| Core Plus Fund | &nbsp;&nbsp; 78247871 | &nbsp;&nbsp; 940493 | &nbsp;&nbsp; (1203357)<br>| &nbsp;&nbsp; (262864)<br>|

---

**NOTE 7–OFFERING PRICE PER SHARE**

The public offering price for Class A shares is the net asset value per share plus a sales charge, which varies in accordance with the amount of the purchase up to a maximum of 5.75% for the International, Global, Emerging Markets, International Small Cap and Small Cap Value, and 3.75% for the Core Plus Fund. A contingent deferred sales charge ("CDSC") of 1.00% will be deducted with respect to Class A shares purchased without a sales load and redeemed within 12 months of purchase, unless waived, as discussed in the Prospectus. Any applicable CDSC will be 1.00% of the lesser of the original purchase price or the redemption value of the Class A shares redeemed. Class C shares include a 1.00% CDSC paid by redeeming shareholders within 12 months of purchase. As a result the redemption price may differ from the net asset value per share. The public offering prices for I shares are the respective net asset values. Sales charges are not an expense of the Funds and are not reflected in the financial statements of the Funds.

**NOTE 8–OWNERSHIP BY AFFILIATED PARTIES**

As of March 31, 2026, the Advisor, Trustees or affiliates of the Advisor beneficially owned more than 5% of shares in each class of the Funds as follows:

---

| | |
|:---|:---|
|  | **Global** <br>**Fund**<br>|
|  | **Class I** |
| Shares | 217987 |
| % of Total Outstanding Shares | 9.47% |

---

---

| | |
|:---|:---|
|  | **Core** <br>**Plus Fund**<br>|
|  | **Class I** |
| Shares | 1624476 |
| % of Total Outstanding Shares | 19.48% |

---

------

**Brandes Investment Partners**

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

------

**NOTE 9–RISK FACTORS**

With all mutual funds, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund's NAV, and ability to meet their investment objectives. A description of principal risks is included in the Funds' prospectus under the heading "Principal Risks of Investing in the Funds".

**NOTE 10–OPERATING SEGMENTS**

FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), requires incremental disclosures relate to a public entity's reportable segments. In connection with ASU 2023-07, the Advisor of the Fund together with the Officers of the Trust act as the Funds' Chief Operating Decision Maker (CODM). Each individual Fund represents a single operating segment, as the CODM monitors the operating results of each Fund and each Fund's long-term strategic asset allocations is pre-determined in accordance with the Fund's investment objective which is executed by each Fund's portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements and financial highlights.

**NOTE 11–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.

------

**Brandes Investment Partners**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

------

To the shareholders and Board of Trustees of Datum One Series Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Datum One Series Trust comprising the Brandes International Equity Fund, Brandes Global Equity Fund, Brandes Emerging Markets Value Fund, Brandes International Small Cap Equity Fund, Brandes Small Cap Value Fund and Brandes Core Plus Fixed Income Fund (the "Funds"), including the schedules of investments, as of March 31, 2026, the related statements of operations for the year then ended, the statements of changes in net assets and financial highlights for the year ended March 31, 2026, for the six months ended March 31, 2025, and for the year ended September 30, 2024, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds listed above constituting the Datum One Series Trust as of March 31, 2026, and the results of their operations for the year then ended, the changes in their net assets, and the financial highlights for the year ended March 31, 2026, for the six months ended March 31, 2025, and for the year ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America. The Funds' financial highlights for each of the three years in the period ended September 30, 2023 were audited by other auditors whose report dated November 20, 2023 expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of

------

**Brandes Investment Partners**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM — (continued)**

------

securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 21, 2026

We have served as the auditor of one or more Brandes Investment Partners, L.P. investment companies since 2024.

------

**Brandes Investment Partners**

**ADDITIONAL INFORMATION — (Unaudited)** 

------

**TAX NOTICE**

For the fiscal year ended March 31, 2026, the percentage of taxable ordinary income distributions that are designated as interest related dividends under the Internal Revenue Code Section 871(k)(1)(c) for each Fund were as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGE** |
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3.49<br> %<br>|
| Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>|
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>|
| International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2.61<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5.47<br> %<br>|
| Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 95.97<br> %<br>|

---

The percentage of ordinary distributions designated as short-term gain distributions under the Internal Revenue Code Section 871(k)(2)(c) for the fiscal year ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGE** |
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> %<br>|
| Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> %<br>|
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> %<br>|
| Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|

---

The distributions designated as long-term capital gain distributions for the fiscal year ended March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  | **DISTRIBUTION** |
| International Fund | &nbsp;&nbsp;&nbsp; $70310875 |
| Global Fund | &nbsp;&nbsp;&nbsp; $7372560 |
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp; $— |
| International Small Cap Fund | &nbsp;&nbsp;&nbsp; $— |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp; $6556930 |
| Core Plus Fund | &nbsp;&nbsp;&nbsp; $— |

---

The percentage of dividend income distributed for the fiscal year ended March 31, 2026, which is designated as qualified dividend income under the Jobs and Growth Tax relief Reconciliation Act of 2003 is as follows:

---

| | |
|:---|:---|
|  | **QUALIFIED** <br>**DIVIDEND** <br>**INCOME**<br>|
| International Fund | &nbsp;&nbsp; 60.13% |
| Global Fund | &nbsp;&nbsp; 86.82% |
| Emerging Markets Fund | &nbsp;&nbsp; 86.66% |
| International Small Cap Fund | &nbsp;&nbsp; 36.48% |
| Small Cap Value Fund | &nbsp;&nbsp; 6.84% |
| Core Plus Fund | &nbsp;&nbsp; 0.00% |

---

------

**Brandes Investment Partners**

**ADDITIONAL INFORMATION — (Unaudited) (continued)**

------

The percentage of dividends paid during the fiscal year ended March 31, 2026 that qualify for the corporate dividends received deduction are as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGE** |
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Global Fund | &nbsp;&nbsp;&nbsp;&nbsp; 35.94<br> %<br>|
| Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| International Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6.42<br> %<br>|
| Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|

---

------

**Brandes Investment Partners**

**Changes in and Disagreements with Accountants for Open-End Management Investment** **Companies** 

------

Not applicable.

------

**Brandes Investment Partners**

**Proxy Disclosure for Open-End management Investment Companies** 

------

Not applicable.

------

**Brandes Investment Partners**

**Basis for Trustees' Approval of Investment Advisory Agreement** 

------

Section 15 of the Investment Company Act of 1940, as amended, (the"1940 Act") requires that the investment management agreement between Datum One Series Trust (the "Trust") and Brandes Investment Partners, L.P. (the "Adviser") (the "Investment Management Agreement") with respect to the Brandes International Equity Fund, Brandes Global Equity Fund, Brandes Emerging Markets Value Fund, Brandes International Small Cap Equity Fund, Brandes Small Cap Value Fund, and Brandes Core Plus Fixed Income Fund (each a "Fund" and, collectively, the "Funds") be approved by the vote of a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It is the duty of the Board to request and evaluate, and the duty of the Adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the Investment Management Agreement.

At a meeting held on February 23-24, 2026, (the "Meeting"), the Board considered and approved the continuation of the Investment Management Agreement. The Meeting was held by videoconference, in reliance on a temporary exemptive order issued by the United States Securities and Exchange Commission (the "SEC"), in light of the novel coronavirus ("COVID-19") pandemic, permitting mutual fund boards of directors to approve advisory agreements at meetings held using remote communications technology, subject to certain conditions, including that the board ratify the approval at its next in-person meeting (the "Order"). The Board, including each of the Independent Trustees, met in person on May 18-19, 2026, and ratified its approval of the Investment Management Agreement, as well as all other agreements it had previously approved in reliance on the Order. The Board also received and reviewed a memorandum from counsel to the Funds regarding the Board's responsibilities in evaluating the Investment Management Agreement.

The Board determined that continuation of the Investment Management Agreement is in the best interests of the Funds and each Fund's shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the Investment Management Agreement are discussed separately below.

Prior to the Meeting, the Board requested, and the Adviser provided, both written and oral reports containing information and data relating to the following: (1) the nature, extent, and quality of services furnished by the Adviser, projections of the Adviser's costs of providing the services and possible economies of scale as and if the Funds grow larger, and whether and how the benefits of scale may be shared with the Funds; (2) the Funds' interest in having a financially strong investment manager capable of competing with other investment advisers and financial institutions in attracting and retaining high quality investment personnel and investigating and employing new investment techniques, and the need to provide staff capable of

------

**Brandes Investment Partners**

**Basis for Trustees' Approval of Investment Advisory Agreement** 

------

administering a developing and expanding investment management business; (3) the risks assumed by the Adviser in complying with investment restrictions and applicable securities and tax laws, and its possible substantial liabilities to the Funds for failure to comply; (4) the volatility of the financial markets and thus of investment management fee income; (5) comparative expense ratios and management fees of competitive funds; (6) fall-out benefits to the Adviser and its affiliates, if any; and (7) the projected profitability of the Adviser from providing services to the Funds as and if the Funds grow.

The Board examined the nature, extent, and quality of services provided to the Funds by the Adviser. The Board considered the terms of the Investment Management Agreement, information and reports provided by the Adviser on its personnel and operations, and the Adviser's experience managing the assets of each Fund. The Board reviewed the Adviser's investment philosophy and portfolio construction process and the Adviser's compliance program, pending litigation, insurance coverage, business continuity program, and information security practices. Taking into account the personnel involved in servicing the Funds as well as the materials and services provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser.

The Board then considered the investment performance and expenses of the Funds. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the "FUSE Report"). The FUSE Report consisted of comparisons of each Fund to (i) a certain number of funds with the same Morningstar investment category as each Fund, selected by FUSE, with similar pricing characteristics (each a "Peer Group"), (ii) a group of funds comprised of each Peer Group and all other funds with the same Morningstar investment category with similar pricing characteristics, excluding any outliers (each a "Peer Universe"), and (iii) the benchmarks of each Fund.

The Board compared each of the Funds to their respective Peer Group, Peer Universe, and benchmark.

The Board then considered the cost of services provided to each Fund and the profits realized by the Adviser. The Board reviewed each management fee paid by the Funds, the contractual expense limitations and the total operating expenses of each Fund. In considering economies of scale for the Funds, the Board considered marketing and distribution plans and capacity of the Funds. The Board concluded that the management fee was reasonable for each of the Funds.

The Board considered that the Adviser may derive fall-out financial or other benefits from its management of the Funds which may include, among other things, enhanced name recognition stemming from the management of the Funds.

------

**Brandes Investment Partners**

**Basis for Trustees' Approval of Investment Advisory Agreement** 

------

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee may have assigned different weights to the various factors considered.

------

**ADVISOR**

Brandes Investment Partners, L.P.

4275 Executive Square, 5th Floor

La Jolla, CA 92037

800.331.2979 **DISTRIBUTOR**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**TRANSFER AGENT**

The Northern Trust Company

333 South Wabash Avenue, W-38

Chicago, IL 60604

**INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP

111 South Wacker Drive

Chicago, Illinois 60606-4301

**LEGAL COUNSEL**

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

This report is intended for shareholders of the Brandes International Equity Fund, the Brandes Global Equity Fund, the Brandes Emerging Markets Value Fund, the Brandes International Small Cap Equity Fund, the Brandes Small Cap Value Fund, and the Brandes Core Plus Fixed Income Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Statements and other information herein are dated and are subject to change.

![](img63b7927a1.gif)

------

ANNUAL FINANCIAL STATEMENTS

AND OTHER INFORMATION

SEPARATELY MANAGED ACCOUNT

RESERVE TRUST

For the year ended March 31, 2026

![](imgd8f9b83f1.gif)

------

![](img57ab5bf62.gif)

**Table of Contents**

------

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_3de81d17-1422-41e9-9402-ba40218cb451_SOI-FundBookHeader-3-1619_1)** | 2 |
| **[Statement of Assets and Liabilities](#xx_3de81d17-1422-41e9-9402-ba40218cb451_FS-FundBookHeader-4_1)** | 7 |
| **[Statements of Operations](#xx_3de81d17-1422-41e9-9402-ba40218cb451_FS-FundBookHeader-4_2)** | 8 |
| **[Statements of Changes in Net Assets](#xx_3de81d17-1422-41e9-9402-ba40218cb451_FS-FundBookHeader-4_3)** | 9 |
| **[Financial Highlights](#xx_3de81d17-1422-41e9-9402-ba40218cb451_FS-FundBookHeader-4_4)** | 10 |
| **[Notes to Financial Statements](#xx_3de81d17-1422-41e9-9402-ba40218cb451_NTF-NTF-TOC_1)** | 11 |
| **[Report of Independent Registered Public Accounting Firm](#xx_3de81d17-1422-41e9-9402-ba40218cb451_AR-FundBookHeader-6-1619_1)** | 21 |
| **[Additional Information](#xx_3de81d17-1422-41e9-9402-ba40218cb451_AI-FundBookHeader-7-1619_1)** | 23 |
| **[Changes in and Disagreements with Accountants for](#xx_3de81d17-1422-41e9-9402-ba40218cb451_CAD-TOC-ChangesinandDisagreements_1)**<br> **[Open-End Management Investment Companies](#xx_3de81d17-1422-41e9-9402-ba40218cb451_CAD-TOC-ChangesinandDisagreements_1)**<br>| 24 |
| **[Proxy Disclosure for Open-End Management Investment Companies](#xx_3de81d17-1422-41e9-9402-ba40218cb451_PD-TOC-ProxyDisclosure_1)** | 25 |
| **[Basis for Trustees' Approval of Investment Advisory Agreement](#xx_3de81d17-1422-41e9-9402-ba40218cb451_BTA-TOC-BasisforTrustees_1)** | 26 |

---

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — March 31, 2026** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 9.79%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 9.79%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 9.79%** |
| ***Federal Home Loan Mortgage Corporation – 1.45%*** | ***Federal Home Loan Mortgage Corporation – 1.45%*** | ***Federal Home Loan Mortgage Corporation – 1.45%*** |
| Pool G1-8578 3.000%, 12/1/2030 | 300970 | $294301 |
| Pool SD-2873 3.000%, 1/1/2052 | 2026162 | 1805971 |
| Pool SD-8001 3.500%, 7/1/2049 | 527631 | 489249 |
| Pool SD-8003 4.000%, 7/1/2049 | 268822 | 257227 |
|  |  | 2846748 |
| ***Federal National Mortgage Association – 8.34%*** | ***Federal National Mortgage Association – 8.34%*** | ***Federal National Mortgage Association – 8.34%*** |
| Pool AL9865 3.000%, 2/1/2047 | 460871 | 414211 |
| Pool AS6201 3.500%, 11/1/2045 | 149595 | 140469 |
| Pool BN6683 3.500%, 6/1/2049 | 443944 | 411650 |
| Pool BZ6304 4.020%, 1/1/2031 | 6025000 | 5959985 |
| Pool BZ6433 4.580%, 3/1/2036 | 6055000 | 6033735 |
| Pool CA0483 3.500%, 10/1/2047 | 2612658 | 2437502 |
| Pool CA1624 3.000%, 4/1/2033 | 546022 | 529725 |
| Pool MA3687 4.000%, 6/1/2049 | 526272 | 498473 |
|  |  | 16425750 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $19,226,073)<br>|  | $19272498 |
| **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 6.644%, <br> 10/25/2036<sup>(a)</sup><br>| 669 | $631 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $665)<br>|  | $631 |
| **US GOVERNMENTS – 33.61%** | **US GOVERNMENTS – 33.61%** | **US GOVERNMENTS – 33.61%** |
| ***Sovereign Government – 33.61%*** | ***Sovereign Government – 33.61%*** | ***Sovereign Government – 33.61%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 24150000 | $25012230 |
| 3.500%, 2/15/2039 | 10500000 | 9472969 |
| 3.750%, 11/15/2043 | 13550000 | 11740863 |
| 3.000%, 5/15/2047 | 19750000 | 14678262 |
| 4.750%, 5/15/2055 | 5000000 | 4868555 |
|  |  | 65772879 |
| United States Treasury Note <br>4.375%, 5/15/2034<br>| 400000 | 404219 |
| **TOTAL US GOVERNMENTS** <br>(Cost $71,159,151)<br>|  | $66177098 |
| **CORPORATE BONDS – 47.35%** | **CORPORATE BONDS – 47.35%** | **CORPORATE BONDS – 47.35%** |
| ***Automotive – 1.69%*** | ***Automotive – 1.69%*** | ***Automotive – 1.69%*** |
| Ford Motor Credit Co. LLC <br>2.700%, 8/10/2026<br>| 3345000 | $3320301 |

---

*See Notes to Financial Statements.*

------

Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Banking – 11.83%*** | ***Banking – 11.83%*** | ***Banking – 11.83%*** |
| Bank of America Corp. <br>5.162% (U.S. SOFR + 1.000%), 1/24/2031<sup>(b)</sup><br>| 4200000 | $4280018 |
| Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), <br> 2/15/2030<sup>(c)</sup><br>| 3680000 | 3707328 |
| JPMorgan Chase & Co. <br>5.140% (U.S. SOFR + 1.010%), 1/24/2031<sup>(b)</sup><br>| 4200000 | 4276866 |
| PNC Financial Services Group, Inc. <br>4.075% (U.S. SOFR + 0.610%), 1/26/2029<sup>(b)</sup><br>| 4280000 | 4257416 |
| USB Capital IX <br>4.954% (CME Term SOFR 3M + 1.282%, minimum of 4.954%), <br> 5/1/2026<sup>(b)</sup><br>| 8525000 | 6765365 |
|  |  | 23286993 |
| ***Biotechnology & Pharmaceuticals – 3.85%*** | ***Biotechnology & Pharmaceuticals – 3.85%*** | ***Biotechnology & Pharmaceuticals – 3.85%*** |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(d)</sup><br>| 7810000 | 7578461 |
| ***Commercial Support Services – 0.14%*** | ***Commercial Support Services – 0.14%*** | ***Commercial Support Services – 0.14%*** |
| Prime Security Services Borrower LLC/Prime Finance, Inc. <br>5.750%, 4/15/2026<sup>(d)</sup><br>| 270000 | 270337 |
| ***Containers & Packaging – 1.01%*** | ***Containers & Packaging – 1.01%*** | ***Containers & Packaging – 1.01%*** |
| Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(d)</sup><br>| 1990000 | 1985022 |
| ***Electric Utilities – 1.33%*** | ***Electric Utilities – 1.33%*** | ***Electric Utilities – 1.33%*** |
| American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(d)</sup><br>| 2930000 | 2625206 |
| ***Entertainment Content – 5.09%*** | ***Entertainment Content – 5.09%*** | ***Entertainment Content – 5.09%*** |
| Netflix, Inc. <br>4.375%, 11/15/2026<br>| 1840000 | 1842749 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.000%, 8/15/2028<sup>(d)</sup> | 2855000 | 2897802 |
| 8.500%, 7/31/2031<sup>(d)</sup> | 5250000 | 5275620 |
|  |  | 10016171 |
| ***Food – 1.86%*** | ***Food – 1.86%*** | ***Food – 1.86%*** |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 3845000 | 3672806 |
| ***Institutional Financial Services – 4.68%*** | ***Institutional Financial Services – 4.68%*** | ***Institutional Financial Services – 4.68%*** |
| Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  | Goldman Sachs Group, Inc.  |
| 3.800%, (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(c)</sup> | 6015000 | 5983140 |
| 5.049%, (U.S. SOFR + 1.210%), 7/23/2030<sup>(b)</sup> | 3200000 | 3238552 |
|  |  | 9221692 |
| ***Internet Media & Services – 3.31%*** | ***Internet Media & Services – 3.31%*** | ***Internet Media & Services – 3.31%*** |
| Alphabet, Inc. <br>4.100%, 2/15/2031<br>| 4110000 | 4081440 |

---

*See Notes to Financial Statements.*

------

Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 810000 | $799046 |
| 3.250%, 2/15/2030 | 1732000 | 1636636 |
|  |  | 6517122 |
| ***IT Services – 1.82%*** | ***IT Services – 1.82%*** | ***IT Services – 1.82%*** |
| Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(d)</sup><br>| 3580000 | 3575701 |
| ***Leisure Facilities & Services – 4.91%*** | ***Leisure Facilities & Services – 4.91%*** | ***Leisure Facilities & Services – 4.91%*** |
| Sabre GLBL, Inc. <br>11.125%, 7/15/2030<sup>(d)</sup><br>| 5875000 | 4986465 |
| Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(d)</sup><br>| 4675000 | 4678964 |
|  |  | 9665429 |
| ***Oil & Gas Supply Chain – 0.95%*** | ***Oil & Gas Supply Chain – 0.95%*** | ***Oil & Gas Supply Chain – 0.95%*** |
| Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(d)</sup><br>| 1940000 | 1864218 |
| ***Publishing & Broadcasting – 2.01%*** | ***Publishing & Broadcasting – 2.01%*** | ***Publishing & Broadcasting – 2.01%*** |
| Gray Media, Inc. <br>9.625%, 7/15/2032<sup>(d)</sup><br>| 3955000 | 3954749 |
| ***Real Estate Investment Trusts – 1.48%*** | ***Real Estate Investment Trusts – 1.48%*** | ***Real Estate Investment Trusts – 1.48%*** |
| Iron Mountain, Inc. <br>4.875%, 9/15/2027<sup>(d)</sup><br>| 2925000 | 2919355 |
| ***Retail - Discretionary – 0.99%*** | ***Retail - Discretionary – 0.99%*** | ***Retail - Discretionary – 0.99%*** |
| Kohl's Corp. <br>10.000%, 6/1/2030<sup>(d)</sup><br>| 1845000 | 1950944 |
| ***Telecommunications – 0.40%*** | ***Telecommunications – 0.40%*** | ***Telecommunications – 0.40%*** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC <br>5.152%, 3/20/2028<sup>(d)</sup><br>| 795200 | 799126 |
| **TOTAL CORPORATE BONDS** <br>(Cost $94,666,770)<br>|  | $93223633 |
| **FOREIGN ISSUER BONDS – 5.19%** | **FOREIGN ISSUER BONDS – 5.19%** | **FOREIGN ISSUER BONDS – 5.19%** |
| ***Chemicals – 1.76%*** | ***Chemicals – 1.76%*** | ***Chemicals – 1.76%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 1249000 | $1241225 |
| 5.250%, 12/15/2029 | 2255000 | 2232513 |
|  |  | 3473738 |
| ***Oil, Gas Services & Equipment – 1.20%*** | ***Oil, Gas Services & Equipment – 1.20%*** | ***Oil, Gas Services & Equipment – 1.20%*** |
| Transocean International Ltd. <br>8.750%, 2/15/2030<sup>(d)</sup><br>| 2271500 | 2362799 |

---

*See Notes to Financial Statements.*

------

Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Telecommunications – 2.23%*** | ***Telecommunications – 2.23%*** | ***Telecommunications – 2.23%*** |
| Fibercop SpA <br>6.375%, 11/15/2033<sup>(d)</sup><br>| 3767000 | $3722248 |
| Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 633000 | 661297 |
|  |  | 4383545 |
| **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $10,424,479)<br>|  | $10220082 |
| **ASSET BACKED SECURITIES – 1.03%** | **ASSET BACKED SECURITIES – 1.03%** | **ASSET BACKED SECURITIES – 1.03%** |
| ***Specialty Finance – 1.03%*** | ***Specialty Finance – 1.03%*** | ***Specialty Finance – 1.03%*** |
| SLM Private Credit Student Loan Trust Series 2004-B, 4.366%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(b)</sup><br>| 624326 | $618199 |
| SLM Private Credit Student Loan Trust Series 2005-A, 4.246%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(b)</sup><br>| 464015 | 459968 |
| SLM Private Credit Student Loan Trust Series 2006-A, 4.226%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(b)</sup><br>| 964311 | 940022 |
| **TOTAL ASSET BACKED SECURITIES** <br>(Cost $1,943,786)<br>|  | $2018189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.12%** | **SHORT-TERM INVESTMENTS – 3.12%** | **SHORT-TERM INVESTMENTS – 3.12%** |
| ***Money Market Funds – 3.12%*** | ***Money Market Funds – 3.12%*** | ***Money Market Funds – 3.12%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.529%<sup>(e)</sup> | 6139836 | $6139836 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $6,139,836)<br>|  | $6139836 |
| **Total Investments (Cost $203,560,760) – 100.09%** |  | **$197051967** |
| **Liabilities in Excess of Other Assets – (0.09)%** |  | **(173675)**<br>|
| **Total Net Assets – 100.00%** |  | **$196878292** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| 3M 3 Month |
| 5Y 5 Year |
| CME Chicago Mercantile Exchange |
| CMT Constant Maturity Treasury |
| LLC Limited Liability Company |
| LP Limited Partnership |
| SOFR Secured Overnight Financing Rate |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable rate security. The coupon is based on a reference index and spread index.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security issued at a fixed rate for a specified period of time, after which it will
 convert to a variable rate.

*See Notes to Financial Statements.*

------

Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — March 31, 2026 (continued)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(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 $51,447,017 which
 represented 26.13% of the net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of March 31, 2026.

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.

*See Notes to Financial Statements.*

------

**Brandes Separately Managed Account Reserve Trust**

**STATEMENT OF ASSETS AND LIABILITIES — March 31, 2026** 

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| Investment in securities, at cost | &nbsp;&nbsp; $203560760 |
| Investment in securities, at value | &nbsp;&nbsp; $197051967 |
| Receivables: |  |
| Fund shares sold | &nbsp;&nbsp; 1021545 |
| Interest | &nbsp;&nbsp; 2130512 |
| Total Assets | &nbsp;&nbsp; 200204024 |
| **LIABILITIES** |  |
| Payables: |  |
| Fund shares redeemed | &nbsp;&nbsp; 445788 |
| Distributions | &nbsp;&nbsp; 863411 |
| Overdraft payable | &nbsp;&nbsp; 2016533 |
| Total Liabilities | &nbsp;&nbsp; 3325732 |
| **NET ASSETS** | &nbsp;&nbsp; $196878292 |
| **COMPONENTS OF NET ASSETS** |  |
| Paid-in capital | &nbsp;&nbsp; $216691256 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (19812964)<br>|
| Total Net Assets | &nbsp;&nbsp; $196878292 |
| **Net asset value, offering price and redemption proceeds per share** |  |
| Net Assets | &nbsp;&nbsp; $196878292 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 24881594 |
| Offering and redemption price | &nbsp;&nbsp; $7.91 |

---

*See Notes to Financial Statements.*

------

**Brandes Separately Managed Account Reserve Trust**

**STATEMENT OF OPERATIONS — For the Year Ended March 31, 2026** 

------

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| **Income** |  |
| Dividend income | &nbsp;&nbsp; $259760 |
| Interest income | &nbsp;&nbsp; 9527103 |
| Total Income | &nbsp;&nbsp; 9786863 |
| **Expenses (Note 3)** |  |
| Total expenses | &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; — |
| **Net investment income** | &nbsp;&nbsp; 9786863 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; 2090 |
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1392137)<br>|
| **Net realized and unrealized loss on investments** | &nbsp;&nbsp; (1390047)<br>|
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $8396816 |

---

*See Notes to Financial Statements.*

------

**Brandes Separately Managed Account Reserve Trust**

**STATEMENTS OF CHANGES IN NET ASSETS** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,** <br>**2026**<br>| **Six Months** <br>**Ended** <br>**March 31,** <br>**2025**<sup>(1)</sup> <br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **INCREASE IN NET ASSETS FROM:** |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $9786863 | &nbsp;&nbsp; $4360111 | &nbsp;&nbsp; $7740942 |
| Net realized gain (loss) on investments and foreign <br> currency transactions<br>| &nbsp;&nbsp; 2090 | &nbsp;&nbsp; (300130)<br>| &nbsp;&nbsp; (1905795)<br>|
| Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; (1392137)<br>| &nbsp;&nbsp; (3369491)<br>| &nbsp;&nbsp; 16425265 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| &nbsp;&nbsp; 8396816 | &nbsp;&nbsp; 690490 | &nbsp;&nbsp; 22260412 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders | &nbsp;&nbsp; (9718721)<br>| &nbsp;&nbsp; (4326864)<br>| &nbsp;&nbsp; (7667987)<br>|
| **Decrease in net assets from distributions** | &nbsp;&nbsp; (9718721)<br>| &nbsp;&nbsp; (4326864)<br>| &nbsp;&nbsp; (7667987)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 41867838 | &nbsp;&nbsp; 34726310 | &nbsp;&nbsp; 38472860 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| &nbsp;&nbsp; 9695515 | &nbsp;&nbsp; 4316425 | &nbsp;&nbsp; 7470501 |
| Cost of shares redeemed | &nbsp;&nbsp; (37286018)<br>| &nbsp;&nbsp; (21521719)<br>| &nbsp;&nbsp; (41419675)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| &nbsp;&nbsp; 14277335 | &nbsp;&nbsp; 17521016 | &nbsp;&nbsp; 4523686 |
| Total increase in net assets | &nbsp;&nbsp; 12955430 | &nbsp;&nbsp; 13884642 | &nbsp;&nbsp; 19116111 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | &nbsp;&nbsp; 183922862 | &nbsp;&nbsp; 170038220 | &nbsp;&nbsp; 150922109 |
| End of the Period | &nbsp;&nbsp; $196878292 | &nbsp;&nbsp; $183922862 | &nbsp;&nbsp; $170038220 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

*See Notes to Financial Statements.*

------

**Brandes Separately Managed Account Reserve Trust**

**FINANCIAL HIGHLIGHTS** 

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**March 31,**<br>| **Six Months** <br>**Ended** <br>**March 31,**<br>| **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** | **Year Ended** <br>**September 30,** |
|  | **2026** | **2025**<sup>(1)</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning** <br> **of period**<br>| &nbsp;&nbsp; $7.96 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $8.94 |
| **Total from investment** <br> **operations:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(2)</sup> | 0.41 | 0.19 | 0.38 | 0.36 | 0.30 | 0.27 |
| Net realized and unrealized <br> gain/(loss) on investments<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.17)<br>| 0.71 | 0.04 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.07)<br>|
| Total from investment <br> operations<br>| 0.36 | 0.02 | 1.09 | 0.40 | &nbsp;&nbsp; (1.15)<br>| 0.20 |
| **Less dividends and** <br> **distributions:**<br>|  |  |  |  |  |  |
| Dividends from net <br> investment income<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total dividends and <br> distributions<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of** <br> **period**<br>| &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $7.96 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $8.83 |
| **Total return** | 4.56<br> %<br>| 0.28 %<sup>(3)</sup><br>| 14.99<br> %<br>| 5.39<br> %<br>| &nbsp;&nbsp; (13.30<br> %)<br>| 2.33<br> %<br>|
| **Net assets, end of period** <br> **(millions)**<br>| &nbsp;&nbsp; $196.9 | &nbsp;&nbsp; $183.9 | &nbsp;&nbsp; $170.0 | &nbsp;&nbsp; $150.9 | &nbsp;&nbsp; $149.8 | &nbsp;&nbsp; $186.5 |
| **Ratio of expenses to average** <br> **net assets**<sup>(4)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Ratio of net investment** <br> **income to average net** <br> **assets**<sup>(4)</sup><br>| 5.15<br> %<br>| 4.85 %<sup>(5)</sup><br>| 4.89<br> %<br>| 4.74<br> %<br>| 3.63<br> %<br>| 3.04<br> %<br>|
| **Portfolio turnover rate** | 50.64<br> %<br>| 6.22 %<sup>(3)</sup><br>| 31.72<br> %<br>| 23.24<br> %<br>| 28.94<br> %<br>| 36.89<br> %<br>|

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) During the period, the fiscal year end changed to March 31 from September 30.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net investment income per share has been calculated based on average shares outstanding
 during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reflects the fact that no fees or expenses are incurred by the Fund. The Fund is an
 integral part of "wrap-fee" programs sponsored by investment advisors and/or broker-dealers unaffiliated with the Fund or the Advisor. Participants in these programs pay a "wrap" fee to the sponsor of the program.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

**Brandes Separately Managed Account Reserve Trust**

**NOTES TO FINANCIAL STATEMENTS** 

------

**NOTE 1–ORGANIZATION**

Effective August 5, 2024, the Brandes Seperately Managed Account Reserve Trust (the "Acquired Fund" and "Predecessor Fund"), a series of Brandes Investment Trust ("BIT"), reorganized and merged with and into a respective series bearing the same name of the Datum One Series Trust (the "Trust") pursuant to an Agreement and Plan of Reorganization that was approved by the shareholders of the Acquired Fund.

The Trust is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated February 24, 2026. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the"1940 Act"). The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Brandes Seperately Managed Account Reserve Trust (the "Fund") is a diversified fund and a series of the Trust. These financial statements and accompanying notes only relate to the Fund.

The Fund began operations on October 3, 2005. The Fund invests its assets primarily in debt securities and seeks to maximize total return.

Prior to August 5, 2024, the Fund was a series of BIT. BIT was registered under the 1940 Act, as an open-end management investment company.

Subsequent to September 30, 2024, the Board approved a change in the fiscal year end for the Fund to March 31 to align the fiscal year end with the other series in the Trust.

**NOTE 2–SIGNIFICANT ACCOUNTING POLICIES**

The 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 Fund. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Foreign Currency Translation and Transactions*. Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rates of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rates of exchange prevailing on the respective dates of such translations. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate. Foreign securities and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin.

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**Brandes Separately Managed Account Reserve Trust**

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

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Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the year. The Fund reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Delayed Delivery Securities.* The Fund may purchase securities on a when issued or delayed delivery basis. "When-issued" or delayed delivery refers to securities whose terms are available and for which a market exists, but that have not been issued. For a when-issued or delayed delivery transaction, no payment is made until delivery date, which is typically longer than the normal course of settlement. When the Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or liquid securities, of any type or maturity, equal in value to the Fund's commitment. Losses may arise if the market value of the underlying securities change, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors. The Fund did not have any open commitments on delayed delivery securities as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions, Dividends and Distributions.* Security transactions are accounted for on the trade dates. Realized gains and losses are recorded on the basis of identified cost. Distributions from net investment income are declared daily and paid monthly. Distributions of net realized gains, if any, are declared at least annually. Dividend income and distributions to shareholders are recorded on the ex-dividend dates. Interest is recorded on an accrual basis. The Fund amortizes premiums and accretes discounts using the constant yield method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Use of Estimates*. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Indemnification Obligations.* Under the Trust's organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Trust has indemnified its trustees against any expenses actually and reasonably incurred by the trustees in any proceeding arising out of or in connection with the trustees' service to the Trust. In addition, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum

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**Brandes Separately Managed Account Reserve Trust**

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

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exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred or that would be covered by other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Accounting for Uncertainty in Income Taxes.* The Fund has elected to be taxed as a "regulated investment company" and intends to distribute substantially all its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. The Fund may be subject to a nondeductible excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. The Fund intends to distribute its net investment income and capital gains as necessary to avoid this excise tax. Therefore, no provision for federal income taxes or excise taxes has been made.

The Trust analyzes all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions. Open tax years for the Fund are those that are open for exam by taxing authorities (2023 through 2026). As of March 31, 2026 the Trust has no examinations in progress.

Management has analyzed the Trust's tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year ended March 31, 2026.

The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *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 Fund has 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

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**Brandes Separately Managed Account Reserve Trust**

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

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Security Valuation*. Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ 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.

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

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).

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**Brandes Separately Managed Account Reserve Trust**

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

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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, current market data and 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 only if there are significant observable inputs used.

Common stocks and exchange-traded fund shares are valued at the last reported sales price, in the case of common stocks and exchange-traded fund shares, 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.

Valuation adjustments may be applied to certain securities 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 security 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.

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. If, on a particular day, a share price of an investment company is not readily available, such securities are fair valued in accordance with the fair value procedures of the Trust.

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

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**Brandes Separately Managed Account Reserve Trust**

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

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unreliable. The securities fair valued by the Advisor are indicated in the Schedule 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, the 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. When using fair value to price securities, the Fund may value those securities higher or lower than another fund using market quotations or fair value to price the same securities. Further, there can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value.

The following is a summary of the level inputs used, as of March 31, 2026, involving the Fund's assets carried at fair value. The inputs used for valuing securities may not be an indication of the risk associated with investing in those securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Seperately Managed Account** <br>**Reserve Trust**<br>|  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2018189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2018189 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 93223633 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93223633 |
| Federal and Federally Sponsored Credits | &nbsp;&nbsp; — | &nbsp;&nbsp; 19272498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19272498 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 10220082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10220082 |
| Short-Term Investments | &nbsp;&nbsp; 6139836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6139836 |
| US Governments | &nbsp;&nbsp; — | &nbsp;&nbsp; 66177098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66177098 |
| Other Mortgage Related Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 631 |
| Total Investments in Securities | &nbsp;&nbsp; $6139836 | &nbsp;&nbsp; $190912131 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $197051967 |

---

There were no Level 3 securities in the Fund at the beginning or the end of the year ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *Recent Accounting Pronouncements.* In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which enhances income tax disclosure requirements by providing greater disaggregation of information by jurisdiction and category and by eliminating certain disclosures that are no longer considered meaningful. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024. The Fund adopted ASU 2023-09 during the current fiscal year. The adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements or related disclosures.

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**Brandes Separately Managed Account Reserve Trust**

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

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**NOTE 3–INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Advisor Fee.* The Advisor provides the Fund with investment management services under an Investment Advisory Agreement. The Advisor receives no fee for its services and is responsible for payment of all operating expenses of the Fund, including: (i) interest and taxes; (ii) brokerage commissions; (iii) insurance premiums; (iv) compensation and expenses of Trustees other than those affiliated with the Advisor or the Administrator; (v) legal and audit expenses; (vi) fees and expenses of the custodian, shareholder service and transfer agents; (vii) fees and expenses for registration or qualification of the Fund and its shares under federal and state securities laws; (viii) expenses of preparing, printing and mailing reports and notices and proxy material to shareholders; (ix) other expenses incidental to holding any shareholder meetings; (x) dues or assessments of or contributions to the Investment Company Institute or any successor; and (xi) amortization of organization costs. These fees are not subject to recoupment by the Advisor. The financial statements of the Fund reflect the fact that no fees or expenses are incurred by the Fund. It should be understood, however, that the Fund is an integral part of "wrap-fee" programs sponsored by investment advisors unaffiliated with the Fund and the Advisor. Typically, participants in these programs pay a "wrap-fee" to their investment advisors. Although the Fund does not compensate the Advisor directly for its service under the Investment Advisory Agreement, the Advisor benefits from its relationships with the sponsors of wrap-fee programs for which the Fund is an investment option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Administration Fee.* The Northern Trust Company (the "Administrator") serves as the administrator, transfer agent, custodian and fund accounting agent for the Fund pursuant to written agreements with the Trust on behalf of the Fund. The Advisor compensates the Administrator on behalf of the Fund for the services the Administrator performs for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Distribution Fees.* Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) (the "Distributor"), provides distribution services to the Fund pursuant to a Distribution Agreement with the Trust, on behalf of the Fund. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Fund on a continuous basis. No compensation is payable by the Trust to the Distributor for such distribution services. The Advisor, at its own expense, pays the Distributor an annual fee in consideration for certain distribution related services.

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**Brandes Separately Managed Account Reserve Trust**

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

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Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (doing business as ACA Group) ("ACA Group"), provides compliance and financial control services for the Fund pursuant to a written agreement with the Trust, on behalf of the Fund, including providing certain officers to the Fund.

Certain Officers and Trustees of the Trust are affiliated with ACA Group, the Administrator, or the Distributor and receive no compensation directly from the Fund for serving in their respective role.

**NOTE 4–PURCHASES AND SALES OF SECURITIES**

The cost of purchases and the proceeds from sales of securities of the Fund, excluding short-term investments, were as follows for the year ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government** | **U.S. Government** | **Other** | **Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $64131493 | $43378502 | $42144706 | $49141202 |

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**NOTE 5–CAPITAL SHARE TRANSACTIONS**

The Fund's capital share activity was as follows (shares and dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended** <br>**3/31/2026** | **Year Ended** <br>**3/31/2026** | **Six Months** <br>**Ended** <br>**3/31/2025** | **Six Months** <br>**Ended** <br>**3/31/2025** | **Year Ended** <br>**9/30/2024** | **Year Ended** <br>**9/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares Sold | &nbsp;&nbsp; 5256 | &nbsp;&nbsp; $41868 | &nbsp;&nbsp; 4357 | &nbsp;&nbsp; $34726 | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; $38473 |
| Issued on Reinvestment of Distributions | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 4317 | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 7471 |
| Shares Redeemed | &nbsp;&nbsp; (4682)<br>| &nbsp;&nbsp; (37286)<br>| &nbsp;&nbsp; (2712)<br>| &nbsp;&nbsp; (21522)<br>| &nbsp;&nbsp; (5294)<br>| &nbsp;&nbsp; (41420)<br>|
| **Net Increase Resulting from Fund** <br> **Share Transactions**<br>| &nbsp;&nbsp; 1789 | &nbsp;&nbsp; $14277 | &nbsp;&nbsp; 2188 | &nbsp;&nbsp; $17521 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; $4524 |

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**NOTE 6–FEDERAL INCOME TAX**

As of March 31, 2026, the Fund's components of distributable earnings on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributable** <br> **Ordinary** <br> **Income**<br>| **Distributable** <br> **Long-term** <br> **Capital Gains**<br>| **Other** <br> **Accumulated** <br> **Gains/(Losses)**<br>| **Unrealized** <br> **Appreciation /** <br> **(Depreciation)**<br>|
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $955834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14260005)<br>| &nbsp;&nbsp; $(6508793)<br>|

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**Brandes Separately Managed Account Reserve Trust**

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

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At March 31, 2026, the Fund had capital loss carryforwards and capital loss carryforwards utilized as indicated below:

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| | | |
|:---|:---|:---|
|  | **Indefinite** | **Utilized** |
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $(13396594)<br>| &nbsp;&nbsp; $(62697)<br>|

---

Income dividends and capital gains distributions are determined in accordance with federal income tax regulations. The timing and character of distributions determined in accordance with federal income tax regulations may differ from financial statement amounts determined in accordance with U.S. GAAP. Accordingly, the Fund may periodically make reclassifications among the capital accounts to reflect differences between financial reporting and federal income tax basis distributions. The reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications have no impact on the net assets or the NAV per share of the Fund. For the year ended March 31, 2026, the Fund made no permanent reclassifications.

The tax composition of dividends for the year ended March 31, 2026, six months ended March 31, 2025 and year ended September 30, 2024 for the Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ordinary Income** | **Ordinary Income** | **Ordinary Income** | **Long Term** <br>**Capital Gains** | **Long Term** <br>**Capital Gains** | **Long Term** <br>**Capital Gains** |
| **2026** | **2025** | **2024** | **2026** | **2025** | **2024** |
| $9626300 | $3557568 | $7666293 | $— | $— | $— |

---

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost** | **Tax** <br>**Unrealized** <br>**Appreciation**<br>| **Tax** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $203560760 | &nbsp;&nbsp; $1288318 | &nbsp;&nbsp; $(7797111)<br>| &nbsp;&nbsp; $(6508793)<br>|

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**NOTE 7–RISK FACTORS**

With all mutual funds, shareholders of the Fund are subject to the risk that their investment could lose money. The Fund is subject to the principal risks, any of which may adversely affect the Fund's NAV, and ability to meet its investment objectives. A description of principal risks is included in the Fund's prospectus under the heading "Principal Risks of Investing in the Fund".

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**Brandes Separately Managed Account Reserve Trust**

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

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**NOTE 8–OPERATING SEGMENTS**

FASB Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), requires incremental disclosures relate to a public entity's reportable segments. In connection with ASU 2023-07, the Advisor of the Fund together with the Officers of the Trust act as the Fund's Chief Operating Decision Maker (CODM). The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund and the Fund's long-term strategic asset allocations is pre-determined in accordance with the Fund's investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements and financial highlights.

**NOTE 9–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.

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**Brandes Separately Managed Account Reserve Trust**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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To the shareholders of Brandes Separately Managed Account Reserve Trust and Board of Trustees of Datum One Series Trust:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Brandes Separately Managed Account Reserve Trust (the "Fund"), one of the funds constituting the Datum One Series Trust, as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the year ended March 31, 2026, for the six months ended March 31, 2025, and for the year ended September 30, 2024, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, and the results of its operations for the year then ended, the changes in its net assets, and the financial highlights for the year ended March 31, 2026, for the six months ended March 31, 2025, and for the year ended September 30, 2024, in conformity with accounting principles generally accepted in the United States of America. The Fund's financial highlights for each of the three years in the period ended September 30, 2023 were audited by other auditors whose report dated November 20, 2023 expressed an unqualified opinion on those financial highlights.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of

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**Brandes Separately Managed Account Reserve Trust**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM — (continued)**

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securities owned as of March 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Chicago, Illinois

May 21, 2026

We have served as the auditor of one or more Brandes Investment Partners, L.P. investment companies since 2024.

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**Brandes Separately Managed Account Reserve Trust**

**ADDITIONAL INFORMATION — (Unaudited)** 

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**TAX NOTICE**

For the fiscal year ended March 31, 2026, the percentage of taxable ordinary income distributions that are designated as interest related dividends under the Internal Revenue Code Section 871(k)(1)(c) for the Fund were as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGE** |
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp;&nbsp;&nbsp; 93.11<br> %<br>|

---

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**Brandes Separately Managed Account Reserve Trust**

**Changes in and Disagreements with Accountants for Open-End Management Investment** **Companies** 

------

Not applicable.

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**Brandes Separately Managed Account Reserve Trust**

**Proxy Disclosure for Open-End management Investment Companies** 

------

Not applicable.

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**Brandes Separately Managed Account Reserve Trust**

**Basis for Trustees' Approval of Investment Advisory Agreement** 

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Section 15 of the Investment Company Act of 1940, as amended, (the"1940 Act") requires that the investment management agreement between Datum One Series Trust (the "Trust") and Brandes Investment Partners, L.P. (the "Adviser") (the "Investment Management Agreement") with respect to the Brandes Separately Managed Account Reserve Trust (the "Fund") be approved by the vote of a majority of the Board of Trustees of the Trust (the "Board"), including a majority of the Trustees who are not "interested persons," as that term is defined in the 1940 Act ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval. It is the duty of the Board to request and evaluate, and the duty of the Adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the Investment Management Agreement.

At a meeting held on February 23-24, 2026, (the "Meeting"), the Board considered and approved the continuation of the Investment Management Agreement. The Meeting was held by videoconference, in reliance on a temporary exemptive order issued by the United States Securities and Exchange Commission (the "SEC"), in light of the novel coronavirus ("COVID-19") pandemic, permitting mutual fund boards of directors to approve advisory agreements at meetings held using remote communications technology, subject to certain conditions, including that the board ratify the approval at its next in-person meeting (the "Order"). The Board, including each of the Independent Trustees, met in person on May 18-19, 2026, and ratified its approval of the Investment Management Agreement, as well as all other agreements it had previously approved in reliance on the Order. The Board also received and reviewed a memorandum from counsel to the Fund regarding the Board's responsibilities in evaluating the Investment Management Agreement.

The Board determined that continuation of the Investment Management Agreement is in the best interests of the Fund and the Fund's shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the Board's determinations to approve the renewal of the Investment Management Agreement are discussed separately below.

Prior to the Meeting, the Board requested, and the Adviser provided, both written and oral reports containing information and data relating to the following: (1) the nature, extent, and quality of services furnished by the Adviser, projections of the Adviser's costs of providing the services and possible economies of scale as and if the Fund grows larger, and whether and how the benefits of scale may be shared with the Fund; (2) the Fund's interest in having a financially strong investment manager capable of competing with other investment advisers and financial institutions in attracting and retaining high quality investment personnel and investigating and employing new investment techniques, and the need to provide staff capable of administering a developing and expanding investment management business; (3) the risks assumed by the Adviser in complying with investment restrictions and applicable securities and tax

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**Brandes Separately Managed Account Reserve Trust**

**Basis for Trustees' Approval of Investment Advisory Agreement** 

------

laws, and its possible substantial liabilities to the Fund for failure to comply; (4) the volatility of the financial markets and thus of investment management fee income; (5) comparative expense ratios and management fees of competitive funds; (6) fall-out benefits to the Adviser and its affiliates, if any; and (7) the projected profitability of the Adviser from providing services to the Fund as and if the Fund grows.

The Board examined the nature, extent, and quality of services provided to the Fund by the Adviser. The Board considered the terms of the Investment Management Agreement, information and reports provided by the Adviser on its personnel and operations, and the Adviser's experience managing the assets of the Fund. The Board reviewed the Adviser's investment philosophy and portfolio construction process and the Adviser's compliance program, pending litigation, insurance coverage, business continuity program, and information security practices. Taking into account the personnel involved in servicing the Fund as well as the materials and services provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser.

The Board then considered the investment performance and expenses of the Fund. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the "FUSE Report"). The FUSE Report consisted of comparisons of the Fund to (i) a certain number of funds with the same Morningstar investment category as the Fund, selected by FUSE, with similar pricing characteristics (the "Peer Group"), (ii) a group of funds comprised of the Peer Group and all other funds with the same Morningstar investment category with similar pricing characteristics, excluding any outliers (the "Peer Universe"), and (iii) the benchmark of the Fund.

The Board then considered the cost of services provided to the Fund and the profits realized by the Adviser. The Board reviewed the management fee paid by the Fund, the contractual expense limitation and the total operating expenses of the Fund. In considering economies of scale for the Fund, the Board considered marketing and distribution plans and capacity of the Fund. The Board concluded that the management fee was reasonable for the Fund.

The Board considered that the Adviser may derive fall-out financial or other benefits from its management of the Fund which may include, among other things, enhanced name recognition stemming from the management of the Fund.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee may have assigned different weights to the various factors considered.

------

**ADVISOR**

Brandes Investment Partners, L.P.

4275 Executive Square, 5th Floor

La Jolla, CA 92037

800.331.2979 **DISTRIBUTOR**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**TRANSFER AGENT**

The Northern Trust Company

333 South Wabash Avenue, W-38

Chicago, IL 60604

**INDEPENDENT REGISTERED**

**PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP

111 South Wacker Drive

Chicago, Illinois 60606-4301

**LEGAL COUNSEL**

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

This report is intended for shareholders of the Brandes Separately Managed Account Reserve Trust and may not be used as sales literature unless preceded or accompanied by a current prospectus.

Statements and other information herein are dated and are subject to change.

![](imgd8f9b83f1.gif)

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable to this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [The Code of Ethics that is the subject of the disclosure required by Item 2 is filed herewith.](Exhibit_a1.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Datum One Series Trust

---

| | |
|:---|:---|
| By:  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |
| Date:  | June 2, 2026  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |
| Date:  | June 2, 2026  |
| By:  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer and  |
| Date:  | June 2, 2026  |

---

------

## Ex-99.Code

Datum One Series Trust

<u>Principal Executive and Principal Financial Officers Code of Ethics</u>

I. **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Datum One Series Trust (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

• accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview. A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.** 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or

the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

------

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

• not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

• report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

• service as a director on the board of any public company;

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

III. **Disclosure and Compliance** 

• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

• Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. **Reporting and Accountability** 

Each Covered Officer must:

• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;

• annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

• not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

• notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

• the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

• the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

• if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

• any matter that the Compliance Officer believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

• the Board will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. **Confidentiality** 

------

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

VIII. **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted: March 3, 2020

#### Exhibit A

#### Persons Covered by this Code of Ethics

#### Barbara J. Nelligan - President and Principal Executive Officer

#### Tracy L. Dotolo - Treasurer and Principal Financial Officer

#### Exhibit B-1

#### Datum One Series Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| Date: ____________________  |  |
|  | Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Datum One Series Trust  |

---

#### Exhibit B-2

#### Datum One Series Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
|  Date: ____________________  |  |
|  | Tracy L. Dotolo  |
|  | Principal Financial Officer  |
|  | Datum One Series Trust  |

---

#### Exhibit C-1

#### Datum One Series Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending [MONTH DAY, 202__]

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal

Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

---

| | |
|:---|:---|
|  Date: ____________________  |  |
|  | Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Datum One Series Trust  |

---

#### Exhibit C-2

#### Datum One Series Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending [MONTH DAY, 202__]

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

---

| | |
|:---|:---|
| Date: ____________________  |  |
|  | Tracy L. Dotolo  |
|  | Principal Financial Officer  |
|  | Datum One Series Trust  |

---

------

## Ex-99.Cert

#### Certification
I, Barbara J. Nelligan, certify that:

1. I have reviewed this report on Form N-CSR of the Datum One Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 2, 2026  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

---

------

I, Tracy L. Dotolo, certify that:

1. I have reviewed this report on Form N-CSR of the Datum One Series Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 2, 2026  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |

---

------

## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of the Datum One Series Trust (the "registrant").

Barbara J. Nelligan, Principal Executive Officer, and Tracy L. Dotolo, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| June 2, 2026  | June 2, 2026  |
| Date  | Date  |
| /s/ Barbara J. Nelligan  | /s/ Tracy L. Dotolo  |
| Barbara J. Nelligan  | Tracy L. Dotolo  |
| President and Principal Executive Officer  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------