# EDGAR Filing Document

**Accession Number:** 0000926678
**File Stem:** 0001145549-23-010311
**Filing Date:** 2023-2
**Character Count:** 56318
**Document Hash:** 8de7291ad1ea44cd6c0e8df1b2f934a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010311.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08614
- **FILM NUMBER:** 23670848

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

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

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

## Series and Classes Contracts Data

### Brandes Separately Managed Account Reserve Trust (Series ID: S000006075)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000016693 | Brandes Separately Managed Account Reserve Trust | SMARX           |

## Nport-Ex

Brandes Separately Managed Account Reserve Trust

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

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS – 0.00%** | **COMMON STOCKS – 0.00%** | **COMMON STOCKS – 0.00%** |
| ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** | ***Home Construction – 0.00%*** |
| Urbi Desarrollos Urbanos SAB de CV <sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806 | $2720 |
| **TOTAL COMMON STOCKS<br>(Cost $1,887,387)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2720 |

---

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| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.16%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.16%** | **FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.16%** |
| ***Federal Home Loan Mortgage Corporation – 1.13%*** | ***Federal Home Loan Mortgage Corporation – 1.13%*** | ***Federal Home Loan Mortgage Corporation – 1.13%*** |
| Pool G1-8578 3.000%, 12/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;$680096 | $650293 |
| Pool SD-8001 3.500%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737298 | &nbsp;&nbsp;&nbsp; 679242 |
| Pool SD-8003 4.000%, 7/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377762 | &nbsp;&nbsp;&nbsp; 359792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689327 |
| ***Federal National Mortgage Association – 2.03%*** | ***Federal National Mortgage Association – 2.03%*** | ***Federal National Mortgage Association – 2.03%*** |
| Pool AL9865 3.000%, 2/1/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602201 | &nbsp;&nbsp;&nbsp; 539304 |
| Pool AS6201 3.500%, 11/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307038 | &nbsp;&nbsp;&nbsp; 285981 |
| Pool BN6683 3.500%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621542 | &nbsp;&nbsp;&nbsp; 572603 |
| Pool CA1624 3.000%, 4/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997180 | &nbsp;&nbsp;&nbsp; 937505 |
| Pool MA3687 4.000%, 6/1/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741637 | &nbsp;&nbsp;&nbsp; 706776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042169 |
| **TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS<br>(Cost $5,121,317)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4731496 |
| **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** | **OTHER MORTGAGE RELATED SECURITIES – 0.00%** |
| ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** | ***Collateralized Mortgage Obligations – 0.00%*** |
| Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 4.480%, 10/25/2036<sup>(b)</sup><br>| $1050 | $923 |
| **TOTAL OTHER MORTGAGE RELATED SECURITIES<br>(Cost $1,050)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$923 |
| **US GOVERNMENTS – 24.05%** | **US GOVERNMENTS – 24.05%** | **US GOVERNMENTS – 24.05%** |
| ***Sovereign Government – 24.05%*** | ***Sovereign Government – 24.05%*** | ***Sovereign Government – 24.05%*** |
| United States Treasury Bond | United States Treasury Bond | United States Treasury Bond |
| 4.750%, 2/15/2037<br>| $10035000 | $11020860 |
| 3.500%, 2/15/2039<br>| &nbsp;&nbsp;&nbsp;19250000 | &nbsp;&nbsp;&nbsp; 18192754 |
| 3.000%, 5/15/2047<br>| &nbsp;&nbsp;&nbsp; 8250000 | &nbsp;&nbsp;&nbsp; 6804639 |
| **TOTAL US GOVERNMENTS<br>(Cost $42,464,400)<br>**  |  | &nbsp;&nbsp;&nbsp;$36018253 |
| **CONVERTIBLE BONDS – 1.47%** | **CONVERTIBLE BONDS – 1.47%** | **CONVERTIBLE BONDS – 1.47%** |
| ***Software – 1.47%*** | ***Software – 1.47%*** | ***Software – 1.47%*** |
| MicroStrategy, Inc.<br>0.000%, 2/15/2027<br>| &nbsp;&nbsp; $6045000 | $2199171 |
| **TOTAL CONVERTIBLE BONDS<br>(Cost $4,673,004)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$2199171 |

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

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Brandes Separately Managed Account Reserve Trust

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

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| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **CORPORATE BONDS – 61.67%** | **CORPORATE BONDS – 61.67%** | **CORPORATE BONDS – 61.67%** |
| ***Asset Management – 2.66%*** | ***Asset Management – 2.66%*** | ***Asset Management – 2.66%*** |
| Charles Schwab Corp.<br>5.375% (U.S. Treasury Yield Curve Rate CMT 5Y + 4.971%), 6/1/2025<sup>(c)</sup><br>| &nbsp;&nbsp; $4070000 | $3980460 |
| ***Automotive – 2.63%*** | ***Automotive – 2.63%*** | ***Automotive – 2.63%*** |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 3.375%, 11/13/2025<br>| &nbsp;&nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp; 1469021 |
| 2.700%, 8/10/2026<br>| &nbsp;&nbsp;&nbsp; 2845000 | &nbsp;&nbsp;&nbsp; 2470826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939847 |
| ***Banking – 10.17%*** | ***Banking – 10.17%*** | ***Banking – 10.17%*** |
| Bank of America Corp.<br>4.450%, 3/3/2026<br>| &nbsp;&nbsp;&nbsp; 5040000 | &nbsp;&nbsp;&nbsp; 4942589 |
| Citigroup, Inc.<br>4.400%, 6/10/2025<br>| &nbsp;&nbsp;&nbsp; 3640000 | &nbsp;&nbsp;&nbsp; 3575692 |
| USB Capital IX<br>5.099% (3M LIBOR + 1.020%, minimum of 5.099%), Perpetual, 2/27/2023<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 8525000 | &nbsp;&nbsp;&nbsp; 6713434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15231715 |
| ***Cable & Satellite – 0.87%*** | ***Cable & Satellite – 0.87%*** | ***Cable & Satellite – 0.87%*** |
| Charter Communications Operating LLC<br>4.908%, 7/23/2025<br>| &nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; 1299691 |
| ***Commercial Support Services – 5.33%*** | ***Commercial Support Services – 5.33%*** | ***Commercial Support Services – 5.33%*** |
| Prime Security Services Borrower LLC | Prime Security Services Borrower LLC | Prime Security Services Borrower LLC |
| 5.750%, 4/15/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 4870000 | &nbsp;&nbsp;&nbsp; 4673389 |
| 6.250%, 1/15/2028<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 3635000 | &nbsp;&nbsp;&nbsp; 3308431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7981820 |
| ***Containers & Packaging – 2.16%*** | ***Containers & Packaging – 2.16%*** | ***Containers & Packaging – 2.16%*** |
| Mauser Packaging Solutions Holding Co.<br>7.250%, 4/15/2025<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp; 1423955 |
| Sealed Air Corp.<br>4.000%, 12/1/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1990000 | &nbsp;&nbsp;&nbsp; 1805481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229436 |
| ***Electric Utilities – 3.55%*** | ***Electric Utilities – 3.55%*** | ***Electric Utilities – 3.55%*** |
| American Transmission Systems, Inc.<br>2.650%, 1/15/2032<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 2930000 | &nbsp;&nbsp;&nbsp; 2412852 |
| FirstEnergy Corp.<br>7.375%, 11/15/2031<br>| &nbsp;&nbsp;&nbsp; 2580000 | &nbsp;&nbsp;&nbsp; 2905725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5318577 |
| ***Food – 2.12%*** | ***Food – 2.12%*** | ***Food – 2.12%*** |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 5.875%, 9/30/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; 698383 |
| 4.250%, 4/15/2031<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 2905000 | &nbsp;&nbsp;&nbsp; 2470862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169245 |

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

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Brandes Separately Managed Account Reserve Trust

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| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| ***Health Care Facilities & Services – 3.03%*** | ***Health Care Facilities & Services – 3.03%*** | ***Health Care Facilities & Services – 3.03%*** |
| Tenet Healthcare Corp.<br>4.875%, 1/1/2026<sup>(d)</sup><br>| &nbsp;&nbsp; $4780000 | $4538180 |
| ***Home Construction – 3.74%*** | ***Home Construction – 3.74%*** | ***Home Construction – 3.74%*** |
| PulteGroup, Inc.<br>5.500%, 3/1/2026<br>| &nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp; 3936617 |
| Toll Brothers Finance Corp.<br>4.875%, 11/15/2025<br>| &nbsp;&nbsp;&nbsp; 1710000 | &nbsp;&nbsp;&nbsp; 1672639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5609256 |
| ***Household Products – 2.24%*** | ***Household Products – 2.24%*** | ***Household Products – 2.24%*** |
| Coty, Inc.<br>5.000%, 4/15/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 3534000 | &nbsp;&nbsp;&nbsp; 3351193 |
| ***Institutional Financial Services – 1.58%*** | ***Institutional Financial Services – 1.58%*** | ***Institutional Financial Services – 1.58%*** |
| Goldman Sachs Group, Inc.<br>3.800% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.969%), 5/10/2026<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 2900000 | &nbsp;&nbsp;&nbsp; 2362635 |
| ***Internet Media & Services – 4.91%*** | ***Internet Media & Services – 4.91%*** | ***Internet Media & Services – 4.91%*** |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 3.800%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp; 744944 |
| 3.250%, 2/15/2030<br>| &nbsp;&nbsp;&nbsp; 1732000 | &nbsp;&nbsp;&nbsp; 1472927 |
| Netflix, Inc.<br>4.375%, 11/15/2026<br>| &nbsp;&nbsp;&nbsp; 5340000 | &nbsp;&nbsp;&nbsp; 5139750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357621 |
| ***Leisure Facilities & Services – 4.20%*** | ***Leisure Facilities & Services – 4.20%*** | ***Leisure Facilities & Services – 4.20%*** |
| Carnival Corp.<br>9.875%, 8/1/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1825000 | &nbsp;&nbsp;&nbsp; 1724625 |
| Travel + Leisure Co.<br>6.625%, 7/31/2026<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 4675000 | &nbsp;&nbsp;&nbsp; 4573373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297998 |
| ***Oil & Gas Producers – 4.90%*** | ***Oil & Gas Producers – 4.90%*** | ***Oil & Gas Producers – 4.90%*** |
| Continental Resources, Inc.<br>4.375%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp; 1004401 |
| Hess Midstream Operations LP<br>4.250%, 2/15/2030<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1940000 | &nbsp;&nbsp;&nbsp; 1658611 |
| Range Resources Corp.<br>4.875%, 5/15/2025<br>| &nbsp;&nbsp;&nbsp; 4925000 | &nbsp;&nbsp;&nbsp; 4678265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341277 |
| ***REIT – 1.80%*** | ***REIT – 1.80%*** | ***REIT – 1.80%*** |
| Iron Mountain, Inc.<br>4.875%, 9/15/2027<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 2925000 | &nbsp;&nbsp;&nbsp; 2689830 |

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

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Brandes Separately Managed Account Reserve Trust

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| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| ***Software – 3.54%*** | ***Software – 3.54%*** | ***Software – 3.54%*** |
| VMware, Inc. | VMware, Inc. | VMware, Inc. |
| 4.500%, 5/15/2025<br>| &nbsp;&nbsp; $1430000 | $1403336 |
| 3.900%, 8/21/2027<br>| &nbsp;&nbsp;&nbsp; 4176000 | &nbsp;&nbsp;&nbsp; 3903260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306596 |
| ***Telecommunications – 2.24%*** | ***Telecommunications – 2.24%*** | ***Telecommunications – 2.24%*** |
| Sprint Spectrum Co. LLC<br>5.152%, 3/20/2028<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; 1988000 | &nbsp;&nbsp;&nbsp; 1960943 |
| T-Mobile USA, Inc.<br>4.750%, 2/1/2028<br>| &nbsp;&nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp; 1395056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355999 |
| **TOTAL CORPORATE BONDS<br>(Cost $98,577,727)<br>**  |  | &nbsp;&nbsp;&nbsp;$92361376 |
| **FOREIGN ISSUER BONDS – 4.12%** | **FOREIGN ISSUER BONDS – 4.12%** | **FOREIGN ISSUER BONDS – 4.12%** |
| ***Chemicals – 1.51%*** | ***Chemicals – 1.51%*** | ***Chemicals – 1.51%*** |
| Methanex Corp. | Methanex Corp. | Methanex Corp. |
| 5.125%, 10/15/2027<br>| &nbsp;&nbsp; $1249000 | $1158447 |
| 5.250%, 12/15/2029<br>| &nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp; 1104561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263008 |
| ***Telecommunications – 2.61%*** | ***Telecommunications – 2.61%*** | ***Telecommunications – 2.61%*** |
| SoftBank Group Corp.<br>4.750%, 9/19/2024<br>| &nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp; 929530 |
| Telecom Italia Capital SA<br>6.375%, 11/15/2033<br>| &nbsp;&nbsp;&nbsp; 3626000 | &nbsp;&nbsp;&nbsp; 2966395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895925 |
| **TOTAL FOREIGN ISSUER BONDS<br>(Cost $7,526,679)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$6158933 |
| **ASSET BACKED SECURITIES – 2.84%** | **ASSET BACKED SECURITIES – 2.84%** | **ASSET BACKED SECURITIES – 2.84%** |
| ***Specialty Finance – 2.84%*** | ***Specialty Finance – 2.84%*** | ***Specialty Finance – 2.84%*** |
| SLM Private Credit Student Loan Trust Series 2004-B, 5.199%, (3M LIBOR + 0.430%), 9/15/2033<sup>(c)</sup><br>| &nbsp;&nbsp; $1500000 | $1446315 |
| SLM Private Credit Student Loan Trust Series 2005-A, 5.079%, (3M LIBOR + 0.310%), 12/15/2038<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 1161769 | &nbsp;&nbsp;&nbsp; 1106714 |
| SLM Private Credit Student Loan Trust Series 2006-A, 5.059%, (3M LIBOR + 0.290%), 6/15/2039<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; 1810627 | &nbsp;&nbsp;&nbsp; 1703834 |
| **TOTAL ASSET BACKED SECURITIES<br>(Cost $4,194,555)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4256863 |

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

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Brandes Separately Managed Account Reserve Trust

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS – 2.86%** | **SHORT-TERM INVESTMENTS – 2.86%** | **SHORT-TERM INVESTMENTS – 2.86%** |
| ***Money Market Funds – 2.86%*** | ***Money Market Funds – 2.86%*** | ***Money Market Funds – 2.86%*** |
| Northern Institutional Funds - Treasury Portfolio (Premier), 3.75%<sup>(e)</sup><br>| 4283934 | $4283934 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,283,934)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;$4283934 |
| **Total Investments (Cost $168,730,053) – 100.17%<br>**  |  | **$150013669** |
| **Liabilities in Excess of Other Assets – (0.17)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(252632)** |
| **Total Net Assets – 100.00%<br>**  |  | **$149761037** |

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

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(a) Non-income producing security.

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

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

(d) Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from
registration, normally to qualified institutional buyers. The total value of all such securities was $37,290,110 which represented 24.90% of the net assets of the Fund.

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

The industry classifications represented in the Schedule of Investments are in accordance with Bloomberg Industry Classification Standards (BICS) or were otherwise determined by the Advisor to be appropriate. This information is unaudited.

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

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#### Brandes Separately Managed Account Reserve Trust

#### NOTES TO FINANCIAL STATEMENTS

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#### NOTE 1 – ORGANIZATION
The Brandes Separately Managed Account Reserve Trust (the "Fund") is a series of Brandes Investment Trust (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Fund began operations on October 3, 2005. The Fund invests its assets primarily in debt securities and seeks to maximize total return.

#### 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.

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| | |
|:---|:---|
| A. | *Fair Value Measurements. The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:* |
|  | Level 1—Fair value measurement within Level 1 should be based on an unadjusted quoted price in an active market that the 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 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 |

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#### Brandes Separately Managed Account Reserve Trust

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

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| | |
|:---|:---|
|  | 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. |
| B. | *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). |
|  | 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 marketbased yield spreads for each tranche, current market data and packaged collateral performance, as |

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#### Brandes Separately Managed Account Reserve Trust

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

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| |
|:---|
| 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, exchange-traded fund shares and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales price, in the case of common stocks and exchange-traded fund shares, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. |
| 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 December 31, 2022. |
| Investments in registered open-end management investment companies are valued based upon the Net Asset Values ("NAVs") of such investments and are categorized as Level 1 of the fair value hierarchy. If, on a particular day, a share price of an investment company is not readily available, such securities are fair valued in accordance with the fair value procedures of the Trust. |
| The Board of Trustees has designated the Advisor as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund investments. Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Advisor is generally responsible for overseeing the day-to-day valuation processes and the Board of Trustees oversees the Advisor in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. The Advisor is authorized to make all necessary determinations of the fair value of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The securities fair valued by the Advisor are indicated |

---

------

#### Brandes Separately Managed Account Reserve Trust

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

------

---

| |
|:---|
| 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, 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 December 31, 2022, 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** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| **Seperately Managed Account<br> Reserve Trust** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256863 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4256863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;92361376 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;92361376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36018253 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;36018253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199171 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2199171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Issuer Bonds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158933 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6158933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732419 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4732419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4283934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4283934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments in Securities<br>| &nbsp;&nbsp;$4286654 | &nbsp;&nbsp;$145727015 | &nbsp;&nbsp;$— | $150013669 |

---

There were no Level 3 securities in the Fund at the beginning or the end of the period ended December 31, 2022.

#### NOTE 3 – SUBSEQUENT EVENTS
In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** La Jolla

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92037

  - **Telephone number:** 800 331 2979

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

- **a. Name of Series:** Brandes Separately Managed Account Reserve Trust (SMART) Fund

- **b. EDGAR series identifier (if any):** S000006075

- **c. LEI of Series:** 5493007TM61SYKG79Q61

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $151327845.42

**Total Liabilities:** $1672026.15

**Net Assets:** $149655819.27

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 4019.646058005939 | **5-Year:** 8748.755324612380 | **10-Year:** 3610.672227972618 | **30-Year:** 6531.777773934378

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 3833.684625209758 | **5-Year:** 9342.980793851068 | **10-Year:** 3965.115447816413 | **30-Year:** 78.203932837863

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000016693 | 0.12%                | 2.97%                | -0.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-309132.22              | $-96700.64                                 |
| Month 2  | $-0.23                   | $3824390.09                                |
| Month 3  | $0.00                    | $-1256470.43                               |

### Schedule of Portfolio Investments

| Name                                                                                 | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pilgrims Pride Corporation                                                           | PPC 5.875 09/30/27 144A                       | CUSIP: 72147KAE8<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    720000 | PA      | $698382.94    | 0.47%             | 2027-09-30      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Methanex Corporation                                                                 | MXCN 5.125 10/15/27                           | CUSIP: 59151KAM0<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |   1249000 | PA      | $1158447.50   | 0.77%             | 2027-10-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3.5 02/15/39                                | CUSIP: 912810QA9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  19250000 | PA      | $18192753.81  | 12.16%            | 2039-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Pulte Group Inc                                                                      | PHM 5.5 03/01/26                              | CUSIP: 745867AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3936617.27   | 2.63%             | 2026-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                                                        | NFLX 4.375 11/15/26                           | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |   5340000 | PA      | $5139750.00   | 3.43%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 3.8 02/15/28                             | CUSIP: 30212PAP0<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    810000 | PA      | $744944.24    | 0.50%             | 2028-02-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Urbi Desarrollos Urbanos S.A. de C.V.                                                | Urbi Desarrollos Urbanos S.A. de C.V. COM NPV | CUSIP: P9592Y129<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      8806 | NS      | $2720.45      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                                                         | T 3 05/15/47                                  | CUSIP: 912810RX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   8250000 | PA      | $6804638.69   | 4.55%             | 2047-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| American Transmission Systems, Incorporated                                          | FE 2.65 01/15/32 144A                         | CUSIP: 030288AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2930000 | PA      | $2412852.30   | 1.61%             | 2032-01-15      | Fixed         | 2.65%                 | Yes           |                  2 | On Loan: No      |
| SLM Private Cr Student Loan Trust                                                    | SLMA 2006-A A5                                | CUSIP: 78443CCL6<br>LEI: 549300MJYMBTZU2FTV38 | Long             | ABS-O            | USGA              | US        |   1810628 | PA      | $1703834.07   | 1.14%             | 2039-06-15      | Floating      | 3.58%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                                                         | T 4.75 02/15/37                               | CUSIP: 912810PT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10035000 | PA      | $11020860.38  | 7.36%             | 2037-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Continental Resources, Inc.                                                          | CLR 4.375 01/15/28                            | CUSIP: 212015AS0<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1004400.80   | 0.67%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Incorporated                                                           | IRM 4.875 09/15/27 144A                       | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |   2925000 | PA      | $2689830.00   | 1.80%             | 2027-09-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| T-Mobile USA, Inc.                                                                   | TMUS 4.75 02/01/28                            | CUSIP: 87264AAV7<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |   1435000 | PA      | $1395055.74   | 0.93%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                                                    | Northern Inst Fds TREAS PRT PRMR              | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3727197 | NS      | $3727197.11   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FG G18578                                     | CUSIP: 3128MMUC5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    680096 | PA      | $650293.12    | 0.43%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC      | SPRNTS 5.152 03/20/28 144A                    | CUSIP: 85208NAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1988000 | PA      | $1960943.48   | 1.31%             | 2028-03-20      | Fixed         | 5.15%                 | Yes           |                  2 | On Loan: No      |
| Range Resources Corp.                                                                | RRC 4.875 05/15/25                            | CUSIP: 75281AAS8<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | DBT              | CORP              | US        |   4925000 | PA      | $4678264.79   | 3.13%             | 2025-05-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FR SD8003                                     | CUSIP: 3132DV3L7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | ABS-MBS          | USGA              | US        |    377762 | PA      | $359791.49    | 0.24%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 3.375 11/13/25                              | CUSIP: 345397B28<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1469020.87   | 0.98%             | 2025-11-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SLM Private Cr Student Loan Trust                                                    | SLMA 2004-B A4                                | CUSIP: 78443CBP8<br>LEI: 549300IWUQEXD0TZWG69 | Long             | ABS-O            | USGA              | US        |   1500000 | PA      | $1446314.70   | 0.97%             | 2033-09-15      | Floating      | 3.72%                 | No            |                  2 | On Loan: No      |
| The Charles Schwab Corporation                                                       | SCHW V5.375 PERP G                            | CUSIP: 808513BD6<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |   4070000 | PA      | $3980460.00   | 2.66%             | 2049-12-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Microstrategy Incorporated                                                           | MSTR 0 02/15/27                               | CUSIP: 594972AE1<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |   6045000 | PA      | $2199171.00   | 1.47%             | 2027-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FirstEnergy Corp.                                                                    | FE 7.375 11/15/31 C                           | CUSIP: 337932AC1<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   2580000 | PA      | $2905725.00   | 1.94%             | 2031-11-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AS6201                                     | CUSIP: 3138WF3K0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    307038 | PA      | $285980.73    | 0.19%             | 2045-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN AL9865                                     | CUSIP: 3138ER6B1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    602201 | PA      | $539303.63    | 0.36%             | 2047-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Softbank Group Corp.                                                                 | SOFTBK 4.75 09/19/24                          | CUSIP: AP1047020<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |    980000 | PA      | $929530.00    | 0.62%             | 2024-09-19      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Tenet Healthcare Corporation                                                         | THC 4.875 01/01/26 144A                       | CUSIP: 88033GCY4<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   4780000 | PA      | $4538179.80   | 3.03%             | 2026-01-01      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Pilgrims Pride Corporation                                                           | PPC 4.25 04/15/31 144A                        | CUSIP: 72147KAF5<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |   2905000 | PA      | $2470862.28   | 1.65%             | 2031-04-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Goldman Sachs Group, Inc.                                                            | GS V3.8 PERP T                                | CUSIP: 38144GAE1<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2362634.96   | 1.58%             | 2049-12-31      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Telecom Italia Capital S.A.                                                          | TITIM 6.375 11/15/33                          | CUSIP: 87927VAF5<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |   3626000 | PA      | $2966394.34   | 1.98%             | 2033-11-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SLM Private Cr Student Loan Trust                                                    | SLMA 2005-A A4                                | CUSIP: 78443CBV5<br>LEI: 549300IWUQEXD0TZWG69 | Long             | ABS-O            | USGA              | US        |   1161769 | PA      | $1106714.45   | 0.74%             | 2038-12-15      | Floating      | 3.60%                 | No            |                  2 | On Loan: No      |
| Toll Brothers Finance Corp.                                                          | TOL 4.875 11/15/25                            | CUSIP: 88947EAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1672639.18   | 1.12%             | 2025-11-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corporation                                               | FR SD8001                                     | CUSIP: 3132DV3J2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGA              | US        |    737298 | PA      | $679242.41    | 0.45%             | 2049-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                                                    | EXPE 3.25 02/15/30                            | CUSIP: 30212PAR6<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |   1732000 | PA      | $1472926.50   | 0.98%             | 2030-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| USB Capital IX                                                                       | USB V0 PERP                                   | CUSIP: 91731KAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8525000 | PA      | $6713434.26   | 4.49%             | 2049-12-31      | Floating      | 5.10%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Mortgage Backed Secs                                                     | WFMBS 2006-AR14 1A3                           | CUSIP: 94984MAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      1050 | PA      | $923.10       | 0.00%             | 2036-10-25      | Floating      | 4.48%                 | No            |                  2 | On Loan: No      |
| VMware Inc                                                                           | VMW 3.9 08/21/27                              | CUSIP: 928563AC9<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   4176000 | PA      | $3903259.55   | 2.61%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Prime Securities Services Borrower, LLC and Prime Finance, Inc.                      | PRSESE 5.75 04/15/26 144A                     | CUSIP: 74166MAC0<br>LEI: 549300O6QPZVWXV2DC15 | Long             | DBT              | CORP              | US        |   4870000 | PA      | $4673388.65   | 3.12%             | 2026-04-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN MA3687                                     | CUSIP: 31418DCZ3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    741637 | PA      | $706776.27    | 0.47%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                                | FN BN6683                                     | CUSIP: 3140JPM93<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    621542 | PA      | $572603.39    | 0.38%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Methanex Corporation                                                                 | MXCN 5.25 12/15/29                            | CUSIP: 59151KAL2<br>LEI: 549300TSJHRXT9QXRD13 | Long             | DBT              | CORP              | CA        |   1245000 | PA      | $1104560.64   | 0.74%             | 2029-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VMware Inc                                                                           | VMW 4.5 05/15/25                              | CUSIP: 928563AD7<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |   1430000 | PA      | $1403336.52   | 0.94%             | 2025-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Coty Inc.                                                                            | COTY 5 04/15/26 144A                          | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |   3534000 | PA      | $3351193.28   | 2.24%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bank of America Corporation                                                          | BAC 4.45 03/03/26 MTN                         | CUSIP: 06051GFU8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   5040000 | PA      | $4942588.69   | 3.30%             | 2026-03-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                               | TNL 6.625 07/31/26 144A                       | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |   4675000 | PA      | $4573373.26   | 3.06%             | 2026-07-31      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Carnival Corporation                                                                 | CCL 9.875 08/01/27 144A                       | CUSIP: 143658BJ0<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   1825000 | PA      | $1724625.00   | 1.15%             | 2027-08-01      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Fnma Pass-Thru I                                                                     | FN CA1624                                     | CUSIP: 3140Q8YW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    997179 | PA      | $937505.12    | 0.63%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Company LLC                                                        | F 2.7 08/10/26                                | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2845000 | PA      | $2470825.60   | 1.65%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C 4.4 06/10/25                                | CUSIP: 172967JT9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   3640000 | PA      | $3575691.65   | 2.39%             | 2025-06-10      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Charter Communications Operating, LLC/Charter Communications Operating Capital Corp. | CHTR 4.908 07/23/25                           | CUSIP: 161175AY0<br>LEI: 549300TPZNMN50BJ3745 | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1299690.92   | 0.87%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| BWAY Holding Co.                                                                     | BWY 7.25 04/15/25 144a                        | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   1540000 | PA      | $1423955.41   | 0.95%             | 2025-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corporation                                                               | SEE 4 12/01/27 144A                           | CUSIP: 81211KAY6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   1990000 | PA      | $1805480.77   | 1.21%             | 2027-12-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Prime Securities Services Borrower, LLC and Prime Finance, Inc.                      | PRSESE 6.25 01/15/28 144A                     | CUSIP: 74166MAE6<br>LEI: 549300O6QPZVWXV2DC15 | Long             | DBT              | CORP              | US        |   3635000 | PA      | $3308431.60   | 2.21%             | 2028-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                         | HESM 4.25 02/15/30 144A                       | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1940000 | PA      | $1658611.17   | 1.11%             | 2030-02-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Brandes Investment Trust

**Signature:** Marsha Otto

**Name of Signer:** Marsha Otto

**Title:** Director - Mutual Funds