# EDGAR Filing Document

**Accession Number:** 0001806095
**File Stem:** 0002066578-25-001707
**Filing Date:** 2025-12
**Character Count:** 373226
**Document Hash:** 19f4d86f49db974ad4649905e948b20a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001707.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0002066578-25-001707

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23556
- **FILM NUMBER:** 251539312

**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'? d68be4c2-2369-42ec-a61b-987291f419b9

#### 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:

#### September 30, 2025

#### 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_7636.jpg)

### Brandes International Equity Fund

### Class A/BIEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $59 | 1.08%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943984368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 20.26% |
| Health Care | 15.26% |
| Consumer Discretionary | 14.95% |
| Technology | 11.69% |
| Industrials | 9.79% |
| Financials | 7.77% |
| Energy | 6.10% |
| Communication Services | 5.70% |
| Materials | 2.84% |
| Short-Term Investments | 2.01% |
| Other | 3.19% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Equity Fund

### Class C/BIECX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $95 | 1.73%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943984368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 20.26% |
| Health Care | 15.26% |
| Consumer Discretionary | 14.95% |
| Technology | 11.69% |
| Industrials | 9.79% |
| Financials | 7.77% |
| Energy | 6.10% |
| Communication Services | 5.70% |
| Materials | 2.84% |
| Short-Term Investments | 2.01% |
| Other | 3.19% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Equity Fund

### Class I/BIIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $47 | 0.85%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943984368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 20.26% |
| Health Care | 15.26% |
| Consumer Discretionary | 14.95% |
| Technology | 11.69% |
| Industrials | 9.79% |
| Financials | 7.77% |
| Energy | 6.10% |
| Communication Services | 5.70% |
| Materials | 2.84% |
| Short-Term Investments | 2.01% |
| Other | 3.19% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Equity Fund

### Class R6/BIERX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $41 | 0.75%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1943984368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Consumer Staples | 20.26% |
| Health Care | 15.26% |
| Consumer Discretionary | 14.95% |
| Technology | 11.69% |
| Industrials | 9.79% |
| Financials | 7.77% |
| Energy | 6.10% |
| Communication Services | 5.70% |
| Materials | 2.84% |
| Short-Term Investments | 2.01% |
| Other | 3.19% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Global Equity Fund

### Class A/BGEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $68 | 1.25%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$66063959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 22.84% |
| Financials | 19.25% |
| Technology | 12.00% |
| Consumer Staples | 9.86% |
| Consumer Discretionary | 9.23% |
| Industrials | 7.75% |
| Energy | 5.42% |
| Materials | 4.77% |
| Communication Services | 4.46% |
| Short-Term Investments | 2.74% |
| Other | 1.61% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Global Equity Fund

### Class C/BGVCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $108 | 2.00%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$66063959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 22.84% |
| Financials | 19.25% |
| Technology | 12.00% |
| Consumer Staples | 9.86% |
| Consumer Discretionary | 9.23% |
| Industrials | 7.75% |
| Energy | 5.42% |
| Materials | 4.77% |
| Communication Services | 4.46% |
| Short-Term Investments | 2.74% |
| Other | 1.61% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Global Equity Fund

### Class I/BGVIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Global Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $54 | 1.00%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$66063959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Health Care | 22.84% |
| Financials | 19.25% |
| Technology | 12.00% |
| Consumer Staples | 9.86% |
| Consumer Discretionary | 9.23% |
| Industrials | 7.75% |
| Energy | 5.42% |
| Materials | 4.77% |
| Communication Services | 4.46% |
| Short-Term Investments | 2.74% |
| Other | 1.61% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Emerging Markets Value Fund

### Class A/BEMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $76 | 1.31%\* |

---

*\** **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;* 

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$824943962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Financials | 24.70% |
| Technology | 23.37% |
| Consumer Discretionary | 12.86% |
| Communication Services | 11.62% |
| Consumer Staples | 10.30% |
| Industrials | 6.27% |
| Real Estate | 3.16% |
| Utilities | 2.75% |
| Energy | 2.51% |
| Other | 2.51% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Emerging Markets Value Fund

### Class C/BEMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $118 | 2.05%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$824943962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Financials | 24.70% |
| Technology | 23.37% |
| Consumer Discretionary | 12.86% |
| Communication Services | 11.62% |
| Consumer Staples | 10.30% |
| Industrials | 6.27% |
| Real Estate | 3.16% |
| Utilities | 2.75% |
| Energy | 2.51% |
| Other | 2.51% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Emerging Markets Value Fund

### Class I/BEMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $65 | 1.12%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$824943962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Financials | 24.70% |
| Technology | 23.37% |
| Consumer Discretionary | 12.86% |
| Communication Services | 11.62% |
| Consumer Staples | 10.30% |
| Industrials | 6.27% |
| Real Estate | 3.16% |
| Utilities | 2.75% |
| Energy | 2.51% |
| Other | 2.51% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Emerging Markets Value Fund

### Class R6/BEMRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Emerging Markets Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $56 | 0.97%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$824943962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Financials | 24.70% |
| Technology | 23.37% |
| Consumer Discretionary | 12.86% |
| Communication Services | 11.62% |
| Consumer Staples | 10.30% |
| Industrials | 6.27% |
| Real Estate | 3.16% |
| Utilities | 2.75% |
| Energy | 2.51% |
| Other | 2.51% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Small Cap Equity Fund

### Class A/BISAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $73 | 1.28%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1406560188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 29.31% |
| Health Care | 13.22% |
| Consumer Staples | 13.14% |
| Financials | 11.65% |
| Communication Services | 8.01% |
| Technology | 5.60% |
| Consumer Discretionary | 5.10% |
| Materials | 4.56% |
| Real Estate | 4.49% |
| Energy | 2.47% |
| Other | 2.44% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Small Cap Equity Fund

### Class C/BINCX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $109 | 1.91%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1406560188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 29.31% |
| Health Care | 13.22% |
| Consumer Staples | 13.14% |
| Financials | 11.65% |
| Communication Services | 8.01% |
| Technology | 5.60% |
| Consumer Discretionary | 5.10% |
| Materials | 4.56% |
| Real Estate | 4.49% |
| Energy | 2.47% |
| Other | 2.44% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Small Cap Equity Fund

### Class I/BISMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $61 | 1.07%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1406560188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 29.31% |
| Health Care | 13.22% |
| Consumer Staples | 13.14% |
| Financials | 11.65% |
| Communication Services | 8.01% |
| Technology | 5.60% |
| Consumer Discretionary | 5.10% |
| Materials | 4.56% |
| Real Estate | 4.49% |
| Energy | 2.47% |
| Other | 2.44% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes International Small Cap Equity Fund

### Class R6/BISRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes International Small Cap Equity Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $57 | 1.00%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1406560188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 29.31% |
| Health Care | 13.22% |
| Consumer Staples | 13.14% |
| Financials | 11.65% |
| Communication Services | 8.01% |
| Technology | 5.60% |
| Consumer Discretionary | 5.10% |
| Materials | 4.56% |
| Real Estate | 4.49% |
| Energy | 2.47% |
| Other | 2.44% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Small Cap Value Fund

### Class A/BSCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $65 | 1.15%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$225043588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 38.79% |
| Health Care | 13.64% |
| Consumer Discretionary | 10.59% |
| Materials | 8.90% |
| Technology | 8.10% |
| Consumer Staples | 7.04% |
| Energy | 6.90% |
| Financials | 2.97% |
| Short-Term Investments | 2.37% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Small Cap Value Fund

### Class I/BSCMX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $51 | 0.90%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$225043588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 38.79% |
| Health Care | 13.64% |
| Consumer Discretionary | 10.59% |
| Materials | 8.90% |
| Technology | 8.10% |
| Consumer Staples | 7.04% |
| Energy | 6.90% |
| Financials | 2.97% |
| Short-Term Investments | 2.37% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Small Cap Value Fund

### Class R6/BSCRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Small Cap Value Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $41 | 0.72%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$225043588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

Industry Sector as % of Net Assets

---

| | |
|:---|:---|
| Industrials | 38.79% |
| Health Care | 13.64% |
| Consumer Discretionary | 10.59% |
| Materials | 8.90% |
| Technology | 8.10% |
| Consumer Staples | 7.04% |
| Energy | 6.90% |
| Financials | 2.97% |
| Short-Term Investments | 2.37% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Core Plus Fixed Income Fund

### Class A/BCPAX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $25 | 0.50%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97054830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 59.40% |
| Corporate Bonds | 29.09% |
| Federal and Federally Sponsored Credits | 4.65% |
| Short-Term Investments | 3.01% |
| Foreign Issuer Bonds | 2.36% |
| Other | 0.73% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Core Plus Fixed Income Fund

### Class I/BCPIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $15 | 0.30%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97054830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 59.40% |
| Corporate Bonds | 29.09% |
| Federal and Federally Sponsored Credits | 4.65% |
| Short-Term Investments | 3.01% |
| Foreign Issuer Bonds | 2.36% |
| Other | 0.73% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Core Plus Fixed Income Fund

### Class R6/BCPRX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Core Plus Fixed Income Fund (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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) | $15 | 0.30%\* |

---

*\** **Annualized.*

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$97054830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| US Governments | 59.40% |
| Corporate Bonds | 29.09% |
| Federal and Federally Sponsored Credits | 4.65% |
| Short-Term Investments | 3.01% |
| Foreign Issuer Bonds | 2.36% |
| Other | 0.73% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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_7636.jpg)

### Brandes Separately Managed Account Reserve Trust

### Ticker \| SMARX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Brandes Separately Managed Account Reserve Trust (the "Fund") for the period of April 1, 2025, to September 30, 2025. 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 six months?
(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%\*\* |

---

---

| | |
|:---|:---|
| **<sup>\*</sup>**  | **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.**  |
| **<sup>\*\*</sup>**  | **Annualized.**  |

---

KEY FUND STATISTICS AS OF SEPTEMBER 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$189202983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

Asset Type as % of Net Assets

---

| | |
|:---|:---|
| Corporate Bonds | 50.88% |
| US Governments | 36.87% |
| Foreign Issuer Bonds | 4.18% |
| Federal and Federally Sponsored Credits | 4.06% |
| Other | 3.02% |

---

Where can I find more information?

![TSR - QR Code](images_7637.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
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
Not applicable for semi-annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

------

SEMI-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 six months ended September 30, 2025

![](img9d371ce31.gif)

------

![](imgb77c39372.gif)

**Table of Contents**

------

---

| | |
|:---|:---|
| **[Schedule of Investments](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_1)** | 2 |
| [Brandes International Equity Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_1) | 2 |
| [Brandes Global Equity Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_5) | 6 |
| [Brandes Emerging Markets Value Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_9) | 10 |
| [Brandes International Small Cap Equity Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_13) | 14 |
| [Brandes Small Cap Value Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_18) | 19 |
| [Brandes Core Plus Fixed Income Fund](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOI-FundBookHeader-3_21) | 22 |
| **[Statements of Assets and Liabilities](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_FS-FundBookHeader-4_2)** | 28 |
| **[Statements of Operations](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOP-StatementofOperations_1)** | 30 |
| **[Statements of Changes in Net Assets](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_SOC-StatementofChangesinNetAssets_1)** | 32 |
| **[Financial Highlights](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_FIHI-FinancialHighlights-1618_1)** | 38 |
| **[Notes to Financial Statements](#xx_cd308b90-e3a7-41d3-a9ce-85e97db85598_NTF-NTF-TOC_1)** | 50 |

---

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 90.74%** | **COMMON STOCKS – 90.74%** | **COMMON STOCKS – 90.74%** |
| ***Austria – 0.96%*** | ***Austria – 0.96%*** | ***Austria – 0.96%*** |
| 189675 | Erste Group Bank <br> AG<br>| $18645537 |
| ***Brazil – 4.09%*** | ***Brazil – 4.09%*** | ***Brazil – 4.09%*** |
| 12786200 | Ambev SA | 29045076 |
| 601434 | Embraer SA <br> Sponsored – ADR<br>| 36356685 |
| 2195100 | Telefonica Brasil <br> SA<sup>(a)</sup> <br>| 14051775 |
|  |  | 79453536 |
| ***Canada – 3.88%*** | ***Canada – 3.88%*** | ***Canada – 3.88%*** |
| 1078794 | CAE, Inc.<sup>(a)</sup> <br>| 31975454 |
| 258156 | Nutrien Ltd. | 15156339 |
| 756673 | Open Text Corp. | 28284437 |
|  |  | 75416230 |
| ***China – 3.55%*** | ***China – 3.55%*** | ***China – 3.55%*** |
| 3087900 | Alibaba Group <br> Holding Ltd.<br>| 69058155 |
| ***France – 18.76%*** | ***France – 18.76%*** | ***France – 18.76%*** |
| 359777 | BNP Paribas SA | 32906214 |
| 230020 | Capgemini SE | 33554721 |
| 2657151 | Carrefour SA | 40268488 |
| 245000 | Engie Prime De <br> Fidelite 2027<sup>(a)</sup> <br>| 5250910 |
| 1170397 | Engie SA | 25159477 |
| 137740 | Kering SA | 46156314 |
| 999414 | Orange SA | 16211471 |
| 342676 | Pernod Ricard SA | 33736666 |
| 306706 | Publicis Groupe SA | 29515333 |
| 565746 | Sanofi SA | 53572703 |
| 330293 | Societe BIC SA | 20630401 |
| 455231 | TotalEnergies SE | 27727501 |
|  |  | 364690199 |
| ***Germany – 5.54%*** | ***Germany – 5.54%*** | ***Germany – 5.54%*** |
| 658434 | Deutsche Post AG | 29423670 |
| 522156 | Henkel AG & Co. <br> KGaA<br>| 38757877 |
| 210243 | Infineon <br> Technologies AG<br>| 8247870 |
| 116690 | SAP SE | 31245761 |
|  |  | 107675178 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Hong Kong – 2.27%*** | ***Hong Kong – 2.27%*** | ***Hong Kong – 2.27%*** |
| 27535000 | Budweiser Brewing <br> Co. APAC Ltd.<sup>(b)</sup> <br>| $29268380 |
| 17776000 | First Pacific Co. <br> Ltd.<br>| 14901799 |
|  |  | 44170179 |
| ***Italy – 3.10%*** | ***Italy – 3.10%*** | ***Italy – 3.10%*** |
| 209917 | Buzzi SpA | 11567464 |
| 1290224 | Eni SpA | 22573889 |
| 3943883 | Intesa Sanpaolo SpA | 26105260 |
|  |  | 60246613 |
| ***Japan – 12.74%*** | ***Japan – 12.74%*** | ***Japan – 12.74%*** |
| 3512500 | Astellas Pharma, <br> Inc.<br>| 38286203 |
| 515100 | Bridgestone Corp. | 23806978 |
| 2610700 | Honda Motor Co. <br> Ltd.<br>| 26940670 |
| 2352600 | Kubota Corp. | 29559026 |
| 686400 | Makita Corp. | 22247191 |
| 589500 | Mitsubishi UFJ <br> Financial Group, <br> Inc.<br>| 9509448 |
| 66000 | SMC Corp. | 20400087 |
| 1056800 | Sumitomo Mitsui <br> Trust Group, Inc.<br>| 30672580 |
| 1573583 | Takeda <br> Pharmaceutical Co. <br> Ltd.<br>| 46216752 |
|  |  | 247638935 |
| ***Mexico – 7.53%*** | ***Mexico – 7.53%*** | ***Mexico – 7.53%*** |
| 835243 | America Movil SAB <br> de CV – ADR<br>| 17540103 |
| 11140870 | America Movil SAB <br> de CV – Class B<br>| 11661915 |
| 3161167 | Cemex SAB de CV <br> Sponsored – ADR<br>| 28418891 |
| 21488747 | Fibra Uno <br> Administracion SA <br> de CV<br>| 31669603 |
| 8217618 | Kimberly-Clark de <br> Mexico SAB de CV <br> – Class A<br>| 17383380 |
| 12852751 | Wal-Mart de Mexico <br> SAB de CV<br>| 39701866 |
|  |  | 146375758 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Netherlands – 6.05%*** | ***Netherlands – 6.05%*** | ***Netherlands – 6.05%*** |
| 628752 | Heineken Holding <br> NV<br>| $43172083 |
| 1233449 | Koninklijke Philips <br> NV<br>| 33789185 |
| 1438133 | STMicroelectronics <br> NV<br>| 40648720 |
|  |  | 117609988 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 1013133 | Mobile TeleSystems <br> PJSC<sup>(a),(c)</sup> <br>|  |
| ***Singapore – 1.93%*** | ***Singapore – 1.93%*** | ***Singapore – 1.93%*** |
| 16986600 | Wilmar <br> International Ltd.<br>| 37565857 |
| ***South Korea – 1.00%*** | ***South Korea – 1.00%*** | ***South Korea – 1.00%*** |
| 91038 | Hyundai Mobis Co. <br> Ltd.<br>| 19368779 |
| ***Switzerland – 6.71%*** | ***Switzerland – 6.71%*** | ***Switzerland – 6.71%*** |
| 168660 | Cie Financiere <br> Richemont SA – <br> Class A Registered<br>| 32377055 |
| 166642 | Novartis AG <br> Registered<br>| 21426560 |
| 14150 | Swatch Group AG <br> Bearer<br>| 2674320 |
| 1063581 | Swatch Group AG <br> Registered<br>| 40849234 |
| 808008 | UBS Group AG <br> Registered<br>| 33220081 |
|  |  | 130547250 |
| ***Taiwan – 1.57%*** | ***Taiwan – 1.57%*** | ***Taiwan – 1.57%*** |
| 703000 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 30536792 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***United Kingdom – 11.06%*** | ***United Kingdom – 11.06%*** | ***United Kingdom – 11.06%*** |
| 2193137 | GSK Plc | $47090992 |
| 6601049 | J Sainsbury Plc | 29679801 |
| 7103185 | Kingfisher Plc | 29590222 |
| 348590 | Reckitt Benckiser <br> Group Plc<br>| 26842135 |
| 688464 | Shell Plc | 24537572 |
| 1210440 | Smith & Nephew <br> Plc<br>| 21954175 |
| 2216632 | Tesco Plc | 13285807 |
| 4416778 | WPP Plc | 22016369 |
|  |  | 214997073 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,477,421,473) | **TOTAL COMMON STOCKS** <br>(Cost $1,477,421,473) | $1763996059 |
| **PREFERRED STOCKS – 6.81%** | **PREFERRED STOCKS – 6.81%** | **PREFERRED STOCKS – 6.81%** |
| ***Brazil – 2.25%*** | ***Brazil – 2.25%*** | ***Brazil – 2.25%*** |
| 7397300 | Petroleo Brasileiro <br> SA – Petrobras, <br> 2.555%<sup>(d)</sup> <br>| $43725691 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 21512699 | Surgutneftegas <br> PJSC, <br> 2.033%<sup>(a),(c),(d)</sup> <br>|  |
| ***South Korea – 2.80%*** | ***South Korea – 2.80%*** | ***South Korea – 2.80%*** |
| 1148296 | Samsung <br> Electronics Co. <br> Ltd., 2.194%<sup>(d)</sup> <br>| 54499293 |
| ***Spain – 1.76%*** | ***Spain – 1.76%*** | ***Spain – 1.76%*** |
| 3399726 | Grifols SA – Class B, <br> 1.749%<sup>(d)</sup> <br>| 34132200 |
| **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $121,109,030) | **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $121,109,030) | $132357184 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.01%** | **SHORT-TERM INVESTMENTS – 2.01%** | **SHORT-TERM INVESTMENTS – 2.01%** |
| ***Money Market Funds — 2.01%*** | ***Money Market Funds — 2.01%*** | ***Money Market Funds — 2.01%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(e)</sup> | 39090385 | $39090385 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $39,090,385)<br>|  | $39090385 |
| **Total Investments** <br>**(Cost $1,637,620,888) – 99.56%**<br>|  | **$1935443628** |
| **Other Assets in Excess of Liabilities – 0.44%** |  | **8540740** |
| **TOTAL NET ASSETS – 100.00%** |  | **$1943984368** |

---

------

---

| |
|:---|
| 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 $29,268,380 which
 represented 1.51% 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 September 30, 2025.

*See Notes to the Financial Statements.* 

------

Brandes International Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 3.51<br> %<br>|
| Air Freight & Logistics | 1.51<br> %<br>|
| Automobile Components | 2.22<br> %<br>|
| Automobiles | 1.39<br> %<br>|
| Banks | 6.06<br> %<br>|
| Beverages | 6.96<br> %<br>|
| Broadline Retail | 3.55<br> %<br>|
| Capital Markets | 1.71<br> %<br>|
| Chemicals | 0.78<br> %<br>|
| Commercial Services & Supplies | 1.06<br> %<br>|
| Construction Materials | 2.06<br> %<br>|
| Consumer Staples Distribution & Retail | 6.33<br> %<br>|
| Diversified REITs | 1.63<br> %<br>|
| Diversified Telecommunication Services | 1.55<br> %<br>|
| Food Products | 2.70<br> %<br>|
| Health Care Equipment & Supplies | 2.87<br> %<br>|
| Household Products | 4.27<br> %<br>|
| IT Services | 1.73<br> %<br>|
| Machinery | 3.71<br> %<br>|
| Media | 2.65<br> %<br>|
| Multi-Utilities | 1.56<br> %<br>|
| Oil, Gas & Consumable Fuels | 3.85<br> %<br>|
| Pharmaceuticals | 10.63<br> %<br>|
| Semiconductors & Semiconductor Equipment | 4.09<br> %<br>|
| Software | 3.07<br> %<br>|
| Specialty Retail | 1.52<br> %<br>|
| Textiles, Apparel & Luxury Goods | 6.27<br> %<br>|
| Wireless Telecommunication Services | 1.50<br> %<br>|
| **TOTAL COMMON STOCKS** | 90.74<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.76<br> %<br>|
| Oil, Gas & Consumable Fuels | 2.25<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.80<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 6.81<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 2.01<br> %<br>|
| **TOTAL INVESTMENTS** | 99.56<br> %<br>|
| Other Assets in Excess of Liabilities | 0.44<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. This information is unaudited.

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 95.33%** | **COMMON STOCKS – 95.33%** | **COMMON STOCKS – 95.33%** |
| ***Austria – 2.52%*** | ***Austria – 2.52%*** | ***Austria – 2.52%*** |
| 16943 | Erste Group Bank AG | $1665540 |
| ***Brazil – 3.60%*** | ***Brazil – 3.60%*** | ***Brazil – 3.60%*** |
| 399000 | Ambev SA | 906367 |
| 97520 | Embraer SA | 1471160 |
|  |  | 2377527 |
| ***Canada – 1.29%*** | ***Canada – 1.29%*** | ***Canada – 1.29%*** |
| 28873 | CAE, Inc.<sup>(a)</sup> <br>| 855796 |
| ***China – 3.86%*** | ***China – 3.86%*** | ***China – 3.86%*** |
| 92800 | Alibaba Group Holding <br> Ltd.<br>| 2075390 |
| 1164000 | Topsports International <br> Holdings Ltd.<br>| 472309 |
|  |  | 2547699 |
| ***France – 11.35%*** | ***France – 11.35%*** | ***France – 11.35%*** |
| 6252 | Capgemini SE | 912025 |
| 32590 | Carrefour SA | 493894 |
| 3713 | Kering SA | 1244216 |
| 8725 | Pernod Ricard SA | 858982 |
| 9932 | Publicis Groupe SA | 955789 |
| 16571 | Sanofi SA | 1569173 |
| 24038 | TotalEnergies SE | 1464122 |
|  |  | 7498201 |
| ***Germany – 1.32%*** | ***Germany – 1.32%*** | ***Germany – 1.32%*** |
| 3851 | Heidelberg Materials <br> AG<br>| 870502 |
| ***Hong Kong – 2.99%*** | ***Hong Kong – 2.99%*** | ***Hong Kong – 2.99%*** |
| 141200 | AIA Group Ltd. | 1353256 |
| 584600 | Budweiser Brewing Co. <br> APAC Ltd.<sup>(b)</sup> <br>| 621402 |
|  |  | 1974658 |
| ***Ireland – 2.38%*** | ***Ireland – 2.38%*** | ***Ireland – 2.38%*** |
| 6939 | CRH Plc | 837180 |
| 4184 | ICON Plc<sup>(a)</sup> <br>| 732200 |
|  |  | 1569380 |
| ***Japan – 1.07%*** | ***Japan – 1.07%*** | ***Japan – 1.07%*** |
| 24100 | Takeda Pharmaceutical <br> Co. Ltd.<br>| 707826 |
| ***Malaysia – 0.66%*** | ***Malaysia – 0.66%*** | ***Malaysia – 0.66%*** |
| 629000 | Genting Bhd | 436730 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Mexico – 2.42%*** | ***Mexico – 2.42%*** | ***Mexico – 2.42%*** |
| 311196 | Fibra Uno <br> Administracion SA de <br> CV<br>| $458633 |
| 369530 | Wal-Mart de Mexico <br> SAB de CV<br>| 1141470 |
|  |  | 1600103 |
| ***Netherlands – 1.62%*** | ***Netherlands – 1.62%*** | ***Netherlands – 1.62%*** |
| 13652 | Heineken NV | 1069075 |
| ***South Korea – 2.33%*** | ***South Korea – 2.33%*** | ***South Korea – 2.33%*** |
| 1516 | Hyundai Mobis Co. Ltd. | 322536 |
| 2233 | Hyundai Motor Co. | 342327 |
| 14595 | Samsung Electronics Co. <br> Ltd.<br>| 874975 |
|  |  | 1539838 |
| ***Switzerland – 3.08%*** | ***Switzerland – 3.08%*** | ***Switzerland – 3.08%*** |
| 2679 | Cie Financiere <br> Richemont SA – Class A <br> Registered<br>| 514278 |
| 36938 | UBS Group AG <br> Registered<br>| 1518652 |
|  |  | 2032930 |
| ***Taiwan – 3.50%*** | ***Taiwan – 3.50%*** | ***Taiwan – 3.50%*** |
| 28000 | Taiwan Semiconductor <br> Manufacturing Co. Ltd.<br>| 1216259 |
| 10000 | Wiwynn Corp. | 1095713 |
|  |  | 2311972 |
| ***United Kingdom – 9.34%*** | ***United Kingdom – 9.34%*** | ***United Kingdom – 9.34%*** |
| 81857 | GSK Plc | 1757632 |
| 16880 | Imperial Brands Plc | 717087 |
| 62666 | NatWest Group Plc | 442632 |
| 9134 | Reckitt Benckiser Group <br> Plc<br>| 703336 |
| 20431 | Shell Plc Sponsored – <br> ADR<br>| 1461429 |
| 60098 | Smith & Nephew Plc | 1090019 |
|  |  | 6172135 |
| ***United States – 42.00%*** | ***United States – 42.00%*** | ***United States – 42.00%*** |
| 3949 | Alphabet, Inc. – Class A | 960002 |
| 13509 | Amdocs Ltd. | 1108413 |
| 6760 | American International <br> Group, Inc.<br>| 530930 |
| 6868 | Arch Capital Group Ltd. | 623134 |
| 27011 | Bank of America Corp. | 1393498 |
| 6121 | Becton Dickinson & Co. | 1145668 |

---

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 4643 | Cardinal Health, Inc. | $728765 |
| 4767 | Cigna Corp. | 1374088 |
| 13995 | Citigroup, Inc. | 1420493 |
| 11257 | Cognizant Technology <br> Solutions Corp. – <br> Class A<br>| 755007 |
| 32698 | Comcast Corp. – Class A | 1027371 |
| 11941 | Corteva, Inc. | 807570 |
| 8918 | CVS Health Corp. | 672328 |
| 3862 | Emerson Electric Co. | 506617 |
| 4200 | EPAM Systems, Inc.<sup>(a)</sup> <br>| 633318 |
| 8020 | Evergy, Inc. | 609680 |
| 3556 | FedEx Corp. | 838540 |
| 9041 | Fiserv, Inc.<sup>(a)</sup> <br>| 1165656 |
| 26594 | Halliburton Co. | 654212 |
| 1965 | HCA Healthcare, Inc. | 837483 |
| 1054 | McKesson Corp. | 814257 |
| 11458 | Merck & Co., Inc. | 961670 |
| 4874 | Micron Technology, Inc. | 815518 |
| 5309 | Mohawk Industries, <br> Inc.<sup>(a)</sup> <br>| 684436 |
| 10838 | OneMain Holdings, Inc. | 611913 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 45401 | Pfizer, Inc. | $1156818 |
| 3704 | PNC Financial Services <br> Group, Inc.<br>| 744245 |
| 17114 | Textron, Inc. | 1445962 |
| 2433 | UnitedHealth Group, <br> Inc.<br>| 840115 |
| 14925 | Wells Fargo & Co. | 1251014 |
| 8187 | Westlake Corp. | 630890 |
|  |  | 27749611 |
| **TOTAL COMMON STOCKS** <br>(Cost $44,938,587) | **TOTAL COMMON STOCKS** <br>(Cost $44,938,587) | $62979523 |
| **PREFERRED STOCKS – 1.86%** | **PREFERRED STOCKS – 1.86%** | **PREFERRED STOCKS – 1.86%** |
| ***South Korea – 0.79%*** | ***South Korea – 0.79%*** | ***South Korea – 0.79%*** |
| 10969 | Samsung Electronics Co. <br> Ltd., 2.194%<sup>(c)</sup> <br>| $520600 |
| ***Spain – 1.07%*** | ***Spain – 1.07%*** | ***Spain – 1.07%*** |
| 71406 | Grifols SA – Class B – <br> ADR, 1.765%<sup>(c)</sup> <br>| 711204 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $1,219,940) | **TOTAL PREFERRED STOCKS** <br>(Cost $1,219,940) | $1231804 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.74%** | **SHORT-TERM INVESTMENTS – 2.74%** | **SHORT-TERM INVESTMENTS – 2.74%** |
| ***Money Market Funds — 2.74%*** | ***Money Market Funds — 2.74%*** | ***Money Market Funds — 2.74%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(d)</sup> | 1807697 | $1807697 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,807,697)<br>|  | $1807697 |
| **Total Investments** <br>**(Cost $47,966,224) – 99.93%**<br>|  | **$66019024** |
| **Other Assets in Excess of Liabilities – 0.07%** |  | **44935** |
| **TOTAL NET ASSETS – 100.00%** |  | **$66063959** |

---

------

---

| |
|:---|
| 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 $621,402 which represented
 0.94% 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 September 30, 2025.

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 5.71<br> %<br>|
| Air Freight & Logistics | 1.27<br> %<br>|
| Automobile Components | 0.49<br> %<br>|
| Automobiles | 0.52<br> %<br>|
| Banks | 10.47<br> %<br>|
| Beverages | 5.23<br> %<br>|
| Broadline Retail | 3.14<br> %<br>|
| Capital Markets | 2.30<br> %<br>|
| Chemicals | 2.18<br> %<br>|
| Construction Materials | 2.59<br> %<br>|
| Consumer Finance | 0.93<br> %<br>|
| Consumer Staples Distribution & Retail | 2.48<br> %<br>|
| Diversified REITs | 0.69<br> %<br>|
| Electric Utilities | 0.92<br> %<br>|
| Electrical Equipment | 0.77<br> %<br>|
| Energy Equipment & Services | 0.99<br> %<br>|
| Financial Services | 1.76<br> %<br>|
| Health Care Equipment & Supplies | 3.38<br> %<br>|
| Health Care Providers & Services | 7.97<br> %<br>|
| Hotels, Restaurants & Leisure | 0.66<br> %<br>|
| Household Durables | 1.04<br> %<br>|
| Household Products | 1.06<br> %<br>|
| Insurance | 3.79<br> %<br>|
| Interactive Media & Services | 1.45<br> %<br>|
| IT Services | 5.16<br> %<br>|
| Life Sciences Tools & Services | 1.11<br> %<br>|
| Media | 3.01<br> %<br>|
| Oil, Gas & Consumable Fuels | 4.43<br> %<br>|
| Pharmaceuticals | 9.31<br> %<br>|
| Semiconductors & Semiconductor Equipment | 3.07<br> %<br>|
| Specialty Retail | 0.72<br> %<br>|
| Technology Hardware, Storage & Peripherals | 2.98<br> %<br>|
| Textiles, Apparel & Luxury Goods | 2.66<br> %<br>|
| Tobacco | 1.09<br> %<br>|
| **TOTAL COMMON STOCKS** | 95.33<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 1.07<br> %<br>|
| Technology Hardware, Storage & Peripherals | 0.79<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 1.86<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 2.74<br> %<br>|
| **TOTAL INVESTMENTS** | 99.93<br> %<br>|
| Other Assets in Excess of Liabilities | 0.07<br> %<br>|
| **TOTAL NET ASSETS** | 100.00<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

Brandes Global Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025 (continued)**

------

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 96.50%** | **COMMON STOCKS – 96.50%** | **COMMON STOCKS – 96.50%** |
| ***Austria – 1.91%*** | ***Austria – 1.91%*** | ***Austria – 1.91%*** |
| 160655 | Erste Group Bank AG | $15792797 |
| ***Brazil – 9.76%*** | ***Brazil – 9.76%*** | ***Brazil – 9.76%*** |
| 344334 | Embraer SA <br> Sponsored – ADR<br>| 20814990 |
| 961966 | Engie Brasil Energia <br> SA<br>| 7356290 |
| 2845433 | Neoenergia SA | 15343873 |
| 4125700 | Sendas Distribuidora <br> SA<br>| 7371959 |
| 880000 | Suzano SA<sup>(a)</sup> <br>| 8250646 |
| 735760 | Telefonica Brasil SA<sup>(a)</sup> <br>| 4709915 |
| 3775200 | TIM SA | 16669115 |
|  |  | 80516788 |
| ***Chile – 0.78%*** | ***Chile – 0.78%*** | ***Chile – 0.78%*** |
| 1822284 | Empresa Nacional de <br> Telecomunicaciones <br> SA<br>| 6425369 |
| ***China – 14.85%*** | ***China – 14.85%*** | ***China – 14.85%*** |
| 1858100 | Alibaba Group <br> Holding Ltd.<br>| 41554765 |
| 5411500 | China Resources Beer <br> Holdings Co. Ltd.<br>| 19039738 |
| 2625000 | Galaxy Entertainment <br> Group Ltd.<br>| 14433192 |
| 3609600 | Haier Smart Home <br> Co. Ltd. – Class H<br>| 11710267 |
| 20299000 | Topsports <br> International <br> Holdings Ltd.<br>| 8236595 |
| 6770000 | TravelSky Technology <br> Ltd. – Class H<br>| 9242017 |
| 6440600 | Wynn Macau Ltd. | 5972782 |
| 650650 | ZTO Express Cayman, <br> Inc.<br>| 12308955 |
|  |  | 122498311 |
| ***Georgia – 1.49%*** | ***Georgia – 1.49%*** | ***Georgia – 1.49%*** |
| 201454 | TBC Bank Group Plc | 12314018 |
| ***Greece – 1.84%*** | ***Greece – 1.84%*** | ***Greece – 1.84%*** |
| 803485 | Hellenic <br> Telecommunications <br> Organization SA<br>| 15206506 |
| ***Hong Kong – 4.15%*** | ***Hong Kong – 4.15%*** | ***Hong Kong – 4.15%*** |
| 1149800 | AIA Group Ltd. | 11019644 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1535400 | ASMPT Ltd. | $16191538 |
| 2181200 | Luk Fook Holdings <br> International Ltd.<br>| 6986634 |
|  |  | 34197816 |
| ***India – 3.83%*** | ***India – 3.83%*** | ***India – 3.83%*** |
| 512338 | Embassy Office Parks <br> REIT<br>| 2433937 |
| 1744230 | HDFC Bank Ltd. | 18692400 |
| 1263076 | IndusInd Bank Ltd.<sup>(a)</sup> <br>| 10464179 |
|  |  | 31590516 |
| ***Indonesia – 5.57%*** | ***Indonesia – 5.57%*** | ***Indonesia – 5.57%*** |
| 81376111 | Bank Rakyat <br> Indonesia Persero Tbk <br> PT<br>| 19073135 |
| 2806712 | Gudang Garam Tbk <br> PT<br>| 2353663 |
| 18939800 | Indofood Sukses <br> Makmur Tbk PT<br>| 8217834 |
| 88691000 | Telkom Indonesia <br> Persero Tbk PT<br>| 16330382 |
|  |  | 45975014 |
| ***Kazakhstan – 0.89%*** | ***Kazakhstan – 0.89%*** | ***Kazakhstan – 0.89%*** |
| 89952 | Kaspi.KZ JSC - ADR | 7347279 |
| ***Luxembourg – 3.59%*** | ***Luxembourg – 3.59%*** | ***Luxembourg – 3.59%*** |
| 137634 | Globant SA<sup>(a)</sup> <br>| 7897439 |
| 447962 | Millicom International <br> Cellular SA<br>| 21744076 |
|  |  | 29641515 |
| ***Mexico – 8.29%*** | ***Mexico – 8.29%*** | ***Mexico – 8.29%*** |
| 342717 | America Movil SAB <br> de CV – ADR<br>| 7197057 |
| 1586133 | America Movil SAB <br> de CV – Class B<br>| 1660314 |
| 428817 | Cemex SAB de CV <br> Sponsored – ADR<br>| 3855065 |
| 10352107 | Fibra Uno <br> Administracion SA de <br> CV<br>| 15256689 |
| 1143704 | Kimberly-Clark de <br> Mexico SAB de CV – <br> ADR<br>| 12028106 |
| 1621162 | Kimberly-Clark de <br> Mexico SAB de CV – <br> Class A<br>| 3429373 |

---

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2051547 | Prologis Property <br> Mexico SA de CV<br>| $8399541 |
| 5364007 | Wal-Mart de Mexico <br> SAB de CV<br>| 16569300 |
|  |  | 68395445 |
| ***Panama – 4.12%*** | ***Panama – 4.12%*** | ***Panama – 4.12%*** |
| 334380 | Banco <br> Latinoamericano de <br> Comercio Exterior SA <br> – Class E<br>| 15371449 |
| 156609 | Copa Holdings SA – <br> Class A<br>| 18608281 |
|  |  | 33979730 |
| ***Philippines – 2.02%*** | ***Philippines – 2.02%*** | ***Philippines – 2.02%*** |
| 8413109 | Bank of the Philippine <br> Islands<br>| 16623841 |
| ***Russia – 0.00%*** | ***Russia – 0.00%*** | ***Russia – 0.00%*** |
| 236429 | LUKOIL PJSC<sup>(a),(b)</sup> <br>|  |
| 4858073 | Mobile 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 – 1.93%*** | ***Singapore – 1.93%*** | ***Singapore – 1.93%*** |
| 7206493 | Wilmar International <br> Ltd.<br>| 15937156 |
| ***Slovenia – 1.55%*** | ***Slovenia – 1.55%*** | ***Slovenia – 1.55%*** |
| 313493 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 12771560 |
| ***South Africa – 1.38%*** | ***South Africa – 1.38%*** | ***South Africa – 1.38%*** |
| 1083418 | Absa Group Ltd. | 11369786 |
| ***South Korea – 11.43%*** | ***South Korea – 11.43%*** | ***South Korea – 11.43%*** |
| 193128 | Hana Financial <br> Group, Inc.<br>| 12007724 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 290333 | Hankook Tire & <br> Technology Co. Ltd.<br>| $7935775 |
| 871690 | Samsung Electronics <br> Co. Ltd.<br>| 52258101 |
| 142272 | Shinhan Financial <br> Group Co. Ltd.<br>| 7173064 |
| 60127 | SK Hynix, Inc. | 14905362 |
|  |  | 94280026 |
| ***Taiwan – 13.65%*** | ***Taiwan – 13.65%*** | ***Taiwan – 13.65%*** |
| 3015398 | Chailease Holding Co. <br> Ltd.<br>| 11050968 |
| 1755900 | Taiwan <br> Semiconductor <br> Manufacturing Co. <br> Ltd.<br>| 76272481 |
| 231000 | Wiwynn Corp. | 25310955 |
|  |  | 112634404 |
| ***Thailand – 2.46%*** | ***Thailand – 2.46%*** | ***Thailand – 2.46%*** |
| 30042081 | 3BB Internet <br> Infrastructure Fund<br>| 6030073 |
| 2760200 | Kasikornbank PCL <br> Registered<br>| 14269823 |
|  |  | 20299896 |
| ***United Kingdom – 1.01%*** | ***United Kingdom – 1.01%*** | ***United Kingdom – 1.01%*** |
| 588255 | HSBC Holdings Plc | 8302114 |
| **TOTAL COMMON STOCKS** <br>(Cost $668,725,698) | **TOTAL COMMON STOCKS** <br>(Cost $668,725,698) | $796099887 |
| **PREFERRED STOCKS – 2.51%** | **PREFERRED STOCKS – 2.51%** | **PREFERRED STOCKS – 2.51%** |
| ***Brazil – 2.51%*** | ***Brazil – 2.51%*** | ***Brazil – 2.51%*** |
| 3501157 | Petroleo Brasileiro SA <br> – Petrobras, 2.555%<sup>(c)</sup> <br>| $20695458 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $14,685,731) | **TOTAL PREFERRED STOCKS** <br>(Cost $14,685,731) | $20695458 |

---

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.04%** | **SHORT-TERM INVESTMENTS – 1.04%** | **SHORT-TERM INVESTMENTS – 1.04%** |
| ***Money Market Funds — 1.04%*** | ***Money Market Funds — 1.04%*** | ***Money Market Funds — 1.04%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(d)</sup> | 8567531 | $8567531 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $8,567,531)<br>|  | $8567531 |
| **Total Investments** <br>**(Cost $691,978,960) – 100.05%**<br>|  | **$825362876** |
| **Liabilities in Excess of Other Assets – (0.05)%** |  | **(418914)**<br>|
| **TOTAL NET ASSETS – 100.00%** |  | **$824943962** |

---

------

---

| |
|:---|
| 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 September 30, 2025.

*See Notes to the Financial Statements.* 

------

Brandes Emerging Markets Value Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 2.52<br> %<br>|
| Air Freight & Logistics | 1.49<br> %<br>|
| Automobile Components | 0.96<br> %<br>|
| Banks | 19.27<br> %<br>|
| Beverages | 2.31<br> %<br>|
| Broadline Retail | 5.04<br> %<br>|
| Construction Materials | 0.47<br> %<br>|
| Consumer Finance | 0.89<br> %<br>|
| Consumer Staples Distribution & Retail | 2.91<br> %<br>|
| Diversified REITs | 1.85<br> %<br>|
| Diversified Telecommunication Services | 5.12<br> %<br>|
| Electric Utilities | 1.86<br> %<br>|
| Financial Services | 3.20<br> %<br>|
| Food Products | 2.93<br> %<br>|
| Hotels, Restaurants & Leisure | 3.59<br> %<br>|
| Household Durables | 1.42<br> %<br>|
| Household Products | 1.87<br> %<br>|
| Independent Power and Renewable Electricity Producers | 0.89<br> %<br>|
| Industrial Real Estate Investment Trusts | 1.02<br> %<br>|
| Insurance | 1.34<br> %<br>|
| IT Services | 0.96<br> %<br>|
| Office Real Estate Investment Trusts | 0.29<br> %<br>|
| Oil, Gas & Consumable Fuels | 0.00<br> %<br>|
| Paper & Forest Products | 1.00<br> %<br>|
| Passenger Airlines | 2.26<br> %<br>|
| Semiconductors & Semiconductor Equipment | 13.01<br> %<br>|
| Specialty Retail | 1.85<br> %<br>|
| Technology Hardware, Storage & Peripherals | 9.40<br> %<br>|
| Tobacco | 0.28<br> %<br>|
| Wireless Telecommunication Services | 6.50<br> %<br>|
| **TOTAL COMMON STOCKS** | 96.50<br> %<br>|
| **PREFERRED STOCKS** |  |
| Oil, Gas & Consumable Fuels | 2.51<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 2.51<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 1.04<br> %<br>|
| **TOTAL INVESTMENTS** | 100.05<br> %<br>|
| Liabilities in Excess of Other Assets | (0.05)%<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. This information is unaudited.

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 92.78%** | **COMMON STOCKS – 92.78%** | **COMMON STOCKS – 92.78%** |
| ***Austria – 1.05%*** | ***Austria – 1.05%*** | ***Austria – 1.05%*** |
| 599204 | Addiko Bank AG<sup>(a)</sup> <br>| $14703056 |
| ***Belgium – 1.97%*** | ***Belgium – 1.97%*** | ***Belgium – 1.97%*** |
| 3715347 | Ontex Group NV<sup>(a)</sup> <br>| 27661356 |
| ***Brazil – 3.72%*** | ***Brazil – 3.72%*** | ***Brazil – 3.72%*** |
| 2364740 | Embraer SA | 35673817 |
| 3094572 | Neoenergia SA | 16687344 |
|  |  | 52361161 |
| ***Canada – 10.24%*** | ***Canada – 10.24%*** | ***Canada – 10.24%*** |
| 1496684 | CAE, Inc.<sup>(a)</sup> <br>| 44361714 |
| 1272636 | Canfor Corp.<sup>(a)</sup> <br>| 11201977 |
| 628740 | Corby Spirit and <br> Wine Ltd.<br>| 6347486 |
| 1156725 | Dorel Industries, <br> Inc. – Class B<sup>(a)</sup> <br>| 1388037 |
| 54084 | Lassonde Industries, <br> Inc. – Class A<br>| 8234432 |
| 949456 | Open Text Corp. | 35490665 |
| 1793818 | Pason Systems, Inc. | 15570397 |
| 731373 | Winpak Ltd. | 21430905 |
|  |  | 144025613 |
| ***France – 8.17%*** | ***France – 8.17%*** | ***France – 8.17%*** |
| 1051381 | Elior Group SA<sup>(a),(b)</sup> <br>| 3274413 |
| 1528018 | Euroapi SA<sup>(a)</sup> <br>| 5557373 |
| 795124 | LISI SA | 43245661 |
| 21230 | LISI SA (PRIME) | 1151539 |
| 71431 | LISI SA <br> Registered (2026)<br>| 3874497 |
| 137000 | LISI SA <br> Registered (2027)<br>| 7431033 |
| 580933 | Societe BIC SA | 36285603 |
| 200427 | Vicat SACA | 14108355 |
|  |  | 114928474 |
| ***Germany – 0.39%*** | ***Germany – 0.39%*** | ***Germany – 0.39%*** |
| 91918 | Draegerwerk AG & <br> Co. KGaA<br>| 5524541 |
| ***Hong Kong – 5.44%*** | ***Hong Kong – 5.44%*** | ***Hong Kong – 5.44%*** |
| 2059500 | Dickson Concepts <br> International Ltd.<br>| 1382133 |
| 23403000 | Emperor Watch & <br> Jewellery Ltd.<br>| 857093 |
| 42545000 | First Pacific Co. <br> Ltd.<br>| 35665900 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 30855020 | PAX Global <br> Technology Ltd.<br>| $22798446 |
| 46700000 | Pico Far East <br> Holdings Ltd.<br>| 15827263 |
|  |  | 76530835 |
| ***Hungary – 2.22%*** | ***Hungary – 2.22%*** | ***Hungary – 2.22%*** |
| 5845157 | Magyar Telekom <br> Telecommunications <br> Plc<br>| 31217839 |
| ***Indonesia – 2.51%*** | ***Indonesia – 2.51%*** | ***Indonesia – 2.51%*** |
| 81338300 | Indofood Sukses <br> Makmur Tbk PT<br>| 35292063 |
| ***Ireland – 4.82%*** | ***Ireland – 4.82%*** | ***Ireland – 4.82%*** |
| 1201744 | AIB Group Plc | 10955992 |
| 1149273 | Avadel <br> Pharmaceuticals <br> Plc<sup>(a)</sup> <br>| 17549399 |
| 21136192 | C&C Group Plc<sup>(e)</sup> <br>| 39227969 |
|  |  | 67733360 |
| ***Japan – 8.84%*** | ***Japan – 8.84%*** | ***Japan – 8.84%*** |
| 1006300 | Futaba Corp. | 4515269 |
| 1129600 | H.U. Group <br> Holdings, Inc.<br>| 26131470 |
| 539200 | Kaken <br> Pharmaceutical Co. <br> Ltd.<br>| 13323352 |
| 517000 | Kissei <br> Pharmaceutical Co. <br> Ltd.<br>| 15053978 |
| 1363000 | Koatsu Gas Kogyo <br> Co. Ltd.<br>| 9563501 |
| 1208544 | Komori Corp. | 12400469 |
| 2063000 | Medipal Holdings <br> Corp.<br>| 35494631 |
| 855100 | Nihon Parkerizing <br> Co. Ltd.<br>| 7907721 |
|  |  | 124390391 |
| ***Luxembourg – 4.41%*** | ***Luxembourg – 4.41%*** | ***Luxembourg – 4.41%*** |
| 357616 | Globant SA<sup>(a)</sup> <br>| 20520006 |
| 854144 | Millicom <br> International <br> Cellular SA<br>| 41460150 |
|  |  | 61980156 |
| ***Mexico – 5.47%*** | ***Mexico – 5.47%*** | ***Mexico – 5.47%*** |
| 14430800 | Bolsa Mexicana de <br> Valores SAB de CV<br>| 30156262 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 32000124 | Consorcio ARA SAB <br> de CV<br>| $5643946 |
| 27877115 | Fibra Uno <br> Administracion SA <br> de CV<br>| 41084628 |
|  |  | 76884836 |
| ***Panama – 0.73%*** | ***Panama – 0.73%*** | ***Panama – 0.73%*** |
| 224395 | Banco <br> Latinoamericano de <br> Comercio Exterior <br> SA – Class E<br>| 10315438 |
| ***Slovenia – 2.82%*** | ***Slovenia – 2.82%*** | ***Slovenia – 2.82%*** |
| 406612 | Nova Ljubljanska <br> Banka – GDR<sup>(b)</sup> <br>| 16565185 |
| 567438 | Nova Ljubljanska <br> Banka – GDR <br> Registered<br>| 23117163 |
|  |  | 39682348 |
| ***South Korea – 4.72%*** | ***South Korea – 4.72%*** | ***South Korea – 4.72%*** |
| 1044229 | Hankook Tire & <br> Technology Co. Ltd.<br>| 28542283 |
| 632486 | S-1 Corp. | 37911744 |
|  |  | 66454027 |
| ***Spain – 2.33%*** | ***Spain – 2.33%*** | ***Spain – 2.33%*** |
| 21687104 | Linea Directa <br> Aseguradora SA Cia <br> de Seguros y <br> Reaseguros<br>| 32845654 |
| ***Switzerland – 5.12%*** | ***Switzerland – 5.12%*** | ***Switzerland – 5.12%*** |
| 17726 | Bystronic AG | 6812635 |
| 1616436 | Montana Aerospace <br> AG<sup>(a),(b)</sup> <br>| 56611759 |
| 52681 | Valiant Holding AG <br> Registered<br>| 8545045 |
|  |  | 71969439 |
| ***United Kingdom – 15.22%*** | ***United Kingdom – 15.22%*** | ***United Kingdom – 15.22%*** |
| 2520314 | Balfour Beatty Plc | 22007365 |
| 1644783 | Burberry Group <br> Plc<sup>(a)</sup> <br>| 25983248 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 2657075 | Hays Plc | $2011356 |
| 22464376 | ITV Plc | 24240758 |
| 7174701 | J Sainsbury Plc | 32259069 |
| 6205764 | LSL Property <br> Services Plc<sup>(e)</sup> <br>| 22033789 |
| 4469364 | Mitie Group Plc | 8395053 |
| 5338081 | Pagegroup Plc | 16427985 |
| 2960663 | QinetiQ Group Plc | 22004534 |
| 1832362 | Travis Perkins Plc | 15080115 |
| 924137 | Watches of <br> Switzerland Group <br> Plc<sup>(a),(b)</sup> <br>| 4571974 |
| 2469835 | Yellow Cake Plc<sup>(a),(b)</sup> <br>| 19072274 |
|  |  | 214087520 |
| ***United States – 2.59%*** | ***United States – 2.59%*** | ***United States – 2.59%*** |
| 1737626 | Kennametal, Inc. | 36368512 |
| **TOTAL COMMON STOCKS** <br>(Cost $990,728,485) | **TOTAL COMMON STOCKS** <br>(Cost $990,728,485) | $1304956619 |
| **PREFERRED STOCKS – 4.78%** | **PREFERRED STOCKS – 4.78%** | **PREFERRED STOCKS – 4.78%** |
| ***Germany – 1.96%*** | ***Germany – 1.96%*** | ***Germany – 1.96%*** |
| 370229 | Draegerwerk AG & <br> Co. KGaA, <br> 3.238%<sup>(c)</sup> <br>| $27556886 |
| ***Spain – 2.82%*** | ***Spain – 2.82%*** | ***Spain – 2.82%*** |
| 3979687 | Grifols SA – Class B <br> – ADR, 1.765%<sup>(c)</sup> <br>| 39637682 |
| **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $52,223,775) | **TOTAL PREFERRED** <br> **STOCKS** <br>(Cost $52,223,775) | $67194568 |
| **INVESTMENT COMPANIES – 1.18%** | **INVESTMENT COMPANIES – 1.18%** | **INVESTMENT COMPANIES – 1.18%** |
| ***Canada – 1.18%*** | ***Canada – 1.18%*** | ***Canada – 1.18%*** |
| 834451 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $16686622 |
| **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $12,750,186) | **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $12,750,186) | $16686622 |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.25%** | **SHORT-TERM INVESTMENTS – 1.25%** | **SHORT-TERM INVESTMENTS – 1.25%** |
| ***Money Market Funds — 1.25%*** | ***Money Market Funds — 1.25%*** | ***Money Market Funds — 1.25%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(d)</sup> | 17612424 | $17612424 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $17,612,424)<br>|  | $17612424 |
| **Total Investments** <br>**(Cost $1,073,314,870) – 99.99%**<br>|  | **$1406450233** |
| **Other Assets in Excess of Liabilities – 0.01%** |  | **109955** |
| **TOTAL NET ASSETS – 100.00%** |  | **$1406560188** |

---

------

---

| |
|:---|
| Percentages are stated as a percent of net assets. |
| GDR Global Depositary Receipt |
| 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 $100,095,605 which
 represented 7.12% 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 September 30, 2025.

&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 September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>**September 30, 2025**<br>| **Dividend** <br>**Income**<br>|
| C&C Group Plc | $22991426 | $15264005 | $— | $— | $972538 | $39227969 | $— |
| LSL Property Services <br> Plc<br>| 13171370 | 9617786 |  |  | (755367)<br>| 22033789 |  |
|  | $36162796 | $24881791 | $— | $— | $217171 | $61261758 | $— |

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Aerospace & Defense | 15.23<br> %<br>|
| Automobile Components | 2.03<br> %<br>|
| Banks | 5.26<br> %<br>|
| Beverages | 3.24<br> %<br>|
| Capital Markets | 2.15<br> %<br>|
| Chemicals | 1.24<br> %<br>|
| Commercial Services & Supplies | 5.87<br> %<br>|
| Construction & Engineering | 1.56<br> %<br>|
| Construction Materials | 1.00<br> %<br>|
| Consumer Staples Distribution & Retail | 2.29<br> %<br>|
| Containers & Packaging | 1.52<br> %<br>|
| Diversified REITs | 2.92<br> %<br>|
| Diversified Telecommunication Services | 2.22<br> %<br>|
| Electric Utilities | 1.19<br> %<br>|
| Electrical Equipment | 0.32<br> %<br>|
| Electronic Equipment, Instruments & Components | 1.62<br> %<br>|
| Energy Equipment & Services | 1.11<br> %<br>|
| Financial Services | 0.73<br> %<br>|
| Food Products | 5.64<br> %<br>|
| Health Care Equipment & Supplies | 0.39<br> %<br>|
| Health Care Providers & Services | 4.38<br> %<br>|
| Hotels, Restaurants & Leisure | 0.23<br> %<br>|
| Household Durables | 0.50<br> %<br>|
| Insurance | 2.33<br> %<br>|
| IT Services | 1.46<br> %<br>|
| Machinery | 3.95<br> %<br>|
| Media | 2.84<br> %<br>|
| Oil, Gas & Consumable Fuels | 1.36<br> %<br>|
| Paper & Forest Products | 0.80<br> %<br>|
| Personal Care Products | 1.97<br> %<br>|
| Pharmaceuticals | 3.67<br> %<br>|
| Professional Services | 1.31<br> %<br>|
| Real Estate Management & Development | 1.57<br> %<br>|
| Software | 2.52<br> %<br>|
| Specialty Retail | 0.49<br> %<br>|
| Textiles, Apparel & Luxury Goods | 1.85<br> %<br>|
| Trading Companies & Distributors | 1.07<br> %<br>|
| Wireless Telecommunication Services | 2.95<br> %<br>|
| **TOTAL COMMON STOCKS** | 92.78<br> %<br>|
| **PREFERRED STOCKS** |  |
| Biotechnology | 2.82<br> %<br>|
| Health Care Equipment & Supplies | 1.96<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 4.78<br> %<br>|

---

*See Notes to the Financial Statements.* 

------

Brandes International Small Cap Equity Fund

**SCHEDULE OF INVESTMENTS BY INDUSTRY — September 30, 2025 (continued)**

------

---

| | |
|:---|:---|
| **INVESTMENT COMPANIES** |  |
| Trading Companies & Distributors | 1.18<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 1.18<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 1.25<br> %<br>|
| **TOTAL INVESTMENTS** | 99.99<br> %<br>|
| Other Assets in Excess of Liabilities | 0.01<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. This information is unaudited.

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **COMMON STOCKS – 93.96%** | **COMMON STOCKS – 93.96%** | **COMMON STOCKS – 93.96%** |
| ***Aerospace & Defense – 13.83%*** | ***Aerospace & Defense – 13.83%*** | ***Aerospace & Defense – 13.83%*** |
| 93264 | CAE, Inc.<sup>(a)</sup> <br>| $2764345 |
| 130743 | Hexcel Corp. | 8197586 |
| 40529 | Moog, Inc. – Class A | 8416657 |
| 5899 | National Presto <br> Industries, Inc.<br>| 661573 |
| 545069 | Park Aerospace Corp. | 11086704 |
|  |  | 31126865 |
| ***Banks – 1.93%*** | ***Banks – 1.93%*** | ***Banks – 1.93%*** |
| 128126 | Eagle Bancorp <br> Montana, Inc.<br>| 2212736 |
| 72399 | National Bankshares, <br> Inc.<br>| 2131427 |
|  |  | 4344163 |
| ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** | ***Biotechnology – 0.00%*** |
| 11508 | PDL BioPharma, <br> Inc.<sup>(a),(b)</sup> <br>| 720 |
| ***Chemicals – 3.47%*** | ***Chemicals – 3.47%*** | ***Chemicals – 3.47%*** |
| 89120 | Minerals Technologies, <br> Inc.<br>| 5536134 |
| 40005 | Scotts Miracle-Gro Co. | 2278285 |
|  |  | 7814419 |
| ***Commercial Services & Supplies – 3.83%*** | ***Commercial Services & Supplies – 3.83%*** | ***Commercial Services & Supplies – 3.83%*** |
| 24232 | Brady Corp. – Class A | 1890823 |
| 65647 | Healthcare Services <br> Group, Inc.<sup>(a)</sup> <br>| 1104839 |
| 33697 | UniFirst Corp. | 5633801 |
|  |  | 8629463 |
| ***Communications Equipment – 1.15%*** | ***Communications Equipment – 1.15%*** | ***Communications Equipment – 1.15%*** |
| 79592 | NETGEAR, Inc.<sup>(a)</sup> <br>| 2577985 |
| ***Construction & Engineering – 3.19%*** | ***Construction & Engineering – 3.19%*** | ***Construction & Engineering – 3.19%*** |
| 862767 | Orion Group Holdings, <br> Inc.<sup>(a)</sup> <br>| 7178221 |
| ***Consumer Staples Distribution & Retail –*** <br> ***3.35%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.35%*** | ***Consumer Staples Distribution & Retail –*** <br> ***3.35%*** |
| 108432 | Ingles Markets, Inc. – <br> Class A<br>| 7542530 |
| ***Containers & Packaging – 4.48%*** | ***Containers & Packaging – 4.48%*** | ***Containers & Packaging – 4.48%*** |
| 221651 | Sealed Air Corp. | 7835363 |
| 52123 | Sonoco Products Co. | 2245980 |
|  |  | 10081343 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Electronic Equipment, Instruments &*** <br> ***Components – 4.23%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 4.23%*** | ***Electronic Equipment, Instruments &*** <br> ***Components – 4.23%*** |
| 561842 | Arlo Technologies, <br> Inc.<sup>(a)</sup> <br>| $9523222 |
| ***Energy Equipment & Services – 4.99%*** | ***Energy Equipment & Services – 4.99%*** | ***Energy Equipment & Services – 4.99%*** |
| 605640 | Innovex International, <br> Inc.<sup>(a)</sup> <br>| 11228566 |
| ***Health Care Equipment & Supplies – 4.03%*** | ***Health Care Equipment & Supplies – 4.03%*** | ***Health Care Equipment & Supplies – 4.03%*** |
| 243234 | LENSAR, Inc.<sup>(a)</sup> <br>| 3003940 |
| 96269 | Utah Medical Products, <br> Inc.<br>| 6062059 |
|  |  | 9065999 |
| ***Health Care Providers & Services – 0.49%*** | ***Health Care Providers & Services – 0.49%*** | ***Health Care Providers & Services – 0.49%*** |
| 65338 | Pediatrix Medical <br> Group, Inc.<sup>(a)</sup> <br>| 1094412 |
| ***Hotels, Restaurants & Leisure – 1.98%*** | ***Hotels, Restaurants & Leisure – 1.98%*** | ***Hotels, Restaurants & Leisure – 1.98%*** |
| 92573 | Papa John's <br> International, Inc.<br>| 4457390 |
| ***Household Durables – 0.09%*** | ***Household Durables – 0.09%*** | ***Household Durables – 0.09%*** |
| 164960 | Dorel Industries, Inc. – <br> Class B<sup>(a)</sup> <br>| 197947 |
| ***IT Services – 1.01%*** | ***IT Services – 1.01%*** | ***IT Services – 1.01%*** |
| 39576 | Globant SA<sup>(a)</sup> <br>| 2270871 |
| ***Leisure Products – 2.12%*** | ***Leisure Products – 2.12%*** | ***Leisure Products – 2.12%*** |
| 549908 | American Outdoor <br> Brands, Inc.<sup>(a)</sup> <br>| 4773201 |
| ***Machinery – 15.25%*** | ***Machinery – 15.25%*** | ***Machinery – 15.25%*** |
| 199676 | Graham Corp.<sup>(a)</sup> <br>| 10962212 |
| 126201 | Hurco Companies, <br> Inc.<sup>(a)</sup> <br>| 2195897 |
| 504035 | Kennametal, Inc. | 10549453 |
| 232205 | L.B. Foster Co. – <br> Class A<sup>(a)</sup> <br>| 6257925 |
| 57975 | Timken Co. | 4358561 |
|  |  | 34324048 |
| ***Oil, Gas & Consumable Fuels – 1.91%*** | ***Oil, Gas & Consumable Fuels – 1.91%*** | ***Oil, Gas & Consumable Fuels – 1.91%*** |
| 165831 | World Kinect Corp. | 4303314 |
| ***Paper & Forest Products – 0.95%*** | ***Paper & Forest Products – 0.95%*** | ***Paper & Forest Products – 0.95%*** |
| 242739 | Canfor Corp.<sup>(a)</sup> <br>| 2136633 |
| ***Personal Care Products – 3.69%*** | ***Personal Care Products – 3.69%*** | ***Personal Care Products – 3.69%*** |
| 408005 | Edgewell Personal <br> Care Co.<br>| 8306982 |

---

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| ***Pharmaceuticals – 7.19%*** | ***Pharmaceuticals – 7.19%*** | ***Pharmaceuticals – 7.19%*** |
| 169461 | Avadel Pharmaceuticals <br> Plc<sup>(a)</sup> <br>| $2587669 |
| 399741 | Elanco Animal Health, <br> Inc.<sup>(a)</sup> <br>| 8050784 |
| 88920 | Prestige Consumer <br> Healthcare, Inc.<sup>(a)</sup> <br>| 5548608 |
|  |  | 16187061 |
| ***Professional Services – 1.01%*** | ***Professional Services – 1.01%*** | ***Professional Services – 1.01%*** |
| 450626 | Resources Connection, <br> Inc.<br>| 2275661 |
| ***Software – 1.71%*** | ***Software – 1.71%*** | ***Software – 1.71%*** |
| 102648 | Open Text Corp. | 3836982 |
| ***Textiles, Apparel & Luxury Goods – 6.40%*** | ***Textiles, Apparel & Luxury Goods – 6.40%*** | ***Textiles, Apparel & Luxury Goods – 6.40%*** |
| 1646054 | Hanesbrands, Inc.<sup>(a)</sup> <br>| 10847496 |
| 187295 | Movado Group, Inc. | 3552986 |
|  |  | 14400482 |
| ***Trading Companies & Distributors – 1.68%*** | ***Trading Companies & Distributors – 1.68%*** | ***Trading Companies & Distributors – 1.68%*** |
| 41077 | MSC Industrial Direct <br> Co., Inc. – Class A<br>| 3784835 |
| **TOTAL COMMON STOCKS** <br>(Cost $186,507,695) | **TOTAL COMMON STOCKS** <br>(Cost $186,507,695) | $211463315 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| **PREFERRED STOCKS – 1.93%** | **PREFERRED STOCKS – 1.93%** | **PREFERRED STOCKS – 1.93%** |
| ***Biotechnology – 1.93%*** | ***Biotechnology – 1.93%*** | ***Biotechnology – 1.93%*** |
| 435200 | Grifols SA – Class B – <br> ADR, 1.765%<sup>(c)</sup> <br>| $4334592 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $3,606,088) | **TOTAL PREFERRED STOCKS** <br>(Cost $3,606,088) | $4334592 |
| **INVESTMENT COMPANIES – 1.04%** | **INVESTMENT COMPANIES – 1.04%** | **INVESTMENT COMPANIES – 1.04%** |
| ***Trading Companies & Distributors – 1.04%*** | ***Trading Companies & Distributors – 1.04%*** | ***Trading Companies & Distributors – 1.04%*** |
| 116818 | Sprott Physical <br> Uranium Trust<sup>(a)</sup> <br>| $2336024 |
| **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $1,930,126) | **TOTAL INVESTMENT** <br> **COMPANIES** <br>(Cost $1,930,126) | $2336024 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.37%** | **SHORT-TERM INVESTMENTS – 2.37%** | **SHORT-TERM INVESTMENTS – 2.37%** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%, <sup>(d)</sup> | 5334971 | $5334971 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $5,334,971)<br>|  | $5334971 |
| **Total Investments (Cost $197,378,880) – 99.30%** |  | **$223468902** |
| **Other Assets in Excess of Liabilities – 0.70%** |  | **1574686** |
| **TOTAL NET ASSETS – 100.00%** |  | **$225043588** |

---

------

---

| |
|:---|
| 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) 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 September 30, 2025.

*See Notes to the Financial Statements.* 

------

Brandes Small Cap Value Fund

**SCHEDULE OF INVESTMENTS BY COUNTRY — September 30, 2025** 

------

---

| | |
|:---|:---|
| **COMMON STOCKS** |  |
| Canada | 3.98<br> %<br>|
| Ireland | 1.15<br> %<br>|
| Luxembourg | 1.01<br> %<br>|
| United States | 87.82<br> %<br>|
| **TOTAL COMMON STOCKS** | 93.96<br> %<br>|
| **PREFERRED STOCKS** |  |
| Spain | 1.93<br> %<br>|
| **TOTAL PREFERRED STOCKS** | 1.93<br> %<br>|
| **INVESTMENT COMPANIES** |  |
| Canada | 1.04<br> %<br>|
| **TOTAL INVESTMENT COMPANIES** | 1.04<br> %<br>|
| **SHORT-TERM INVESTMENTS** | 2.37<br> %<br>|
| **TOTAL INVESTMENTS** | 99.30<br> %<br>|
| Other Assets in Excess of Liabilities | 0.70<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. This information is unaudited.

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.65%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.65%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.65%** |
| ***Federal Home Loan Mortgage Corporation – 2.43%*** | ***Federal Home Loan Mortgage Corporation – 2.43%*** | ***Federal Home Loan Mortgage Corporation – 2.43%*** |
| Pool A9-3505 4.500%, 8/1/2040 | 35228 | $35323 |
| Pool G0-6018 6.500%, 4/1/2039 | 8417 | 8900 |
| Pool G1-8578 3.000%, 12/1/2030 | 283600 | 277783 |
| Pool SD-2873 3.000%, 1/1/2052 | 1933823 | 1722926 |
| Pool SD-8001 3.500%, 7/1/2049 | 171320 | 158392 |
| Pool SD-8003 4.000%, 7/1/2049 | 167537 | 160556 |
|  |  | 2363880 |
| ***Federal National Mortgage Association – 2.22%*** | ***Federal National Mortgage Association – 2.22%*** | ***Federal National Mortgage Association – 2.22%*** |
| Pool 934124 5.500%, 7/1/2038 | 31824 | 32958 |
| Pool AL9865 3.000%, 2/1/2047 | 573871 | 517357 |
| Pool AS6201 3.500%, 11/1/2045 | 107446 | 101011 |
| Pool BJ2553 3.500%, 12/1/2047 | 191767 | 178708 |
| Pool BN6683 3.500%, 6/1/2049 | 298402 | 275883 |
| Pool CA0483 3.500%, 10/1/2047 | 577691 | 538663 |
| Pool CA1624 3.000%, 4/1/2033 | 300681 | 292616 |
| Pool MA0918 4.000%, 12/1/2041 | 84508 | 82191 |
| Pool MA3687 4.000%, 6/1/2049 | 135239 | 128308 |
| Pool MA3695 3.000%, 7/1/2034 | 3910 | 3783 |
|  |  | 2151478 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $4,467,708)<br>|  | $4515358 |
| **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>| 213 | $201 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $211)<br>|  | $201 |
| **US GOVERNMENTS – 59.40%** | **US GOVERNMENTS – 59.40%** | **US GOVERNMENTS – 59.40%** |
| ***Sovereign Government – 59.40%*** | ***Sovereign Government – 59.40%*** | ***Sovereign Government – 59.40%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 8850497 | $9292676 |
| 3.500%, 2/15/2039 | 1582289 | 1447547 |
| 3.750%, 11/15/2043 | 8586874 | 7603073 |
| 3.000%, 5/15/2047 | 7579223 | 5770276 |
|  |  | 24113572 |
| United States Treasury Note  | United States Treasury Note  | United States Treasury Note  |
| 2.250%, 2/15/2027 | 6657255 | 6530091 |
| 2.375%, 5/15/2029 | 9451090 | 9039081 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 1.625%, 5/15/2031 | 14951124 | $13312925 |
| 4.375%, 5/15/2034 | 4550000 | 4655219 |
|  |  | 33537316 |
| **TOTAL US GOVERNMENTS** <br>(Cost $57,406,348)<br>|  | $57650888 |
| **CORPORATE BONDS – 29.09%** | **CORPORATE BONDS – 29.09%** | **CORPORATE BONDS – 29.09%** |
| ***Aerospace & Defense – 0.76%*** | ***Aerospace & Defense – 0.76%*** | ***Aerospace & Defense – 0.76%*** |
| Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(b)</sup><br>| 705000 | $742519 |
| ***Automotive – 1.78%*** | ***Automotive – 1.78%*** | ***Automotive – 1.78%*** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 3.375%, 11/13/2025 | 423842 | 423062 |
| 2.700%, 8/10/2026 | 1328842 | 1307427 |
|  |  | 1730489 |
| ***Banking – 4.98%*** | ***Banking – 4.98%*** | ***Banking – 4.98%*** |
| Bank of America Corp. <br>4.450%, 3/3/2026<br>| 1862221 | 1863456 |
| Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), 2/15/2030<sup>(c)</sup><br>| 1115000 | 1145113 |
| Fifth Third Bancorp <br>8.250%, 3/1/2038<br>| 380381 | 470625 |
| USB Capital IX <br>5.599% (CME Term SOFR 3M + 1.282%, minimum of 5.599%), <br> Perpetual, 10/30/2025<sup>(d)</sup><br>| 1629060 | 1351890 |
|  |  | 4831084 |
| ***Biotechnology & Pharmaceuticals – 1.41%*** | ***Biotechnology & Pharmaceuticals – 1.41%*** | ***Biotechnology & Pharmaceuticals – 1.41%*** |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(b)</sup><br>| 1415000 | 1367091 |
| ***Commercial Support Services – 1.45%*** | ***Commercial Support Services – 1.45%*** | ***Commercial Support Services – 1.45%*** |
| Prime Security Services Borrower LLC/Prime Finance, Inc.  | Prime Security Services Borrower LLC/Prime Finance, Inc.  | Prime Security Services Borrower LLC/Prime Finance, Inc.  |
| 5.750%, 4/15/2026<sup>(b)</sup> | 220223 | 221125 |
| 6.250%, 1/15/2028<sup>(b)</sup> | 1188685 | 1187644 |
|  |  | 1408769 |
| ***Containers & Packaging – 0.60%*** | ***Containers & Packaging – 0.60%*** | ***Containers & Packaging – 0.60%*** |
| Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(b)</sup><br>| 594612 | 583547 |
| ***Electric Utilities – 0.89%*** | ***Electric Utilities – 0.89%*** | ***Electric Utilities – 0.89%*** |
| American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(b)</sup><br>| 677534 | 607858 |
| Commonwealth Edison Co. <br>5.900%, 3/15/2036<br>| 237766 | 255225 |
|  |  | 863083 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Entertainment Content – 3.26%*** | ***Entertainment Content – 3.26%*** | ***Entertainment Content – 3.26%*** |
| Netflix, Inc. <br>4.375%, 11/15/2026<br>| 336608 | $338128 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.000%, 8/15/2028<sup>(b)</sup> | 965000 | 999952 |
| 8.500%, 7/31/2031<sup>(b)</sup> | 1765000 | 1822613 |
|  |  | 3160693 |
| ***Food – 0.98%*** | ***Food – 0.98%*** | ***Food – 0.98%*** |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 986533 | 953525 |
| ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** |
| PulteGroup, Inc. <br>5.500%, 3/1/2026<br>| 684 | 685 |
| ***Household Products – 1.11%*** | ***Household Products – 1.11%*** | ***Household Products – 1.11%*** |
| Coty, Inc. <br>5.000%, 4/15/2026<sup>(b)</sup><br>| 1076594 | 1073343 |
| ***Institutional Financial Services – 1.39%*** | ***Institutional Financial Services – 1.39%*** | ***Institutional Financial Services – 1.39%*** |
| Goldman Sachs Group, Inc. <br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(c)</sup><br>| 1363842 | 1347277 |
| ***Internet Media & Services – 1.36%*** | ***Internet Media & Services – 1.36%*** | ***Internet Media & Services – 1.36%*** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 150307 | 149004 |
| 3.250%, 2/15/2030 | 796151 | 760679 |
| Meta Platforms, Inc. <br>4.950%, 5/15/2033<br>| 395456 | 409451 |
|  |  | 1319134 |
| ***Leisure Facilities & Services – 2.24%*** | ***Leisure Facilities & Services – 2.24%*** | ***Leisure Facilities & Services – 2.24%*** |
| Sabre GLBL, Inc. <br>11.125%, 7/15/2030<sup>(b)</sup><br>| 1150000 | 1113718 |
| Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(b)</sup><br>| 1056839 | 1064691 |
|  |  | 2178409 |
| ***Oil & Gas Supply Chain – 0.52%*** | ***Oil & Gas Supply Chain – 0.52%*** | ***Oil & Gas Supply Chain – 0.52%*** |
| Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(b)</sup><br>| 516689 | 500794 |
| ***Oil, Gas Services & Equipment – 0.87%*** | ***Oil, Gas Services & Equipment – 0.87%*** | ***Oil, Gas Services & Equipment – 0.87%*** |
| Transocean International Ltd. <br>8.750%, 2/15/2030<sup>(b)</sup><br>| 804344 | 846308 |
| ***Publishing & Broadcasting – 0.69%*** | ***Publishing & Broadcasting – 0.69%*** | ***Publishing & Broadcasting – 0.69%*** |
| Gray Media, Inc. <br>9.625%, 7/15/2032<sup>(b)</sup><br>| 655000 | 669173 |
| ***REIT – 0.91%*** | ***REIT – 0.91%*** | ***REIT – 0.91%*** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 4.875%, 9/15/2027<sup>(b)</sup> | 852228 | $848129 |
| 4.875%, 9/15/2027 | 38767 | 38581 |
|  |  | 886710 |
| ***Retail - Discretionary – 0.71%*** | ***Retail - Discretionary – 0.71%*** | ***Retail - Discretionary – 0.71%*** |
| Kohl's Corp. <br>10.000%, 6/1/2030<sup>(b)</sup><br>| 630000 | 685022 |
| ***Software – 0.82%*** | ***Software – 0.82%*** | ***Software – 0.82%*** |
| VMware LLC <br>3.900%, 8/21/2027<br>| 803760 | 800790 |
| ***Technology Hardware – 1.26%*** | ***Technology Hardware – 1.26%*** | ***Technology Hardware – 1.26%*** |
| Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(b)</sup><br>| 1205000 | 1219463 |
| ***Telecommunications – 1.10%*** | ***Telecommunications – 1.10%*** | ***Telecommunications – 1.10%*** |
| Consolidated Communications, Inc. <br>6.500%, 10/1/2028<sup>(b)</sup><br>| 465000 | 472556 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC <br>5.152%, 3/20/2028<sup>(b)</sup><br>| 244421 | 245347 |
| T-Mobile USA, Inc. <br>4.750%, 2/1/2028<br>| 346151 | 346672 |
|  |  | 1064575 |
| **TOTAL CORPORATE BONDS** <br>(Cost $27,787,762)<br>|  | $28232483 |
| **FOREIGN ISSUER BONDS – 2.36%** | **FOREIGN ISSUER BONDS – 2.36%** | **FOREIGN ISSUER BONDS – 2.36%** |
| ***Chemicals – 0.85%*** | ***Chemicals – 0.85%*** | ***Chemicals – 0.85%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 283229 | $283559 |
| 5.250%, 12/15/2029 | 541689 | 540890 |
|  |  | 824449 |
| ***Telecommunications – 1.51%*** | ***Telecommunications – 1.51%*** | ***Telecommunications – 1.51%*** |
| Fibercop SpA <br>6.375%, 11/15/2033<sup>(b)</sup><br>| 1278000 | 1268387 |
| Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 182302 | 191464 |
|  |  | 1459851 |
| **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $2,303,679)<br>|  | $2284300 |
| **ASSET BACKED SECURITIES – 0.73%** | **ASSET BACKED SECURITIES – 0.73%** | **ASSET BACKED SECURITIES – 0.73%** |
| ***Specialty Finance – 0.73%*** | ***Specialty Finance – 0.73%*** | ***Specialty Finance – 0.73%*** |
| SLM Private Credit Student Loan Trust Series 2004-B, 4.729%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(d)</sup><br>| 198507 | $195847 |
| SLM Private Credit Student Loan Trust Series 2005-A, 4.609%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(d)</sup><br>| 161205 | 158975 |

---

*See Notes to the Financial Statements.* 

------

Brandes Core Plus Fixed Income Fund

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

------

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| SLM Private Credit Student Loan Trust Series 2006-A, 4.589%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(d)</sup><br>| 271511 | $260613 |
| SLM Private Credit Student Loan Trust Series 2007-A, 4.539%, (CME <br> Term SOFR 3M + 0.502%), 12/16/2041<sup>(d)</sup><br>| 93848 | 91985 |
| **TOTAL ASSET BACKED SECURITIES** <br>(Cost $686,583)<br>|  | $707420 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 3.01%** | **SHORT-TERM INVESTMENTS – 3.01%** | **SHORT-TERM INVESTMENTS – 3.01%** |
| ***Money Market Funds – 3.01%*** | ***Money Market Funds – 3.01%*** | ***Money Market Funds – 3.01%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(e)</sup> | 2923345 | $2923345 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $2,923,345)<br>|  | $2923345 |
| **Total Investments (Cost $95,575,636) – 99.24%** |  | **$96313995** |
| **Other Assets in Excess of Liabilities – 0.76%** |  | **740835** |
| **Total Net Assets – 100.00%** |  | **$97054830** |

---

------

---

| |
|:---|
| 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 |
| REIT Real Estate Investment Trust |
| 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) 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 $17,539,280 which
 represented 18.07% of the net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of September 30, 2025.

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

*See Notes to the Financial Statements.* 

------

(This Page Intentionally Left Blank)

------

**Brandes Investment Partners**

**STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **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; $1935443628 | &nbsp;&nbsp;&nbsp;&nbsp; $66019024 |
| Foreign currency<sup>(1)</sup> | &nbsp;&nbsp; 1227584 | &nbsp;&nbsp;&nbsp;&nbsp; 12421 |
| Receivables: |  |  |
| Securities sold | &nbsp;&nbsp; 2616298 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Fund shares sold | &nbsp;&nbsp; 8934100 | &nbsp;&nbsp;&nbsp;&nbsp; 208621 |
| Dividends and interest | &nbsp;&nbsp; 5450070 | &nbsp;&nbsp;&nbsp;&nbsp; 79012 |
| Tax reclaims | &nbsp;&nbsp; 4641822 | &nbsp;&nbsp;&nbsp;&nbsp; 118086 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 154515 | &nbsp;&nbsp;&nbsp;&nbsp; 33987 |
| Total Assets | &nbsp;&nbsp; 1958468017 | &nbsp;&nbsp;&nbsp;&nbsp; 66471153 |
| **LIABILITIES** |  |  |
| Payables: |  |  |
| Securities purchased | &nbsp;&nbsp; 4231647 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp; 2869311 | &nbsp;&nbsp;&nbsp;&nbsp; 120932 |
| 12b-1 fee | &nbsp;&nbsp; 32919 | &nbsp;&nbsp;&nbsp;&nbsp; 970 |
| Trustee fees | &nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Custodian fee | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| Foreign capital gains taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 5845697 | &nbsp;&nbsp;&nbsp;&nbsp; 209810 |
| Securities lending | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued expenses | &nbsp;&nbsp; 338638 | &nbsp;&nbsp;&nbsp;&nbsp; 32043 |
| Due to Advisor | &nbsp;&nbsp; 1165137 | &nbsp;&nbsp;&nbsp;&nbsp; 42530 |
| Total Liabilities | &nbsp;&nbsp; 14483649 | &nbsp;&nbsp;&nbsp;&nbsp; 407194 |
| **NET ASSETS** | &nbsp;&nbsp; $1943984368 | &nbsp;&nbsp;&nbsp;&nbsp; $66063959 |
| **COMPONENTS OF NET ASSETS** |  |  |
| Paid in capital | &nbsp;&nbsp; $1593375592 | &nbsp;&nbsp;&nbsp;&nbsp; $41195171 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 350608776 | &nbsp;&nbsp;&nbsp;&nbsp; 24868788 |
| Total Net Assets | &nbsp;&nbsp; $1943984368 | &nbsp;&nbsp;&nbsp;&nbsp; $66063959 |
| **Net asset value, offering price and redemption proceeds per share** |  |  |
| ***Class A Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $141116535 | &nbsp;&nbsp;&nbsp;&nbsp; $2872158 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 5233009 | &nbsp;&nbsp;&nbsp;&nbsp; 81301 |
| Offering and redemption price | &nbsp;&nbsp; $26.97 | &nbsp;&nbsp;&nbsp;&nbsp; $35.33 |
| Maximum offering price per share\* | &nbsp;&nbsp; $28.62 | &nbsp;&nbsp;&nbsp;&nbsp; $37.49 |
| ***Class C Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $8690485 | &nbsp;&nbsp;&nbsp;&nbsp; $773784 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 329435 | &nbsp;&nbsp;&nbsp;&nbsp; 22290 |
| Offering and redemption price | &nbsp;&nbsp; $26.38 | &nbsp;&nbsp;&nbsp;&nbsp; $34.71 |
| ***Class I Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $1644131328 | &nbsp;&nbsp;&nbsp;&nbsp; $62418017 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 60291957 | &nbsp;&nbsp;&nbsp;&nbsp; 1739081 |
| Offering and redemption price | &nbsp;&nbsp; $27.27 | &nbsp;&nbsp;&nbsp;&nbsp; $35.89 |
| ***Class R6 Shares*** |  |  |
| Net Assets | &nbsp;&nbsp; $150046020 | &nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 5451223 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Offering and redemption price | &nbsp;&nbsp; $27.53 | &nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| <sup>(1)</sup>Cost of: |  |  |
| Investments in securities | &nbsp;&nbsp; 1637620888 | &nbsp;&nbsp;&nbsp;&nbsp; 47966224 |
| Foreign currency | &nbsp;&nbsp; 1227583 | &nbsp;&nbsp;&nbsp;&nbsp; 12421 |

---

------

<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 — September 30, 2025 (Unaudited) (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>|
| $825362876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1406450233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $223468902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $96313995 |
| 12535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 227341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1772673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4262448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6570894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450207 |
| 2957576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983173 |
| 507225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 48009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56200 |
| 833378010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1419632891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225576402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97803575 |
| 388945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5311655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 2128817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267189 |
| 44100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
| 1118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| 124797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4898132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409394 |
| 220424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38200 |
| 627715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33116 |
| 8434048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13072703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748745 |
| $824943962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1406560188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $225043588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $97054830 |
| $980850135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1113217968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $190454313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101252345 |
| (155906173)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293342220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34589275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4197515)<br>|
| $824943962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1406560188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $225043588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $97054830 |
| $204954764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157795305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33057351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $755712 |
| 18247088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6136351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1703818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89882 |
| $11.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.41 |
| $11.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $27.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.74 |
| $4603334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10624128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $N/A |
| 414434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| $11.11 | &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 |
| $604228511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1228595195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $183613628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $87825082 |
| 53367792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47412678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9307294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10345097 |
| $11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.49 |
| $11157353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9545560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8372609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8474036 |
| 976127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998294 |
| $11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.49 |
| 691978960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1073314870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197378880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95575636 |
| 12519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| $— | &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.*

------

**STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Brandes** <br>**International** <br>**Equity Fund**<br>| **Brandes** <br>**Global** <br>**Equity Fund**<br>|
| **INVESTMENT INCOME** |  |  |
| **Income** |  |  |
| Dividend income | &nbsp;&nbsp; $42103083 | &nbsp;&nbsp;&nbsp;&nbsp; $1075976 |
| Less: Foreign taxes withheld | &nbsp;&nbsp; (3992819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77670)<br>|
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Income from securities lending | &nbsp;&nbsp; 82867 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| Total Income | &nbsp;&nbsp; 38193131 | &nbsp;&nbsp;&nbsp;&nbsp; 1000597 |
| **Expenses** |  |  |
| Advisory fees (Note 3) | &nbsp;&nbsp; 6086216 | &nbsp;&nbsp;&nbsp;&nbsp; 233532 |
| Custody fees (Note 3) | &nbsp;&nbsp; 66001 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| Administration fees (Note 3) | &nbsp;&nbsp; 167916 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 |
| Insurance expense | &nbsp;&nbsp; 17164 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| Legal fees | &nbsp;&nbsp; 55341 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
| Printing fees | &nbsp;&nbsp; 28814 | &nbsp;&nbsp;&nbsp;&nbsp; 1857 |
| Miscellaneous | &nbsp;&nbsp; 49788 | &nbsp;&nbsp;&nbsp;&nbsp; 9082 |
| Registration expense | &nbsp;&nbsp; 64934 | &nbsp;&nbsp;&nbsp;&nbsp; 22750 |
| Trustees fees | &nbsp;&nbsp; 32813 | &nbsp;&nbsp;&nbsp;&nbsp; 1310 |
| Fund Officer fees (Note 3) | &nbsp;&nbsp; 17549 | &nbsp;&nbsp;&nbsp;&nbsp; 17549 |
| Transfer agent fees (Note 3) | &nbsp;&nbsp; 162902 | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| 12b-1 fees – Class A (Note 3) | &nbsp;&nbsp; 143786 | &nbsp;&nbsp;&nbsp;&nbsp; 2978 |
| 12b-1 fees – Class C (Note 3) | &nbsp;&nbsp; 27093 | &nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| Shareholder Service fees – Class C (Note 3) | &nbsp;&nbsp; 4485 | &nbsp;&nbsp;&nbsp;&nbsp; 476 |
| Sub-Transfer Agency fees – Class I (Note 3) | &nbsp;&nbsp; 267580 | &nbsp;&nbsp;&nbsp;&nbsp; 10530 |
| Audit & Tax fees | &nbsp;&nbsp; 15819 | &nbsp;&nbsp;&nbsp;&nbsp; 15070 |
| Expenses recouped (Note 3) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 7208201 | &nbsp;&nbsp;&nbsp;&nbsp; 341751 |
| Expenses waived/reimbursed by Advisor (Note 3) | &nbsp;&nbsp; (197204)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43541)<br>|
| Advisory fees waived (Note 3) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 7010997 | &nbsp;&nbsp;&nbsp;&nbsp; 298210 |
| **Net investment income** | &nbsp;&nbsp; 31182134 | &nbsp;&nbsp;&nbsp;&nbsp; 702387 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain (loss) on: |  |  |
| Unaffiliated investments | &nbsp;&nbsp; 54731379 | &nbsp;&nbsp;&nbsp;&nbsp; 3724671 |
| Foreign currency transactions | &nbsp;&nbsp; 42614 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| Net realized gain (loss) | &nbsp;&nbsp; 54773993 | &nbsp;&nbsp;&nbsp;&nbsp; 3724873 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Unaffiliated investments (net of increase in estimated foreign capital gains <br> taxes of $124,797 for the Emerging Markets Fund)<br>| &nbsp;&nbsp; 201117096 | &nbsp;&nbsp;&nbsp;&nbsp; 4484976 |
| Foreign currency transactions | &nbsp;&nbsp; 385814 | &nbsp;&nbsp;&nbsp;&nbsp; 7748 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 201502910 | &nbsp;&nbsp;&nbsp;&nbsp; 4492724 |
| **Net realized and unrealized gain (loss) on investments and** <br> **foreign currency transactions**<br>| &nbsp;&nbsp; 256276903 | &nbsp;&nbsp;&nbsp;&nbsp; 8217597 |
| **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; $287459037 | &nbsp;&nbsp;&nbsp;&nbsp; $8919984 |

---

*See Notes to Financial Statements.*

------

**STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2025 (Unaudited)** **(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>|
| $20153756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25557013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1241480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88348 |
| (2018305)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2418903)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16378)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895940 |
|  | &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; — |
| 18135451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23138615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2984288 |
| 3415068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5437865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225547 |
| 54969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| 77218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17979 |
| 13249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224 |
| 27334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| 17481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3495 |
| 34222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7844 |
| 35359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25382 |
| 16404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3184 |
| 17550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17549 |
| 72204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12965 |
| 228605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 985 |
| 14879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 113202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12097 |
| 15395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15108 |
| 56218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 4213242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6345917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352318 |
| (4542)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2052)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18348)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (126256)<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; (32222)<br>|
| 4208700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6343865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193840 |
| 13926751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16794750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790448 |
| 12305350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59366813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4730381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1313364)<br>|
| 37564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 12342914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59463603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4731752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1313364)<br>|
| 163196897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182890795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28599643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2404467 |
| 127696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| 163324593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182990599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28599638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2404467 |
| 175667507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242454202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33331390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091103 |
| $189594258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $259248952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33839072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3881551 |

---

*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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $31182134 | $8608738 | $21194502 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 54731379 | 47753072 | 50032062 |
| Foreign currency transactions | 42614 | (338250)<br>| (346725)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 201117096 | (40349979)<br>| 139173611 |
| Foreign currency transactions | 385814 | (102291)<br>| 256684 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 287459037 | 15571290 | 210310134 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (2088840)<br>| (549561)<br>| (1081544)<br>|
| Class C | (109883)<br>| (31438)<br>| (118344)<br>|
| Class I | (26556241)<br>| (9846043)<br>| (15874424)<br>|
| Class R6 | (2424460)<br>| (1000440)<br>| (1556062)<br>|
| **Decrease in net assets from distributions** | (31179424)<br>| (11427482)<br>| (18630374)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 536601974 | 423479188 | 270503441 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 28106752 | 10881256 | 17770341 |
| Payments for shares redeemed | (162937652)<br>| (118177336)<br>| (172689900)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| 401771074 | 316183108 | 115583882 |
| Total increase (decrease) in net assets | 658050687 | 320326916 | 307263642 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 1285933681 | 965606765 | 658343123 |
| End of the Period | $1943984368 | $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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $702387 | $315391 | $937759 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 3724671 | 3507012 | 3073376 |
| Foreign currency transactions | 202 | 2277 | (13554)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 4484976 | (1635385)<br>| 8075912 |
| Foreign currency transactions | 7748 | (3818)<br>| 6526 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 8919984 | 2185477 | 12080019 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (30837)<br>| (117229)<br>| (60651)<br>|
| Class C | (6290)<br>| (49122)<br>| (16829)<br>|
| Class I | (773319)<br>| (3338149)<br>| (2067286)<br>|
| Class R6 | N/A | N/A | N/A |
| **Decrease in net assets from distributions** | (810446)<br>| (3504500)<br>| (2144766)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 9448028 | 1238964 | 4201061 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 804083 | 3478506 | 2127932 |
| Payments for shares redeemed | (2849110)<br>| (6037158)<br>| (5165227)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| 7403001 | (1319688)<br>| 1163766 |
| Total increase (decrease) in net assets | 15512539 | (2638711)<br>| 11099019 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 50551420 | 53190131 | 42091112 |
| End of the Period | $66063959 | $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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $13926751 | $4599332 | $16994326 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 12305350 | 7524126 | (26034102)<br>|
| Foreign currency transactions | 37564 | (56416)<br>| (608992)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 163196897 | (35721603)<br>| 140197823 |
| Foreign currency transactions | 127696 | (1931)<br>| (5233)<br>|
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 189594258 | (23656492)<br>| 130543822 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (3193346)<br>| (1705501)<br>| (4119967)<br>|
| Class C | (56091)<br>| (32672)<br>| (80997)<br>|
| Class I | (9576048)<br>| (5130263)<br>| (14265133)<br>|
| Class R6 | (158531)<br>| (86087)<br>| (229709)<br>|
| **Decrease in net assets from distributions** | (12984016)<br>| (6954523)<br>| (18695806)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 68174638 | 51373151 | 96289970 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 10197444 | 5415668 | 15107348 |
| Payments for shares redeemed | (69863842)<br>| (76437634)<br>| (208653466)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| 8508240 | (19648815)<br>| (97256148)<br>|
| Total increase (decrease) in net assets | 185118482 | (50259830)<br>| 14591868 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 639825480 | 690085310 | 675493442 |
| End of the Period | $824943962 | $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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $16794750 | $3795127 | $11145502 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 59366813 | 54354296 | 14930598 |
| Foreign currency transactions | 96790 | (167839)<br>| (551291)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 182890795 | (8247719)<br>| 152687275 |
| Foreign currency transactions | 99804 | (5397)<br>| 72275 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 259248952 | 49728468 | 178284359 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (2163636)<br>| (1278224)<br>| (1886310)<br>|
| Class C | (114628)<br>| (80086)<br>| (94968)<br>|
| Class I | (17933923)<br>| (9323006)<br>| (14067922)<br>|
| Class R6 | (133706)<br>| (55184)<br>| (43037)<br>|
| **Decrease in net assets from distributions** | (20345893)<br>| (10736500)<br>| (16092237)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 556271033 | 158207113 | 273156598 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 20084852 | 10600999 | 15883466 |
| Payments for shares redeemed | (192592647)<br>| (88208672)<br>| (112276155)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| 383763238 | 80599440 | 176763909 |
| Total increase (decrease) in net assets | 622666297 | 119591408 | 338956031 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 783893891 | 664302483 | 325346452 |
| End of the Period | $1406560188 | $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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $507682 | $183122 | $176841 |
| Net realized gain (loss) on: |  |  |  |
| Investments | 4730381 | 4768751 | 1217077 |
| Foreign currency transactions | 1371 | (5745)<br>| 340 |
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 28599643 | (9381368)<br>| 6099183 |
| Foreign currency transactions | (5)<br>|  | (11)<br>|
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 33839072 | (4435240)<br>| 7493430 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (66440)<br>| (189889)<br>| (134800)<br>|
| Class C | N/A | N/A | N/A |
| Class I | (460839)<br>| (1359002)<br>| (380573)<br>|
| Class R6 | (25520)<br>| (36764)<br>| (1890)<br>|
| **Decrease in net assets from distributions** | (552799)<br>| (1585655)<br>| (517263)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 102008222 | 77708714 | 53200377 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 541900 | 1579073 | 516333 |
| Payments for shares redeemed | (29316866)<br>| (16037200)<br>| (11268493)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| 73233256 | 63250587 | 42448217 |
| Total increase (decrease) in net assets | 106519529 | 57229692 | 49424384 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 118524059 | 61294367 | 11869983 |
| End of the Period | $225043588 | $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** |
|  | **Six Months Ended** <br>**September 30,** <br>**2025 (Unaudited)**<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** <br> **FROM:**<br>|  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | $2790448 | $2545682 | $3693554 |
| Net realized gain (loss) on: |  |  |  |
| Investments | (1313364)<br>| (249768)<br>| (883478)<br>|
| Foreign currency transactions |  |  | (815)<br>|
| Net unrealized appreciation (depreciation) on: |  |  |  |
| Investments | 2404467 | (1896480)<br>| 7548858 |
| Foreign currency transactions |  |  |  |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| 3881551 | 399434 | 10358119 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders |  |  |  |
| Class A | (16165)<br>| (18476)<br>| (46294)<br>|
| Class C | N/A | N/A | N/A |
| Class I | (2427335)<br>| (2305044)<br>| (3400659)<br>|
| Class R6 | (324366)<br>| (200284)<br>| (203901)<br>|
| **Decrease in net assets from distributions** | (2767866)<br>| (2523804)<br>| (3650854)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE 5)** |  |  |  |
| Proceeds from shares sold | 17574104 | 33033812 | 65616036 |
| Net asset value of shares issued on reinvestment of <br> distributions<br>| 2742286 | 2502587 | 3617639 |
| Payments for shares redeemed | (53934990)<br>| (19246130)<br>| (27289565)<br>|
| **Net increase (decrease) in net assets from** <br> **capital share transactions**<br>| (33618600)<br>| 16290269 | 41944110 |
| Total increase (decrease) in net assets | (32504915)<br>| 14165899 | 48651375 |
| **NET ASSETS** |  |  |  |
| Beginning of the Period | 129559745 | 115393846 | 66742471 |
| End of the Period | $97054830 | $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>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(2)</sup> <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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $23.01 | 0.47 | 3.94 | 4.41 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; $26.97 | 19.31 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $23.03 | 0.16 | 0.04 | 0.20 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; $23.01 | 1.01 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $18.15 | 0.46 | 4.88 | 5.34 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; $23.03 | 29.73<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $12.97 | 0.46 | 5.14 | 5.60 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; $18.15 | 43.29<br> %<br>|
| 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; $12.97 | &nbsp;&nbsp; (25.05)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $13.51 | 0.53 | 4.54 | 5.07 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; $18.12 | 37.55<br> %<br>|
| Class C |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $22.54 | 0.36 | 3.86 | 4.22 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; $26.38 | 18.84 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $22.53 | 0.07 | 0.06 | 0.13 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; $22.54 | 0.62 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $17.79 | 0.31 | 4.77 | 5.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; $22.53 | 28.80<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $12.72 | 0.30 | 5.07 | 5.37 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $17.79 | 42.25<br> %<br>|
| 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; $12.72 | &nbsp;&nbsp; (25.64)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $13.27 | 0.43 | 4.47 | 4.90 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; $17.78 | 36.90<br> %<br>|
| Class I |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $23.26 | 0.49 | 4.00 | 4.49 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; $27.27 | 19.44 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $23.29 | 0.19 | 0.04 | 0.23 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; $23.26 | 1.13 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $18.32 | 0.56 | 4.89 | 5.45 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; $23.29 | 30.12<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $13.08 | 0.51 | 5.19 | 5.70 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; $18.32 | 43.66<br> %<br>|
| 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; $13.08 | &nbsp;&nbsp; (24.83)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $13.57 | 0.57 | 4.57 | 5.14 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; $18.21 | 37.87<br> %<br>|
| Class R6 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $23.48 | 0.50 | 4.04 | 4.54 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; $27.53 | 19.47 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $23.51 | 0.20 | 0.04 | 0.24 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; $23.48 | 1.15 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $18.47 | 0.59 | 4.94 | 5.53 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; $23.51 | 30.30<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $13.18 | 0.52 | 5.23 | 5.75 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; $18.47 | 43.76<br> %<br>|
| 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; $13.18 | &nbsp;&nbsp; (24.76)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $13.64 | 0.57 | 4.62 | 5.19 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; $18.32 | 38.03<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 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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

*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>|
| $141.1 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.71 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22 %<sup>(4)</sup><br>|
| $78.5 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(4)</sup><br>|
| $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>|
| $43.9 | &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>|
| $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>|
| $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>|
| $8.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22 %<sup>(4)</sup><br>|
| $6.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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>|
| $1644.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.83 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22 %<sup>(4)</sup><br>|
| $1106.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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>|
| $150.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.22 %<sup>(4)</sup><br>|
| $94.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $30.93 | 0.35 | 4.47 | 4.82 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $35.33 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $30.42 | 0.24 | 4.37 | 4.61 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $34.71 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $31.41 | 0.40 | 4.54 | 4.94 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $35.89 |
| 3/31/2025<sup>(6)</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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

*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>|
| 15.66 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $2.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91 %<sup>(4)</sup><br>|
| 4.39 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $1.7 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(4)</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>|
| 15.20 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91 %<sup>(4)</sup><br>|
| 3.98 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $0.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.44 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; (0.18 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(4)</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>|
| 15.80 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $62.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.91 %<sup>(4)</sup><br>|
| 4.51 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $48.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.19 %<sup>(4)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.77 | 0.19 | 2.44 | 2.63 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $11.23 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.68 | 0.15 | 2.42 | 2.57 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $11.11 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.84 | 0.20 | 2.46 | 2.66 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $11.32 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.92 | 0.20 | 2.50 | 2.70 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $11.43 |
| 3/31/2025<sup>(6)</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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

&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>|
| 30.20 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $204.9 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.05 %<sup>(4)</sup><br>|
| (3.41 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $162.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(4)</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>|
| 29.74 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $4.6 | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.05 %<sup>(4)</sup><br>|
| (3.76 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $3.5 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(4)</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>|
| 30.29 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $604.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.05 %<sup>(4)</sup><br>|
| (3.33 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $466.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(4)</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>|
| 30.44 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $11.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.87 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.05 %<sup>(4)</sup><br>|
| (3.27 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $7.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.13 %<sup>(4)</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>| **Net asset** <br>**value, end** <br>**of period**<br>| **Total** <br>**return**<sup>(2)</sup> <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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $20.42 | 0.33 | 5.35 | 5.68 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; $25.71 | 27.87 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $19.39 | 0.09 | 1.25 | 1.34 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; $20.42 | 7.05 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $13.89 | 0.34 | 5.67 | 6.01 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; $19.39 | 43.93<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $9.45 | 0.25 | 4.41 | 4.66 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; $13.89 | 49.42<br> %<br>|
| 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; $9.45 | &nbsp;&nbsp; (28.26)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.33 | 0.14 | 4.69 | 4.83 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; $14.01 | 51.91<br> %<br>|
| Class C |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $19.52 | 0.23 | 5.12 | 5.35 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; $24.54 | 27.47 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $18.60 | 0.02 | 1.20 | 1.22 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; $19.52 | 6.69 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $13.36 | 0.20 | 5.44 | 5.64 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; $18.60 | 42.78<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $9.09 | 0.13 | 4.27 | 4.40 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; $13.36 | 48.26<br> %<br>|
| 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; $9.09 | &nbsp;&nbsp; (28.71)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.03 | 0.10 | 4.54 | 4.64 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; $13.49 | 51.52<br> %<br>|
| Class I |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $20.57 | 0.36 | 5.39 | 5.75 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; $25.91 | 28.02 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $19.51 | 0.11 | 1.26 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; $20.57 | 7.17 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $13.97 | 0.39 | 5.70 | 6.09 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; $19.51 | 44.22<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $9.50 | 0.28 | 4.43 | 4.71 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; $13.97 | 49.62<br> %<br>|
| 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; $9.50 | &nbsp;&nbsp; (28.04)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.37 | 0.15 | 4.73 | 4.88 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $14.09 | 52.15<br> %<br>|
| Class R6 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $20.72 | 0.37 | 5.43 | 5.80 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; $26.10 | 28.05 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</sup> | &nbsp;&nbsp; $19.64 | 0.13 | 1.26 | 1.39 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; $20.72 | 7.22 %<sup>(4)</sup><br>|
| 9/30/2024 | &nbsp;&nbsp; $14.05 | 0.41 | 5.73 | 6.14 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; $19.64 | 44.39<br> %<br>|
| 9/30/2023 | &nbsp;&nbsp; $9.54 | 0.32 | 4.44 | 4.76 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; $14.05 | 50.05<br> %<br>|
| 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; $9.54 | &nbsp;&nbsp; (28.00)%<br>|
| 9/30/2021 | &nbsp;&nbsp; $9.39 | 0.17 | 4.74 | 4.91 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; $14.14 | 52.39<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 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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

*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>|
| $157.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77 %<sup>(4)</sup><br>|
| $94.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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>|
| $10.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77 %<sup>(4)</sup><br>|
| $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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>|
| $1228.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77 %<sup>(4)</sup><br>|
| $679.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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>|
| $9.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.77 %<sup>(4)</sup><br>|
| $4.8 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.60 %<sup>(4)</sup><br>|
| $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>|
| $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>|
| $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>|
| $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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $15.62 | 0.04 | 3.78 | 3.82 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.40 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $15.88 | 0.06 | 3.85 | 3.91 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $19.73 |
| 3/31/2025<sup>(6)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $14.88 | 0.07 | 3.61 | 3.68 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $18.49 |
| 3/31/2025<sup>(6)</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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

&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>|
| 24.50 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $33.0 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.55 %<sup>(4)</sup><br>|
| (1.22 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $11.6 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01 )%<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(4)</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>|
| 24.64 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $183.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.55 %<sup>(4)</sup><br>|
| (1.09 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $103.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(4)</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>|
| 24.76 %<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $8.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.55 %<sup>(4)</sup><br>|
| (1.06 )%<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp; $3.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.02 %<sup>(4)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.34 | 0.17 | 0.07 | 0.24 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; $8.41 | 2.93 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</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>(4)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.42 | 0.18 | 0.07 | 0.25 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; $8.49 | 3.02 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</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>(4)</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 |  |  |  |  |  |  |  |
| 9/30/2025 <br> (Unaudited)<br>| &nbsp;&nbsp; $8.42 | 0.18 | 0.07 | 0.25 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; $8.49 | 3.02 %<sup>(4)</sup><br>|
| 3/31/2025<sup>(6)</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>(4)</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) Not annualized.

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(6) During the period, the fiscal year end changed to March 31 from September 30.

&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>|
| $0.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24 %<sup>(4)</sup><br>|
| $0.9 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(4)</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>|
| $87.8 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24 %<sup>(4)</sup><br>|
| $111.3 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(4)</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>|
| $8.5 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.32 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24 %<sup>(4)</sup><br>|
| $17.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97 %<sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(4)</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>|

---

*See Notes to the Financial Statements.* 

------

**Brandes Investment Partners**

**NOTES TO FINANCIAL STATEMENTS** 

------

**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 an Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 3, 2020. 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.

------

**Brandes Investment Partners**

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

------

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 period. The Funds report certain foreign currency-related transactions as

------

**Brandes Investment Partners**

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

------

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 September 30, 2025.

&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 September 30, 2025.

&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

------

**Brandes Investment Partners**

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

------

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 September 30, 2025.

&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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**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 September 30, 2025, 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 September 30, 2025, the Funds did not have any securities on loan.

&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

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**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 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 (2022 through 2025). As of September 30, 2025 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 six-month period ended March 31, 2025.

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 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

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**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;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.

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

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

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pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. As of September 30, 2025, the International Fund, Global Fund, Emerging Markets Fund and International Small Cap Fund had securities with market values of $1,546,131,118, $28,723,458, $510,524,172 and $710,511,222 that represent 79.53%, 43.48%, 61.89% and 50.51% of each Fund's net assets, respectively, that were fair valued using these valuation adjustments.

Fixed income securities (other than repurchase agreements and demand notes) including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, sovereign issues, bank loans, convertible preferred securities, fixed income securities purchased on a delayed delivery basis and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers' internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/ spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Rights that are traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day the exchange is open. A right is a privilege offered by a corporation to its shareholders pro rata to subscribe to a certain security at a specified price, often for a short period. Rights may or may not be transferable. Rights that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each package of underlying securities. These securities are also normally valued by pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche level attributes, estimated cash flows and market based yield spreads for each tranche, and current market data and incorporate packaged collateral performance, as available. Mortgage and asset-backed securities that use such valuation techniques and inputs are categorized as Level 2 of the fair value hierarchy.

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**Brandes Investment Partners**

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

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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 September 30, 2025, 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; $306496434 | &nbsp;&nbsp; $1457499625 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $1763996059 |
| Preferred Stocks | &nbsp;&nbsp; 43725691 | &nbsp;&nbsp; 88631493 | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; 132357184 |
| Short-Term Investments | &nbsp;&nbsp; 39090385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39090385 |
| Total Investments in Securities | &nbsp;&nbsp; $389312510 | &nbsp;&nbsp; $1546131118 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935443628 |
| **Global Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $34776666 | &nbsp;&nbsp; $28202857 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62979523 |
| Preferred Stocks | &nbsp;&nbsp; 711204 | &nbsp;&nbsp; 520600 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1231804 |
| Short-Term Investments | &nbsp;&nbsp; 1807697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1807697 |
| Total Investments in Securities | &nbsp;&nbsp; $37295567 | &nbsp;&nbsp; $28723457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66019024 |
| **Emerging Markets Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $273547608 | &nbsp;&nbsp; $522552279 | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $796099887 |
| Preferred Stocks | &nbsp;&nbsp; 20695458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20695458 |
| Short-Term Investments | &nbsp;&nbsp; 8567531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8567531 |
| Total Investments in Securities | &nbsp;&nbsp; $302810597 | &nbsp;&nbsp; $522552279 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $825362876 |
| **International Small Cap Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $605437098 | &nbsp;&nbsp; $699519521 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1304956619 |
| Preferred Stocks | &nbsp;&nbsp; 39637682 | &nbsp;&nbsp; 27556886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67194568 |
| Investment Companies | &nbsp;&nbsp; 16686622 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16686622 |
| Short-Term Investments | &nbsp;&nbsp; 17612424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17612424 |
| Total Investments in Securities | &nbsp;&nbsp; $679373826 | &nbsp;&nbsp; $727076407 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1406450233 |
| **Small Cap Value Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $211462595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $720 | &nbsp;&nbsp; $211463315 |
| Preferred Stocks | &nbsp;&nbsp; 4334592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4334592 |
| Investment Companies | &nbsp;&nbsp; 2336024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2336024 |
| Short-Term Investments | &nbsp;&nbsp; 5334971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5334971 |
| Total Investments in Securities | &nbsp;&nbsp; $223468182 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $720 | &nbsp;&nbsp; $223468902 |
| **Core Plus Fund** |  |  |  |  |
| Asset Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $707420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $707420 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 28232483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28232483 |
| Other Mortgage Related Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201 |
| Federal And Federally Sponsored <br> Credits<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4515358 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4515358 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 2284300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2284300 |
| Short-Term Investments | &nbsp;&nbsp; 2923345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2923345 |
| US Governments | &nbsp;&nbsp; — | &nbsp;&nbsp; 57650888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57650888 |
| Total Investments in Securities | &nbsp;&nbsp; $2923345 | &nbsp;&nbsp; $93390650 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96313995 |

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\* *Investments categorized as level 3 securities that are effectively valued at zero.*

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

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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 September 30, 2025 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 of $720 as of September 30, 2025. 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.

**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 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, 2026. For the six months ended September 30, 2025, the Core Plus fund had $32,222 in advisory fees waived. These waived fees are not eligible for recoupment. For the six months ended September 30, 2025, the International

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**Brandes Investment Partners**

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

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Fund, the Global Fund, the Emerging Markets Fund, the International Small Cap Fund, the Small Cap Value Fund, and the Core Plus Fund incurred $6,086,216, $233,532, $3,415,068, $5,437,865, $539,374 and $225,547 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, 2026 (the "Expense Cap Agreement"):

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| | | | | |
|:---|:---|:---|:---|:---|
| **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>|

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\* 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 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 six months ended September 30, 2025, the Advisor waived expenses and/or reimbursed the Funds $197,204, $43,541, $4,542, $2,052, $18,348, and $126,256 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:

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**Brandes Investment Partners**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **September 30,** <br>**2026**<br>| **September 30,** <br>**2027**<br>| **March 31,** <br>**2028**<br>| **September 30,** <br>**2028**<br>|
| International Fund | &nbsp;&nbsp; $471697 | &nbsp;&nbsp; $509051 | &nbsp;&nbsp; $240606 | &nbsp;&nbsp; $197204 |
| Global Fund | &nbsp;&nbsp; 89159 | &nbsp;&nbsp; 72945 | &nbsp;&nbsp; 63580 | &nbsp;&nbsp; 43541 |
| Emerging Markets Fund | &nbsp;&nbsp; 93305 | &nbsp;&nbsp; 58428 | &nbsp;&nbsp; 24394 | &nbsp;&nbsp; 4542 |
| International Small Cap Fund | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 1819 | &nbsp;&nbsp; 2416 | &nbsp;&nbsp; 2052 |
| Small Cap Value Fund | &nbsp;&nbsp; 111992 | &nbsp;&nbsp; 88230 | &nbsp;&nbsp; 54575 | &nbsp;&nbsp; 18348 |
| Core Plus Fund | &nbsp;&nbsp; 192628 | &nbsp;&nbsp; 212390 | &nbsp;&nbsp; 133382 | &nbsp;&nbsp; 126256 |

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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 six months ended September 30, 2025, 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; $56218 |
| Small Cap Value Fund | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; 1564 |

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&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 six months ended September 30, 2025 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. 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 six months ended September 30, 2025, 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

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**Brandes Investment Partners**

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

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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 six months ended September 30, 2025, the following Funds incurred expenses pursuant to the Plan:

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| | | |
|:---|:---|:---|
| **Fund** | **Class A** | **Class C** |
| International Fund | &nbsp;&nbsp; $143786 | &nbsp;&nbsp; $27093 |
| Global Fund | &nbsp;&nbsp; 2978 | &nbsp;&nbsp; 2332 |
| Emerging Markets Fund | &nbsp;&nbsp; 228605 | &nbsp;&nbsp; 14879 |
| International Small Cap Fund | &nbsp;&nbsp; 163277 | &nbsp;&nbsp; 29581 |
| Small Cap Value Fund | &nbsp;&nbsp; 26632 | &nbsp;&nbsp; N/A |
| Core Plus Fund | &nbsp;&nbsp; 985 | &nbsp;&nbsp; N/A |

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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 six months ended September 30, 2025, the Funds incurred the following Service Fees:

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| | | |
|:---|:---|:---|
| **Fund** | **Class C** | **Class I** |
| International Fund | &nbsp;&nbsp; $4485 | &nbsp;&nbsp; $267580 |
| Global Fund | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 10530 |
| Emerging Markets Fund | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; 113202 |
| International Small Cap Fund | &nbsp;&nbsp; 4157 | &nbsp;&nbsp; 197626 |
| Small Cap Value Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 31945 |
| Core Plus Fund | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 12097 |

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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 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 "Fund Officer fees" on the Statement of Operations.

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 six-month period ended September 30,

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**Brandes Investment Partners**

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

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2025, the amounts allocated for Trustee compensation and reimbursement of out-of-pocket expenses from the Trust to 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 six months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government** | **U.S. Government** | **Other** | **Other** |
| **Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| International Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $557755449 | &nbsp;&nbsp; $144256504 |
| Global Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13394283 | &nbsp;&nbsp; $7347233 |
| Emerging Markets Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87335341 | &nbsp;&nbsp; $78134916 |
| International Small Cap Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $516898660 | &nbsp;&nbsp; $142733173 |
| Small Cap Value Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101944356 | &nbsp;&nbsp; $35122225 |
| Core Plus Fund | &nbsp;&nbsp; $9311510 | &nbsp;&nbsp; $34937490 | &nbsp;&nbsp; $4374655 | &nbsp;&nbsp; $12027617 |

---

**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** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 2750 | $67238 | 1171 | $26343 | 938 | $19801 |
| Class C | 95 | 2330 | 43 | 947 | 73 | 1489 |
| Class I | 16732 | 418209 | 16268 | 370465 | 10806 | 223707 |
| Class R6 | 1942 | 48825 | 1143 | 25724 | 1222 | 25507 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 81 | 2045 | 26 | 547 | 52 | 1071 |
| Class C | 4 | 109 | 1 | 31 | 6 | 118 |
| Class I | 925 | 23717 | 448 | 9412 | 737 | 15203 |
| Class R6 | 86 | 2236 | 42 | 891 | 66 | 1378 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (1008)<br>| (24844)<br>| (292)<br>| (6417)<br>| (905)<br>| (18272)<br>|
| Class C | (44)<br>| (1060)<br>| (99)<br>| (2101)<br>| (162)<br>| (3220)<br>|
| Class I | (4935)<br>| (121636)<br>| (4478)<br>| (99308)<br>| (6397)<br>| (131911)<br>|
| Class R6 | (607)<br>| (15398)<br>| (458)<br>| (10351)<br>| (912)<br>| (19287)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 16021 | $401771 | 13815 | $316183 | 5524 | $115584 |

---

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** | **Global Fund** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 33 | $1064 | 6 | $187 | 12 | $337 |
| Class C | 5 | 190 |  |  | 16 | 465 |
| Class I | 255 | 8193 | 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 | 1 | 30 | 4 | 117 | 2 | 60 |
| Class C | —<br> \*<br>| 6 | 2 | 49 | 1 | 17 |
| Class I | 22 | 768 | 111 | 3312 | 72 | 2051 |
| Class R6 | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (9)<br>| (295)<br>| (7)<br>| (214)<br>| (5)<br>| (132)<br>|
| Class C | (4)<br>| (137)<br>| (4)<br>| (132)<br>| (6)<br>| (185)<br>|
| Class I | (72)<br>| (2417)<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>| 231 | $7402 | (37)<br>| $(1320)<br>| 37 | $1164 |

---

\* Value calculated is less than 500 shares/dollars.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** | **Emerging Markets Fund** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 376 | $3798 | 319 | $2792 | 2339 | $19786 |
| Class C | 48 | 481 | 21 | 183 | 87 | 699 |
| Class I | 5932 | 60687 | 5464 | 47922 | 9041 | 75090 |
| Class R6 | 305 | 3209 | 53 | 476 | 85 | 715 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 57 | 597 | 39 | 329 | 113 | 956 |
| Class C | 5 | 56 | 4 | 33 | 10 | 81 |
| Class I | 900 | 9509 | 598 | 5038 | 1645 | 14038 |
| Class R6 | 4 | 35 | 2 | 16 | 4 | 32 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (668)<br>| (6656)<br>| (1079)<br>| (9526)<br>| (1496)<br>| (12281)<br>|
| Class C | (43)<br>| (408)<br>| (106)<br>| (930)<br>| (188)<br>| (1534)<br>|
| Class I | (6261)<br>| (61346)<br>| (7418)<br>| (64917)<br>| (23169)<br>| (192329)<br>|
| Class R6 | (153)<br>| (1454)<br>| (122)<br>| (1065)<br>| (302)<br>| (2509)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 502 | $8508 | (2225)<br>| $(19649)<br>| (11831)<br>| $(97256)<br>|

---

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** | **International Small Cap Fund** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 2410 | $58137 | 1187 | $23327 | 1761 | $29469 |
| Class C | 221 | 5138 | 59 | 1117 | 90 | 1411 |
| Class I | 20474 | 488929 | 6666 | 131991 | 14427 | 239641 |
| Class R6 | 169 | 4067 | 89 | 1772 | 144 | 2636 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 81 | 2023 | 65 | 1207 | 106 | 1775 |
| Class C | 4 | 101 | 4 | 74 | 6 | 85 |
| Class I | 711 | 17830 | 498 | 9267 | 823 | 13984 |
| Class R6 | 5 | 131 | 3 | 53 | 2 | 39 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (995)<br>| (24244)<br>| (712)<br>| (13962)<br>| (1289)<br>| (21380)<br>|
| Class C | (67)<br>| (1508)<br>| (37)<br>| (689)<br>| (73)<br>| (1106)<br>|
| Class I | (6777)<br>| (165892)<br>| (3729)<br>| (73007)<br>| (5212)<br>| (89508)<br>|
| Class R6 | (39)<br>| (949)<br>| (28)<br>| (551)<br>| (16)<br>| (282)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 16197 | $383763 | 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** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 1069 | $18560 | 283 | $4778 | 484 | $6907 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 4396 | 78531 | 4146 | 70211 | 3024 | 44854 |
| Class R6 | 284 | 4917 | 170 | 2720 | 97 | 1439 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 4 | 66 | 11 | 189 | 10 | 134 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 25 | 458 | 76 | 1353 | 27 | 381 |
| Class R6 | 1 | 18 | 2 | 37 |  | 2 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (113)<br>| (1905)<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 | (1614)<br>| (26072)<br>| (865)<br>| (14547)<br>| (615)<br>| (8919)<br>|
| Class R6 | (81)<br>| (1340)<br>| (15)<br>| (235)<br>| (14)<br>| (179)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| 3971 | $73233 | 3733 | $63251 | 2865 | $42448 |

---

------

**Brandes Investment Partners**

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** | **Core Plus Fund** |
|  | **Six Months Ended** <br>**9/30/2025** | **Six Months Ended** <br>**9/30/2025** | **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 | 2 | $17 | 13 | $109 | 11 | $88 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 1503 | 12609 | 1947 | 16271 | 6695 | 55583 |
| Class R6 | 588 | 4948 | 2008 | 16654 | 1187 | 9945 |
| Issued on Reinvestment of <br>Distributions<br>|  |  |  |  |  |  |
| Class A | 2 | 16 | 2 | 18 | 6 | 46 |
| Class C | N/A | N/A | N/A | N/A | N/A | N/A |
| Class I | 285 | 2402 | 273 | 2284 | 403 | 3368 |
| Class R6 | 39 | 324 | 24 | 200 | 25 | 204 |
| Shares Redeemed |  |  |  |  |  |  |
| Class A | (17)<br>| (140)<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 | (4657)<br>| (39531)<br>| (2178)<br>| (18239)<br>| (2124)<br>| (17726)<br>|
| Class R6 | (1693)<br>| (14264)<br>| (67)<br>| (558)<br>| (1113)<br>| (9182)<br>|
| **Net Increase/(Decrease) Resulting from** <br> **Fund Share Transactions**<br>| (3948)<br>| $(33619)<br>| 1969 | $16290 | 5044 | $41944 |

---

**NOTE 6–FEDERAL INCOME TAX MATTERS**

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary and permanent differences have no effect on net assets or net asset value per share. For the six-month period ended March 31, 2025, the Funds made the following permanent book-to-tax reclassifications primarily related to the treatment of distributions in excess of the subchapter M requirement:

---

| | | |
|:---|:---|:---|
|  | **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; 430266 | &nbsp;&nbsp; (430266)<br>|
| International Small Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Brandes Investment Partners**

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

------

As of March 31, 2025, 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; $4373030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4245357)<br>| &nbsp;&nbsp; $94201490 |
| Global Fund | &nbsp;&nbsp; 127978 | &nbsp;&nbsp; 3281849 | &nbsp;&nbsp; (10442)<br>| &nbsp;&nbsp; 13359865 |
| Emerging Markets Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (273112143)<br>| &nbsp;&nbsp; (59404272)<br>|
| International Small Cap Fund | &nbsp;&nbsp; 5287993 | &nbsp;&nbsp; — | &nbsp;&nbsp; (80602092)<br>| &nbsp;&nbsp; 129753260 |
| Small Cap Value Fund | &nbsp;&nbsp; 2244166 | &nbsp;&nbsp; 2369299 | &nbsp;&nbsp; (2526)<br>| &nbsp;&nbsp; (3307937)<br>|
| Core Plus Fund | &nbsp;&nbsp; 509252 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3180299)<br>| &nbsp;&nbsp; (2640153)<br>|

---

The differences between book and tax basis distributable earnings are primarily related to passive foreign investment companies and wash sales. These differences are temporary.

As of September 30, 2025, 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; $1640032241 | &nbsp;&nbsp; $348166935 | &nbsp;&nbsp; $(52755548)<br>| &nbsp;&nbsp; $295411387 |
| Global Fund | &nbsp;&nbsp; 48132060 | &nbsp;&nbsp; 19400377 | &nbsp;&nbsp; (1513413)<br>| &nbsp;&nbsp; 17886964 |
| Emerging Markets Fund | &nbsp;&nbsp; 720364736 | &nbsp;&nbsp; 216934823 | &nbsp;&nbsp; (111936683)<br>| &nbsp;&nbsp; 104998140 |
| International Small Cap Fund | &nbsp;&nbsp; 1092739769 | &nbsp;&nbsp; 346403804 | &nbsp;&nbsp; (32693340)<br>| &nbsp;&nbsp; 313710464 |
| Small Cap Value Fund | &nbsp;&nbsp; 199736527 | &nbsp;&nbsp; 30656344 | &nbsp;&nbsp; (6923969)<br>| &nbsp;&nbsp; 23732375 |
| Core Plus Fund | &nbsp;&nbsp; 95807829 | &nbsp;&nbsp; 1369492 | &nbsp;&nbsp; (863326)<br>| &nbsp;&nbsp; 506166 |

---

The tax composition of dividends for the six months ended March 31, 2025, and the years ended September 30, 2024 and September 30, 2023 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** |
|  | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| International Fund | &nbsp;&nbsp; $11427482 | &nbsp;&nbsp; $18630374 | &nbsp;&nbsp; $15554284 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Global Fund | &nbsp;&nbsp; 245138 | &nbsp;&nbsp; 916414 | &nbsp;&nbsp; 776169 | &nbsp;&nbsp; 3260957 | &nbsp;&nbsp; 1226757 | &nbsp;&nbsp; 570731 |
| Emerging Markets <br> Fund<br>| &nbsp;&nbsp; 7663161 | &nbsp;&nbsp; 17987168 | &nbsp;&nbsp; 10977003 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International <br> Small Cap Fund<br>| &nbsp;&nbsp; 10757122 | &nbsp;&nbsp; 16071615 | &nbsp;&nbsp; 5469728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap <br> Value Fund<br>| &nbsp;&nbsp; 498933 | &nbsp;&nbsp; 259817 | &nbsp;&nbsp; 133714 | &nbsp;&nbsp; 1086770 | &nbsp;&nbsp; 257398 | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; 2059065 | &nbsp;&nbsp; 3647690 | &nbsp;&nbsp; 2196496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

------

**Brandes Investment Partners**

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

------

As of March 31, 2025, the net capital losses and late year ordinary losses which the Funds intend to treat as having occurred in the following fiscal period, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Net Capital** <br> **Losses**<br>| **Late Year** <br> **Ordinary** <br> **Losses**<br>|
| International Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Global Fund | &nbsp;&nbsp; 10442 | &nbsp;&nbsp; — |
| Emerging Markets Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 47557 |
| International Small Cap Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

At March 31, 2025, the Funds had capital loss carryforwards and capital loss carryforwards utilized as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** | **Utilized** |
| International Fund | &nbsp;&nbsp; $(4245357)<br>| &nbsp;&nbsp; $(48322289)<br>|
| Global Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Fund | &nbsp;&nbsp; (273051913)<br>| &nbsp;&nbsp; (9303731)<br>|
| International Small Cap Fund | &nbsp;&nbsp; (80594661)<br>| &nbsp;&nbsp; (45652104)<br>|
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Core Plus Fund | &nbsp;&nbsp; (2712396)<br>| &nbsp;&nbsp; — |

---

**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.

------

**Brandes Investment Partners**

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

------

**NOTE 8–OWNERSHIP BY AFFILIATED PARTIES**

As of September 30, 2025, 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 | 271693 |
| % of Total Outstanding Shares | 15.64% |

---

---

| | |
|:---|:---|
|  | **Core** <br>**Plus Fund**<br>|
|  | **Class I** |
| Shares | 1431802 |
| % of Total Outstanding Shares | 13.86% |

---

**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.

------

**Brandes Investment Partners**

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

------

**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.

------

**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.

![](img9d371ce31.gif)

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SEMI-ANNUAL

FINANCIAL STATEMENTS

AND OTHER INFORMATION

SEPARATELY MANAGED ACCOUNT

RESERVE TRUST

For the six months ended September 30, 2025

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**Table of Contents**

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| | |
|:---|:---|
| **[Schedule of Investments](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_SOI-FundBookHeader-3-1619_1)** | 2 |
| **[Statement of Assets and Liabilities](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_FS-FundBookHeader-4_1)** | 7 |
| **[Statements of Operations](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_FS-FundBookHeader-4_2)** | 8 |
| **[Statements of Changes in Net Assets](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_FS-FundBookHeader-4_3)** | 9 |
| **[Financial Highlights](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_FS-FundBookHeader-4_4)** | 10 |
| **[Notes to Financial Statements](#xx_0268acd8-981a-4760-9b8a-f8638b9b8364_NTF-NTF-TOC_1)** | 11 |

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited)** 

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| | | |
|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.06%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.06%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.06%** |
| ***Federal Home Loan Mortgage Corporation – 1.58%*** | ***Federal Home Loan Mortgage Corporation – 1.58%*** | ***Federal Home Loan Mortgage Corporation – 1.58%*** |
| Pool G1-8578 3.000%, 12/1/2030 | 350593 | $343403 |
| Pool SD-2873 3.000%, 1/1/2052 | 2082737 | 1855600 |
| Pool SD-8001 3.500%, 7/1/2049 | 555330 | 513422 |
| Pool SD-8003 4.000%, 7/1/2049 | 278471 | 266867 |
|  |  | 2979292 |
| ***Federal National Mortgage Association – 2.48%*** | ***Federal National Mortgage Association – 2.48%*** | ***Federal National Mortgage Association – 2.48%*** |
| Pool AL9865 3.000%, 2/1/2047 | 481924 | 434465 |
| Pool AS6201 3.500%, 11/1/2045 | 152462 | 143331 |
| Pool BN6683 3.500%, 6/1/2049 | 470005 | 434536 |
| Pool CA0483 3.500%, 10/1/2047 | 2747868 | 2562229 |
| Pool CA1624 3.000%, 4/1/2033 | 613942 | 597474 |
| Pool MA3687 4.000%, 6/1/2049 | 548954 | 520818 |
|  |  | 4692853 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS** <br>(Cost $7,547,226)<br>|  | $7672145 |
| **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>| 741 | $696 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES** <br>(Cost $737)<br>|  | $696 |
| **US GOVERNMENTS – 36.87%** | **US GOVERNMENTS – 36.87%** | **US GOVERNMENTS – 36.87%** |
| ***Sovereign Government – 36.87%*** | ***Sovereign Government – 36.87%*** | ***Sovereign Government – 36.87%*** |
| United States Treasury Bond  | United States Treasury Bond  | United States Treasury Bond  |
| 4.750%, 2/15/2037 | 17125000 | $17980581 |
| 3.500%, 2/15/2039 | 10500000 | 9605860 |
| 3.750%, 11/15/2043 | 13000000 | 11510586 |
| 3.000%, 5/15/2047 | 15750000 | 11990918 |
|  |  | 51087945 |
| United States Treasury Note <br>4.375%, 5/15/2034<br>| 18250000 | 18672031 |
| **TOTAL US GOVERNMENTS** <br>(Cost $73,361,482)<br>|  | $69759976 |
| **CORPORATE BONDS – 50.88%** | **CORPORATE BONDS – 50.88%** | **CORPORATE BONDS – 50.88%** |
| ***Aerospace & Defense – 2.02%*** | ***Aerospace & Defense – 2.02%*** | ***Aerospace & Defense – 2.02%*** |
| Spirit AeroSystems, Inc. <br>9.375%, 11/30/2029<sup>(b)</sup><br>| 3625000 | $3817919 |
| ***Automotive – 2.60%*** | ***Automotive – 2.60%*** | ***Automotive – 2.60%*** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |

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*See Notes to Financial Statements.*

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| 3.375%, 11/13/2025 | 1625000 | $1622011 |
| 2.700%, 8/10/2026 | 3345000 | 3291093 |
|  |  | 4913104 |
| ***Banking – 9.10%*** | ***Banking – 9.10%*** | ***Banking – 9.10%*** |
| Bank of America Corp. <br>4.450%, 3/3/2026<br>| 6620000 | 6624389 |
| Citigroup, Inc. <br>6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), <br> 2/15/2030<sup>(c)</sup><br>| 3430000 | 3522634 |
| USB Capital IX <br>5.599% (CME Term SOFR 3M + 1.282%, minimum of 5.599%), <br> Perpetual, 10/30/2025<sup>(d)</sup><br>| 8525000 | 7074551 |
|  |  | 17221574 |
| ***Biotechnology & Pharmaceuticals – 2.03%*** | ***Biotechnology & Pharmaceuticals – 2.03%*** | ***Biotechnology & Pharmaceuticals – 2.03%*** |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <br>4.125%, 4/30/2028<sup>(b)</sup><br>| 3975000 | 3840416 |
| ***Commercial Support Services – 2.49%*** | ***Commercial Support Services – 2.49%*** | ***Commercial Support Services – 2.49%*** |
| Prime Security Services Borrower LLC/Prime Finance, Inc.  | Prime Security Services Borrower LLC/Prime Finance, Inc.  | Prime Security Services Borrower LLC/Prime Finance, Inc.  |
| 5.750%, 4/15/2026<sup>(b)</sup> | 1082000 | 1086431 |
| 6.250%, 1/15/2028<sup>(b)</sup> | 3635000 | 3631817 |
|  |  | 4718248 |
| ***Containers & Packaging – 1.03%*** | ***Containers & Packaging – 1.03%*** | ***Containers & Packaging – 1.03%*** |
| Sealed Air Corp. <br>4.000%, 12/1/2027<sup>(b)</sup><br>| 1990000 | 1952968 |
| ***Electric Utilities – 1.39%*** | ***Electric Utilities – 1.39%*** | ***Electric Utilities – 1.39%*** |
| American Transmission Systems, Inc. <br>2.650%, 1/15/2032<sup>(b)</sup><br>| 2930000 | 2628686 |
| ***Entertainment Content – 5.41%*** | ***Entertainment Content – 5.41%*** | ***Entertainment Content – 5.41%*** |
| Netflix, Inc. <br>4.375%, 11/15/2026<br>| 1840000 | 1848306 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.000%, 8/15/2028<sup>(b)</sup> | 2855000 | 2958408 |
| 8.500%, 7/31/2031<sup>(b)</sup> | 5250000 | 5421370 |
|  |  | 10228084 |
| ***Food – 1.97%*** | ***Food – 1.97%*** | ***Food – 1.97%*** |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/2031<br>| 3845000 | 3716352 |
| ***Household Products – 1.86%*** | ***Household Products – 1.86%*** | ***Household Products – 1.86%*** |
| Coty, Inc. <br>5.000%, 4/15/2026<sup>(b)</sup><br>| 3534000 | 3523329 |

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*See Notes to Financial Statements.*

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| ***Institutional Financial Services – 3.14%*** | ***Institutional Financial Services – 3.14%*** | ***Institutional Financial Services – 3.14%*** |
| Goldman Sachs Group, Inc. <br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), <br> 5/10/2026<sup>(c)</sup><br>| 6015000 | $5941941 |
| ***Internet Media & Services – 1.30%*** | ***Internet Media & Services – 1.30%*** | ***Internet Media & Services – 1.30%*** |
| Expedia Group, Inc.  | Expedia Group, Inc.  | Expedia Group, Inc.  |
| 3.800%, 2/15/2028 | 810000 | 802981 |
| 3.250%, 2/15/2030 | 1732000 | 1654831 |
|  |  | 2457812 |
| ***Leisure Facilities & Services – 4.39%*** | ***Leisure Facilities & Services – 4.39%*** | ***Leisure Facilities & Services – 4.39%*** |
| Sabre GLBL, Inc. <br>11.125%, 7/15/2030<sup>(b)</sup><br>| 3715000 | 3597792 |
| Travel + Leisure Co. <br>6.625%, 7/31/2026<sup>(b)</sup><br>| 4675000 | 4709735 |
|  |  | 8307527 |
| ***Oil & Gas Supply Chain – 0.99%*** | ***Oil & Gas Supply Chain – 0.99%*** | ***Oil & Gas Supply Chain – 0.99%*** |
| Hess Midstream Operations LP <br>4.250%, 2/15/2030<sup>(b)</sup><br>| 1940000 | 1880321 |
| ***Oil, Gas Services & Equipment – 1.35%*** | ***Oil, Gas Services & Equipment – 1.35%*** | ***Oil, Gas Services & Equipment – 1.35%*** |
| Transocean International Ltd. <br>8.750%, 2/15/2030<sup>(b)</sup><br>| 2433750 | 2560721 |
| ***Publishing & Broadcasting – 1.07%*** | ***Publishing & Broadcasting – 1.07%*** | ***Publishing & Broadcasting – 1.07%*** |
| Gray Media, Inc. <br>9.625%, 7/15/2032<sup>(b)</sup><br>| 1985000 | 2027951 |
| ***REIT – 1.54%*** | ***REIT – 1.54%*** | ***REIT – 1.54%*** |
| Iron Mountain, Inc. <br>4.875%, 9/15/2027<sup>(b)</sup><br>| 2925000 | 2910933 |
| ***Retail - Discretionary – 1.06%*** | ***Retail - Discretionary – 1.06%*** | ***Retail - Discretionary – 1.06%*** |
| Kohl's Corp. <br>10.000%, 6/1/2030<sup>(b)</sup><br>| 1845000 | 2006135 |
| ***Software – 2.20%*** | ***Software – 2.20%*** | ***Software – 2.20%*** |
| VMware LLC <br>3.900%, 8/21/2027<br>| 4176000 | 4160570 |
| ***Technology Hardware – 1.92%*** | ***Technology Hardware – 1.92%*** | ***Technology Hardware – 1.92%*** |
| Pitney Bowes, Inc. <br>7.250%, 3/15/2029<sup>(b)</sup><br>| 3580000 | 3622971 |
| ***Telecommunications – 2.02%*** | ***Telecommunications – 2.02%*** | ***Telecommunications – 2.02%*** |
| Consolidated Communications, Inc. <br>6.500%, 10/1/2028<sup>(b)</sup><br>| 1370000 | 1392262 |

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*See Notes to Financial Statements.*

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

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| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount**<br>| **Value** |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum <br> Co. III LLC <br>5.152%, 3/20/2028<sup>(b)</sup><br>| 994000 | $997762 |
| T-Mobile USA, Inc. <br>4.750%, 2/1/2028<br>| 1435000 | 1437160 |
|  |  | 3827184 |
| **TOTAL CORPORATE BONDS** <br>(Cost $95,739,221)<br>|  | $96264746 |
| **FOREIGN ISSUER BONDS – 4.18%** | **FOREIGN ISSUER BONDS – 4.18%** | **FOREIGN ISSUER BONDS – 4.18%** |
| ***Chemicals – 1.85%*** | ***Chemicals – 1.85%*** | ***Chemicals – 1.85%*** |
| Methanex Corp.  | Methanex Corp.  | Methanex Corp.  |
| 5.125%, 10/15/2027 | 1249000 | $1250453 |
| 5.250%, 12/15/2029 | 2255000 | 2251675 |
|  |  | 3502128 |
| ***Telecommunications – 2.33%*** | ***Telecommunications – 2.33%*** | ***Telecommunications – 2.33%*** |
| Fibercop SpA <br>6.375%, 11/15/2033<sup>(b)</sup><br>| 3767000 | 3738664 |
| Telecom Italia Capital SA <br>6.375%, 11/15/2033<br>| 633000 | 664813 |
|  |  | 4403477 |
| **TOTAL FOREIGN ISSUER BONDS** <br>(Cost $8,127,260)<br>|  | $7905605 |
| **ASSET BACKED SECURITIES – 1.22%** | **ASSET BACKED SECURITIES – 1.22%** | **ASSET BACKED SECURITIES – 1.22%** |
| ***Specialty Finance – 1.22%*** | ***Specialty Finance – 1.22%*** | ***Specialty Finance – 1.22%*** |
| SLM Private Credit Student Loan Trust Series 2004-B, 4.729%, (CME <br> Term SOFR 3M + 0.692%), 9/15/2033<sup>(d)</sup><br>| 755453 | $745330 |
| SLM Private Credit Student Loan Trust Series 2005-A, 4.609%, (CME <br> Term SOFR 3M + 0.572%), 12/15/2038<sup>(d)</sup><br>| 547099 | 539532 |
| SLM Private Credit Student Loan Trust Series 2006-A, 4.589%, (CME <br> Term SOFR 3M + 0.552%), 6/15/2039<sup>(d)</sup><br>| 1067412 | 1024568 |
| **TOTAL ASSET BACKED SECURITIES** <br>(Cost $2,240,949)<br>|  | $2309430 |

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*See Notes to Financial Statements.*

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Brandes Separately Managed Account Reserve Trust

**SCHEDULE OF INVESTMENTS — September 30, 2025 (Unaudited) (continued)**

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 1.80%** | **SHORT-TERM INVESTMENTS – 1.80%** | **SHORT-TERM INVESTMENTS – 1.80%** |
| ***Money Market Funds – 1.80%*** | ***Money Market Funds – 1.80%*** | ***Money Market Funds – 1.80%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.955%<sup>(e)</sup> | 3410600 | $3410600 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $3,410,600)<br>|  | $3410600 |
| **Total Investments (Cost $190,427,475) – 99.01%** |  | **$187323198** |
| **Other Assets in Excess of Liabilities – 0.99%** |  | **1879785** |
| **Total Net Assets – 100.00%** |  | **$189202983** |

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| |
|:---|
| 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 |
| REIT Real Estate Investment Trust |
| SOFR Secured Overnight Financing Rate |

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

&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 $58,306,591 which
 represented 30.82% of the net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the annualized seven day yield as of September 30, 2025.

The industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standards (GICS®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

*See Notes to Financial Statements.*

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**Brandes Separately Managed Account Reserve Trust**

**STATEMENT OF ASSETS AND LIABILITIES — September 30, 2025 (Unaudited)** 

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| | |
|:---|:---|
| **ASSETS** |  |
| Investment in securities, at cost | &nbsp;&nbsp; $190427475 |
| Investment in securities, at value | &nbsp;&nbsp; $187323198 |
| Receivables: |  |
| Fund shares sold | &nbsp;&nbsp; 1093940 |
| Interest | &nbsp;&nbsp; 2303522 |
| Total Assets | &nbsp;&nbsp; 190720660 |
| **LIABILITIES** |  |
| Payables: |  |
| Fund shares redeemed | &nbsp;&nbsp; 723285 |
| Dividends | &nbsp;&nbsp; 794392 |
| Total Liabilities | &nbsp;&nbsp; 1517677 |
| **NET ASSETS** | &nbsp;&nbsp; $189202983 |
| **COMPONENTS OF NET ASSETS** |  |
| Paid-in capital | &nbsp;&nbsp; $206016867 |
| Total distributable earnings (loss) | &nbsp;&nbsp; (16813884)<br>|
| Total Net Assets | &nbsp;&nbsp; $189202983 |
| **Net asset value, offering price and redemption proceeds per share** |  |
| Net Assets | &nbsp;&nbsp; $189202983 |
| Shares outstanding (unlimited shares authorized without par value) | &nbsp;&nbsp; 23550388 |
| Offering and redemption price | &nbsp;&nbsp; $8.03 |

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*See Notes to Financial Statements.*

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**Brandes Separately Managed Account Reserve Trust**

**STATEMENT OF OPERATIONS — For the Six Months Ended September 30, 2025 (Unaudited)** 

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| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| **Income** |  |
| Dividend income | &nbsp;&nbsp; $123940 |
| Interest income | &nbsp;&nbsp; 4647128 |
| Total Income | &nbsp;&nbsp; 4771068 |
| **Expenses (Note 3)** |  |
| Total expenses | &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; — |
| **Net investment income** | &nbsp;&nbsp; 4771068 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp; (371219)<br>|
| Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 2012379 |
| **Net realized and unrealized gain on investments** | &nbsp;&nbsp; 1641160 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; $6412228 |

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*See Notes to Financial Statements.*

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**Brandes Separately Managed Account Reserve Trust**

**STATEMENTS OF CHANGES IN NET ASSETS** 

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| | | | |
|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**September 30,** <br>**2025**<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; $4771068 | &nbsp;&nbsp; $4360111 | &nbsp;&nbsp; $7740942 |
| Net realized gain (loss) on investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; (371219)<br>| &nbsp;&nbsp; (300130)<br>| &nbsp;&nbsp; (1905795)<br>|
| Net change in unrealized appreciation <br> (depreciation) on investments<br>| &nbsp;&nbsp; 2012379 | &nbsp;&nbsp; (3369491)<br>| &nbsp;&nbsp; 16425265 |
| **Net increase (decrease) in net assets** <br> **resulting from operations**<br>| &nbsp;&nbsp; 6412228 | &nbsp;&nbsp; 690490 | &nbsp;&nbsp; 22260412 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |
| Distributions to shareholders | &nbsp;&nbsp; (4735053)<br>| &nbsp;&nbsp; (4326864)<br>| &nbsp;&nbsp; (7667987)<br>|
| **Decrease in net assets from distributions** | &nbsp;&nbsp; (4735053)<br>| &nbsp;&nbsp; (4326864)<br>| &nbsp;&nbsp; (7667987)<br>|
| **CAPITAL SHARE TRANSACTIONS (NOTE** <br> **5)**<br>|  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 23348228 | &nbsp;&nbsp; 34726310 | &nbsp;&nbsp; 38472860 |
| Net asset value of shares issued on <br> reinvestment of distributions<br>| &nbsp;&nbsp; 4724098 | &nbsp;&nbsp; 4316425 | &nbsp;&nbsp; 7470501 |
| Cost of shares redeemed | &nbsp;&nbsp; (24469380)<br>| &nbsp;&nbsp; (21521719)<br>| &nbsp;&nbsp; (41419675)<br>|
| **Net increase (decrease) in net assets** <br> **from capital share transactions**<br>| &nbsp;&nbsp; 3602946 | &nbsp;&nbsp; 17521016 | &nbsp;&nbsp; 4523686 |
| Total increase in net assets | &nbsp;&nbsp; 5280121 | &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; $189202983 | &nbsp;&nbsp; $183922862 | &nbsp;&nbsp; $170038220 |

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

*See Notes to Financial Statements.*

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**Brandes Separately Managed Account Reserve Trust**

**FINANCIAL HIGHLIGHTS** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**September 30,**<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,** |
|  | **2025** | **2025**<sup>(1)</sup> <br>| **2024** | **2023** | **2022** | **2021** |
| **Net asset value,** <br> **beginning 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> | 0.20 | 0.19 | 0.38 | 0.36 | 0.30 | 0.27 |
| Net realized and <br> unrealized gain/(loss) on <br> investments<br>| 0.07 | &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>| 0.27 | 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; (0.20)<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; (0.20)<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; $8.03 | &nbsp;&nbsp; $7.96 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $7.42 | &nbsp;&nbsp; $7.38 | &nbsp;&nbsp; $8.83 |
| **Total return** | 3.47 %<sup>(3)</sup><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; $189.2 | &nbsp;&nbsp; $183.9 | &nbsp;&nbsp; $170.0 | &nbsp;&nbsp; $150.9 | &nbsp;&nbsp; $149.8 | &nbsp;&nbsp; $186.5 |
| **Ratio of expenses to** <br> **average net assets**<sup>(4)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &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>| 5.13 %<sup>(5)</sup><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** | 20.51 %<sup>(3)</sup><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 an Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 3, 2020. 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.

------

**Brandes Separately Managed Account Reserve Trust**

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

------

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 period. 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 September 30, 2025.

&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

------

**Brandes Separately Managed Account Reserve Trust**

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

------

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 (2022 through 2025). As of September 30, 2025 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 six-month period ended March 31, 2025.

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

------

**Brandes Separately Managed Account Reserve Trust**

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

------

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).

------

**Brandes Separately Managed Account Reserve Trust**

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

------

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. None of the Fund's securities were fair valued utilizing this method as of September 30, 2025.

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

------

**Brandes Separately Managed Account Reserve Trust**

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

------

prices obtained from brokers and dealers or independent pricing services are 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 September 30, 2025, 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; $2309430 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2309430 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 96264746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 96264746 |
| Federal and Federally Sponsored Credits | &nbsp;&nbsp; — | &nbsp;&nbsp; 7672145 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7672145 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7905605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7905605 |
| Short-Term Investments | &nbsp;&nbsp; 3410600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3410600 |
| US Governments | &nbsp;&nbsp; — | &nbsp;&nbsp; 69759976 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69759976 |
| Other Mortgage Related Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 696 | &nbsp;&nbsp; — | &nbsp;&nbsp; 696 |
| Total Investments in Securities | &nbsp;&nbsp; $3410600 | &nbsp;&nbsp; $183912598 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $187323198 |

---

There were no Level 3 securities in the Fund at the beginning or the end of the six months ended September 30, 2025.

**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

------

**Brandes Separately Managed Account Reserve Trust**

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

------

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.

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.

------

**Brandes Separately Managed Account Reserve Trust**

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

------

**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 six months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government** | **U.S. Government** | **Other** | **Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $26888877 | $15718672 | $13676629 | $21007894 |

---

**NOTE 5–CAPITAL SHARE TRANSACTIONS**

The Fund's capital share activity in shares and dollars during the six-month periods ended September 30, 2025 and March 31, 2025, and the year ended September 30, 2024, was as follows (shares and dollar amounts in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** <br>**Ended** <br>**9/30/2025** | **Six Months** <br>**Ended** <br>**9/30/2025** | **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; 2944 | &nbsp;&nbsp; $23348 | &nbsp;&nbsp; 4357 | &nbsp;&nbsp; $34726 | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; $38473 |
| Issued on Reinvestment of Distributions | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 4724 | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 4317 | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 7471 |
| Shares Redeemed | &nbsp;&nbsp; (3081)<br>| &nbsp;&nbsp; (24469)<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; 457 | &nbsp;&nbsp; $3603 | &nbsp;&nbsp; 2188 | &nbsp;&nbsp; $17521 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; $4524 |

---

**NOTE 6–FEDERAL INCOME TAX MATTERS**

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. Temporary differences do not require reclassification. Temporary and permanent differences have no effect on net assets or net asset value per share. For the six-month period ended March 31, 2025, the Fund made no permanent reclassifications:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br> **Earnings**<br>| **Paid-In** <br> **Capital**<br>|
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

------

**Brandes Separately Managed Account Reserve Trust**

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

------

As of March 31, 2025, the Fund's 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>|
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $855878 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(14230281)<br>| &nbsp;&nbsp; $(5116656)<br>|

---

As of September 30, 2025, 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>|
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $190449443 | &nbsp;&nbsp; $2546112 | &nbsp;&nbsp; $(5672357)<br>| &nbsp;&nbsp; $(3126245)<br>|

---

The tax compositions of dividends for the six-month period ended March 31, 2025 and years ended September 30, 2024 and September 30, 2023 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** |
| **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| $3557568 | $7666293 | $7215374 | $— | $— | $— |

---

At March 31, 2025, the Fund had capital loss carryforwards and capital loss carryforwards utilized as indicated below:

---

| | | |
|:---|:---|:---|
|  | **Indefinite** | **Utilized** |
| Seperately Managed Account <br>Reserve Trust<br>| &nbsp;&nbsp; $13459291 | &nbsp;&nbsp; $— |

---

**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".

------

**Brandes Separately Managed Account Reserve Trust**

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

------

**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.

------

**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.

![](img930733e21.gif)

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable to this reporting period.

------

#### 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.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
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 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

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#### Item 19. Exhibits.
(a)(1) Not applicable - only for annual reports.

(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)

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#### 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:  | December 1, 2025  |

---

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:  | December 1, 2025  |
| By:  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |
| Date:  | December 1, 2025  |

---

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## 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.

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| | |
|:---|:---|
| Date: December 1, 2025  | /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: December 1, 2025  | /s/ Tracy L. Dotolo  |
|  | Tracy L. Dotolo  |
|  | Treasurer, Principal Financial Officer, and Principal Accounting Officer  |

---

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## 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 September 30, 2025 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.

---

| | |
|:---|:---|
| December 1, 2025  | December 1, 2025  |
| 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.

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