N-CSRS

N-CSRS 1 d384897dncsrs.htm N-CSRS N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08614

Brandes Investment Trust

(Exact name of registrant as specified in charter)

11988 El Camino Real, Suite 600

San Diego, CA 92130

(Address of principal executive offices) (Zip code)

Michael Glazer

Morgan, Lewis & Bockius LLP

355 South Grand Ave., Suite 4400

Los Angeles, CA 90071-3106

(Name and address of agent for service)

800-331-2979

Registrant’s telephone number, including area code

Date of fiscal year end: September 30, 2017

Date of reporting period: March 31, 2017

Item 1. Reports to Stockholders.

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SEMI-ANNUAL REPORT INTERNATIONAL EQUITY FUND GLOBAL EQUITY FUND GLOBAL EQUITY INCOME FUND GLOBAL OPPORTUNITIES VALUE FUND EMERGING MARKETS VALUE FUND INTERNATIONAL SMALL CAP EQUITY FUND CORE PLUS FIXED INCOME FUND CREDIT FOCUS YIELD FUND For the six months ended March 31, 2017

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Table of Contents


Letter to Shareholders			2
Performance Graphs			6
Schedule of Investments			56
Statements of Assets and Liabilities			90
Statements of Operations			92
Statements of Changes in Net Assets			94
Financial Highlights			98
Notes to Financial Statements			108
Additional Information			132
Trustees and Officers			136

Brandes International Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes International Equity Fund (Class I Shares) rose 7.38% in the six months ended March 31, 2017. For the same period, the MSCI EAFE Index increased 6.48%.

Major positive contributors included holdings in energy, industrials and financials. From a country standpoint, allocations to companies in emerging markets, especially Brazil and South Korea, as well as those in Switzerland and Japan, helped performance.

Top-performing holdings included Dutch insurer Aegon, South Korea-based Hana Financial Group and steelmaker POSCO, U.K.-based bank Barclays and Brazilian jet manufacturer Embraer.

Hana saw its share price appreciate as the market seemed to start anticipating a potential recovery in the bank’s net interest margins. Meanwhile, POSCO’s shares benefited from an improving steel market.

Other contributors included France-based pharmaceutical firm Sanofi, Italian oil & gas firm ENI and British security services provider G4S. In addition to its strong 2016 results, the market seemed to appreciate G4S’s growth in North America and Europe, which was more robust than expected, as well as the improvement in its operating margin and financial leverage.

Holdings in consumer discretionary and information technology detracted from relative returns. From a regional perspective, a lack of allocation to Germany hurt relative performance, along with positions in Sweden and China.

Primary return detractors included South Korean auto component manufacturer Hyundai Mobis, retailers Kingfisher (United Kingdom) and Carrefour (France), as well as French utility Engie.

Engie’s shares fell amid weak earnings guidance from the company due to low natural gas prices and nuclear outages in Belgium and France. Meanwhile, for Hyundai Mobis, the stock-price decline could be attributed to poor near-term results following a series of labor strikes over the summer, which led to lower utilization rates and higher fixed costs. There is also fear that the ensuing production loss may cause a shortage in certain models in the coming months.

In a relatively light period for Fund activity, the International Large-Cap Investment Committee purchased shares of U.K.-based pharmaceutical firm AstraZeneca, Italian bank Intesa Sanpaolo and Mexico-based real estate firm Fibra Uno.

A Fibra (Fideicomiso de Infraestructura y Bienes Raíces) is an investment vehicle in Mexico that has similarities to a REIT (real estate investment trust) in the United States.

Brandes International Equity Fund

Fibra Uno (FUNO) is a Mexican trust formed primarily to acquire, own, develop and operate a broad range of commercial real estate in Mexico, including industrial, retail and office properties. FUNO has selectively assembled a diversified portfolio of high-quality, well-located, income-producing commercial properties. The trust began trading on the Mexican stock exchange in 2011 and is the first — also currently the largest — publicly listed Fibra.

Over the past few years, FUNO’s shares have been under pressure, mainly due to the peso depreciation, which negatively affected the company’s real estate value and peso-denominated rental revenues. FUNO has more U.S. dollar-denominated debt than revenues; however, from a debt servicing perspective, it has what we consider solid revenue coverage of interest expense in U.S. dollars. Moreover, FUNO has predominantly long-term debt with a fixed interest rate. Hence, we believe FUNO should be relatively resilient against rising rates.

Most recently, the selloff in FUNO’s shares was magnified by the election of Donald Trump as U.S. President, creating what we considered a good entry point for investment. In our view, FUNO’s positive attributes include:

•

Strong earnings growth prospects through a sizeable development pipeline

•

A solid balance sheet and a seasoned management team

•

An income stream which is “inflation protected” as rents are contractually tied to inflation

•

Attractive dividend yield

During the period, we were able to purchase FUNO at a very compelling price, in our opinion, as the company traded not only below our conservative estimate of its net assets value, but also less than its original IPO (initial public offering) price in U.S. dollar terms. Additionally, we believe FUNO is now better diversified than it was in the past, while having limited direct exposure to major exporters to the United States and continuing to demonstrate strong capital allocation.

Other activity included the divestment of Ireland-based CRH, one of the world’s largest building materials companies.

We initially bought CRH following the downturn in construction materials that began during the financial crisis and continued on to the European sovereign debt crisis in 2011. Given its strong market share, improved balance sheet and solid cash generation, the business was well positioned to benefit from a rebound in its cyclically depressed end markets, in our view.

We also believed the company had significant opportunity to cut costs considering its acquisition history. We appreciated the fact that the company’s distribution business, where it channels building materials to contractors and direct to consumers, was more resilient to the cyclical downturn than were its building products due to its reliance on repair and maintenance demand as opposed to new infrastructure building.

Brandes International Equity Fund

Throughout 2016, the market started to show appreciation for the company’s improved cost and competitive position, and anticipated a recovery in the construction market. Consequently, CRH’s share price reached our estimate of its intrinsic value and we divested our position.

Outlook

As of March 31, 2017, the Fund held its largest overweight positions in emerging markets and France. From an industry standpoint, key overweights were in oil, gas & consumable fuels, food & staples retailing, pharmaceuticals and diversified telecommunication services.

The Fund continued to have no allocations to companies based in Germany and Australia, while maintaining its underweights to the industrials, materials and consumer staples sectors.

As always, we base our allocation decisions on a fundamental, bottom-up investment approach focused on seeking the most attractive value in all corners of the globe. Our focus remains long term as we seek to take advantage of indiscriminate mispricing by pursuing potentially undervalued opportunities, while avoiding areas that may be overheated. We believe this price-matters approach is the best way we can pursue alpha for Fund shareholders.

Thank you for your business and continued trust.

Sincerely yours,

The Brandes International Large-Cap Investment Committee

Brandes Investment Trust

Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Investments in small and medium capitalization companies tend to have limited liquidity and greater price volatility than large capitalization companies.

Brandes International Equity Fund

Diversification does not guarantee a profit or protect from loss in a declining market.

Alpha: A measure of performance based on the excess return of an investment relative to the return of a benchmark index.

Interest Coverage Ratio: Used to determine a company’s ability to pay interest on outstanding debt with available earnings.

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

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

The declaration and payment of shareholder dividends are solely at the discretion of the issuer and are subject to change at any time.

Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI EAFE (Europe, Australasia, Far East) Index with net dividends measures equity market performance of developed markets in Europe, Australasia, and the Far East.

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.

One cannot invest directly in an index.

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

Brandes International Equity Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Equity Fund – Class I from March 31, 2007 to March 31, 2017 with the value of such an investment in the MSCI EAFE (Europe, Australasia and Far East) Index for the same period.

Value of $100,000 Investment vs MSCI EAFE (Europe, Australasia and Far East) Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes International Equity Fund
Class A*		12.17	%		6.15	%		0.61	%		7.82	%
Class A* (with maximum sales charge)		5.73	%		4.91	%		0.02	%		7.51	%
Class C*		11.36	%		5.35	%		-0.17	%		7.00	%
Class I		12.38	%		6.34	%		0.80	%		8.05	%
Class R6*		12.68	%		6.44	%		0.87	%		8.12	%
MSCI EAFE (Europe, Australasia, and Far East) Index		11.67	%		5.83	%		1.05	%		4.48	%

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

Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to February 1, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Brandes International Equity Fund

less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

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The sector classifications represented in the graph above and industry classifications represented in the Schedule of Investments are in accordance with Global Industry Classification Standard (GICS^®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

Brandes Global Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes Global Equity Fund (Class I Shares) rose 9.75% in the six months ended March 31, 2017. For the same period, the MSCI World Index increased 8.35%.

Allocations to a number of U.S.-based banks significantly boosted performance. Notable contributors included Bank of America, Citigroup, Wells Fargo, PNC Financial Services and Bank of New York Mellon.

After posting negative returns in the first half of 2016, these banks regained lost ground in the year’s second half as the market began to anticipate a generally better operating environment in the years ahead.

We believe despite their significant recent rally, our U.S. bank holdings continue to present attractive investment opportunities. As of March 31, they traded at low multiples of forward earnings and book value. Additionally, they have offered more attractive yields than areas of the market that investors have traditionally flocked to as yield plays, such as those in the consumer staples sector. Unlike many other yield plays, several U.S. banks have grown earnings in the last five years and have had a higher total shareholder yield (buybacks and dividends) with, in our opinion, a better opportunity to sustain and grow their payouts.

Additionally, the Fund’s emerging market holdings aided returns, including South Korean technology company Samsung Electronics and auto maker Hyundai Motor, as well as Brazil-based jet manufacturer Embraer and telecommunications firm TIM Participacoes. These companies enjoyed double-digit gains as emerging markets’ strong 2016 performance extended into the first quarter of 2017.

TIM Participacoes’ share price increased after the company announced solid financial results for the fourth quarter of 2016. The company’s revenue has improved, with growth mainly coming from contract subscribers and price increases. Moreover, its cost-cutting initiatives have been advancing at a good pace.

Other positive contributors included U.S.-based computer data storage company Western Digital and holding company Leucadia National Corp., as well as France-based pharmaceutical firm Sanofi, the Fund’s largest holding.

The Fund’s most significant return detractors were South Korea-based auto components manufacturer Hyundai Mobis, Sweden-based telecommunications equipment company Ericsson and China-based telecommunications firm China Mobile.

Ericsson declined on the back of weaker earnings guidance due to a lull in demand for wireless network equipment from carriers, its primary customers. However, the company has been working on cutting costs to improve margins. We believe despite the currently weak carrier spending environment, Ericsson should see its profitability pick up when spending starts to eventually recover from the 2016/2017 decline. Moreover, we hold the view that the company is well positioned to benefit from the industry consolidation that has occurred over the last several years.

Brandes Global Equity Fund

The investment team initiated positions in France-based advertising agency Publicis, South Korea-based KT&G (formerly known as Korea Tobacco & Ginseng) and U.S. drug distributor McKesson.

As the world’s third-largest global ad agency holding company, Publicis is the owner of many of the industry’s most valuable brands such as Saatchi & Saatchi, Leo Burnett, Razorfish, ZenithOptimedia and Starcom MediaVest. Publicis has historically been a well-run company with a sound balance sheet and industry-leading margins.

In our view, the business model of ad agencies has attractive economics given their variable cost structure, as well as exposure to long-term ad spending and global gross domestic product growth. While the industry as a whole appears to be valued somewhat fully by the market, Publicis has been the recent exception due to concerns over slowing organic growth, a handful of recent account losses and its acquisition of Sapient (its largest acquisition to date), which was seen as expensive.

In our view, excessive short-term pessimism centered on these recent missteps has created an attractive entry point in Publicis’ shares for long-term focused investors. Historically, Publicis management has displayed, in our opinion, an admirable track record of profitability, earnings growth, operational execution and successful acquisition integration. We do not view recent client losses and the potential overpayment for Sapient as evidence of permanent structural changes in the business, and we believe Publicis is well positioned to return to levels of growth in line with its peers. Given its strong free-cash-flow generation, we also expect the company will quickly de-lever its balance sheet.

The investment team decided to divest the Fund’s position in U.S.-based Corning, the world’s largest manufacturer of LCD glass, after its share price appreciated to our estimate of intrinsic value following the company’s strong 2016 performance.

We initially purchased Corning several years ago after its price declined on a variety of market concerns, including pricing pressure in the LCD TV glass market, concerns about currency fluctuation in the value of the yen as LCD glass is priced in yen, and overall growth prospects for Corning’s business.

Despite these concerns, we believed the shares offered an attractive discount to our estimate of its long-term intrinsic value for a number of reasons:

•

The company’s strong technological know-how

•

History of innovation

•

Solid competitive position

•

A healthy balance sheet

•

Attractive capital return plan

Over the past several years, Corning has returned half of its free cash flow to shareholders, reflecting its commitment to increase shareholder value. Additionally, the company has benefited from growth in its Gorilla Glass business,

Brandes Global Equity Fund

which produces thin sheet glass used as a protective cover providing scratch resistance and durability. Finally, the LCD-TV glass market has moved from a cyclically depressed environment to a cyclically elevated one. As a result of these factors and after the company increased its capital return to shareholders, Corning’s stock price appreciated to our estimate of intrinsic value and we sold our position.

Outlook

As of March 31, the Fund’s valuation metrics remained more appealing than those of the benchmark, as measured by price-to-book, price-to-earnings and price-to-cash-flow ratios. It also offered a higher dividend yield than the MSCI World Index.

Allocations to emerging markets, the United Kingdom and France represented the Fund’s largest relative overweight positions (calculated as a percentage of benchmark weights). From an industry standpoint, key areas of exposure were in banks, pharmaceuticals, oil, gas & consumable fuels, capital markets and automobiles. The Fund maintained its largest underweight position in the United States.

Information technology, which in past years represented a large overweight for the Fund (largely in what we called “boring” or mature technology companies mostly based in the United States), is currently the largest underweight to the index. Several companies from this group have had strong share-price appreciation, moving closer to or exceeding our intrinsic value estimates. Consequently, the investment committee decided to pare or sell several of our tech holdings over the past year.

The investment team’s allocation decisions are based on a fundamental, bottom-up investment approach focused on seeking the most attractive value in all corners of the globe.

While markets, economies and investor sentiment constantly change, our long-term focus is the same. We seek to take advantage of indiscriminate mispricing to uncover potentially undervalued opportunities, while avoiding areas that may be overheated. We are confident that our unwavering commitment to value investing will provide for attractive long-term returns for the Fund.

Sincerely yours,

The Brandes Global Large-Cap Investment Committee

Brandes Investment Trust

Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market

Brandes Global Equity Fund

and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar.

Diversification does not guarantee a profit or protect from loss in a declining market.

Book Value: Assets minus liabilities. Also known as shareholders’ equity.

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

Forward Earnings: Sell-side analysts’ consensus earnings estimates for the next fiscal year

Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value.

Price/Book: Price per share divided by book value per share.

Price/Cash Flow: Price per share divided by cash flow per share.

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

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

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI World Index with net dividends measures equity market performance of developed markets.

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

Brandes Global Equity Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Fund – Class I from its inception (October 6, 2008) to March 31, 2017 with the value of such an investment in the MSCI World Index for the same period.

Value of $100,000 Investment vs MSCI World Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Three Years			Five Years			Since Inception⁽¹⁾
Brandes Global Equity Fund
Class A*		15.35	%		2.54	%		7.96	%		7.11	%
Class A* (with maximum sales charge)		8.70	%		0.53	%		6.69	%		6.37	%
Class C*		14.46	%		1.78	%		7.18	%		6.29	%
Class I		15.58	%		2.79	%		8.24	%		7.34	%
MSCI World Index		14.77	%		5.52	%		9.37	%		8.92	%

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

*	Performance shown prior to January 31, 2011 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses. Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses.

Performance data quoted represents past performance; past performance does not indicate future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.

Brandes Global Equity Fund

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

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Brandes Global Equity Income Fund

Dear Fellow Investor,

The net asset value of the Brandes Global Equity Income Fund (Class I Shares) rose 8.46% in the six months ended March 31, 2017. For the same period, the MSCI World Index increased 8.35%.

The Fund’s most significant positive contributors included a diverse set of holdings in the United States, France, Switzerland and emerging markets.

U.S.-based banks PNC Financial Services, Wells Fargo and BB&T advanced strongly in the fourth quarter of 2016 following their negative performance in last year’s first half. The market seemed to begin anticipating a generally better operating environment for banks in the years ahead.

We believe despite their share-price appreciation, the Fund’s U.S. bank holdings continue to present attractive investment opportunities. As of March 31, they traded at low multiples of forward earnings and book value. Additionally, U.S. banks have offered more attractive yields than other areas of the market that investors have traditionally flocked to for yield, such as consumer staples. Unlike many other yield plays, several U.S. banks have grown earnings in the last five years and have had a higher total shareholder yield (buybacks and dividends) with, in our opinion, a better opportunity to sustain and grow their payouts.

U.S.-based computer data storage firm Western Digital also boosted Fund performance. The market seemed to have become more optimistic on the prospects for Western Digital’s NAND flash business (the storage business it acquired in its SanDisk acquisition in 2015) and appreciated the company’s improved results for its hard drive storage business.

Other notable contributors included France-based pharmaceutical firm Sanofi and luxury goods firm LVMH, Switzerland-based bank UBS and luxury goods firm Richemont, Brazil-based electric utility Companhia Paranaense de Energia (Copel), and South-Korea based technology company Samsung Electronics.

The Fund’s most significant performance detractors were U.K.-based retailer Kingfisher and pharmaceutical firm GlaxoSmithKline, communications equipment firms Ericsson (Sweden) and Nokia (Finland), Japanese pharmaceutical firm Daiichi Sankyo, as well as Brazilian telecommunications company Telefonica Brasil.

Ericsson and Nokia declined on the back of weaker earnings guidance due to a lull in demand for wireless network equipment from carriers, their primary customers. However, both companies have been working on cutting costs to improve margins. We believe despite the currently weak carrier spending environment, Ericsson and Nokia should see profitability pick up when spending starts to eventually recover from its current decline. Moreover, we hold the view that these companies are well positioned to benefit from the consolidation in the industry that has occurred over the last several years.

Brandes Global Equity Income Fund

During the period, the investment team initiated positions in companies exhibiting appealing valuations relative to our intrinsic value estimates and those with attractive dividend yield.

New additions included South Korea-based KT&G (formerly known as Korea Tobacco & Ginseng, with a dividend yield of 3.4% as of March 31), Mexico-based real estate firm Fibra Uno (div. yield: 6.2%) and France-based advertising agency Publicis (div. yield: 2.8%).

A Fibra (Fideicomiso de Infraestructura y Bienes Raíces) is an investment vehicle in Mexico that has similarities to a REIT (real estate investment trust) in the United States.

Over the past few years, FUNO’s shares have been under pressure, mainly due to the peso depreciation, which affected the company’s real estate value and peso-denominated rental revenues. FUNO has more U.S. dollar-denominated debt than revenues; however, from a debt servicing perspective, it has what we consider solid revenue coverage of interest expense in U.S. dollars.

We were able to purchase FUNO at a very compelling price, in our opinion, as the company traded not only below our conservative estimate of its net asset value, but also for less than its initial public offering price in U.S. dollar terms. The company also has a very attractive dividend yield that we believe is sustainable given the support of the income stream derived from the properties in which it owns. Moreover, while the market is focused on U.S. policy concerns, we appreciate that the company’s property portfolio has limited direct exposure to major exporters to the United States, and that management continues to demonstrate strong capital allocation with a conservative balance sheet, which should enable the company to be opportunistic if market conditions weaken further in Mexico.

The Fund divested its position in Richemont as the company’s share price rose toward our intrinsic value estimate, with the price appreciation also lowering the yield to 2.2%.

We also sold U.S. semiconductor firm Xilinx (dividend yield of 2.2% as of 12/31/2016).

We initially purchased Xilinx, the world’s largest field-programmable gate array (FPGA) company, nearly two years ago after its share price declined on market concerns of a near-term semiconductor downturn and weakened spending in one of Xilinx’s key end markets. Despite these concerns, we believed the company offered a number of positive attributes.

Brandes Global Equity Income Fund

In the last two years, Xilinx generated strong returns on capital, while its main competitor was acquired by Intel at a significant premium to Xilinx’s valuation. As a result, Xilinx’s stock price appreciated as speculation increased about a potential takeover given: 1) Xilinx’s strong market share in products (FPGAs) that will be increasingly used in various computer acceleration applications, namely in the data center, artificial intelligence and automotive end markets; and 2) a highly active mergers and acquisitions environment in the semiconductor market. As a result, the company’s share price appreciated above our estimate of intrinsic value and we divested our position.

Outlook

As of March 31, the Brandes Global Equity Income Fund exhibited more appealing valuations than the benchmark, as measured by price-to-book, price-to-earnings and price-to-cash flow ratios. It also offered a higher dividend yield of 3.8% versus the MSCI World Index’s 2.4%.

The Fund’s largest overweight positions were in emerging markets, France and the United Kingdom, while its largest underweight positions were in the United States and Japan. From an industry standpoint, the Fund’s most significant weightings were in pharmaceuticals, U.K. food & staples retail, and oil, gas & consumable fuels.

The investment team’s allocation decisions are based on a fundamental, bottom-up investment approach centered on seeking companies around the world that are 1) potentially undervalued, and 2) offering attractive, higher-than-benchmark dividend yields. In our view, focusing on valuations and the sustainability of a company’s dividend enables us to select what we consider the best combination of value opportunities with attractive yield characteristics that are worthy of inclusion in the Fund.

Thank you for your business and continued trust.

Sincerely yours,

The Brandes Global Large-Cap Investment Committee

Brandes Investment Trust

Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. The values of the Fund’s investments fluctuate in response to the activities of individual companies and general stock market and economic conditions. In addition, the performance of foreign securities depends on the political and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed

Brandes Global Equity Income Fund

currencies that are not free-floating against the U.S. dollar. Certain of these currencies have experienced, and may experience in the future, substantial fluctuations or a steady devaluation relative to the U.S. dollar. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.

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

Book Value: Assets minus liabilities. Also known as shareholders’ equity.

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

Forward Earnings: Sell-side analysts’ consensus earnings estimates for the next fiscal year

Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value.

Price/Book: Price per share divided by book value per share.

Price/Cash Flow: Price per share divided by cash flow per share.

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

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

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

SEC 30-Day Yield (Class I Shares): 2.51% (subsidized) -12.33% (unsubsidized) This calculation is based on a 30-day period ending on the last day of the month shown. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. The yield figure reflects the dividends and interest earned during the period, after the deduction of the fund expenses. A subsidized yield takes into consideration the expenses paid by the advisor.

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

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

Must be preceded or accompanied by a prospectus.

Brandes Global Equity Income Fund

Index Guide

The MSCI World Index with net dividends measures equity market performance of developed markets.

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

Brandes Global Equity Income Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Equity Income Fund – Class I from its inception (December 31, 2014) to March 31, 2017 with the value of such an investment in the MSCI World Index for the same period.

Value of $100,000 Investment vs MSCI World Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Since Inception⁽¹⁾
Brandes Global Equity Income Fund
Class A		18.82	%		10.95	%
Class A (with maximum sales charge)		11.99	%		8.07	%
Class C		15.43	%		9.00	%
Class I		16.53	%		10.01	%
MSCI World Index		14.77	%		5.74	%

⁽¹⁾	The inception date is December 31, 2014.

Brandes Global Equity Income Fund

Sector Allocation as a Percentage of Total Investments as of March 31, 2017 (Unaudited)

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Brandes Global Opportunities Value Fund

Dear Fellow Investor,

The net asset value of the Brandes Global Opportunities Value Fund (Class I Shares) rose 10.12% in the six months ended March 31, 2017. For the same period, the MSCI All Country World Index increased 8.18%.

Allocations to companies in health care, consumer staples and industrials significantly helped relative performance, as did positions in the United States and Brazil.

At the company level, a number of financial holdings boosted returns, led by U.S.-based Bank of America, Citigroup and Leucadia National Corporation. Other major positive contributors included Brazilian regional jet manufacturer Embraer, as well as U.S.-based engine manufacturer Briggs & Stratton and computer data storage company Western Digital.

Embraer rebounded in the period after performing poorly in the first nine months of 2016. The company’s core regional and business jet markets have been at cyclical lows, but we believe they are mean-reverting over the long term. Recently, the market seemed to have become more optimistic about Embraer’s production schedule and budget for its new aircraft. Amid the resulting share-price appreciation, we continue to see value in Embraer as it is well managed, holds competitive positions across its end markets, and has a strong balance sheet, even after years of aggressive product development.

Holdings in consumer discretionary generated positive absolute returns overall but detracted from relative performance. Additionally, the Fund’s real estate positions weighed on returns.

Notable detractors from a country standpoint included allocations to companies in the United Kingdom and Mexico. At the company level, U.K.-based real estate firm Countrywide, South Korean auto component manufacturer Hyundai Mobis and French utility Engie hurt returns.

Countrywide continued to struggle with uncertainties surrounding Brexit (the United Kingdom’s decision to leave the European Union), which have led to fewer buyers and sellers in the housing market. Despite the continued slowdown in housing sales, we believe Countrywide is well positioned to adapt its business mix, as its rental business provides somewhat of a hedge in this challenging environment.

In a relatively light period for activity, the All-Cap Investment Committee initiated positions in China Mobile, U.S.-based health care firms McKesson Corporation and Express Scripts, South Korean tobacco company KT&G and Mexico-based Fibra Uno.

A Fibra (Fideicomiso de Infraestructura y Bienes Raíces) is an investment vehicle in Mexico that has similarities to a REIT (real estate investment trust) in the United States.

Brandes Global Opportunities Value Fund

The only position sold from the Fund was TIM Participacoes (TSU), the fourth-largest telecommunication firm by sales in Brazil and the second largest in terms of wireless subscribers.

Over the last year, TSU’s operations have improved, enabling the company to grow its revenue. Additionally, positive industry developments and rumors of a possible acquisition renewed investor interest in TSU. As the company appeared fully valued, we exited our position.

Outlook

We have been finding many value opportunities in emerging markets, with over a third of the Fund allocated to companies in this region as of March 31, 2017. From a country perspective, Brazil and South Korea continued to represent major overweights, while the United States remained a significant underweight position. From a sector standpoint, the Fund held its key overweights in real estate and telecommunication services.

At Brandes, our investment process focuses on a bottom-up analysis. As such, the Fund’s country and industry weightings are the result of our research-driven stock selection and reflect our convictions.

Our focus remains long term as we seek to take advantage of indiscriminate mispricing by pursuing potentially undervalued opportunities while avoiding areas

Brandes Global Opportunities Value Fund

that may be overheated. We believe this price-matters approach is the best way we can pursue attractive long-term returns for Fund shareholders.

As always, thank you for your continued trust.

Sincerely yours,

The Brandes All-Cap Investment Committee

Brandes Investment Trust

Diversification does not guarantee a profit or protect from loss in a declining market.

Interest Coverage Ratio: Used to determine a company’s ability to pay interest on outstanding debt with available earnings.

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

The declaration and payment of shareholder dividends are solely at the discretion of the issuer and are subject to change at any time.

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

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

Must be preceded or accompanied by a prospectus.

Brandes Global Opportunities Value Fund

Index Guide

The MSCI All Country World Index with net dividends measures equity market performance of developed and emerging markets.

One cannot invest directly in an index.

The Brandes Global Opportunities Value Fund is distributed by ALPS Distributors, LLC.

Brandes Global Opportunities Value Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Global Opportunities Value Fund – Class I from its inception (December 31, 2014) to March 31, 2017 with the value of such an investment in the MSCI All Country World Index for the same period.

Value of $100,000 Investment vs MSCI All Country World Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Since Inception⁽¹⁾
Brandes Global Opportunities Value Fund
Class A		16.63	%		6.94	%
Class A (with maximum sales charge)		9.97	%		4.16	%
Class C		15.85	%		6.16	%
Class I		16.99	%		7.03	%
MSCI All Country World Index		15.04	%		5.42	%

⁽¹⁾	The inception date is December 31, 2014.

Brandes Global Opportunities Value Fund

Sector Allocation as a Percentage of Total Investments as of March 31, 2017 (Unaudited)

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Brandes Emerging Markets Value Fund

Dear Fellow Investor,

The net asset value of the Brandes Emerging Markets Value Fund (Class I Shares) rose 10.11% in the six months ended March 31, 2017. For the same period, the MSCI Emerging Markets Index increased 6.80%.

Noteworthy positive contributors included holdings in industrials, telecommunication services and consumer staples. From a country perspective, the Fund benefited from positions in Brazil, Russia and Hong Kong.

On an individual security basis, Russian wireless telecommunication services provider Mobile TeleSystems, Brazilian jet manufacturer Embraer and Hong Kong-based specialty retailer Chow Tai Fook Jewellery helped performance significantly. Additionally, the Fund’s holding in McDonald’s franchisee Arcos Dorados aided returns.

Domiciled in Argentina, Arcos’ largest market is Brazil. In the first quarter of 2017, the company announced a new restaurant opening and reinvestment plan for the period 2017-2019, which was well received by the market. Under its agreement with McDonalds, Arcos Dorados expects to open at least 180 new restaurants and reinvest $292 million in its existing restaurants. Furthermore, as its balance sheet leverage has improved over the past year, Arcos Dorados decided not to pursue further asset monetization deals.

The Fund’s positions in real estate and its significant underweight to information technology (IT) hurt performance. Regionally, holdings in Turkey and South Korea weighed on relative returns, along with a lack of allocation to Taiwan.

Meanwhile, at the company level, primary detractors included Turkish real estate firm Emlak Konut, as well as South Korean auto companies Hyundai Mobis and KIA Motors.

New buys during the period included South Korean tobacco company KT&G and Indian IT services providers Infosys and Tech Mahindra (TechM).

Originally created as a joint venture between Indian Mahindra & Mahindra and British BT Group, TechM provides IT services, networking technology solutions and business process outsourcing primarily to the telecommunications sector.

TechM has grown its business through a number of acquisitions over the years. Lately, the company has been experiencing integration issues, resulting in depressed operating margins. It has also been slightly behind its competitors, such as Infosys and TCS, in the automation space, which has further contributed to margin compression. Nonetheless, in addition to its strong presence in the telecommunications sector, TechM has been able to successfully penetrate other industry markets because of its strong network management capabilities. These capabilities have allowed TechM to become a preferred partner for many cutting-edge IoT (internet of things) platform providers such as GE, Bosch and IBM.

Brandes Emerging Markets Value Fund

TechM’s investment thesis hinges upon its ability to enhance margins and operational efficiency. After its failed integration of U.S.-based Lightbridge Communications (LCC), which the company acquired in 2014, the market questioned TechM’s competence to increase margins and execute its growth strategy effectively. However, we have observed signs of a turnaround. While a disruption by cloud computing may present a headwind for TechM, we believe the company should be among the least negatively affected Indian IT services players because it is focused primarily on network management (more a facilitator of the cloud technology than a victim of it).

Finally, TechM, along with other Indian IT services providers, has recently seen its stock price fall on the specter of proposed protectionist policies in the United States. This provided us with a good opportunity to invest in the company, as we believe TechM and other offshore providers will be able to adjust their pricing and service model to minimize the impact of such policies on their earnings. Considering its strengths and the challenges it currently faces, we believe TechM offers an attractive risk/reward tradeoff over the long term.

Other activity included the divestments of Panamanian airline Copa Holdings and Turkish airport operator TAV Havalimanlari Holding.

Outlook

As always, we anchor our allocation decisions on a fundamental, bottom-up investment approach seeking the most attractive value in emerging markets.

Brazil continued to represent the Fund’s largest country weighting at quarter end, even after we sold or trimmed a number of our positions there. While our composition of Brazilian holdings remains well diversified, in our opinion, the companies we now own are mostly domestic oriented, with the exception of export-focused Embraer.

Meanwhile, we continued to struggle to find attractive value potential in China and the country remained our largest underweight position. Moreover, even with the additions of Tech Mahindra and Infosys in the period, our allocations to the information technology sector and to India were still well below those of the index as of March 31, 2017.

At Brandes, our focus remains long term as we seek to take advantage of indiscriminate mispricing by pursuing potentially undervalued opportunities, while avoiding areas that may be overheated. We believe this price-matters approach is the best way we can pursue alpha for client portfolios.

Sincerely yours,

The Brandes Emerging Markets Investment Committee

Brandes Investment Trust

Brandes Emerging Markets Value Fund

Diversification does not guarantee a profit or protect from loss in a declining market.

Alpha: A measure of performance based on the excess return of an investment relative to the return of a benchmark index.

‘Please refer to the Schedule of Investments in the report for complete holdings information. Fund holdings, geographic allocations and/or sector allocations are subject to change at any time and are not considered a recommendation to buy or sell any security.

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The MSCI Emerging Markets Index with net dividends measures equity market performance of emerging markets. Data prior to 2001 is gross dividend and linked to the net dividend returns.

One cannot invest directly in an index.

Brandes Emerging Markets Value Fund

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

Brandes Emerging Markets Value Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Emerging Markets Value Fund – Class I from March 31, 2007 to March 31, 2017 with the value of such an investment in the MSCI Emerging Markets Index for the same period.

Value of $100,000 Investment vs MSCI Emerging Markets Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017**
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes Emerging Markets Value Fund
Class A		21.86	%		1.28	%		4.27	%		7.53	%
Class A (with maximum sales charge)		14.86	%		0.09	%		3.66	%		7.22	%
Class C*		20.97	%		0.55	%		3.49	%		6.73	%
Class I		22.10	%		1.55	%		4.52	%		7.80	%
Class R6*		22.28	%		1.62	%		4.58	%		7.86	%
MSCI Emerging Markets Index		17.22	%		0.81	%		2.72	%		5.99	%

⁽¹⁾	The inception date is August 20, 1996.

*	Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to July 11, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Brandes Emerging Markets Value Fund

Prior to January 31, 2011, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Emerging Markets Value Fund. The performance information shown for the Class I shares for periods before January 31, 2011 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to January 31, 2011 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

Sector Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

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Brandes International Small Cap Equity Fund

Dear Fellow Investor,

The net asset value of the Brandes International Small Cap Equity Fund (Class I Shares) advanced 7.61% in the six months ended March 31, 2017. For the same period, the S&P Developed Ex-U.S. SmallCap Index rose 4.27%.

Our stock selection in industrials, health care and information technology helped performance significantly. From a country standpoint, positions in Japan, Brazil and South Korea represented major positive contributors.

Top-performing holdings included Japanese power tool manufacturer Hitachi Koki and Brazilian regional jet maker Embraer, as well as medical equipment companies Draegerwerk (Germany) and Syneron Medical (Israel).

Over the last year, we took advantage of the market’s focus on short-term concerns to continue to build our position in Embraer at an attractive price, in our opinion. The company’s core regional and business jet markets have been at cyclical lows, but we believe they are mean-reverting over the long term. Recently, the market seemed to have become more optimistic about Embraer’s production schedule and budget for its new aircraft. Amid the resulting share-price appreciation, we continue to see value in Embraer as the company is well managed, holds competitive positions across its end markets, and has a strong balance sheet, even after years of aggressive product development.

The Fund’s underweight position to financials hurt relative returns, as did positions in the United Kingdom, Ireland and Italy. Meanwhile, primary detractors at the company level included U.K.-based real estate firm Countrywide and food product company Premier Foods, and Hong Kong-based satellite operator APT Satellite Holdings.

Countrywide continued to struggle with market uncertainties surrounding Brexit (the United Kingdom’s decision to leave the European Union), which have led to fewer buyers and sellers in the housing market. Despite the continued slowdown in housing sales, we believe Countrywide is well positioned to adapt its business mix, given its rental business provides a hedge in this challenging environment, in our opinion.

New buys in the period included Mexico-based real estate investment trust Fibra Uno and Canadian uranium producer Cameco. Additionally, the Small-Cap Investment Committee initiated several positions in Japan, namely Sankyo, Oita Bank, Toyo Susan Kaisha and Wacoal Holdings.

Meanwhile, divested holdings included Italian construction material companies Buzzi Unicem and Italcementi. Additionally, the investment committee exited a number of positions in Japan, namely Hibiya Engineering, Sega Sammy Holdings, Toshiba Machine, Hitachi Koki, Wakita & Co and Hosiden Corporation.

Brandes International Small Cap Equity Fund

Hosiden is an electronic components and devices manufacturer whose main business segments include:

•

Building components for amusement applications, a vast majority of which is related to Nintendo’s hardware platforms

•

Mobile telecom, mainly switch components

•

Auto-related components

In recent years, Hosiden saw its revenue from Nintendo deteriorate as the video game console industry faced declining sales due to increased competition from mobile gaming platforms. The company was also negatively affected by heightened competition in the mobile telecom component space and a slowing growth in the smartphone market.

Despite the challenging environment in its building-component and mobile-telecom segments, we saw an appealing value proposition in Hosiden’s auto-related segment, specifically in its hands-free microphone business. Hosiden sells voice-recognition modules directly to auto parts OEMs (original equipment manufacturers), optimized for the specific car platform. Hosiden’s auto-related segment represents not only its highest-margin business, but also an area with increasing growth as voice-recognition technology has become increasingly popular in new auto designs.

Additionally, Hosiden had a strong balance sheet, with its net cash position accounting for a large portion of our estimate of the company’s intrinsic value. We were also very attracted to the purchase price, as the stock represented what we call a net-net (i.e., the company traded for less than its current assets minus all liabilities).

Over the last year, Hosiden continued to allocate more resources toward its auto-related business and has made it a primary focus for the company, a move which seems to have been appreciated by the market. Moreover, as one of its component suppliers, Hosiden has benefited from the positive reception of the latest Nintendo Switch console release. We sold our position as the shares reached our intrinsic value estimate.

Outlook

As of March 31, 2017, holdings in Japan and the United Kingdom remained the Fund’s largest country weightings. We also continued to see tremendous value opportunities in emerging markets, which accounted for over 22% of the Fund.

Meanwhile, we remained underweight in Australia, Switzerland and France.

From a sector standpoint, the Fund held its key overweights in consumer staples and utilities, and its key underweights in industrials and materials.

As always, we anchor our allocation decisions on a fundamental, bottom-up investment approach focused on seeking the most attractive value in all corners of the globe.

Brandes International Small Cap Equity Fund

At Brandes, our focus remains long term as we seek to take advantage of indiscriminate mispricing by pursuing potentially undervalued opportunities, while avoiding areas that may be overheated. We believe this price-matters approach is the best way we can pursue alpha for client portfolios.

Sincerely yours,

The Brandes Small-Cap Investment Committee

Brandes Investment Trust

Diversification does not guarantee a profit or protect from loss in a declining market.

Alpha: A measure of performance based on the excess return of an investment relative to the return of a benchmark index.

Net Cash: Total cash minus total debt.

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

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

Must be preceded or accompanied by a prospectus.

Brandes International Small Cap Equity Fund

Index Guide

The S&P Developed Ex-U.S. SmallCap Index with net dividends measures the equity performance of small-capitalization companies from developed markets excluding the United States. Data prior to 2001 is gross dividend and linked to the net dividend returns.

One cannot invest directly in an index.

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

Brandes International Small Cap Equity Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes International Small Cap Fund – Class I from March 31, 2007 to March 31, 2017 with the value of such an investment in the S&P Developed Ex-U.S. SmallCap Index for the same period.

Value of $100,000 Investment vs S&P Developed

Ex-U.S. SmallCap Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017**
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes International Small Cap Fund
Class A		10.34	%		10.76	%		6.27	%		10.06	%
Class A (with maximum sales charge)		3.99	%		9.45	%		5.64	%		9.74	%
Class C*		9.50	%		9.97	%		5.48	%		9.24	%
Class I		10.54	%		11.02	%		6.51	%		10.32	%
Class R6*		10.70	%		11.09	%		6.58	%		10.38	%
S&P Developed Ex-U.S. Small Cap Index		10.80	%		8.08	%		2.72	%		6.62	%

⁽¹⁾	The inception date is August 19, 1996.

*	Performance shown prior to January 31, 2013 for Class C shares reflects the performance of Class I shares adjusted to reflect Class C expenses. Performance shown prior to June 27, 2016 for Class R6 shares reflects the performance of Class I shares adjusted to reflect Class R6 expenses.

Prior to February 1, 2012, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes International Small Cap Fund. The performance information shown for the Class I shares for periods before February 1, 2012 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to February 1, 2012 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

Brandes International Small Cap Equity Fund

Sector Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

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Brandes Core Plus Fixed Income Fund

Dear Fellow Investor,

The Brandes Core Plus Fixed Income Fund (Class I Shares) declined 1.17% during the six months ended March 31, 2017, while its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, declined 2.18%.

The most notable positive contributors were corporate holdings in banking, energy, utilities and commodity resources. The Fund also benefited from holdings in private student loan asset backed securities (ABS) and an underweight to agency mortgage backed securities (MBS).

Within the banking industry, the Fund received strong contributions from junior subordinated securities from U.S. Bank, JPMorgan and Wells Fargo. The U.S. Bank holding is a floating rate note while the JPMorgan and Wells Fargo holdings are currently fixed-rate securities, but will convert to floating rate notes in a year if they are not called. Bank credit profiles continue to improve, especially with short rates trending higher, and these securities also benefit from the possibility that they can convert to floating rate instruments.

Metals & mining companies Cloud Peak Energy and Royal Gold helped performance, as these companies benefited from higher commodity prices.

Cloud Peak is a coal miner operating in the Powder River Basin (Western United States). The company operates some of the industry’s lowest-cost mines in the country. During the fourth quarter of 2016 the company took steps to ease refinancing concerns by issuing a tender offer for its nearest term maturity (December 2019) and issuing second-lien notes maturing in 2021. The result of the tender was that Cloud Peak was able to reduce its debt maturing in 2019 from $200 million to $56 million. The company also benefited, post-U.S. presidential election, from the perception that the incoming administration will take a more favorable regulatory approach toward the coal industry.

In the first quarter of 2017, the Fund’s holdings in private student loan floating rate note ABS added to returns. We own securities backed by pools of loans issued from 2004 to 2007. We see improving credit trends with delinquencies declining, recovery rates increasing, and the credit enhancement feature of the bonds improving as the students in our pools are largely now in the workforce and thus better equipped to meet payment terms. Additionally, one feature common to private student loans is that most require a co-borrower. Therefore, in the event of bankruptcy the bond holder has recourse not only to the student, but typically the student’s parent or guardian as well. Furthermore, student loan debt is not dischargeable during bankruptcy, making the probability for an ultimate recovery high but the timing uncertain. These are floating rate notes that have begun to see their coupon rates reset higher as the Federal Reserve has begun to normalize interest rates.

Brandes Core Plus Fixed Income Fund

The Fund’s underweight position in U.S. agency MBS aided relative performance. The agency MBS market underperformed other taxable fixed-income sectors during the six-month period. MBS prices are typically sensitive to interest-rate volatility, and the sharp rise in interest rates during the fourth quarter, strong demand for corporate bonds and the anticipation that the Fed will begin to reduce MBS held on its balance sheet at some point this year caused agency MBS to underperform.

The Fund added Frontier Communications (6.25% coupon rate, maturing September 2021 and rated B1/B+). Frontier is a telecommunications company offering services in mostly rural areas and is the dominant provider in areas that it serves. The company is facing industry headwinds as landline operations appear to be experiencing a secular decline. We believe Frontier’s primarily rural markets should be more insulated from secular changes initially, making this issue (with four years until maturity) attractive.

We also took advantage of the weakness in the energy sector in the first quarter of 2017 to increase our weighting in Range Resources.

After the U.S. presidential election, the Fund increased its weighting in a number of financials, including Bank of America, Goldman Sachs and Wells Fargo, as the incoming administration has suggested that it will examine and potentially roll back some of the onerous regulations that have been placed on the financial industry since the Global Financial Crisis. The Fund also purchased a few industrial credits, namely AT&T, Tenet Healthcare and Transocean. The common theme with both the increased weighting in financials and industrial purchases is our continued preference for shorter maturities, with all of the bonds above scheduled to mature between 2017 and 2022.

Other activity included the sale of securities of Laboratory Corp. and Genworth Financial, which reached our estimates of intrinsic value.

Agency MBS Value

Over the last several years, the Fund’s largest underweight position has been agency MBS. As a byproduct of this underweight, we have had a larger allocation to U.S. Treasury securities than at any time in the Fund’s history.

The agency MBS market, in our view, has been supported by massive, and unprecedented, purchases by the Fed. In late 2008, the Fed began buying agency MBS to hold on its balance sheet in an effort to help alleviate the fallout from the financial crisis and stimulate lending in the U.S. housing market. Prior to that, the Fed did not hold any agency MBS on its balance sheet. Today, however, the Fed owns $1.7 trillion in agency MBS. In our opinion, the Fed’s increased involvement in the MBS market over the last several years has contributed to a considerable supply/demand imbalance, which in turn has made it difficult for us to find value in the sector.

Brandes Core Plus Fixed Income Fund

To illustrate how tight yield spreads have been, the average yield spread over U.S. Treasuries on the Bloomberg Barclays MBS Index over the past three years has been 0.23% (23 basis points). In comparison, for the 10-year period ended 12/31/2007, the average yield spread was 0.60% (60 basis points).

One mechanism to evaluate the relative values of agency MBS value and U.S. Treasury securities is the concept of breakeven spread analysis. The calculation is relatively straightforward. If one takes the yield spread divided by the duration, the result is how much the yield spread can widen before the returns are equivalent between similar maturity agency MBS and U.S. Treasuries. The current yield spread on the Bloomberg Barclays MBS Index is 0.27% and the duration is 4.95 years. Therefore, the current breakeven spread is 0.05%. If MBS yield spreads widen by more than 5 basis points, agency MBS will underperform similar maturity U.S. Treasury securities.

With yield spreads on agency MBS hovering near multi-decade lows, there is not much of a yield cushion in the event yield spreads widen. Additionally, the Fed is expected to eventually begin to unwind its massive agency MBS holdings. In their March meeting, Fed officials suggested that the move may come as early as this year. Given that we are almost 10 years into the Fed’s explicit support for the agency MBS market, we believe that the bank’s gradual exit may not be as smooth as most market participants hope. Consider what the market experienced in 2010 when the Fed made an initial attempt to slow its purchase activity. Yield spreads significantly widened, leading the Fed to launch another round of outright purchases. Even with an expected slowdown in mortgage origination due to higher interest rates, there is an enormous MBS supply that the market will need to absorb once the Fed slows and eventually ceases its purchase activity.

Agency MBS yield spreads have drifted wider over the last few months causing underperformance versus U.S. Treasury securities. Accordingly, our underweight to the agency MBS sector and overweight to U.S. Treasuries have benefited the Fund. We will continue to monitor developments and reassess our allocation when we believe there is value in owning additional agency MBS.

Outlook

As of March 31, the U.S. fixed-income market continued to operate in a low-volatility environment. This has caused a great deal of complacency among investors.

What could possibly go wrong with equities hitting all-time highs and yield spreads hovering near historic lows? In our view, this environment has driven investors to stretch their risk boundaries in an effort to pick up additional yield.

Against this backdrop, the Fed appeared to start the process of withdrawing its unprecedented monetary policy accommodation. Does this mean we could begin to see volatility rise toward its historical mean and valuations become guided by fundamentals? We certainly hope so. Until that happens, we believe it is best to remain patient, especially if you’re a long-term investor.

Brandes Core Plus Fixed Income Fund

At the close of the six-month period, the Brandes Core Plus Fixed Income Fund remained defensively positioned across a number of metrics. We favor short-maturity corporate bonds and those exhibiting strong, tangible asset coverage based on our analysis. We are underweight agency MBS and are managing duration toward the shorter end of our range. We have a high allocation to U.S. Treasuries that we will look to redeploy thoughtfully and efficiently — if and when market uncertainty and volatility cause credit fundamentals to become mispriced based on our intrinsic value estimates.

Sincerely yours,

The Brandes Fixed-Income Investment Committee

Brandes Investment Trust

As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Generally, the longer the Fund’s average portfolio maturity and the lower the average quality of its portfolio, the greater the price fluctuation. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its ability to continue to make principal and interest payments or its credit rating. Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.

Asset coverage: Assets available to cover debt obligations after all other liabilities have been satisfied.

Basis Point: 1/100 of 1%.

Brandes Core Plus Fixed Income Fund

Duration: The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.

Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value.

Yield Spread: The difference in yield between two comparable securities.

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

There is no assurance that a forecast will be accurate. Because of the many variables involved, an investor should not rely on forecasts without realizing their limitations.

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor’s or Moody’s. The service evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Advisor will classify the security as nonrated.

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This index is a total return index which reflects the price changes and interest of each bond in the index.

The Bloomberg Barclays U.S. Mortgage-Backed Securities Index is an unmanaged index consisting of mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is a total return index which reflects the price changes and interest of each bond in the index.

The Brandes Core Plus Fixed Income Fund is distributed by ALPS Distributors, Inc.

Brandes Core Plus Fixed Income Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Core Plus Fixed Income Fund – Class I from its inception (December 28, 2007) to March 31, 2017 with the value of such an investment in the Bloomberg Barclays U.S. Aggregate Bond Index for the same period.

Value of $100,000 Investment vs Bloomberg Barclays U.S. Aggregate Bond Index (Unaudited)

LOGO


	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Three Years			Five Years			Since Inception⁽¹⁾
Brandes Core Plus Fixed Income Fund
Class A*		2.81	%		2.34	%		2.88	%		3.74	%
Class A* (with maximum sales charge)		-1.10	%		1.04	%		2.10	%		3.32	%
Class I		3.01	%		2.57	%		3.23	%		4.03	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44	%		2.68	%		2.34	%		4.07	%

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

*	Performance shown prior to January 31, 2013 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses.

The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.

Brandes Core Plus Fixed Income Fund

Asset Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

LOGO

Brandes Credit Focus Yield Fund

Dear Fellow Investor,

The Brandes Credit Focus Yield Fund (Class I Shares) advanced 0.33% during the six months ended March 31, 2017, while its benchmark, the Bloomberg Barclays U.S. Intermediate Credit Bond Index, returned -0.78%.

Within the banking industry, the Fund received strong contributions from junior subordinated securities of U.S. Bank, JPMorgan and Wells Fargo. The U.S. Bank holding is a floating rate note while the JPMorgan and Wells Fargo holdings are currently fixed-rate securities, but will convert to floating rate notes in a year if they are not called. Bank credit profiles continue to improve, especially with short rates trending higher, and these securities also benefit from the possibility that they can convert to floating rate instruments.

Metals & mining companies Cloud Peak Energy and Royal Gold helped performance, as these companies benefited from higher commodity prices.

Given tight yield spreads and low volatility, Fund activity was light.

Brandes Credit Focus Yield Fund

We added Frontier Communications (6.25% coupon rate, maturing September 2021 and rated B1/B+). Frontier is a telecommunications company offering services in mostly rural areas and is the dominant provider in areas that it serves. Frontier is facing industry headwinds as landline operations appear to be experiencing a secular decline. We believe Frontier’s primarily rural markets should be more insulated from secular changes initially, making this issue (with four years until maturity) attractive.

We also took advantage of the weakness in the energy sector in the first quarter of 2017 to increase our weighting in Range Resources.

Other activity included the sale of securities of Laboratory Corp. and Genworth Financial, which reached our estimates of intrinsic value.

Outlook

As of March 31, the U.S. fixed-income market continued to operate in a low-volatility environment. This has caused a great deal of complacency among investors.

Against this backdrop, the Fed appeared to start the process of withdrawing its unprecedented monetary policy accommodation. Does this mean we could begin to see volatility rise toward its historical mean and valuations become guided by fundamentals? We certainly hope so. Until that happens, we believe it is best to remain patient, especially if you’re a long-term investor.

At the close of the six-month period, the Brandes Credit Focus Yield Fund remained defensively positioned across a number of metrics. We favor short-maturity corporate bonds and those exhibiting strong, tangible asset coverage based on our analysis. We are underweight agency MBS and are managing duration toward the shorter end of our range. We have a high allocation to U.S. Treasuries that we will look to redeploy thoughtfully and efficiently — if and when market uncertainty and volatility cause credit fundamentals to become mispriced based on our intrinsic value estimates.

Brandes Credit Focus Yield Fund

Sincerely yours,

The Brandes Fixed-Income Investment Committee

Brandes Investment Trust

Asset coverage: Assets available to cover debt obligations after all other liabilities have been satisfied.

Duration: The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.

Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value.

Yield Spread: The difference in yield between two comparable securities.

Brandes Credit Focus Yield Fund

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

There is no assurance that a forecast will be accurate. Because of the many variables involved, an investor should not rely on forecasts without realizing their limitations.

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The Bloomberg Barclays U.S. Intermediate Credit Bond Index measures performance of U.S. Treasuries and government-related and investment-grade U.S. corporate securities that have remaining maturities of greater than one year and less than ten years. This index is a total return index which reflects the price changes and interest of each bond in the index.

The Brandes Credit Focus Yield Fund is distributed by ALPS Distributors, Inc.

Brandes Credit Focus Yield Fund

The following chart compares the value of a hypothetical $100,000 investment in the Brandes Credit Focus Yield Fund – Class I from March 31, 2007 to March 31, 2017 with the value of such an investment in the Bloomberg Barclays U.S. Intermediate Credit Bond Index for the same period.

Value of $100,000 Investment vs Bloomberg Barclays U.S. Intermediate Credit Bond Index (Unaudited)

LOGO


	Average Annual Total Return Periods Ended March 31, 2017**
	One Year			Five Years			Ten Years			Since Inception⁽¹⁾
Brandes Credit Focus Yield Fund
Class A*		6.16	%		2.76	%		3.51	%		5.42	%
Class A* (with maximum sales charge)		2.14	%		1.98	%		3.11	%		5.18	%
Class I		6.53	%		3.05	%		3.79	%		5.70	%
Bloomberg Barclays U.S. Intermediate Credit Bond Index		2.11	%		3.02	%		4.69	%		5.49	%

⁽¹⁾	The inception date is June 29, 2000.

*	Performance shown prior to March 1, 2012 for Class A shares reflects the performance of Class I shares adjusted to reflect Class A expenses.

Prior to February 1, 2012, the Advisor managed a private investment fund with an investment objective, investment policies and strategies that were, in all material respects, equivalent to those of the Brandes Credit Focus Yield Fund. The performance information shown for the Class I shares for periods before February 1, 2012 is that of the private investment fund and reflects the net expenses of the private investment fund. The performance of the private investment fund prior to February 1, 2012 is based on a calculation method that is different from the standardized calculation method prescribed by the SEC. The performance information shown for the Class A shares has been adjusted to reflect the differences in the net expense ratios between the Class I and A shares. The private investment fund was not registered under the Investment Company Act of 1940 (“1940 Act”) and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, which, if applicable, may have adversely affected its performance.

Brandes Credit Focus Yield Fund

Asset Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

LOGO

Brandes Investment Trust

Expense Example (Unaudited)

As a shareholder of a Fund, you incur ongoing costs, including investment advisory and administrative fees and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2016 to March 31, 2017 (the “Period”).

Actual Expenses

This section provides information about actual account values and actual expenses. The “Ending Account Value” shown is derived from each Fund’s actual return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.


	Class A
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,072.90		1.18%	$	6.10
Global Equity Fund	$	1,000.00	$	1,096.10		1.25%	$	6.53
Global Equity Income Fund	$	1,000.00	$	1,103.30		1.25%	$	6.55
Global Opportunities Value Fund	$	1,000.00	$	1,099.10		1.40%	$	7.33
Emerging Markets Value Fund	$	1,000.00	$	1,099.70		1.37%	$	7.17
International Small Cap Fund	$	1,000.00	$	1,075.30		1.29%	$	6.67
Core Plus Fixed Income Fund	$	1,000.00	$	987.20		0.70%	$	3.47
Credit Focus Yield Fund	$	1,000.00	$	1,001.10		0.85%	$	4.24


	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,068.90		1.93%	$	9.96
Global Equity Fund	$	1,000.00	$	1,091.90		2.00%	$	10.43
Global Equity Income Fund	$	1,000.00	$	1,095.80		2.00%	$	10.36
Global Opportunities Value Fund	$	1,000.00	$	1,095.80		2.15%	$	11.23
Emerging Markets Value Fund	$	1,000.00	$	1,095.50		2.12%	$	11.08
International Small Cap Fund	$	1,000.00	$	1,071.80		2.04%	$	10.54

Brandes Investment Trust


	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,073.80		0.98%	$	5.07
Global Equity Fund	$	1,000.00	$	1,097.50		1.00%	$	5.23
Global Equity Income Fund	$	1,000.00	$	1,084.60		1.00%	$	5.20
Global Opportunities Value Fund	$	1,000.00	$	1,101.20		1.15%	$	6.02
Emerging Markets Value Fund	$	1,000.00	$	1,101.10		1.12%	$	5.87
International Small Cap Fund	$	1,000.00	$	1,076.10		1.09%	$	5.64
Core Plus Fixed Income Fund	$	1,000.00	$	988.30		0.50%	$	2.48
Credit Focus Yield Fund	$	1,000.00	$	1,003.30		0.60%	$	3.00


	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,075.20		0.82%	$	4.24
Emerging Markets Value Fund	$	1,000.00	$	1,103.90		0.97%	$	5.09
International Small Cap Fund	$	1,000.00	$	1,077.10		1.00%	$	5.18

Hypothetical Example for Comparison Purposes

This section provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Fund’s actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the last column of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Brandes Investment Trust


	Class A
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,019.05		1.18%	$	5.94
Global Equity Fund	$	1,000.00	$	1,018.70		1.25%	$	6.29
Global Equity Income Fund	$	1,000.00	$	1,018.70		1.25%	$	6.29
Global Opportunities Value Fund	$	1,000.00	$	1,017.95		1.40%	$	7.04
Emerging Markets Value Fund	$	1,000.00	$	1,018.10		1.37%	$	6.89
International Small Cap Fund	$	1,000.00	$	1,018.50		1.29%	$	6.49
Core Plus Fixed Income Fund	$	1,000.00	$	1,021.44		0.70%	$	3.53
Credit Focus Yield Fund	$	1,000.00	$	1,020.69		0.85%	$	4.28


	Class C
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,015.31		1.93%	$	9.70
Global Equity Fund	$	1,000.00	$	1,014.96		2.00%	$	10.05
Global Equity Income Fund	$	1,000.00	$	1,014.96		2.00%	$	10.05
Global Opportunities Value Fund	$	1,000.00	$	1,014.21		2.15%	$	10.80
Emerging Markets Value Fund	$	1,000.00	$	1,014.36		2.12%	$	10.65
International Small Cap Fund	$	1,000.00	$	1,014.76		2.04%	$	10.25


	Class I
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,020.04		0.98%	$	4.94
Global Equity Fund	$	1,000.00	$	1,019.95		1.00%	$	5.04
Global Equity Income Fund	$	1,000.00	$	1,019.95		1.00%	$	5.04
Global Opportunities Value Fund	$	1,000.00	$	1,019.20		1.15%	$	5.79
Emerging Markets Value Fund	$	1,000.00	$	1,019.35		1.12%	$	5.64
International Small Cap Fund	$	1,000.00	$	1,019.50		1.09%	$	5.49
Core Plus Fixed Income Fund	$	1,000.00	$	1,022.44		0.50%	$	2.52
Credit Focus Yield Fund	$	1,000.00	$	1,021.94		0.60%	$	3.02

Brandes Investment Trust


	Class R6
Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
International Equity Fund	$	1,000.00	$	1,020.84		0.82%	$	4.13
Emerging Markets Value Fund	$	1,000.00	$	1,020.16		0.97%	$	4.89
International Small Cap Fund	$	1,000.00	$	1,020.01		1.00%	$	5.04

*	Expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 88.06%
	*Austria – 1.42%*
	221,089	Erste Group Bank AG	$	7,199,097

	*Brazil – 3.73%*
	376,596	Embraer SA Sponsored – ADR		8,315,240
	1,434,000	Petroleo Brasileiro SA^(a)		6,673,922
	204,600	TIM Participacoes SA		656,163
	208,017	TIM Participacoes SA Sponsored – ADR		3,324,111

				18,969,436

	*China – 1.47%*
	678,500	China Mobile Ltd.		7,461,806

	*Finland – 1.35%*
	1,271,356	Nokia OYJ		6,833,360

	*France – 15.48%*
	496,041	Carrefour SA		11,687,337
	148,084	Compagnie De Saint-Gobain SA		7,597,745
	1,014,349	Engie SA		14,334,442
	651,120	Orange SA		10,109,047
	107,414	Publicis Groupe SA		7,499,692
	64,077	Renault SA		5,566,533
	152,205	Sanofi		13,758,656
	110,349	Schneider Electric SE		8,107,228

				78,660,680

	*Hong Kong – 1.03%*
	7,208,000	First Pacific Co. Ltd.		5,239,084

	*Ireland – 0.96%*
	37,407	Willis Towers Watson Plc		4,896,202

	*Italy – 5.70%*
	886,545	Eni SpA		14,515,704
	1,885,373	Intesa Sanpaolo SpA		5,128,429
	11,040,253	Telecom Italia Rsp		8,060,310
	1,365,052	Telecom Italia SpA^(a)		1,228,805

				28,933,248


Shares			Value
	*Japan – 15.95%*
	143,800	Canon, Inc.	$	4,490,681
	498,400	Dai Nippon Printing Co. Ltd.		5,393,374
	324,102	Daiichi Sankyo Co. Ltd.		7,312,092
	328,100	Honda Motor Co. Ltd.		9,905,025
	227,700	Mitsubishi Tanabe Pharma Corp.		4,754,159
	1,280,000	Mitsubishi UFJ Financial Group, Inc.		8,062,935
	229,999	MS&AD Insurance Group Holdings, Inc.		7,346,307
	702,500	Nissan Motor Co. Ltd.		6,773,775
	226,200	Sumitomo Mitsui Trust Holdings, Inc.		7,838,263
	90,900	Taisho Pharmaceutical Holdings Co. Ltd.		7,401,407
	250,100	Takeda Pharmaceutical Co. Ltd.		11,773,993

				81,052,011

	*Mexico – 2.36%*
	838,272	Cemex SAB de CV Sponsored ADR – ADR^(a)		7,603,127
	2,553,982	Fibra Uno Administracion SA de CV		4,366,621

				11,969,748

	*Netherlands – 1.72%*
	1,714,506	AEGON NV		8,733,465

	*Russia – 2.99%*
	139,363	Oil Company LUKOIL PJSC		7,382,010
	84,652	Oil Company LUKOIL PJSC Sponsored – ADR		4,491,635
	1,456,315	Public Join-Stock Co. Gazprom		3,309,719

				15,183,364

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	*South Korea – 5.25%*
	221,975	Hana Financial Group, Inc.	$	7,324,736
	41,267	Hyundai Mobis Co. Ltd.		8,877,239
	20,520	Hyundai Motor Co.		2,891,921
	29,246	POSCO		7,595,946

				26,689,842

	*Spain – 1.63%*
	534,406	Repsol SA		8,279,526

	*Sweden – 1.50%*
	1,139,674	LM Ericsson Telefon AB – Class B^(b)		7,608,884

	*Switzerland – 5.72%*
	600,322	Credit Suisse Group AG		8,931,965
	16,049	Swatch Group Ltd. Bearer		5,745,988
	37,669	Swatch Group Ltd. Registered		2,624,965
	26,053	Swiss Resources AG		2,339,979
	588,653	UBS Group AG		9,409,391

				29,052,288

	*United Kingdom – 19.80%*
	86,832	AstraZeneca Plc		5,339,031


Shares			Value
	2,554,364	Barclays Plc	$	7,210,395
	2,295,925	BP Plc		13,215,585
	1,658,328	G4S Plc		6,321,728
	620,684	GlaxoSmithKline Plc		12,905,818
	919,294	HSBC Holdings Plc		7,498,526
	2,629,364	J Sainsbury Plc		8,708,916
	1,821,726	Kingfisher Plc		7,453,748
	2,587,222	Marks & Spencer Group Plc		10,928,080
	4,460,190	Tesco Plc^(a)		10,380,460
	3,535,297	Wm Morrison Supermarkets Plc		10,638,677

				100,600,964

	TOTAL COMMON STOCKS (Cost $510,713,863)		$	447,363,005

	PREFERRED STOCKS – 2.73%
	*Brazil – 1.45%*
	376,900	Telefonica Brasil SA		5,605,463
	120,102	Telefonica Brasil SA Sponsored – ADR		1,783,515

				7,388,978

	*Russia – 1.28%*
	11,340,603	Surgutneftegas OJSC		6,486,677

	TOTAL PREFERRED STOCKS (Cost $13,035,371)		$	13,875,655


	Principal Amount		Value
REPURCHASE AGREEMENTS – 9.45%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $49,170,000, US Treasury Note 1.875%, 03/31/22, (Market Value $48,985,613)] (proceeds $48,023,738)	$	48,023,378	$	48,023,378

TOTAL REPURCHASE AGREEMENTS (Cost $48,023,378)			$	48,023,378

Total Investments (Cost $571,772,612) – 100.24%			$	509,262,038
Liabilities in Excess of Other Assets – (0.24)%				(1,208,317	)

TOTAL NET ASSETS – 100.00%			$	508,053,721

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a)	Non-income producing security.

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

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Equity Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Aerospace & Defense	1.64	%
Auto Components	1.75	%
Automobiles	4.95	%
Banks	9.89	%
Building Products	1.50	%
Capital Markets	3.61	%
Commercial Services & Supplies	2.31	%
Communications Equipment	2.84	%
Construction Materials	1.50	%
Diversified Financial Services	1.03	%
Diversified Telecommunication Services	3.82	%
Electrical Equipment	1.60	%
Food & Staples Retailing	8.15	%
Insurance	4.59	%
Media	1.48	%
Metals & Mining	1.50	%
Multiline Retail	2.15	%
Multi-Utilities	2.82	%
Oil, Gas & Consumable Fuels	11.39	%
Pharmaceuticals	12.45	%
Real Estate Investment Trust	0.86	%
Specialty Retail	1.47	%
Technology Hardware, Storage & Peripherals	0.88	%
Textiles, Apparel & Luxury Goods	1.65	%
Wireless Telecommunication Services	2.23	%

TOTAL COMMON STOCKS	88.06	%


PREFERRED STOCKS
Diversified Telecommunication Services	1.45	%
Oil, Gas & Consumable Fuels	1.28	%

TOTAL PREFERRED STOCKS	2.73	%


REPURCHASE AGREEMENTS	9.45	%


TOTAL INVESTMENTS	100.24	%
Liabilities in Excess of Other Assets	(0.24	)%


TOTAL NET ASSETS	100.00	%

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 Financial Services LLC. This information is unaudited.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 92.63%
	*Aerospace & Defense – 2.31%*
	250,820	Embraer SA	$	1,390,062
	7,378	Embraer SA Sponsored – ADR		162,906

				1,552,968

	*Auto Components – 1.58%*
	4,950	Hyundai Mobis Co. Ltd.		1,064,830

	*Automobiles – 5.86%*
	35,100	Honda Motor Co. Ltd.		1,059,635
	11,771	Hyundai Motor Co.		1,658,908
	127,000	Nissan Motor Co. Ltd.		1,224,583

				3,943,126

	*Banks – 12.56%*
	58,097	Bank of America Corp.		1,370,508
	228,395	Barclays Plc		644,708
	35,722	Citigroup, Inc.		2,136,890
	25,975	Erste Group Bank AG		845,797
	87,902	HSBC Holdings Plc		717,002
	9,560	PNC Financial Services Group, Inc.		1,149,494
	28,404	Wells Fargo & Co.		1,580,967

				8,445,366

	*Beverages – 0.78%*
	4,668	PepsiCo, Inc.		522,162

	*Capital Markets – 7.87%*
	26,440	Bank of New York Mellon Corp.		1,248,761
	81,067	Credit Suisse Group AG		1,206,166
	17,458	State Street Corp.		1,389,831
	90,575	UBS Group AG		1,447,806

				5,292,564

	*Communications Equipment – 2.57%*
	148,782	LM Ericsson Telefon AB – Class B^(c)		993,324
	137,193	Nokia OYJ		737,393

				1,730,717

	*Diversified Financial Services – 1.41%*
	36,368	Leucadia National Corp.		945,568


Shares			Value
	Diversified Telecommunication Services – 1.13%
	1,045,481	Telecom Italia Rsp	$	763,289

	*Electric Utilities – 0.81%*
	15,092	Exelon Corp.		543,010

	*Electrical Equipment – 3.97%*
	17,086	Emerson Electric Co.		1,022,768
	22,403	Schneider Electric SE		1,645,925

				2,668,693

	*Food & Staples Retailing – 4.78%*
	26,418	Carrefour SA		622,441
	297,726	J Sainsbury Plc		986,121
	416,038	Tesco Plc^(a)		968,269
	212,603	Wm Morrison Supermarkets Plc		639,781

				3,216,612

	*Health Care Providers & Services – 4.26%*
	21,065	Express Scripts Holding Co.^(a)		1,388,394
	9,960	McKesson Corp.		1,476,670

				2,865,064

	*Hotels, Restaurants & Leisure – 1.84%*
	1,004,500	Genting Malaysia Bhd.		1,236,853

	*Insurance – 2.34%*
	15,211	American International Group, Inc.		949,622
	6,929	Swiss Resources AG		622,336

				1,571,958

	*Media – 1.03%*
	9,950	Publicis Groupe SA		694,713

	*Multiline Retail – 1.56%*
	248,544	Marks & Spencer Group Plc		1,049,817

	*Multi-Utilities – 2.32%*
	79,376	Engie SA		1,121,715
	20,100	Engie SA Registered Shares (Prime De Fidelite 2017)		284,046
	11,100	Engie SA Registered Shares (Prime De Fidelite 2018)		156,862

				1,562,623

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	*Oil, Gas & Consumable Fuels – 10.56%*
	8,374	Apache Corp.	$	430,340
	314,242	BP Plc		1,808,810
	71,529	Eni SpA		1,171,169
	24,494	Oil Company LUKOIL PJSC Sponsored – ADR		1,299,652
	220,760	Public Join-Stock Co. Gazprom		501,714
	55,737	Repsol SA		863,530
	20,323	Total SA		1,027,603

				7,102,818

	*Pharmaceuticals – 12.85%*
	47,000	Daiichi Sankyo Co. Ltd.		1,060,371
	105,356	GlaxoSmithKline Plc		2,190,656
	21,071	Merck & Co., Inc.		1,338,851
	52,336	Pfizer, Inc.		1,790,415
	25,066	Sanofi		2,265,855

				8,646,148

	*Software – 2.17%*
	22,158	Microsoft Corp.		1,459,326


Shares			Value
	Technology Hardware, Storage & Peripherals – 3.37%
	865	Samsung Electronics Co. Ltd.	$	1,591,959
	8,197	Western Digital Corp.		676,499

				2,268,458

	*Tobacco – 1.01%*
	7,830	KT&G Corp.		682,666

	*Wireless Telecommunication Services – 3.69%*
	48,696	America Movil SAB de CV Sponsored – Class L – ADR		690,023
	99,000	China Mobile Ltd.		1,088,753
	43,936	TIM Participacoes SA Sponsored – ADR		702,097

				2,480,873

	TOTAL COMMON STOCKS (Cost $56,692,056)		$	62,310,222


	Principal Amount		Value
CORPORATE BONDS – 0.98%
*Oil, Gas & Consumable Fuels – 0.98%*
Chesapeake Energy Corp. 8.000%, 12/15/2022 (Acquired 02/24/16, Cost $262,938)^(b)	$	626,000	$	655,735

TOTAL CORPORATE BONDS (Cost $262,937)			$	655,735


REPURCHASE AGREEMENTS – 6.23%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $4,495,000 US Treasury Note, 1.375%, 08/31/23, (Market Value $4,278,629)] (proceeds $4,192,808)	$	4,192,777	$	4,192,777

TOTAL REPURCHASE AGREEMENTS (Cost $4,192,777)			$	4,192,777

Total Investments (Cost $61,147,770) – 99.84%			$	67,158,734
Other Assets in Excess of Liabilities – 0.16%				106,219

TOTAL NET ASSETS – 100.00%			$	67,264,953

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)

ADR American Depositary Receipt

(a)	Non-income producing security.

(b)

Security was purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market value of this security totals $655,735 which represents 0.98% of the Fund’s net assets.

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

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Austria	1.26	%
Brazil	3.35	%
China	1.62	%
Finland	1.10	%
France	11.62	%
Italy	2.88	%
Japan	4.97	%
Malaysia	1.84	%
Mexico	1.03	%
Russia	2.68	%
South Korea	7.43	%
Spain	1.28	%
Sweden	1.48	%
Switzerland	4.87	%
United Kingdom	13.39	%
United States	31.83	%

TOTAL COMMON STOCKS	92.63	%


CORPORATE BONDS
United States	0.98	%

TOTAL CORPORATE BONDS	0.98	%


REPURCHASE AGREEMENTS	6.23	%


TOTAL INVESTMENTS	99.84	%
Other Assets in Excess of Liabilities	0.16	%


TOTAL NET ASSETS	100.00	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 87.29%
	*Automobiles – 2.18%*
	700	Honda Motor Co. Ltd.	$	21,132

	*Banks – 7.90%*
	377	BB&T Corp.		16,852
	2,038	HSBC Holdings Plc		16,623
	176	PNC Financial Services Group, Inc.		21,162
	395	Wells Fargo & Co.		21,986

				76,623

	*Beverages – 2.37%*
	567	Diageo Plc		16,236
	60	PepsiCo, Inc.		6,712

				22,948

	*Capital Markets – 4.16%*
	280	Bank of New York Mellon Corp.		13,224
	1,695	UBS Group AG		27,094

				40,318

	*Communications Equipment – 2.76%*
	2,502	LM Ericsson Telefon AB – Class B		16,704
	1,875	Nokia OYJ		10,078

				26,782

	Diversified Telecommunication Services – 2.53%
	2,190	Telefonica Brasil SA		24,498

	*Electric Utilities – 5.91%*
	3,200	Companhia Paranaense de Energia		26,321
	152,328	Enersis Chile SA		16,861
	392	Exelon Corp.		14,104

				57,286

	*Electrical Equipment – 4.93%*
	305	Emerson Electric Co.		18,257
	403	Schneider Electric SE		29,608

				47,865

	*Food & Staples Retailing – 5.67%*
	4,381	J Sainsbury Plc		14,511
	6,533	Tesco Plc^(a)		15,205
	219	Wal-Mart Stores, Inc.		15,785


Shares			Value
	3,159	Wm Morrison Supermarkets Plc	$	9,506

				55,007

	*Household Products – 1.06%*
	115	Procter & Gamble Co.		10,333

	*Insurance – 1.48%*
	160	Swiss Resources AG		14,371

	*Media – 1.60%*
	222	Publicis Groupe SA		15,500

	*Multiline Retail – 1.54%*
	3,545	Marks & Spencer Group Plc		14,974

	*Multi-Utilities – 2.98%*
	1,648	Engie SA		23,289
	400	Engie SA Registered Shares (Prime De Fidelite 2018)		5,653

				28,942

	*Oil, Gas & Consumable Fuels – 10.42%*
	4,367	BP Plc		25,137
	77	Chevron Corp.		8,267
	1,585	Eni SpA		25,952
	776	Royal Dutch Shell Plc – Class A		20,454
	420	Total SA		21,237

				101,047

	*Pharmaceuticals – 15.18%*
	600	Daiichi Sankyo Co. Ltd.		13,537
	1,512	GlaxoSmithKline Plc		31,439
	180	Johnson & Johnson		22,419
	345	Merck & Co., Inc.		21,921
	747	Pfizer, Inc.		25,555
	358	Sanofi		32,361

				147,232

	*Real Estate Investment Trusts – 1.84%*
	10,415	Fibra Uno Administracion SA de CV		17,807

	*Software – 2.16%*
	318	Microsoft Corp.		20,943

	*Specialty Retail – 1.53%*
	3,620	Kingfisher Plc		14,811

	Technology Hardware, Storage & Peripherals – 1.00%
	118	Western Digital Corp.		9,739

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	*Textiles, Apparel & Luxury Goods – 3.64%*
	810	Burberry Group Plc	$	17,481
	81	LVMH Moet Hennessy Louis Vuitton SE		17,803

				35,284

	*Tobacco – 4.45%*
	196	British American Tobacco Plc		13,004
	312	Imperial Tobacco Group Plc		15,121
	173	KT&G Corp.		15,083

				43,208

	TOTAL COMMON STOCKS (Cost $784,147)		$	846,650

	PREFERRED STOCKS – 9.59%
	*Banks – 2.56%*
	1,067	Bank of America Corp., 4.000%		24,829


Shares			Value
	*Capital Markets – 5.11%*
	1,031	Goldman Sachs Group, Inc., 3.750%	$	24,445
	1,063	Morgan Stanley, 4.000%		25,097

				49,542

	Technology Hardware, Storage & Peripherals – 1.92%
	13	Samsung Electronics Co. Ltd.		18,621

	TOTAL PREFERRED STOCKS (Cost $74,408)		$	92,992

	Total Investments (Cost $858,555) – 96.88%		$	939,642
	Other Assets in Excess of Liabilities – 3.12%			30,259

	TOTAL NET ASSETS – 100.00%		$	969,901

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Equity Income Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Brazil	5.24	%
Chile	1.74	%
Finland	1.04	%
France	15.00	%
Italy	2.68	%
Japan	3.57	%
Mexico	1.84	%
South Korea	1.56	%
Sweden	1.72	%
Switzerland	4.28	%
United Kingdom	23.15	%
United States	25.47	%

TOTAL COMMON STOCKS	87.29	%


PREFERRED STOCKS
South Korea	1.92	%
United States	7.67	%

TOTAL PREFERRED STOCKS	9.59	%


TOTAL INVESTMENTS	96.88	%
Other Assets in Excess of Liabilities	3.12	%


TOTAL NET ASSETS	100.00	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 85.78%
	*Aerospace & Defense – 2.58%*
	27,509	Embraer SA Sponsored – ADR	$	607,399

	*Auto Components – 2.57%*
	1,608	Hyundai Mobis Co. Ltd.		345,908
	12,900	Tachi-S Co. Ltd.		257,304

				603,212

	*Automobiles – 2.86%*
	11,300	Honda Motor Co. Ltd.		341,136
	34,300	Nissan Motor Co. Ltd.		330,734

				671,870

	*Banks – 7.24%*
	9,327	Bank of America Corp.		220,024
	75,862	Barclays Plc		214,141
	8,000	Citigroup, Inc.		478,560
	10,146	Erste Group Bank AG		330,374
	5,095	KB Financial Group, Inc.		223,296
	83,468	Sberbank of Russia OJSC		237,008

				1,703,403

	*Capital Markets – 4.41%*
	22,793	Credit Suisse Group AG		339,129
	4,202	State Street Corp.		334,521
	22,729	UBS Group AG		363,314

				1,036,964

	*Commercial Services & Supplies – 2.78%*
	42,897	De La Rue Plc		331,072
	116,406	Mitie Group Plc		323,630

				654,702

	*Communications Equipment – 1.63%*
	57,383	LM Ericsson Telefon AB – Class B		383,110

	*Construction & Engineering – 0.69%*
	18,700	Sanki Engineering Co. Ltd.		161,367

	*Construction Materials – 0.97%*
	25,224	Cemex SAB de CV Sponsored – ADR^(a)		228,782


Shares			Value
	*Diversified Financial Services – 3.23%*
	397,340	First Pacific Co. Ltd.	$	288,804
	87,172	Haci Omer Sabanci Holding AS		239,843
	8,920	Leucadia National Corp.		231,920

				760,567

	Diversified Telecommunication Services – 4.16%
	72,050	APT Satellite Holdings Ltd.		38,526
	117,693	Magyar Telekom Telecommunications Plc		195,200
	487,782	Telecom Italia Rsp		356,121
	34,800	Telefonica Brasil SA		389,285

				979,132

	*Electric Utilities – 2.23%*
	28,200	Companhia Paranaense de Energia		231,952
	11,165	Reliance Infrastructure Ltd. – GDR		293,324

				525,276

	*Electrical Equipment – 1.91%*
	13,500	Futaba Corp.		239,324
	2,868	Schneider Electric SE		210,709

				450,033

	*Food & Staples Retailing – 6.56%*
	10,703	Carrefour SA		252,176
	143,607	J Sainsbury Plc		475,652
	146,693	Tesco Plc^(a)		341,407
	157,480	Wm Morrison Supermarkets Plc		473,900

				1,543,135

	*Food Products – 1.26%*
	133,700	Marfrig Global Foods SA^(a)		247,276
	590	Savencia SA		49,120

				296,396

	*Health Care Equipment & Supplies – 0.84%*
	18,810	Syneron Medical Ltd.^(a)		198,446

	*Health Care Providers & Services – 2.61%*
	4,176	Express Scripts Holding Co.^(a)		275,240

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	2,285	McKesson Corp.	$	338,774

				614,014

	*Household Durables – 2.50%*
	1,133,079	Consorcio ARA SAB de CV		358,281
	7,626	MDC Holdings, Inc.		229,161

				587,442

	*Insurance – 0.95%*
	1,699	Willis Towers Watson Plc		222,382

	*Machinery – 2.72%*
	22,258	Briggs & Stratton Corp.		499,692
	7,610	China Yuchai International Ltd.		140,861

				640,553

	*Metals & Mining – 0.98%*
	885	POSCO		229,858

	*Multiline Retail – 2.66%*
	268,022	Debenhams Plc		182,678
	104,827	Marks & Spencer Group Plc		442,775

				625,453

	*Multi-Utilities – 1.87%*
	26,627	Engie SA		376,284
	4,400	Engie SA Registered Shares (Prime De Fidelite 2018)		62,179

				438,463

	*Oil, Gas & Consumable Fuels – 7.54%*
	61,719	BP Plc		355,261
	33,407	Chesapeake Energy Corp.^(a)		198,437
	23,917	Eni SpA		391,601
	6,446	Oil Company LUKOIL PJSC Sponsored – ADR		342,025
	43,540	Petroleo Brasileiro SA^(a)		202,638
	62,719	Public Joint-Stock Co. Gazprom Sponsored – ADR		281,922

				1,771,884

	*Pharmaceuticals – 3.43%*
	21,829	GlaxoSmithKline Plc		453,888


Shares			Value
	3,911	Sanofi	$	353,537

				807,425

	*Real Estate Investment Trusts – 3.71%*
	230,344	Fibra Uno Administracion SA de CV		393,826
	27,539	Grivalia Properties Real Estate Investment Co. SA		240,905
	211,505	Macquarie Mexico Real Estate Management SA de CV		237,237

				871,968

	Real Estate Management & Development – 3.74%
	218,712	Countrywide Plc		426,327
	70,749	LSL Property Services Plc		185,260
	15,741	St Joe Co.^(a)		268,384

				879,971

	Semiconductors & Semiconductor Equipment – 1.01%
	3,900	NuFlare Technology, Inc.		237,410

	Technology Hardware, Storage & Peripherals – 1.97%
	184	Samsung Electronics Co. Ltd.		338,636
	1,494	Western Digital Corp.		123,300

				461,936

	*Textiles, Apparel & Luxury Goods – 1.34%*
	43,700	TSI Holdings Co. Ltd.		315,202

	*Tobacco – 1.00%*
	2,689	KT&G Corp.		234,443

	*Wireless Telecommunication Services – 1.83%*
	27,500	China Mobile Ltd.		302,431
	326,647	Sistema JSFC		129,028

				431,459

	TOTAL COMMON STOCKS (Cost $18,995,633)		$	20,173,657

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	PREFERRED STOCKS – 5.81%
	*Automobiles – 2.00%*
	5,284	Hyundai Motor Co.	$	469,195

	*Banks – 1.01%*
	78,108	Itausa – Investimentos Itau SA		238,271

	*Food & Staples Retailing – 1.04%*
	12,700	Companhia Brasileira de Distribuicao		244,540


Shares			Value
	*Health Care Equipment & Supplies – 0.77%*
	1,769	Draegerwerk AG & Co. KGaA	$	181,782

	*Oil, Gas & Consumable Fuels – 0.99%*
	405,050	Surgutneftegas OJSC		231,683

	TOTAL PREFERRED STOCKS (Cost $1,182,278)		$	1,365,471


	Principal Amount		Value
CORPORATE BONDS – 0.61%
*Oil, Gas & Consumable Fuels – 0.61%*
Chesapeake Energy Corp. 6.625%, 8/15/2020	$	86,000	$	85,893
8.000%, 12/15/2022 (Acquired 02/08/16, Cost $24,003)^(b)		54,000		56,565

TOTAL CORPORATE BONDS (Cost $69,080)			$	142,458


REPURCHASE AGREEMENTS – 7.27%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), Due 04/03/17, 0.09% [Collateralized by $1,750,000 US Treasury Note, 1.875%, 03/31/22 (Market Value $1,743,438)] (proceeds $1,709,142)	$	1,709,130	$	1,709,130

TOTAL REPURCHASE AGREEMENTS (Cost $1,709,130)			$	1,709,130

Total Investments (Cost $21,956,121) – 99.47%			$	23,390,716
Other Assets in Excess of Liabilities – 0.53%				124,458

TOTAL NET ASSETS – 100.00%			$	23,515,174

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

(a)	Non-income producing security.

(b)

Security was purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or was acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market value of this security totals $56,565 which represents 0.24% of the Fund’s net assets.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Global Opportunities Value Fund

SCHEDULE OF INVESTMENTS BY COUNTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Austria	1.40	%
Brazil	7.14	%
China	1.89	%
France	5.55	%
Greece	1.02	%
Hong Kong	1.39	%
Hungary	0.83	%
India	1.25	%
Israel	0.84	%
Italy	3.18	%
Japan	8.01	%
Mexico	5.18	%
Russia	4.21	%
South Korea	5.84	%
Sweden	1.63	%
Switzerland	2.99	%
Turkey	1.02	%
United Kingdom	17.89	%
United States	14.52	%

TOTAL COMMON STOCKS	85.78	%


PREFERRED STOCKS
Brazil	2.05	%
Germany	0.77	%
Russia	0.99	%
South Korea	2.00	%

TOTAL PREFERRED STOCKS	5.81	%


CORPORATE BONDS
United States	0.61	%

TOTAL CORPORATE BONDS	0.61	%


REPURCHASE AGREEMENTS	7.27	%


TOTAL INVESTMENTS	99.47	%
Other Assets in Excess of Liabilities	0.53	%


TOTAL NET ASSETS	100.00	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 84.12%
	*Argentina – 1.27%*
	2,289,635	Arcos Dorados Holdings, Inc. – Class A^(a)	$	18,431,562

	*Austria – 2.38%*
	1,066,750	Erste Group Bank AG		34,735,499

	*Brazil – 9.94%*
	1,390,315	Banco do Brasil SA		14,970,778
	800,010	Companhia Paranaense de Energia		6,580,291
	1,767,385	Embraer SA Sponsored – ADR		39,023,861
	3,767,200	Estacio Participacoes SA		18,988,825
	4,153,000	Kroton Educacional SA		17,603,753
	11,717,111	Marfrig Global Foods SA^(a)		21,670,630
	2,598,900	Petroleo Brasileiro SA^(a)		12,095,436
	862,644	TIM Participacoes SA Sponsored – ADR		13,785,051

				144,718,625

	*Chile – 3.54%*
	2,108,192	Empresa Nacional de Telecomunicaciones SA^(a)		25,482,646
	51,051,761	Enersis Chile SA		5,650,798
	3,724,374	Enersis Chile SA Sponsored – ADR		20,484,057

				51,617,501

	*China – 6.02%*
	174,645,000	Bosideng International Holdings Ltd.		15,065,808
	3,251,400	China Mobile Ltd.		35,757,284
	173,073	China Yuchai International Ltd.		3,203,581


Shares			Value
	22,125,000	Dongfeng Motor Group Co. Ltd. – Class H	$	24,870,681
	12,307,077	Weiqiao Textile Co. – Class H^(b)(f)		8,836,581

				87,733,935

	*Colombia – 1.19%*
	2,127,094	Grupo Aval Acciones y Valores Grupo Sponsored – ADR		17,378,358

	*Cyprus – 0.33%*
	669,837	Globaltrans Investment Plc Sponsored RegS – GDR		4,822,826

	*Czech Republic – 0.75%*
	981,490	O2 Czech Republic AS		10,965,741

	*Greece – 1.48%*
	2,300,930	Hellenic Telecommunications Organization SA		21,617,625

	*Hong Kong – 6.56%*
	24,990,600	Chow Tai Fook Jewellery Group Ltd.		24,274,704
	28,461,920	First Pacific Co. Ltd.		20,687,346
	15,778,500	Lifestyle China Group Ltd.^(a)		4,732,476
	15,676,500	Lifestyle International Holdings Ltd.		21,273,423
	7,754,000	Luk Fook Holdings International Ltd.		24,648,707

				95,616,656

	*India – 4.04%*
	913,009	Infosys Ltd.		14,393,689
	1,077,359	PC Jeweller Ltd.		6,935,810
	34,348	Reliance Infrastructure Ltd. – GDR		902,380

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	2,515,599	Reliance Infrastructure Ltd.	$	22,033,799
	2,062,248	Tech Mahindra Ltd.		14,584,778

				58,850,456

	*Indonesia – 2.06%*
	130,976,015	PT XL Axiata Tbk^(a)		30,075,520

	*Luxembourg – 1.55%*
	604,688	Adecoagro SA^(a)		6,929,724
	600,885	Ternium SA Sponsored – ADR		15,695,116

				22,624,840

	*Mexico – 8.41%*
	4,136,586	Cemex SAB de CV Sponsored – ADR^(a)		37,518,836
	14,231,206	Fibra Uno Administracion SA de CV		24,331,526
	21,413,582	Fideicomiso PLA Administradora Industrial S de RL de CV		34,941,576
	20,533,014	Macquarie Mexico Real Estate Management SA de CV		23,031,062
	10,242,449	Urbi Desarrollos Urbanos SA de CV^(a)(e)		2,735,368

				122,558,368

	*Pakistan – 0.83%*
	7,646,760	Nishat Mills Ltd.		12,050,413

	*Panama – 1.48%*
	778,859	Banco Latinoamericano de Comercio Exterior SA – Class E		21,605,549

	*Russia – 8.69%*
	6,767,787	Mobile TeleSystems PJSC		32,782,172


Shares			Value
	54,717	Mobile TeleSystems PJSC Sponsored – ADR	$	603,529
	630,096	Oil Company LUKOIL PJSC Sponsored – ADR		33,432,895
	1,673,728	Public Joint-Stock Co. Gazprom		3,803,826
	3,939,534	Public Joint-Stock Co. Gazprom Sponsored – ADR		17,708,205
	3,302,987	Sberbank of Russia OJSC Sponsored – ADR		38,083,440

				126,414,067

	*South Korea – 12.49%*
	443,333	Hana Financial Group, Inc.		14,629,112
	131,987	Hyundai Mobis Co. Ltd.		28,392,665
	340,531	KB Financial Group, Inc.		14,924,271
	648,389	KIA Motors Corp.		21,489,352
	418,544	KT&G Corp.		36,491,138
	57,604	POSCO		14,961,256
	17,987	Samsung Electronics Co. Ltd.		33,103,552
	427,503	Shinhan Financial Group Co. Ltd.		17,812,803

				181,804,149

	*Spain – 0.98%*
	6,246,765	Prosegur Cash SA (Acquired 03/16/17, Cost $13,454,302)^(a)(c)		14,261,108

	*Thailand – 3.47%*
	4,162,000	Bangkok Bank Plc – NVDR		21,984,607
	43,883,700	Jasmine Broadband Internet Infrastructure		14,813,261
	2,511,600	Kasikornbank Plc – NVDR		13,821,168

				50,619,036

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	*Turkey – 5.67%*
	6,190,065	Akbank TAS	$	14,533,246
	37,130,599	Emlak Konut Gayrimenkul Yatirim Ortakligi AG		29,627,929
	6,223,640	Turkiye Garanti Bankasi Anonim Sirketi		15,177,037
	15,747,168	Turkiye Vakiflar Bankasi Turk Anonim Ortakligi		23,234,630

				82,572,842

	*United Kingdom – 0.99%*
	7,130,076	ITE Group Plc		14,382,538

	TOTAL COMMON STOCKS (Cost $1,209,331,869)		$	1,225,457,214

	PREFERRED STOCKS – 10.66%
	*Brazil – 6.69%*
	1,524,489	Banco Bradesco SA		15,719,193
	1,755,200	Companhia Brasileira de Distribuicao		33,796,542
	709,810	Companhia Brasileira de Distribuicao Sponsored – Class A – ADR		13,628,352
	857,150	Companhia Paranaense de Energia – COPEL B		8,876,510
	2,760	Companhia Paranaense de Energia Sponsored – Class B – ADR		28,456


Shares			Value
	1,123,832	Petroleo Brasileiro Sponsored – ADR^(a)	$	10,361,731
	13,500	Telefonica Brasil SA		200,779
	1,004,568	Telefonica Brasil SA Sponsored – ADR		14,917,835

				97,529,398

	*Colombia – 0.37%*
	13,282,093	Grupo Aval Acciones y Valores SA		5,405,272

	*Russia – 1.52%*
	16,137,141	Surgutneftegas OJSC		9,230,235
	2,304,816	Surgutneftegas OJSC Sponsored – ADR		12,906,970

				22,137,205

	*South Korea – 2.08%*
	340,966	Hyundai Motor Co.		30,276,244

	TOTAL PREFERRED STOCKS (Cost $159,285,406)		$	155,348,119

	PARTICIPATORY NOTES – 0.00%
	*Saudi Arabia – 0.00%*
	7,093	Banque Saudi Fransi (Acquired 03/28/17, Cost $45,064)^(a)(b)(c)(d)		48,971

	TOTAL PARTICIPATORY NOTES (Cost $45,064)		$	48,971

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
REPURCHASE AGREEMENTS – 4.95%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $73,880,000 US Treasury Note, 1.875%, 03/31/22, (Market Value 73,602,950)] (proceeds $72,159,088)	$	72,158,547	$	72,158,547

TOTAL REPURCHASE AGREEMENTS (Cost $72,158,547)			$	72,158,547

Total Investments (Cost $1,440,820,886) – 99.73%			$	1,453,012,851
Other Assets in Excess of Liabilities – 0.27%				3,864,270

TOTAL NET ASSETS – 100.00%			$	1,456,877,121

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

(a)	Non-income producing security.

(b)

The prices for these securities were derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. These securities represent $8,885,552 or 0.61% of the Fund’s net assets and are classified as Level 2 securities. See Note 2 in the Notes to Financial Statements.

(c)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market value of these securities total $14,310,079 which represents 0.98% of the Fund’s net assets.

(d)	Represents the underlying security of a participatory note with HSBC Bank Plc. Banque Saudi Fransi has a maturity date of March 24, 2020. See Note 2 in the Notes to Financial Statements.

(e)	Affiliated issuer. See Note 8 in the Notes to Financial Statements.

(f)	This security has limited liquidity and represents $8,836,581 or 0.61% of the Fund’s net assets and is classified as a Level 2 security. See Note 2 in the Notes to Financial Statements.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Emerging Markets Value Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Aerospace & Defense	2.68	%
Auto Components	1.95	%
Automobiles	3.18	%
Banks	18.04	%
Construction Materials	2.58	%
Consumer Finance	0.98	%
Diversified Consumer Services	2.51	%
Diversified Financial Services	1.42	%
Diversified Telecommunication Services	2.24	%
Electric Utilities	3.82	%
Food Products	1.96	%
Hotels, Restaurants & Leisure	1.27	%
Household Durables	0.19	%
IT Services	1.99	%
Machinery	0.22	%
Media	0.99	%
Metals & Mining	2.10	%
Multiline Retail	1.79	%
Oil, Gas & Consumable Fuels	4.60	%
Real Estate Investment Trusts	8.70	%
Road & Rail	0.33	%
Specialty Retail	3.83	%
Technology Hardware, Storage & Peripherals	2.27	%
Textiles, Apparel & Luxury Goods	2.47	%
Tobacco	2.50	%
Wireless Telecommunication Services	9.51	%

TOTAL COMMON STOCKS	84.12	%


PREFERRED STOCKS
Automobiles	2.08	%
Banks	1.45	%
Diversified Telecommunication Services	1.04	%
Electric Utilities	0.61	%
Food & Staples Retailing	3.26	%
Oil, Gas & Consumable Fuels	2.22	%

TOTAL PREFERRED STOCKS	10.66	%


PARTICIPATORY NOTE
Banks	0.00	%

TOTAL PARTICIPATORY NOTE	0.00	%


REPURCHASE AGREEMENTS	4.95	%


TOTAL INVESTMENTS	99.73	%
Other Assets in Excess of Liabilities	0.27	%


TOTAL NET ASSETS	100.00	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


Shares			Value
	COMMON STOCKS – 82.24%
	*Belgium – 1.47%*
	521,144	D’Ieteren SA	$	24,384,631

	*Brazil – 4.96%*
	1,468,720	Companhia Paranaense de Energia		12,080,604
	9,060,600	Embraer SA		50,214,467
	10,886,724	Marfrig Global Foods SA^(a)		20,134,841

				82,429,912

	*Canada – 5.09%*
	1,202,524	Cameco Corp.		13,311,941
	1,302,257	Dorel Industries, Inc. – Class B^(a)		31,061,843
	16,404	E-L Financial Corp. Ltd.^(a)		10,102,550
	1,057,021	Norbord, Inc.		30,084,780

				84,561,114

	*China – 1.49%*
	47,744,500	Sinotrans Shipping Ltd.		11,558,457
	18,429,000	Weiqiao Textile Co. – Class H^(b)^(d)		13,232,172

				24,790,629

	*France – 0.96%*
	191,944	Savencia SA		15,979,976

	*Germany – 0.74%*
	156,726	Draegerwerk AG & Co. KGaA		12,210,769

	*Greece – 1.87%*
	1,005,596	GR Sarantis SA		12,411,984
	2,136,124	Grivalia Properties Real Estate Investment Co. SA		18,686,357

				31,098,341

	*Hong Kong – 1.56%*
	14,961,750	APT Satellite Holdings Ltd.		8,000,180
	10,889,500	Dickson Concepts International Ltd.		3,881,350


Shares			Value
	316,040,000	Emperor Watch & Jewellery Ltd.^(a)	$	14,041,790

				25,923,320

	*Hungary – 1.53%*
	15,336,018	Magyar Telekom Telecommunications Plc		25,435,559

	*India – 3.40%*
	2,988,135	NIIT Technologies Ltd.		20,048,562
	4,164,040	Reliance Infrastructure Ltd.		36,472,276

				56,520,838

	*Ireland – 2.92%*
	12,518,280	C&C Group Plc		48,543,758

	*Israel – 2.23%*
	7,952,280	Israel Discount Bank Ltd. – Class A^(a)		18,676,539
	1,748,885	Syneron Medical Ltd.^(a)		18,450,737

				37,127,276

	*Japan – 24.40%*
	273,300	Bank of Nagoya Ltd.		9,846,324
	2,654,000	Denki Kogyo Co. Ltd.		13,424,842
	561,400	Fuji Machine Manufacturing Co. Ltd.		7,379,271
	1,765,800	Fuji Media Holdings, Inc.		24,470,122
	1,632,700	Funai Electric Co. Ltd.		13,892,289
	961,100	Futaba Corp.		17,038,081
	4,588,700	Hachijuni Bank Ltd.		25,892,336
	4,845,000	Hyakugo Bank Ltd.		19,344,233
	1,119,700	Kato Sangyo Co. Ltd.		28,838,766
	1,101,200	Kissei Pharmaceutical Co. Ltd.		28,930,313

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	2,145,600	Komori Corp.	$	27,592,689
	419,000	Nippon Seiki Co. Ltd.		9,028,068
	999,900	Noritsu Koki Co. Ltd.		8,073,423
	311,700	NuFlare Technology, Inc.		18,974,526
	2,037,000	Oita Bank Ltd.		7,960,768
	1,653,700	Sanki Engineering Co. Ltd.		14,270,187
	513,700	Sankyo Co. Ltd.		17,206,320
	1,994,800	Sintokogio Ltd.		17,392,766
	1,272,700	Tachi-S Co. Ltd.		25,385,323
	605,300	Torii Pharmaceutical Co. Ltd.		15,666,292
	638,300	Toyo Suisan Kaisha Ltd		23,813,264
	1,908,400	TSI Holdings Co. Ltd.		13,765,044
	283,700	Tsutsumi Jewelry Co. Ltd.		5,313,048
	973,000	Wacoal Holdings Corp.		12,020,214

				405,518,509

	*Mexico – 3.34%*
	43,348,757	Consorcio ARA SAB de CV		13,706,934
	2,517,107	Desarrolladora Homex SAB de CV^(a)		112,396
	13,695,224	Fibra Uno Administracion SA de CV		23,415,141
	13,203,697	Macquarie Mexico Real Estate Management SA de CV		14,810,059
	12,714,355	Urbi Desarrollos Urbanos SA de CV^(a)(e)		3,395,520

				55,440,050

	*Philippines – 0.58%*
	6,701,510	First Philippine Holdings Corp.		9,589,804


Shares			Value
	*Russia – 1.00%*
	42,262,804	Sistema JSFC	$	16,694,103

	*South Korea – 3.71%*
	243,745	Binggrae Co. Ltd.		14,930,280
	2,983	Lotte Chilsung Beverage Co. Ltd.		3,774,298
	133,938	Lotte Confectionery Co. Ltd.		23,039,783
	208,685	Samchully Co. Ltd.^(e)		19,967,178

				61,711,539

	*Spain – 3.41%*
	10,932,902	Banco Popular Espanol SA^(a)		10,601,654
	1,418,942	Hispania Activos Inmobiliarios SOCIMI SA		20,360,137
	2,333,732	Lar Espana Real Estate SOCIMI SA		17,975,149
	687,144	Merlin Properties SOCIMI SA		7,676,876

				56,613,816

	*United Kingdom – 17.58%*
	5,001,259	Balfour Beatty Plc		16,867,655
	18,744,516	Countrywide Plc^(e)		36,537,962
	3,828,362	De La Rue Plc		29,546,714
	40,881,841	Debenhams Plc		27,864,088
	7,262,710	ITE Group Plc		14,650,082
	10,390,076	J Sainsbury Plc		34,413,757
	5,321,367	LSL Property Services Plc^(e)		13,934,294
	12,427,717	Mitie Group Plc		34,551,280
	19,714,556	Premier Foods Plc^(a)		10,868,139
	14,481,089	Spirent Communications Plc		21,635,906
	17,015,273	Wm Morrison Supermarkets Plc		51,203,618

				292,073,495

	TOTAL COMMON STOCKS (Cost $1,297,309,456)		$	1,366,647,439

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


Shares			Value
	PREFERRED STOCKS – 3.10%
	*Brazil – 1.15%*
	1,845,600	Companhia Paranaense de Energia – COPEL B	$	19,112,742

	*Germany – 1.95%*
	315,507	Draegerwerk AG & Co. KGaA		32,421,396

	TOTAL PREFERRED STOCKS (Cost $36,819,152)		$	51,534,138


	Principal Amount		Value
CORPORATE BONDS & NOTES – 0.12%
*Mexico – 0.12%*
Desarrolladora Homex SA de CV Promissory Note 4.000%, 10/23/2022 (Acquired 10/23/15 through 03/16/17, Cost $4,961,200)^(b)(c)(d)	$	1,057,347	$	1,996,671
Urbi Desarrollos Urbanos SA de CV 8.500%, 4/19/2016^(a)(d)(f)		8,014,000		20,035

TOTAL CORPORATE BONDS & NOTES (Cost $6,966,122)			$	2,016,706


REPURCHASE AGREEMENTS – 13.72%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $25,000,000 US Treasury Bond, 6.250%, 08/15/23, (Market Value $31,301,325)], (proceeds 30,687,804)	$	30,687,573	$	30,687,573
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $37,615,000 US Treasury Note, 1.375%, 08/31/23, (Market Value $35,804,364)], (proceeds 35,102,581)		35,102,318		35,102,318
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $166,160,000 US Treasury Note, 1.875%, 03/31/22, (Market Value $165,536,900)], (proceeds $162,289,114)		162,287,897		162,287,897

TOTAL REPURCHASE AGREEMENTS (Cost $228,077,788)			$	228,077,788

Total Investments (Cost $1,569,172,518) – 99.18%			$	1,648,276,071
Other Assets in Excess of Liabilities – 0.82%				13,602,463

TOTAL NET ASSETS – 100.00%			$	1,661,878,534

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)

(a)	Non-income producing security.

(b)

The prices for these securities were derived from an estimate of fair market value using methods approved by the Fund’s Board of Trustees. These securities represent $15,228,843 or 0.92% of the Fund’s net assets and are classified as Level 2 securities. See Note 2 in the Notes to Financial Statements.

(c)

Security was purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market value of this security totals $1,996,671 which represents 0.12% of the Fund’s net assets.

(d)	These securities have limited liquidity and represent $15,248,878 or 0.92% of the Fund’s net assets and are classified as Level 2 securities. See Note 2 in the Notes to Financial Statements.

(e)	Affiliated issuer. See Note 8 in the Notes to Financial Statements.

(f)	In default.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2017 (Unaudited)


COMMON STOCKS
Aerospace & Defense	3.02	%
Auto Components	2.07	%
Banks	5.56	%
Beverages	3.15	%
Commercial Services & Supplies	3.86	%
Communications Equipment	2.11	%
Construction & Engineering	1.87	%
Distributors	1.47	%
Diversified Telecommunication Services	2.01	%
Electric Utilities	3.50	%
Electrical Equipment	1.03	%
Food & Staples Retailing	6.89	%
Food Products	6.54	%
Gas Utilities	1.20	%
Health Care Equipment & Supplies	1.84	%
Household Durables	3.74	%
Insurance	0.61	%
Leisure Products	1.04	%
Machinery	3.15	%
Marine	0.70	%
Media	2.35	%
Multiline Retail	1.68	%
Oil, Gas & Consumable Fuels	0.80	%
Paper & Forest Products	1.81	%
Personal Products	0.75	%
Pharmaceuticals	2.68	%
Real Estate Investment Trusts	6.19	%
Real Estate Management & Development	3.04	%
Semiconductors & Semiconductor Equipment	1.14	%
Software	1.21	%
Specialty Retail	1.08	%
Technology Hardware, Storage & Peripherals	0.49	%
Textiles, Apparel & Luxury Goods	2.67	%
Wireless Telecommunication Services	0.99	%

TOTAL COMMON STOCKS	82.24	%


PREFERRED STOCKS
Electric Utilities	1.15	%
Health Care Equipment & Supplies	1.95	%

TOTAL PREFERRED STOCKS	3.10	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes International Small Cap Fund

SCHEDULE OF INVESTMENTS BY INDUSTRY — March 31, 2017 (Unaudited) (continued)


CORPORATE BONDS & NOTES
Household Durables	0.12	%


TOTAL CORPORATE BONDS & NOTES	0.12	%


REPURCHASE AGREEMENTS	13.72	%


TOTAL INVESTMENTS	99.18	%
Other Assets in Excess of Liabilities	0.82	%


TOTAL NET ASSETS	100.00	%

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


	Principal Amount		Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 4.36%
*Federal Home Loan Mortgage Corporation – 2.42%*
Pool G1-8578, 3.000%, 12/1/2030	$	2,148,869	$	2,205,968
Pool A9-3505, 4.500%, 8/1/2040		168,499		181,467
Pool G0-6018, 6.500%, 4/1/2039		37,960		44,310

				2,431,745

*Federal National Mortgage Association – 1.94%*
Pool AS6201, 3.500%, 11/1/2045		1,450,893		1,484,975
Pool MA0918, 4.000%, 12/1/2041		372,504		392,187
Pool 254631, 5.000%, 2/1/2018		19,088		19,617
Pool 934124, 5.500%, 7/1/2038		51,487		57,426

				1,954,205

TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $4,393,430)			$	4,385,950


OTHER MORTGAGE RELATED SECURITIES – 0.11%
*Collateralized Mortgage Obligations – 0.00%*
Wells Fargo Mortgage Backed Securities 2006-AR14 Trust Series 2006-AR14, 3.066%, 10/25/2036^(c)	$	2,103	$	1,961

*Near Prime Mortgage – 0.11%*
Bear Stearns ALT-A Trust 2004-11 Series 2004-11, 1.662%, 11/25/2034^(c)		115,556		112,997

TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $110,054)			$	114,958


US GOVERNMENTS – 55.57%
*Sovereign – 55.57%*
United States Treasury Bond 4.750%, 2/15/2037	$	1,925,000	$	2,513,403
United States Treasury Note
2.000%, 11/15/2021		13,811,000		13,874,655
2.000%, 2/15/2023		15,390,000		15,310,649
2.375%, 8/15/2024		24,055,000		24,247,632

TOTAL US GOVERNMENTS (Cost $56,718,999)			$	55,946,339


ASSET BACKED SECURITIES – 1.94%
*Equipment – 0.03%*
Continental Airlines 2007-1 Class A Pass Through Trust Series 2007-1, 5.983%, 4/19/2022	$	30,178	$	33,196

*Student Loan – 1.91%*
SLM Private Credit Student Loan Trust 2004-B Series 2004-B, 1.561%, 9/15/2033		300,000		271,690

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
SLM Private Credit Student Loan Trust 2005-A Series 2005-A, 1.441%, 12/15/2038	$	400,000	$	366,220
SLM Private Credit Student Loan Trust 2006-A Series 2006-A, 1.421%, 6/15/2039		1,025,000		962,885
SLM Private Credit Student Loan Trust 2007-A Series 2007-A, 1.371%, 12/16/2041		350,000		318,145

				1,918,940

TOTAL ASSET BACKED SECURITIES (Cost $1,865,298)			$	1,952,136


CORPORATE BONDS – 34.34%
*Banks & Thrifts – 8.44%*
Bank of America Corp. 6.875%, 11/15/2018	$	1,475,000	$	1,588,301
Citigroup, Inc. 6.125%, 11/21/2017		885,000		910,111
Fifth Third Bancorp 8.250%, 3/1/2038		175,000		249,294
Goldman Sachs Group, Inc. 7.500%, 2/15/2019		1,025,000		1,124,897
JPMorgan Chase & Co. 7.900%, Perpetual		2,085,000		2,160,581
USB Capital IX 3.500%, Perpetual		750,000		637,500
Wells Fargo & Co. 1.400%, 9/8/2017		625,000		624,686
7.980%, Perpetual		1,150,000		1,201,750

				8,497,120

*Commercial Services & Supplies – 1.44%*
ADT Corp. 3.500%, 7/15/2022		1,510,000		1,445,825

*Diversified Telecommunication Services – 0.37%*
Frontier Communications Corp. 6.250%, 9/15/2021		400,000		372,000

*Electric Utilities – 3.32%*
Arizona Public Service Co. 8.750%, 3/1/2019		340,000		383,110
Commonwealth Edison Co. 5.900%, 3/15/2036		175,000		215,520
FirstEnergy Corp. 7.375%, 11/15/2031		1,465,000		1,909,400
Israel Electric Corp. Ltd. 7.250%, 1/15/2019 (Acquired 11/26/12 through 09/04/13, Cost $430,692)^(b)		420,000		454,633

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
Oncor Electric Delivery Co., LLC 7.000%, 9/1/2022	$	315,000	$	380,002

				3,342,665

*Energy Equipment & Services – 1.01%*
Transocean, Inc. 4.250%, 10/15/2017		1,010,000		1,015,050

*Food, Beverage & Tobacco – 0.99%*
Tesco Plc 5.500%, 11/15/2017 (Acquired 03/12/15 through 02/24/16, Cost $995,726)^(b)		980,000		998,558

*Forest Products & Paper – 1.38%*
Sappi Papier Holding GmbH 7.750%, 7/15/2017 (Acquired 05/23/16 through 11/02/16, Cost $1,405,162)^(b)		1,390,000		1,392,919

*Health Care Providers & Services – 1.52%*
Tenet Healthcare Corp. 8.000%, 8/1/2020		1,505,000		1,529,456

*Homebuilders – 0.88%*
PulteGroup, Inc. 5.500%, 3/1/2026		370,000		382,950
Toll Brothers Finance Corp. 4.875%, 11/15/2025		495,000		498,713
Urbi Desarrollos Urbanos SAB de CV 9.500%, 1/21/2020 (Acquired 04/17/13 through 02/17/15, Cost $292,050)^(a)(b)(c)(d)		1,640,000		4,100

				885,763

*Independent Power and Renewable Electricity Producers – 0.26%*
Talen Energy Supply, LLC 6.500%, 5/1/2018		255,000		263,287

*Insurance – 2.29%*
American International Group, Inc. 6.400%, 12/15/2020		800,000		905,480
CNA Financial Corp.
7.350%, 11/15/2019		785,000		885,404
5.875%, 8/15/2020		135,000		149,754
Voya Financial, Inc. 5.500%, 7/15/2022		335,000		369,203

				2,309,841

*Metals & Mining – 1.76%*
Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance Corp. 12.000%, 11/1/2021		1,030,000		1,109,825

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
Royal Gold, Inc. 2.875%, 6/15/2019	$	625,000	$	660,156

				1,769,981

*Oil, Gas & Consumable Fuels – 7.10%*
BP Capital Markets Plc
2.241%, 9/26/2018		1,115,000		1,122,855
3.506%, 3/17/2025		810,000		815,009
Chesapeake Energy Corp. 6.125%, 2/15/2021		1,925,000		1,867,250
Exxon Mobil Corp. 2.397%, 3/6/2022		745,000		745,136
Kinder Morgan, Inc.
7.000%, 6/15/2017		195,000		197,090
4.300%, 6/1/2025		904,000		923,534
Occidental Petroleum Corp. 3.500%, 6/15/2025		405,000		408,987
Range Resources Corp. 5.000%, 3/15/2023 (Acquired 08/06/15 through 02/17/17, Cost $863,237)^(b)		890,000		876,650
Valero Energy Corp. 9.375%, 3/15/2019		170,000		193,292

				7,149,803

*Telecommunications – 3.58%*
AT&T, Inc. 3.000%, 6/30/2022		1,480,000		1,472,297
Sprint Communications, Inc. 9.000%, 11/15/2018 (Acquired 11/24/15 through 10/24/16, Cost $1,253,863)^(b)		1,175,000		1,279,281
Telecom Italia Capital SA 6.999%, 6/4/2018		85,000		89,356
Telefonica Emisiones SAU
6.221%, 7/3/2017		610,000		616,710
5.462%, 2/16/2021		135,000		148,193

				3,605,837

TOTAL CORPORATE BONDS (Cost $33,451,457)			$	34,578,105

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Core Plus Fixed Income Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value

REPURCHASE AGREEMENTS – 2.58%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17 0.09% [Collateralized by $2,790,000 US Treasury Note, 1.375%, 08/31/23, (Market Value $2,655,701)] (proceeds $2,601,812)	$	2,601,793	$	2,601,793

TOTAL REPURCHASE AGREEMENTS (Cost $2,601,793)			$	2,601,793

Total Investments (Cost $99,141,031) – 98.90%			$	99,579,281
Other Assets in Excess of Liabilities – 1.10%				1,105,347

TOTAL NET ASSETS – 100.00%			$	100,684,628

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market values of these securities total $5,006,141 which represents 4.97% of the Fund’s net assets.

(c)	These securities have limited liquidity and represent $119,058 or 0.12% of the Fund’s net assets and are classified as Level 2 securities. See Note 2 in the Notes to Financial Statements.

(d)	In default.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Credit Focus Yield Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


	Principal Amount		Value
US GOVERNMENTS – 35.59%
*Sovereign – 35.59%*
United States Treasury Note
3.375%, 11/15/2019	$	3,380,000	$	3,551,244
2.000%, 11/15/2021		2,815,000		2,827,974
2.000%, 2/15/2023		1,655,000		1,646,467
2.375%, 8/15/2024		3,100,000		3,124,825

TOTAL US GOVERNMENTS (Cost $11,196,528)			$	11,150,510


ASSET BACKED SECURITIES – 2.65%
*Equipment – 0.27%*
Continental Airlines 2007-1 Class A Pass Through Trust Series 2007-1, 5.983%, 4/19/2022	$	75,445	$	82,990

*Student Loan – 2.38%*
SLM Private Credit Student Loan Trust 2006-A Series 2006-A, 1.421%, 6/15/2039		505,000		474,397
SLM Private Credit Student Loan Trust 2007-A Series 2007-A, 1.371%, 12/16/2041		300,000		272,695

				747,092

TOTAL ASSET BACKED SECURITIES (Cost $764,125)			$	830,082


CORPORATE BONDS – 59.23%
*Banks & Thrifts – 13.50%*
Bank of America Corp. 6.875%, 11/15/2018	$	700,000	$	753,770
Citigroup, Inc. 6.125%, 11/21/2017		500,000		514,187
Fifth Third Bancorp 8.250%, 3/1/2038		65,000		92,595
Goldman Sachs Group, Inc. 7.500%, 2/15/2019		490,000		537,755
JPMorgan Chase & Co. 7.900%, Perpetual		1,140,000		1,181,325
USB Capital IX 3.500%, Perpetual		350,000		297,500
Wells Fargo & Co. 1.400%, 9/8/2017		350,000		349,824
7.980%, Perpetual		480,000		501,600

				4,228,556

*Commercial Services & Supplies – 2.28%*
ADT Corp. 3.500%, 7/15/2022		745,000		713,337

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Credit Focus Yield Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
*Computers & Peripherals – 2.35%*
Apple, Inc. 2.400%, 5/3/2023	$	750,000	$	737,461

*Diversified Financial Services – 1.25%*
Voya Financial, Inc. 5.500%, 7/15/2022		355,000		391,245

*Diversified Telecommunication Services – 0.53%*
Frontier Communications Corp. 6.250%, 9/15/2021		180,000		167,400

*Electric Utilities – 5.35%*
Arizona Public Service Co. 8.750%, 3/1/2019		435,000		490,156
FirstEnergy Corp. 7.375%, 11/15/2031		380,000		495,271
Israel Electric Corp. Ltd. 7.250%, 1/15/2019 (Acquired 11/26/12 through 09/04/13, Cost $517,790)^(b)		505,000		546,642
Oncor Electric Delivery Co., LLC 7.000%, 9/1/2022		120,000		144,763

				1,676,832

*Energy Equipment & Services – 1.54%*
Transocean, Inc. 4.250%, 10/15/2017		480,000		482,400

*Food, Beverage & Tobacco – 1.81%*
Tesco Plc 5.500%, 11/15/2017 (Acquired 03/12/15 through 02/24/16, Cost $563,954)^(b)		555,000		565,510

*Forest Products & Paper – 2.11%*
Sappi Papier Holding GmbH 7.750%, 7/15/2017 (Acquired 06/16/16 through 11/02/16, Cost $667,303)^(b)		660,000		661,386

*Health Care Providers & Services – 2.29%*
Tenet Healthcare Corp. 8.000%, 8/1/2020		705,000		716,456

*Homebuilders – 1.41%*
PulteGroup, Inc. 5.500%, 3/1/2026		205,000		212,175
Toll Brothers Finance Corp. 4.875%, 11/15/2025		225,000		226,687
Urbi Desarrollos Urbanos SAB de CV 9.500%, 1/21/2020 (Acquired 04/17/13 through 02/17/15, Cost $259,625)^(a)(b)(c)(d)		1,225,000		3,063

				441,925

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Credit Focus Yield Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
*Independent Power & Renewable Electricity Producers – 0.73%*
Talen Energy Supply, LLC 6.500%, 5/1/2018	$	220,000	$	227,150

*Insurance – 3.03%*
American International Group, Inc. 6.400%, 12/15/2020		485,000		548,947
CNA Financial Corp. 7.350%, 11/15/2019		125,000		140,988
5.875%, 8/15/2020		235,000		260,684

				950,619

*Metals & Mining – 2.85%*
Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance Corp. 12.000%, 11/1/2021		470,000		506,425
Royal Gold, Inc. 2.875%, 6/15/2019		365,000		385,531

				891,956

*Oil, Gas & Consumable Fuels – 12.25%*
BP Capital Markets Plc 2.241%, 9/26/2018		475,000		478,346
3.506%, 3/17/2025		445,000		447,752
Chesapeake Energy Corp. 6.125%, 2/15/2021		1,010,000		979,700
Exxon Mobil Corp. 2.397%, 3/6/2022		435,000		435,079
Kinder Morgan, Inc. 7.000%, 6/15/2017		270,000		272,894
4.300%, 6/1/2025		353,000		360,628
Occidental Petroleum Corp. 3.500%, 6/15/2025		220,000		222,166
Range Resources Corp. 5.000%, 3/15/2023 (Acquired 08/06/15 through 02/27/17, Cost $400,922)^(b)		415,000		408,775
Valero Energy Corp. 9.375%, 3/15/2019		205,000		233,088

				3,838,428

*Telecommunications – 5.95%*
AT&T, Inc. 3.000%, 6/30/2022		710,000		706,305
Sprint Communications, Inc. 9.000%, 11/15/2018 (Acquired 11/24/15 through 10/24/16, Cost $568,794)^(b)		535,000		582,481
Telecom Italia Capital SA 6.999%, 6/4/2018		140,000		147,175

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Credit Focus Yield Fund

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
Telefonica Emisiones SAU 6.221%, 7/3/2017	$	335,000	$	338,685
5.462%, 2/16/2021		80,000		87,818

				1,862,464

TOTAL CORPORATE BONDS (Cost $18,279,896)			$	18,553,125


REPURCHASE AGREEMENTS – 1.50%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $505,000 US Treasury Note, 1.375% 08/31/23, (Market Value $480,691)] (proceeds $470,885)	$	470,881	$	470,881

TOTAL REPURCHASE AGREEMENTS (Cost $470,881)			$	470,881

Total Investments (Cost $30,711,430) – 98.97%			$	31,004,598
Other Assets in Excess of Liabilities – 1.03%				323,179

TOTAL NET ASSETS – 100.00%			$	31,327,777

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market values of these securities total $2,767,857 which represents 8.84% of the Fund’s net assets.

(c)	This security has limited liquidity and represents $3,063 or 0.01% of the Fund’s net assets and is classified as a Level 2 security. See Note 2 in the Notes to Financial Statements.

(d)	In default.

The accompanying notes are an integral part of these Schedules of Investments.

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2017 (Unaudited)


	Brandes International Equity Fund			Brandes Global Equity Fund
ASSETS
Investment in securities, at value⁽¹⁾
Unaffiliated issuers	$	509,262,038		$	67,158,734
Affiliated issuers		—			—
Cash		—			—
Restricted Cash		—			—
Foreign Currency⁽¹⁾		250,627			16,575
Receivables:
Securities sold		—			—
Fund shares sold		1,107,799			18,445
Dividends and interest		2,323,738			240,216
Foreign currency spot trade		—			—
Tax reclaims		317,113			20,165
Due from Advisor		—			—
Prepaid expenses and other assets		50,400			35,778

Total Assets		513,311,715			67,489,913

LIABILITIES
Payables:
Securities purchased		3,158,167			—
Fund shares redeemed		1,147,531			87,114
Due to Advisor		345,406			31,651
12b-1 Fee		12,872			2,855
Trustee Fees		16,932			2,900
Dividends payable		141,184			1,006
Foreign tax witholding		252,196			22,468
Foreign currency spot trade payable		2,806			—
Accrued expenses		180,900			76,966

Total Liabilities		5,257,994			224,960

NET ASSETS	$	508,053,721		$	67,264,953

COMPONENTS OF NET ASSETS
Paid-in capital	$	625,649,313		$	61,770,785
Undistributed net investment income (loss)		(3,836,382	)		(235,808	)
Accumulated net realized gain (loss) on investments and foreign currency		(51,262,965	)		(284,527	)
Net unrealized appreciation (depreciation) on:
Investments		(62,510,574	)		6,010,964
Foreign currency		14,329			3,539

Total Net Assets	$	508,053,721		$	67,264,953

Net asset value, offering price and redemption proceeds per share
*Class A Shares*
Net Assets	$	22,369,451		$	7,603,862
Shares outstanding (unlimited shares authorized without par value)		1,354,316			329,520
Offering and redemption price	$	16.52		$	23.08

Maximum offering price per share*	$	17.52		$	24.48

*Class C Shares*
Net Assets	$	13,816,588		$	1,889,120
Shares outstanding (unlimited shares authorized without par value)		844,679			82,332
Offering and redemption price	$	16.36		$	22.95

*Class I Shares*
Net Assets	$	439,842,777		$	57,771,971
Shares outstanding (unlimited shares authorized without par value)		26,571,055			2,488,144
Offering and redemption price	$	16.55		$	23.22

*Class R6 Shares*
Net Assets	$	32,024,905			N/A
Shares outstanding (unlimited shares authorized without par value)		1,930,791			N/A
Offering and redemption price	$	16.59			N/A

⁽¹⁾ Cost of:
Investments in securities
Unaffiliated issuers	$	571,772,612		$	61,147,770
Affiliated issuers		—			—
Foreign currency		250,271			16,629

*	Includes a sales load of 5.75% for the International, Global, Global Equity Income, Global Opportunities Value, Emerging Markets Value, and International Small Cap Funds and 3.75% for the Core Plus Fixed Income and Credit Focus Yield Funds. (See Note 7 of the Notes to Financial Statements)

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

Brandes Investment Trust

STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2017 (Unaudited) (continued)


Brandes Global Equity Income Fund			Brandes Global Opportunities Value Fund			Brandes Emerging Markets Value Fund			Brandes International Small Cap Equity Fund			Brandes Core Plus Fixed Income Fund			Brandes Credit Focus Yield Fund


$	939,642		$	23,390,716		$	1,450,277,483		$	1,574,441,117		$	99,579,281		$	31,004,598
	—			—			2,735,368			73,834,954			—			—
	48,203			—			—			—			—			—
	—			—			—			1,857,541			—			—
	137			1,379			160,420			17,147,454			—			—

	—			61,849			3,688,989			3,130,536			—			—
	—			84,713			2,728,934			4,241,236			489,487			—
	4,030			89,285			4,912,987			6,639,032			760,492			348,309
	—			6,008			840,242			1,847,913			—			—
	240			6,735			249,816			405,173			—			—
	12,016			—			—			—			—			—
	5,105			34,003			102,946			81,986			36,587			24,852

	1,009,373			23,674,688			1,465,697,185			1,683,626,942			100,865,847			31,377,759



	—			99,723			3,815,929			15,248,274			—			—
	—			994			2,595,024			3,872,146			85,087			107
	—			4,172			1,090,987			1,318,809			16,043			256
	10			620			86,743			51,043			443			639
	3,146			2,868			42,281			43,533			5,513			2,400
	116			412			—			227,529			2,331			2,894
	290			8,843			802,059			690,290			—			—
	—			—			—			—			—			—
	35,910			41,882			387,041			296,784			71,802			43,686

	39,472			159,514			8,820,064			21,748,408			181,219			49,982

$	969,901		$	23,515,174		$	1,456,877,121		$	1,661,878,534		$	100,684,628		$	31,327,777


$	878,837		$	22,503,771		$	1,634,649,699		$	1,577,617,457		$	100,408,281		$	30,811,932
	(20	)		(28,446	)		(7,691,421	)		(28,321,141	)		(14,690	)		(7,292	)
	9,941			(395,912	)		(182,521,040	)		33,462,014			(147,213	)		229,969

	81,087			1,434,595			12,191,965			79,103,553			438,250			293,168
	56			1,166			247,918			16,651			—			—

$	969,901		$	23,515,174		$	1,456,877,121		$	1,661,878,534		$	100,684,628		$	31,327,777



$	119		$	2,654,854		$	347,924,095		$	174,312,821		$	1,663,752		$	2,362,027
	10			238,889			40,374,429			12,562,099			182,092			231,625
$	11.57		$	11.11		$	8.62		$	13.88		$	9.14		$	10.20

$	12.27		$	11.79		$	9.14		$	14.72		$	9.49		$	10.59


$	11,913		$	102,538		$	24,134,216		$	24,425,928			N/A			N/A
	1,060			9,265			2,823,524			1,792,489			—			—
$	11.23		$	11.07		$	8.55		$	13.63			N/A			N/A


$	957,869		$	20,757,782		$	1,012,314,886		$	1,404,851,459		$	99,020,876		$	28,965,750
	85,542			1,870,755			116,956,714			100,926,874			10,775,666			2,840,922
$	11.20		$	11.10		$	8.66		$	13.92		$	9.19		$	10.20


	N/A			N/A		$	72,503,924		$	58,288,326			N/A			N/A
	N/A			N/A			8,364,195			4,185,734			N/A			N/A
	N/A			N/A		$	8.67		$	13.93			N/A			N/A



$	858,555		$	21,956,121		$	1,428,618,721		$	1,455,593,971		$	99,141,031		$	30,711,430
	—			—			12,202,165			113,578,547			—			—
	139			7,194			163,271			19,024,682			—			—

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

Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2017 (Unaudited)


	Brandes International Equity Fund			Brandes Global Equity Fund
INVESTMENT INCOME
Income
Dividend income
Unaffiliated issuers	$	5,329,761		$	659,807
Affiliated issuers		—			—
Less: foreign taxes withheld		(444,516	)		(36,417	)
Interest income		2,602			37,414
Less: Foreign taxes withheld		—			—
Income from securities lending		57,284			1,877
Miscellaneous Income		—			—

Total Income		4,945,131			662,681

Expenses
Advisory fees (Note 3)		2,177,747			245,729
Custody fees		27,273			3,182
Administration fees (Note 3)		60,425			7,100
Insurance expense		9,899			790
Legal fees		10,652			2,041
Printing fees		18,588			2,998
Miscellaneous		19,410			2,367
Registration expense		47,253			28,542
Trustee fees		27,528			4,536
Transfer agent fees		70,346			31,872
12b-1 Fees – Class A		20,139			8,324
12b-1 Fees – Class C		48,568			7,369
Shareholder Service Fees – Class C		16,189			2,457
Shareholder Service Fees – Class E*		225			—
Sub-Transfer Agency Fees – Class I		122,774			13,197
Accounting fees		37,686			31,676
Auditing fees		20,106			19,209
Proxy expense		49,384			4,138

Total expenses		2,784,192			415,527
Expense recoupment (reimbursement / waiver)		(13,705	)		(86,054	)

Total expenses net of recoupment / reimbursement / waiver		2,770,487			329,473

Net investment income		2,174,644			333,208

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Unaffiliated investments		3,791,366			225,845
Redemption in-kind		9,879,819			—
Foreign currency transactions		(493,145	)		(5,135	)

Net realized gain (loss)		13,178,040			220,710

Net change in unrealized appreciation (depreciation) on:
Investments		12,209,297			5,109,484
Foreign currency transactions		17,391			4,707

Net unrealized appreciation (depreciation)		12,226,688			5,114,191

Net realized and unrealized gain (loss) on investments and foreign currency transactions		25,404,728			5,334,901

Net Increase (decrease) in net assets resulting from operations	$	27,579,372		$	5,668,109

*	Class E shares were eliminated effective November 30, 2016 and are no longer offered for sale.

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

Brandes Investment Trust

STATEMENTS OF OPERATIONS — For the Six Months Ended March 31, 2017 (Unaudited) (continued)


Brandes Global Equity Income Fund			Brandes Global Opportunities Value Fund			Brandes Emerging Markets Value Fund			Brandes International Small Cap Equity Fund			Brandes Core Plus Fixed Income Fund			Brandes Credit Focus Yield Fund



$	12,900		$	131,735		$	12,912,217		$	18,823,129		$	29,890		$	18,837
	—			—			—			849,035			—			—
	(456	)		(10,323	)		(1,266,121	)		(1,720,291	)		—			—
	—			9,549			—			120,153			1,376,257			534,353
	—			—			—			(4,874	)		—			—
	—			—			—			7,570			—			—
	—			—			1,497						43,195			21,465

	12,444			130,961			11,647,593			18,074,722			1,449,342			574,655


	3,573			60,967			5,889,120			7,076,060			169,955			77,592
	731			1,560			221,684			90,213			6,184			2,361
	633			1,737			133,336			165,436			11,471			3,821
	—			94			17,066			17,847			1,275			486
	1,121			1,216			22,401			26,175			2,858			1,589
	1,179			1,082			57,809			51,128			4,544			1,722
	1,273			1,275			113,972			23,865			2,548			1,362
	4,817			21,746			59,740			48,831			22,934			17,513
	275			842			61,776			73,022			4,153			2,963
	22,567			22,847			219,607			119,334			26,116			15,914
	7			2,557			391,019			182,702			2,554			2,912
	42			351			82,291			77,398			N/A			N/A
	14			117			27,431			25,799			N/A			N/A
	N/A			N/A			N/A			N/A			124			N/A
	219			2,674			218,653			320,234			23,744			—
	26,803			29,274			40,613			43,371			29,167			23,110
	16,459			17,551			19,402			19,544			19,655			18,960
	44			585			147,917			144,069			8,990			1,401

	79,757			166,475			7,723,837			8,505,028			336,272			171,706
	(75,184	)		(89,038	)		(138,884	)		(9,552	)		(82,350	)		(74,282	)

	4,573			77,437			7,584,953			8,495,476			253,922			97,424

	7,871			53,524			4,062,640			9,579,246			1,195,420			477,231



	10,117			45,112			(20,286,267	)		44,410,695			(63,699	)		19,925
	—			—			—			—			—			—
	(167	)		(14,907	)		(815,739	)		(915,359	)		—			—

	9,950			30,205			(21,102,006	)		43,495,336			(63,699	)		19,925


	56,251			1,172,278			139,571,143			60,100,234			(2,370,579	)		(423,059	)
	(12	)		724			252,454			212,644			—			—

	56,239			1,173,002			139,823,597			60,312,878			(2,370,579	)		(423,059	)

	66,189			1,203,207			118,721,591			103,808,214			(2,434,278	)		(403,134	)

$	74,060		$	1,256,731		$	122,784,231		$	113,387,460		$	(1,238,858	)	$	74,097

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS


	Brandes International Equity Fund						Brandes Global Equity Fund
	Six Months Ended March 31, 2017			Year Ended September 30, 2016			Six Months Ended March 31, 2017			Year Ended September 30, 2016
	(Unaudited)						(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	2,174,644		$	15,585,402		$	333,208		$	1,078,861
Net realized gain (loss) on:
Investments		13,671,185			(3,759,302	)		225,845			(224,516	)
Foreign currency transactions		(493,145	)		(98,428	)		(5,135	)		(20,745	)
Net unrealized appreciation on:
Investments		12,209,297			36,944,553			5,109,484			1,898,143
Foreign currency transactions		17,391			50,697			4,707			1,386

Net increase in net assets resulting from operations		27,579,372			48,722,922			5,668,109			2,733,129

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class A		(324,942	)		(326,735	)		(55,597	)		(83,326	)
Class C		(228,741	)		(217,328	)		(6,978	)		(25,407	)
Class E		N/A			(16,845	)		N/A			(1,382	)
Class I		(7,997,807	)		(15,332,614	)		(452,016	)		(991,951	)
Class R6		(486,156	)		(458,693	)		N/A			N/A
From net realized gains
Class A		—			—			—			(117,360	)
Class C		—			—			—			(144,639	)
Class E		N/A			—			N/A			(13,647	)
Class I		—			—			—			(2,617,644	)
Class R6		—			—			N/A			N/A

Decrease in net assets from distributions		(9,037,646	)		(16,352,215	)		(514,591	)		(3,995,356	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		124,051,761			278,842,419			11,526,259			12,290,688
Net asset value of shares issued on reinvestment of distributions		8,448,623			15,725,407			511,381			3,952,436
Cost of shares redeemed		(115,722,899	)		(212,318,638	)		(3,860,581	)		(11,550,515	)
Cost of shares redeemed from Redemption in-kind (Note 10)		(231,178,479	)		—			—			—

Net increase (decrease) in net assets from capital share transactions		(214,400,994	)		82,249,188			8,177,059			4,692,609

Total increase (decrease) in net assets		(195,859,268	)		114,619,895			13,330,577			3,430,382

NET ASSETS
Beginning of the Period		703,912,989			589,293,094			53,934,376			50,503,994

End of the Period	$	508,053,721		$	703,912,989		$	67,264,953		$	53,934,376

Undistributed net investment income (loss)	$	(3,836,382	)	$	3,026,620		$	(235,808	)	$	(54,425	)

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Brandes Global Equity Income Fund						Brandes Global Opportunities Value Fund
	Six Months Ended March 31, 2017			Year Ended September 30, 2016			Six Months Ended March 31, 2017			Year Ended September 30, 2016
	(Unaudited)						(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	7,871		$	20,269		$	53,524		$	120,380
Net realized gain (loss) on:
Investments		10,117			24,436			45,112			(399,349	)
Foreign currency transactions		(167	)		(291	)		(14,907	)		(2,745	)
Net unrealized appreciation (depreciation) on:
Investments		56,251			64,664			1,172,278			680,460
Foreign currency transactions		(12	)		153			724			536

Net increase in net assets resulting from operations		74,060			109,231			1,256,731			399,282

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class A		(19	)		(76	)		(13,472	)		(10,894	)
Class C		(46	)		(122	)		(792	)		(463	)
Class I		(7,826	)		(20,233	)		(69,785	)		(124,679	)
Class R6		N/A			N/A			N/A			N/A
From net realized gains
Class A		(124	)		(2	)		—			(3,623	)
Class C		(269	)		(2	)		—			(304	)
Class I		(20,701	)		(12,640	)		—			(70,302	)
Class R6		N/A			N/A			N/A			N/A

Decrease in net assets from distributions		(28,985	)		(33,075	)		(84,049	)		(210,265	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		39,089			150,238			16,944,978			6,590,086
Net asset value of shares issued on reinvestment of distributions		28,163			31,963			82,432			149,850
Cost of shares redeemed		(5,444	)		—			(384,114	)		(4,571,439	)

Net increase in net assets from capital share transactions		61,808			182,201			16,643,296			2,168,497

Total increase in net assets		106,883			258,357			17,815,978			2,357,514

NET ASSETS
Beginning of the Period		863,018			604,661			5,699,196			3,341,682

End of the Period	$	969,901		$	863,018		$	23,515,174		$	5,699,196

Undistributed net investment income (loss)	$	(20	)	$	—		$	(28,446	)	$	2,079

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Brandes Emerging Markets Value Fund						Brandes International Small Cap Equity Fund
	Six Months Ended March 31, 2017			Year Ended September 30, 2016			Six Months Ended March 31, 2017			Year Ended September 30, 2016
	(Unaudited)						(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	4,062,640		$	19,655,749		$	9,579,246		$	10,157,426
Net realized gain (loss) on:
Investments		(20,286,267	)		(125,575,989	)		44,410,695			27,969,963
Foreign currency transactions		(815,739	)		(1,608,216	)		(915,359	)		(772,696	)
Net unrealized appreciation (depreciation) on:
Investments		139,571,143			380,769,626			60,100,234			84,984,537
Foreign currency transactions		252,454			12,415			212,644			(182,673	)

Net increase in net assets resulting from operations		122,784,231			273,253,585			113,387,460			122,156,557

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class A		(2,708,288	)		(3,653,585	)		(3,132,973	)		(1,623,052	)
Class C		(144,547	)		(95,247	)		(376,041	)		(237,168	)
Class I		(7,781,416	)		(10,871,960	)		(27,937,640	)		(18,992,579	)
Class R6		(237,281	)		—			(936,034	)		(26,169	)
From net realized gains
Class A		—			—			(2,808,067	)		(1,347,940	)
Class C		—			—			(411,540	)		(268,103	)
Class I		—			—			(25,524,016	)		(14,618,967	)
Class R6		—			—			(794,405	)		—

Decrease in net assets from distributions		(10,871,532	)		(14,620,792	)		(61,920,716	)		(37,113,978	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		366,705,707			465,356,191			395,619,725			620,532,710
Net asset value of shares issued on reinvestment of distributions		9,550,092			12,848,337			60,221,079			36,267,289
Cost of shares redeemed		(187,649,411	)		(619,619,751	)		(215,270,824	)		(343,843,528	)

Net increase (decrease) in net assets from capital share transactions		188,606,388			(141,415,223	)		240,569,980			312,956,471

Total increase in net assets		300,519,087			117,217,570			292,036,724			397,999,050

NET ASSETS
Beginning of the Period		1,156,358,034			1,039,140,464			1,369,841,810			971,842,760

End of the Period	$	1,456,877,121		$	1,156,358,034		$	1,661,878,534		$	1,369,841,810

Undistributed net investment loss	$	(7,691,421	)	$	(882,529	)	$	(28,321,141	)	$	(5,517,699	)

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

Brandes Investment Trust

STATEMENT OF CHANGES IN NET ASSETS (continued)


	Brandes Core Plus Fixed Income Fund						Brandes Credit Focus Yield Fund
	Six Months Ended March 31, 2017			Year Ended September 30, 2016			Six Months Ended March 31, 2017			Year Ended September 30, 2016
	(Unaudited)						(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	1,195,420		$	2,115,182		$	477,231		$	925,834
Net realized gain (loss) on:
Investments		(63,699	)		275,403			19,925			(76,678	)
Foreign currency transactions		—			—			—			—
Net unrealized appreciation (depreciation) on:
Investments		(2,370,579	)		2,095,921			(423,059	)		1,053,459
Foreign currency transactions		—			—			—			—

Net increase (decrease) in net assets resulting from operations		(1,238,858	)		4,486,506			74,097			1,902,615

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income
Class A		(23,696	)		(55,764	)		(33,126	)		(59,334	)
Class E		(1,222	)		(15,343	)		N/A			N/A
Class I		(1,185,192	)		(2,076,681	)		(444,104	)		(866,362	)
Class R6		N/A			N/A			N/A			N/A
From net realized gains
Class A		(5,530	)		(1,614	)		(3,593	)		—
Class E		N/A			(1,430	)		N/A			N/A
Class I		(253,423	)		(64,614	)		(44,344	)		—
Class R6		N/A			N/A			N/A			N/A

Decrease in net assets from distributions		(1,469,063	)		(2,215,446	)		(525,167	)		(925,696	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		20,101,219			38,192,598			11,025			520,078
Net asset value of shares issued on reinvestment of distributions		1,446,467			2,175,810			505,899			894,878
Cost of shares redeemed		(17,697,785	)		(19,193,056	)		(86,090	)		(419,739	)

Net increase in net assets from capital share transactions		3,849,901			21,175,352			430,834			995,217

Total increase (decrease) in net assets		1,141,980			23,446,412			(20,236	)		1,972,136

NET ASSETS
Beginning of the Period		99,542,648			76,096,236			31,348,013			29,375,877

End of the Period	$	100,684,628		$	99,542,648		$	31,327,777		$	31,348,013

Undistributed net investment income (loss)	$	(14,690	)	$	—		$	(7,292	)	$	(7,293	)

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

Brandes Investment Trust

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


	Net asset value, beginning of period		Net investment income⁽⁵⁾			Net realized and unrealized gain/(loss) on investments			Total from investment operations			Dividends from net investment income
Brandes International Equity Fund
Class A⁽⁸⁾
3/31/2017 (Unaudited)	$	15.70		0.05			1.08			1.13			(0.31	)
9/30/2016	$	14.90		0.35			0.81			1.16			(0.36	)
9/30/2015	$	16.58		0.35			(1.73	)		(1.38	)		(0.30	)
9/30/2014	$	16.03		0.33			0.56			0.89			(0.34	)
9/30/2013	$	13.50		0.34			3.02			3.36			(0.83	)
9/30/2012	$	13.00		0.38			0.76			1.14			(0.64	)
Class C
3/31/2017 (Unaudited)	$	15.58		(0.01	)		1.07			1.06			(0.28	)
9/30/2016	$	14.79		0.23			0.81			1.04			(0.25	)
9/30/2015	$	16.48		0.24			(1.73	)		(1.49	)		(0.20	)
9/30/2014	$	15.98		0.20			0.55			0.75			(0.25	)
1/31/2013⁽³⁾ – 9/30/2013	$	14.30		0.15			1.84			1.99			(0.31	)
Class I
3/31/2017 (Unaudited)	$	15.72		0.07			1.08			1.15			(0.32	)
9/30/2016	$	14.92		0.38			0.81			1.19			(0.39	)
9/30/2015	$	16.60		0.35			(1.70	)		(1.35	)		(0.33	)
9/30/2014	$	16.05		0.36			0.56			0.92			(0.37	)
9/30/2013	$	13.50		0.35			3.04			3.39			(0.84	)
9/30/2012	$	12.99		0.41			0.76			1.17			(0.66	)
Class R6
3/31/2017 (Unaudited)	$	15.74		0.08			1.09			1.17			(0.32	)
2/1/2016⁽³⁾ – 9/30/2016	$	14.41		0.27			1.39			1.66			(0.33	)

(1)	Not annualized.

(2)	Annualized.

(3)	Commencement of operations.

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

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

(6)	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).

(7)	The total return figure is the since inception return for the class.

(8)	Prior to January 31, 2013, Class A shares were known as Class S shares.

(9)	Amount is less than $50,000.

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

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

Brandes Investment Trust

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


Net asset value, end of period		Total return⁽⁶⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽⁴⁾			Ratio of net investment income to average net assets⁽⁴⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


$	16.52		7.29	%⁽¹⁾	$	22.4			1.20	%^(2)(10)		0.62	%⁽²⁾		1.20	%^(2)(10)		0.62	%⁽²⁾		14.31	%⁽¹⁾
$	15.70		7.90	%	$	14.3			1.18	%		2.30	%		1.18	%		2.30	%		17.60	%
$	14.90		(8.47	)%	$	13.1			1.18	%		2.08	%		1.18	%		2.08	%		27.50	%
$	16.58		5.47	%	$	9.0			1.19	%		1.92	%		1.18	%		1.93	%		39.53	%
$	16.03		26.06	%	$	0.7			1.23	%		2.25	%		1.31	%		2.17	%		19.43	%
$	13.50		8.94	%	$	—	⁽⁹⁾		1.40	%		2.86	%		1.45	%		2.81	%		13.47	%

$	16.36		6.89	%⁽¹⁾	$	13.8			1.95	%^(2)(10)		(0.13	)%⁽²⁾		1.95	%^(2)(10)		(0.13	)%⁽²⁾		14.31	%⁽¹⁾
$	15.58		7.10	%	$	13.1			1.93	%		1.55	%		1.93	%		1.55	%		17.60	%
$	14.79		(9.14	)%	$	12.0			1.93	%		1.43	%		1.93	%		1.43	%		27.50	%
$	16.48		4.64	%	$	4.3			1.93	%		1.19	%		1.93	%		1.19	%		39.53	%
$	15.98		14.17	%⁽⁷⁾	$	0.1			1.95	%⁽²⁾		1.53	%⁽²⁾		1.97	%⁽²⁾		1.51	%⁽²⁾		19.43	%⁽¹⁾

$	16.55		7.38	%⁽¹⁾	$	439.8			1.00	%^(2)(10)		0.82	%⁽²⁾		1.00	%^(2)(10)		0.82	%⁽²⁾		14.31	%⁽¹⁾
$	15.72		8.10	%	$	648.3			1.00	%		2.48	%		0.98	%		2.50	%		17.60	%
$	14.92		(8.30	)%	$	562.5			1.00	%		2.10	%		0.98	%		2.12	%		27.50	%
$	16.60		5.61	%	$	521.9			1.00	%		2.12	%		0.99	%		2.13	%		39.53	%
$	16.05		26.43	%	$	404.4			1.03	%		2.45	%		1.15	%		2.33	%		19.43	%
$	13.50		9.09	%	$	352.7			1.16	%		3.11	%		1.21	%		3.06	%		13.47	%

$	16.59		7.52	%⁽¹⁾	$	32.0			0.84	%^(2)(10)		0.98	%⁽²⁾		0.95	%^(2)(10)		0.87	%⁽²⁾		14.31	%⁽¹⁾
$	15.74		11.60	%⁽⁷⁾	$	27.7			0.82	%⁽²⁾		2.67	%⁽²⁾		0.93	%⁽²⁾		2.56	%⁽²⁾		17.60	%⁽¹⁾

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

Brandes Investment Trust

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


	Net asset value, beginning of period		Net investment income⁽⁵⁾		Net realized and unrealized gain/(loss) on investments			Total from investment operations			Dividends from net investment income			Dividends from net realized gains
Brandes Global Equity Fund
Class A⁽⁸⁾
3/31/2017 (Unaudited)	$	21.21		0.10		1.93			2.03			(0.16	)		—
9/30/2016	$	21.85		0.40		0.67			1.07			(0.42	)		(1.29	)
9/30/2015	$	25.43		0.27		(1.90	)		(1.63	)		(0.33	)		(1.62	)
9/30/2014	$	24.20		0.43		2.00			2.43			(0.44	)		(0.76	)
9/30/2013	$	20.27		0.38		4.80			5.18			(0.91	)		(0.34	)
9/30/2012	$	19.19		0.43		2.22			2.65			(0.44	)		(1.13	)
Class C
3/31/2017 (Unaudited)	$	21.09		0.02		1.92			1.94			(0.08	)		—
9/30/2016	$	21.73		0.25		0.66			0.91			(0.26	)		(1.29	)
9/30/2015	$	25.31		0.16		(1.92	)		(1.76	)		(0.20	)		(1.62	)
9/30/2014	$	24.14		0.24		1.99			2.23			(0.30	)		(0.76	)
1/31/2013⁽³⁾ – 9/30/2013	$	21.21		0.15		3.12			3.27			(0.34	)		—
Class I
3/31/2017 (Unaudited)	$	21.33		0.13		1.95			2.08			(0.19	)		—
9/30/2016	$	21.95		0.46		0.67			1.13			(0.46	)		(1.29	)
9/30/2015	$	25.52		0.39		(1.97	)		(1.58	)		(0.37	)		(1.62	)
9/30/2014	$	24.26		0.50		2.00			2.50			(0.48	)		(0.76	)
9/30/2013	$	20.33		0.43		4.81			5.24			(0.98	)		(0.34	)
9/30/2012	$	19.22		0.49		2.22			2.71			(0.47	)		(1.13	)

(1)	Not annualized.

(2)	Annualized.

(3)	Commencement of operations.

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

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

(6)	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).

(7)	The total return figure is the since inception return for the class which commenced operations on January 31, 2013.

(8)	Prior to January 31, 2013, Class A shares were known as Class S shares.

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

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

100

Brandes Investment Trust

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


Net asset value, end of period		Total return⁽⁶⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽⁴⁾			Ratio of net investment income to average net assets⁽⁴⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


$	23.08		9.61	%⁽¹⁾	$	7.6			1.26	%⁽²⁾⁽⁹⁾		0.91	%⁽²⁾		1.49	%⁽²⁾⁽⁹⁾		0.68	%⁽²⁾		6.78	%⁽¹⁾
$	21.21		5.01	%	$	4.6			1.25	%		1.95	%		1.58	%		1.62	%		15.68	%
$	21.85		(6.99	)%	$	1.8			1.25	%		1.15	%		1.66	%		0.74	%		25.06	%
$	25.43		10.18	%	$	1.2			1.25	%		1.67	%		1.71	%		1.21	%		30.33	%
$	24.20		26.81	%	$	0.3			1.25	%		1.72	%		1.97	%		1.00	%		24.37	%
$	20.27		14.38	%	$	0.1			1.25	%		2.23	%		2.00	%		1.47	%		18.00	%

$	22.95		9.19	%⁽¹⁾	$	1.9			2.01	%⁽²⁾⁽⁹⁾		0.14	%⁽²⁾		2.25	%⁽²⁾⁽⁹⁾		(0.10	)%⁽²⁾		6.78	%⁽¹⁾
$	21.09		4.20	%	$	2.0			2.00	%		1.20	%		2.32	%		0.88	%		15.68	%
$	21.73		(7.62	)%	$	2.4			2.00	%		0.66	%		2.42	%		0.24	%		25.06	%
$	25.31		9.34	%	$	1.1			2.00	%		0.92	%		2.46	%		0.46	%		30.33	%
$	24.14		15.50	%⁽⁷⁾	$	0.1			2.00	%⁽²⁾		0.97	%⁽²⁾		2.71	%⁽²⁾		0.26	%⁽²⁾		24.37	%⁽¹⁾

$	23.22		9.75	%⁽¹⁾	$	57.8	⁽¹⁾		1.01	%⁽²⁾⁽⁹⁾		1.15	%⁽²⁾		1.30	%⁽²⁾⁽⁹⁾		0.86	%⁽²⁾		6.78	%⁽¹⁾
$	21.33		5.26	%	$	47.3			1.00	%		2.20	%		1.38	%		1.82	%		15.68	%
$	21.95		(6.75	)%	$	46.0			1.00	%		1.61	%		1.47	%		1.14	%		25.06	%
$	25.52		10.46	%	$	45.9			1.00	%		1.93	%		1.53	%		1.40	%		30.33	%
$	24.26		27.12	%	$	39.4			1.00	%		1.96	%		1.75	%		1.21	%		24.37	%
$	20.33		14.67	%	$	30.1			1.00	%		2.47	%		1.68	%		1.79	%		18.00	%

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

101

Brandes Investment Trust

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


	Net asset value, beginning of period		Net investment income⁽⁵⁾			Net realized and unrealized gain/(loss) on investments			Total from investment operations			Dividends from net investment income			Dividends from net realized gains
Brandes Global Equity Income Fund
Class A
3/31/2017 (Unaudited)	$	10.79		0.08			1.00			1.08			(0.04	)		(0.26	)
9/30/2016	$	9.62		0.28			1.35			1.63			(0.26	)		(0.20	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.23			(0.46	)		(0.23	)		(0.15	)		—
Class C
3/31/2017 (Unaudited)	$	10.72		0.04			0.77			0.81			(0.04	)		(0.26	)
9/30/2016	$	9.60		0.20			1.31			1.51			(0.19	)		(0.20	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.23			(0.52	)		(0.29	)		(0.11	)		—
Class I
3/31/2017 (Unaudited)	$	10.68		0.10			0.78			0.88			(0.10	)		(0.26	)
9/30/2016	$	9.57		0.29			1.30			1.59			(0.28	)		(0.20	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.23			(0.45	)		(0.22	)		(0.21	)		—

Brandes Global Opportunities Value Fund
Class A
3/31/2017 (Unaudited)	$	10.17		0.03			0.97			1.00			(0.06	)		—
9/30/2016	$	9.36		0.15			0.96			1.11			(0.21	)		(0.09	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.12			(0.68	)		(0.56	)		(0.08	)		—
Class C
3/31/2017 (Unaudited)	$	10.15		(0.01	)		0.98			0.97			(0.05	)		—
9/30/2016	$	9.33		0.07			0.98			1.05			(0.14	)		(0.09	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.12			(0.75	)		(0.63	)		(0.04	)		—
Class I
3/31/2017 (Unaudited)	$	10.15		0.05			0.97			1.02			(0.07	)		—
9/30/2016	$	9.33		0.17			0.97			1.14			(0.23	)		(0.09	)
12/31/2014⁽³⁾ – 9/30/2015	$	10.00		0.12			(0.71	)		(0.59	)		(0.08	)		—

(1)	Not annualized.

(2)	Annualized.

(3)	Commencement of operations.

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

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

(6)	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).

(7)	The total return figure is the since inception return for the class which commenced operations on December 31, 2014.

(8)	Amount is less than $50,000.

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

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

102

Brandes Investment Trust

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


Net asset value, end of period		Total return⁽⁶⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽⁴⁾			Ratio of net investment income to average net assets⁽⁴⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


$	11.57		10.33	%⁽¹⁾	$	—	⁽⁸⁾		1.26	%⁽²⁾⁽⁹⁾		1.50	%⁽²⁾		18.05	%⁽²⁾⁽⁹⁾		(15.29	)%⁽²⁾		7.89	%⁽¹⁾
$	10.79		17.35	%	$	—	⁽⁸⁾		1.25	%		2.67	%		20.41	%		(16.49	)%		22.38	%
$	9.62		(2.44	)%⁽⁷⁾	$	—	⁽⁸⁾		1.25	%⁽²⁾		2.90	%⁽²⁾		570.42	%⁽²⁾		(566.27	)%⁽²⁾		16.78	%⁽¹⁾

$	11.23		7.85	%⁽¹⁾	$	—	⁽⁸⁾		2.01	%⁽²⁾⁽⁹⁾		0.78	%⁽²⁾		18.81	%⁽²⁾⁽⁹⁾		(16.02	)%⁽²⁾		7.89	%⁽¹⁾
$	10.72		16.01	%	$	—	⁽⁸⁾		2.00	%		1.91	%		21.51	%		(17.60	)%		22.38	%
$	9.60		(2.99	)%⁽⁷⁾	$	—	⁽⁸⁾		2.00	%⁽²⁾		2.90	%⁽²⁾		572.75	%⁽²⁾		(567.85	)%⁽²⁾		16.78	%⁽¹⁾

$	11.20		8.46	%⁽¹⁾	$	1.0			1.01	%⁽²⁾⁽⁹⁾		1.78	%⁽²⁾		17.85	%⁽²⁾⁽⁹⁾		(15.06	)%⁽²⁾		7.89	%⁽¹⁾
$	10.68		16.98	%	$	0.9			1.00	%		2.91	%		24.04	%		(20.13	)%		22.38	%
$	9.57		(2.36	)%⁽⁷⁾	$	0.6			1.00	%⁽²⁾		2.90	%⁽²⁾		37.61	%⁽²⁾		(33.71	)%⁽²⁾		16.78	%⁽¹⁾



$	11.11		9.91	%⁽¹⁾	$	2.6			1.41	%⁽²⁾⁽⁹⁾		0.63	%⁽²⁾		2.94	%⁽²⁾⁽⁹⁾		(0.90	)%⁽²⁾		2.50	%⁽¹⁾
$	10.17		12.13	%	$	0.6			1.40	%		1.53	%		4.57	%		(1.64	)%		71.20	%
$	9.36		(5.66	)%⁽⁷⁾	$	0.3			1.40	%⁽²⁾		1.29	%⁽²⁾		9.85	%⁽²⁾		(7.16	)%⁽²⁾		15.12	%⁽¹⁾

$	11.07		9.58	%⁽¹⁾	$	0.1			2.16	%⁽²⁾⁽⁹⁾		(0.12	)%⁽²⁾		3.71	%⁽²⁾⁽⁹⁾		(1.67	)%⁽²⁾		2.50	%⁽¹⁾
$	10.15		11.42	%	$	—	⁽⁸⁾		2.15	%		0.78	%		5.32	%		(2.39	)%		71.20	%
$	9.33		(6.33	)%⁽⁷⁾	$	—	⁽⁸⁾		2.15	%⁽²⁾		1.86	%⁽²⁾		13.79	%⁽²⁾		(9.78	)%⁽²⁾		15.12	%⁽¹⁾

$	11.10		10.12	%⁽¹⁾	$	20.8			1.16	%⁽²⁾⁽⁹⁾		0.88	%⁽²⁾		2.52	%⁽²⁾⁽⁹⁾		(0.48	)%⁽²⁾		2.50	%⁽¹⁾
$	10.15		12.45	%	$	5.1			1.15	%		1.78	%		4.25	%		(1.32	)%		71.20	%
$	9.33		(5.92	)%⁽⁷⁾	$	3.0			1.15	%⁽²⁾		1.55	%⁽²⁾		11.77	%⁽²⁾		(9.07	)%⁽²⁾		15.12	%⁽¹⁾

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

103

Brandes Investment Trust

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


	Net asset value, beginning of period		Net investment income⁽⁵⁾			Net realized and unrealized gain/(loss) on investments			Total from investment operations			Dividends from net investment income			Dividends from net realized gains
Brandes Emerging Markets Value Fund
Class A⁽⁸⁾
3/31/2017 (Unaudited)	$	7.91		0.02			0.76			0.78			(0.07	)		—
9/30/2016	$	6.19		0.12			1.69			1.81			(0.09	)		—
9/30/2015	$	9.56		0.11			(3.12	)		(3.01	)		(0.13	)		(0.23	)
9/30/2014	$	9.23		0.11			0.53			0.64			(0.10	)		(0.21	)
9/30/2013	$	8.96		0.11			0.59			0.70			(0.22	)		(0.21	)
9/30/2012	$	7.85		0.17			1.10			1.27			(0.08	)		(0.08	)
Class C
3/31/2017 (Unaudited)	$	7.86		(0.01	)		0.76			0.75			(0.06	)		—
9/30/2016	$	6.15		0.07			1.67			1.74			(0.03	)		—
9/30/2015	$	9.51		0.05			(3.10	)		(3.05	)		(0.08	)		(0.23	)
9/30/2014	$	9.19		0.03			0.54			0.57			(0.04	)		(0.21	)
1/31/2013⁽³⁾ – 9/30/2013	$	9.54		0.02			(0.30	)		(0.28	)		(0.07	)		—
Class I
3/31/2017 (Unaudited)	$	7.94		0.03			0.77			0.80			(0.08	)		—
9/30/2016	$	6.21		0.14			1.70			1.84			(0.11	)		—
9/30/2015	$	9.58		0.13			(3.12	)		(2.99	)		(0.15	)		(0.23	)
9/30/2014	$	9.24		0.13			0.54			0.67			(0.12	)		(0.21	)
9/30/2013	$	8.99		0.13			0.56			0.69			(0.23	)		(0.21	)
9/30/2012	$	7.86		0.20			1.10			1.30			(0.09	)		(0.08	)
Class R6
3/31/2017 (Unaudited)	$	7.93		0.04			0.78			0.82			(0.08	)		—
7/11/2016⁽³⁾ – 9/30/2016	$	7.54		0.04			0.38			0.42			(0.03	)		—
Brandes International Small Cap Fund
Class A⁽⁸⁾
3/31/2017 (Unaudited)	$	13.46		0.08			0.90			0.98			(0.28	)		(0.28	)
9/30/2016	$	12.58		0.09			1.22			1.31			(0.23	)		(0.20	)
9/30/2015	$	13.55		0.04			(0.43	)		(0.39	)		(0.17	)		(0.41	)
9/30/2014	$	13.72		0.06			1.02			1.08			(0.36	)		(0.89	)
9/30/2013	$	10.56		0.06			3.36			3.42			(0.14	)		(0.12	)
1/31/2012⁽³⁾ – 9/30/2012	$	10.00		0.10			0.46			0.56			—			—
Class C
3/31/2017 (Unaudited)	$	13.24		0.02			0.89			0.91			(0.24	)		(0.28	)
9/30/2016	$	12.42		0.00			1.19			1.19			(0.17	)		(0.20	)
9/30/2015	$	13.45		(0.04	)		(0.44	)		(0.48	)		(0.14	)		(0.41	)
9/30/2014	$	13.68		(0.04	)		1.02			0.98			(0.32	)		(0.89	)
1/31/2013⁽³⁾ – 9/30/2013	$	11.90		(0.02	)		1.83			1.81			(0.03	)		—
Class I
3/31/2017 (Unaudited)	$	13.50		0.09			0.90			0.99			(0.29	)		(0.28	)
9/30/2016	$	12.61		0.12			1.22			1.34			(0.25	)		(0.20	)
9/30/2015	$	13.58		0.08			(0.44	)		(0.36	)		(0.20	)		(0.41	)
9/30/2014	$	13.74		0.09			1.03			1.12			(0.39	)		(0.89	)
9/30/2013	$	10.56		0.09			3.37			3.46			(0.16	)		(0.12	)
1/31/2012⁽³⁾ – 9/30/2012	$	10.00		0.10			0.46			0.56			—			—
Class R6
3/31/2017 (Unaudited)	$	13.50		0.10			0.90			1.00			(0.29	)		(0.28	)
6/27/2016⁽³⁾ – 9/30/2016	$	12.68		0.04			0.83			0.87			(0.05	)		—

(1)	Not annualized.

(2)	Annualized.

(3)	Commencement of operations.

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

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

(6)	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).

(7)	The total return figure is the since inception return for the class.

(8)	Prior to January 31, 2013, Class A shares were known as Class S shares.

(9)	Amount is less than $50,000.

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

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

104

Brandes Investment Trust

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


Net asset value, end of period		Total return⁽⁶⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽⁴⁾			Ratio of net investment income to average net assets⁽⁴⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


$	8.62		9.97	%⁽¹⁾	$	347.9			1.39	%^(2)(10)		0.48	%⁽²⁾		1.37	%^(2)(10)		0.50	%⁽²⁾		11.96	%⁽¹⁾
$	7.91		29.38	%	$	305.0			1.37	%		1.74	%		1.39	%		1.72	%		26.48	%
$	6.19		(32.32	)%	$	295.6			1.37	%		1.46	%		1.40	%		1.43	%		35.02	%
$	9.56		7.09	%	$	266.9			1.37	%		1.10	%		1.37	%		1.10	%		22.54	%
$	9.23		8.09	%	$	131.7			1.37	%		1.16	%		1.46	%		1.07	%		21.74	%
$	8.96		16.40	%	$	68.1			1.37	%		2.03	%		1.60	%		1.79	%		28.59	%

$	8.55		9.55	%⁽¹⁾	$	24.2			2.14	%^(2)(10)		(0.27	)%⁽²⁾		2.13	%^(2)(10)		(0.26	)%⁽²⁾		11.96	%⁽¹⁾
$	7.86		28.38	%	$	22.4			2.12	%		0.99	%		2.14	%		0.97	%		26.48	%
$	6.15		(32.83	)%	$	18.4			2.12	%		0.62	%		2.14	%		0.60	%		35.02	%
$	9.51		6.38	%	$	25.3			2.12	%		0.35	%		2.13	%		0.34	%		22.54	%
$	9.19		(2.84	)%⁽⁷⁾	$	5.3			2.12	%⁽²⁾		0.42	%⁽²⁾		2.20	%⁽²⁾		0.34	%⁽²⁾		21.74	%⁽¹⁾

$	8.66		10.11	%⁽¹⁾	$	1,012.3			1.14	%^(2)(10)		0.73	%⁽²⁾		1.17	%^(2)(10)		0.70	%⁽²⁾		11.96	%⁽¹⁾
$	7.94		29.70	%	$	829.0			1.12	%		1.99	%		1.19	%		1.92	%		26.48	%
$	6.21		(32.13	)%	$	725.1			1.12	%		1.58	%		1.19	%		1.51	%		35.02	%
$	9.58		7.41	%	$	1,144.3			1.12	%		1.34	%		1.18	%		1.28	%		22.54	%
$	9.24		8.20	%	$	287.7			1.12	%		1.41	%		1.26	%		1.27	%		21.74	%
$	8.99		16.79	%	$	134.5			1.12	%		2.26	%		1.35	%		2.03	%		28.59	%

$	8.67		10.39	%⁽¹⁾	$	72.5			0.99	%^(2)(10)		0.89	%⁽²⁾		1.13	%^(2)(10)		0.75	%⁽²⁾		11.96	%⁽¹⁾
$	7.93		5.59	%⁽⁷⁾	$	—	⁽⁹⁾		0.97	%⁽²⁾		2.14	%⁽²⁾		1.14	%⁽²⁾		1.97	%⁽²⁾		26.48	%⁽¹⁾


$	13.88		7.53	%⁽¹⁾	$	174.3			1.31	%^(2)(10)		1.12	%⁽²⁾		1.31	%^(2)(10)		1.12	%⁽²⁾		11.75	%⁽¹⁾
$	13.46		10.60	%	$	121.2			1.32	%		0.71	%		1.31	%		0.72	%		21.00	%
$	12.58		(2.76	)%	$	79.1			1.40	%		0.35	%		1.32	%		0.43	%		24.82	%
$	13.55		8.36	%	$	50.1			1.40	%		0.42	%		1.39	%		0.43	%		24.30	%
$	13.72		32.98	%	$	31.2			1.40	%		0.49	%		1.68	%		0.21	%		24.45	%
$	10.56		5.60	%⁽¹⁾	$	38.4			1.40	%⁽²⁾		1.19	%⁽²⁾		2.16	%⁽²⁾		0.43	%⁽²⁾		13.55	%⁽¹⁾

$	13.63		7.18	%⁽¹⁾	$	24.4			2.06	%^(2)(10)		0.37	%⁽²⁾		2.06	%^(2)(10)		0.37	%⁽²⁾		11.75	%⁽¹⁾
$	13.24		9.78	%	$	19.8			2.06	%		(0.03	)%		2.06	%		(0.03	)%		21.00	%
$	12.42		(3.49	)%	$	15.1			2.07	%		(0.34	)%		2.07	%		(0.34	)%		24.82	%
$	13.45		7.60	%	$	12.3			2.14	%		(0.32	)%		2.14	%		(0.32	)%		24.30	%
$	13.68		15.23	%⁽⁷⁾	$	1.5			2.15	%⁽²⁾		(0.25	)%⁽²⁾		2.40	%⁽²⁾		(0.50	)%⁽²⁾		24.45	%⁽¹⁾

$	13.92		7.61	%⁽¹⁾	$	1,404.9			1.11	%^(2)(10)		1.32	%⁽²⁾		1.11	%^(2)(10)		1.32	%⁽²⁾		11.75	%⁽¹⁾
$	13.50		10.85	%	$	1,212.4			1.13	%		0.90	%		1.11	%		0.92	%		21.00	%
$	12.61		(2.58	)%	$	877.6			1.15	%		0.59	%		1.12	%		0.62	%		24.82	%
$	13.58		8.67	%	$	567.9			1.15	%		0.67	%		1.18	%		0.64	%		24.30	%
$	13.74		33.41	%	$	81.5			1.15	%		0.74	%		1.48	%		0.31	%		24.45	%
$	10.56		5.60	%⁽¹⁾	$	38.4			1.15	%⁽²⁾		1.44	%⁽²⁾		1.91	%⁽²⁾		0.68	%⁽²⁾		13.55	%⁽¹⁾

$	13.93		7.71	%⁽¹⁾	$	58.3			1.02	%^(2)(10)		1.41	%⁽²⁾		1.06	%^(2)(10)		1.37	%⁽²⁾		11.75	%⁽¹⁾
$	13.50		9.49	%⁽⁷⁾	$	16.5			1.00	%⁽²⁾		1.03	%⁽²⁾		1.06	%⁽²⁾		0.97	%⁽²⁾		21.00	%⁽¹⁾

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

105

Brandes Investment Trust

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


	Net asset value, beginning of period		Net investment income⁽⁵⁾		Net realized and unrealized gain/(loss) on investments			Total from investment operations			Dividends from net investment income			Dividends from net realized gains
Brandes Core Plus Fixed Income Fund
Class A
3/31/2017 (Unaudited)	$	9.39		0.10		(0.23	)		(0.13	)		(0.10	)		(0.02	)
9/30/2016	$	9.14		0.22		0.26			0.48			(0.22	)		(0.01	)
9/30/2015	$	9.22		0.19		(0.02	)		0.17			(0.20	)		(0.05	)
9/30/2014	$	9.16		0.25		0.06			0.31			(0.24	)		(0.01	)
1/31/2013⁽³⁾ – 9/30/2013	$	9.43		0.20		(0.28	)		(0.08	)		(0.19	)		—
Class I
3/31/2017 (Unaudited)	$	9.44		0.11		(0.23	)		(0.12	)		(0.11	)		(0.02	)
9/30/2016	$	9.20		0.24		0.25			0.49			(0.24	)		(0.01	)
9/30/2015	$	9.28		0.21		(0.02	)		0.19			(0.22	)		(0.05	)
9/30/2014	$	9.19		0.27		0.10			0.37			(0.27	)		(0.01	)
9/30/2013	$	9.60		0.32		(0.23	)		0.09			(0.38	)		(0.12	)
9/30/2012	$	9.35		0.40		0.50			0.90			(0.46	)		(0.19	)
Brandes Credit Focus Yield Fund
Class A⁽⁸⁾
3/31/2017 (Unaudited)	$	10.35		0.14		(0.13	)		0.01			(0.14	)		(0.02	)
9/30/2016	$	10.02		0.29		0.33			0.62			(0.29	)		—
9/30/2015	$	10.23		0.23		(0.20	)		0.03			(0.23	)		(0.01	)
9/30/2014	$	10.15		0.21		0.09			0.30			(0.21	)		(0.01	)
9/30/2013	$	10.39		0.19		(0.17	)		0.02			(0.20	)		(0.06	)
3/2/2012⁽³⁾ – 9/30/2012	$	10.10		0.16		0.29			0.45			(0.16	)		—
Class I
3/31/2017 (Unaudited)	$	10.34		0.16		(0.12	)		0.04			(0.16	)		(0.02	)
9/30/2016	$	10.02		0.31		0.32			0.63			(0.31	)		—
9/30/2015	$	10.23		0.26		(0.20	)		0.06			(0.26	)		(0.01	)
9/30/2014	$	10.15		0.23		0.09			0.32			(0.23	)		(0.01	)
9/30/2013	$	10.39		0.22		(0.18	)		0.04			(0.22	)		(0.06	)
1/31/2012⁽³⁾ – 9/30/2012	$	10.00		0.23		0.38			0.61			(0.22	)		—

(1)	Not annualized.

(2)	Annualized.

(3)	Commencement of operations.

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

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

(6)	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).

(7)	The total return figure is the since inception return for the class.

(8)	Prior to January 31, 2013, Class A shares were know as Class S shares.

(9)	Effective February 1, 2016, the contractual operating expense limit was reduced from 0.95% to 0.85% for Class A and 0.70% to 0.60% for Class I.

(10)	Amount is less than $50,000.

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

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

106

Brandes Investment Trust

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


Net asset value, end of period		Total return⁽⁶⁾			Net assets, end of period (millions)			Ratio of net expenses to average net assets⁽⁴⁾			Ratio of net investment income to average net assets⁽⁴⁾			Ratio of expenses (prior to reimburse- ments) to average net assets			Ratio of net investment income (prior to reimburse- ments) to average net assets			Portfolio turnover rate


$	9.14		(1.28	)%⁽¹⁾	$	1.7			0.72	%^(2)(11)		2.28	%⁽²⁾		0.90	%^(2)(11)		2.10	%⁽²⁾		22.10	%⁽¹⁾
$	9.39		5.32	%	$	2.0			0.70	%		2.38	%		0.93	%		2.15	%		35.88	%
$	9.14		1.78	%	$	2.1			0.70	%		2.07	%		1.06	%		1.71	%		11.24	%
$	9.22		3.52	%	$	2.1			0.70	%		2.68	%		1.33	%		2.05	%		18.63	%
$	9.16		(0.88	)%⁽⁷⁾	$	1.4			0.70	%⁽²⁾		3.23	%⁽²⁾		1.45	%⁽²⁾		2.48	%⁽²⁾		33.91	%⁽¹⁾

$	9.19		(1.17	)%⁽¹⁾	$	99.0			0.52	%^(2)(11)		2.48	%⁽²⁾		0.69	%^(2)(11)		2.31	%⁽²⁾		22.10	%⁽¹⁾
$	9.44		5.43	%	$	97.2			0.50	%		2.58	%		0.72	%		2.36	%		35.88	%
$	9.20		2.02	%	$	72.1			0.50	%		2.26	%		0.86	%		1.90	%		11.24	%
$	9.28		4.10	%	$	43.3			0.50	%		2.88	%		1.20	%		2.18	%		18.63	%
$	9.19		0.89	%	$	29.7			0.50	%		3.43	%		1.23	%		2.70	%		33.91	%
$	9.60		10.06	%	$	25.3			0.50	%		4.28	%		1.23	%		3.55	%		31.59	%


$	10.20		0.11	%⁽¹⁾	$	2.4			0.86	%^(2)(11)		2.85	%⁽²⁾		1.34	%^(2)(11)		2.37	%⁽²⁾		19.76	%⁽¹⁾
$	10.35		6.33	%	$	2.3			0.88	%⁽⁹⁾		2.90	%		1.35	%		2.43	%		34.14	%
$	10.02		0.26	%	$	2.1			0.95	%		2.28	%		1.53	%		1.70	%		25.50	%
$	10.23		2.94	%	$	2.0			0.95	%		2.02	%		1.50	%		1.47	%		26.17	%
$	10.15		0.13	%	$	4.2			0.95	%		1.84	%		1.61	%		1.18	%		23.05	%
$	10.39		4.51	%⁽⁷⁾		—	⁽¹⁰⁾		0.95	%⁽²⁾		2.69	%⁽²⁾		1.05	%⁽²⁾		2.06	%⁽²⁾		162.73	%⁽¹⁾

$	10.20		0.33	%⁽¹⁾	$	29.0			0.61	%^(2)(11)		3.10	%⁽²⁾		1.09	%^(2)(11)		2.62	%⁽²⁾		19.76	%⁽¹⁾
$	10.34		6.49	%	$	29.0			0.63	%⁽⁹⁾		3.15	%		1.10	%		2.68	%		34.14	%
$	10.02		0.58	%	$	27.3			0.70	%		2.53	%		1.28	%		1.95	%		25.50	%
$	10.23		3.20	%	$	27.1			0.70	%		2.26	%		1.26	%		1.70	%		26.17	%
$	10.15		0.40	%	$	25.2			0.70	%		2.09	%		1.42	%		1.37	%		23.05	%
$	10.39		6.23	%⁽⁷⁾	$	19.3			0.70	%⁽²⁾		3.39	%⁽²⁾		2.35	%⁽²⁾		1.74	%⁽²⁾		162.73	%⁽¹⁾

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

107

Brandes Investment Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited)

NOTE 1 – ORGANIZATION

The Brandes International Equity Fund (the “International Fund”), the Brandes Global Equity Fund (the “Global Fund”), the Brandes Global Equity Income Fund (the “Global Income Fund”), the Brandes Global Opportunities Value Fund (the “Global Opportunities 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 Core Plus Fixed Income Fund (the “Core Plus Fund”) and the Brandes Credit Focus Yield Fund (the “Credit Focus Yield Fund”) (each a “Fund” and collectively the “Funds”) are series of Brandes Investment Trust (the “Trust”). The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, open-end management investment company.

The International Fund, Global Fund, Global Income Fund, Global Opportunities Fund, Emerging Markets Fund, Core Plus Fund, Credit Focus Yield Fund and International Small Cap Fund began operations on January 2, 1997, October 6, 2008, December 31, 2014, December 31, 2014, January 31, 2011, December 28, 2007, January 31, 2012 and January 31, 2012, respectively. Prior to January 31, 2011 for the Emerging Markets Fund and January 31, 2012 for the International Small Cap and Credit Focus Yield Funds, these Funds’ portfolios were managed as private investment funds with investment objectives, investment policies and strategies that were, in all material respects, equivalent to those of the Emerging Markets Fund, International Small Cap Fund and Credit Focus Yield Fund, respectively.

The International Fund has 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 Global Income Fund and Global Opportunities Fund have three classes of shares: Class A, Class C and Class I. The Emerging Markets Fund and International Small Cap Fund have four classes of shares: Class A, Class C, Class I and Class R6. The Core Plus Fund has two classes of shares: Class A, and Class I. The Credit Focus Yield Fund has two classes of shares: Class A and Class I. Prior to January 31, 2013, Class A shares were known as Class S shares for the International, Global, Emerging Markets, International Small Cap and Credit Focus Yield Funds (Class A shares have the same operating expenses as Class S shares).

The International Fund and Global Fund invest their assets primarily in equity securities of issuers with market capitalizations greater than $1 billion. The International, International Small Cap and Emerging Markets Funds invest their assets in securities of foreign companies, while the Global Fund, Global Income Fund and Global Opportunities Fund invests its assets in securities of foreign and domestic companies. The Core Plus Fund and Credit Focus Yield Fund invest predominantly in debt securities issued by U.S. and foreign companies and debt

108

Brandes Investment Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

obligations issued or guaranteed by the U.S. Government and foreign governments and their agencies and instrumentalities.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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.

Repurchase Agreements. Each Fund may enter into repurchase agreements with government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System or with other brokers or dealers that meet the credit guidelines established by the Board of Trustees. Each Fund will always receive and maintain, as collateral, U.S. Government securities whose market value, including accrued interest (which is recorded in the Schedules of Investments), will be at least equal to 100% of the dollar amount invested by the Fund in each agreement, and the Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the Fund’s custodian. To the extent that the term of any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. Before causing a Fund to enter into a repurchase agreement with any other party, the investment advisor will determine that such party does not have any apparent risk of becoming involved in bankruptcy proceedings within the time frame contemplated by the repurchase agreement. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At March 31, 2017, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedule of Investments.

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

109

Brandes Investment Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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

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 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 Funds did not have any open commitments on delayed delivery securities as of March 31, 2017.

Participatory Notes. The International, Global, Global Income, Global Opportunities, Emerging Markets and International Small Cap 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 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

110

Brandes Investment Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

the counterparty. During the six months ended March 31, 2017, the Funds did not make any counterparty credit risk valuation adjustments.

The International, Global, Global Income, Global Opportunities, and International Small Cap Funds did not invest in any participatory notes at March 31, 2017. The Emerging Markets Fund invested in one participatory note with HSBC Bank Plc in which HSBC Bank Plc is an investment vehicle used to gain exposure to the underlying security of Banque Saudi Fransi. Banque Saudi Fransi was purchased on March 28, 2017 and held through the end of the period. As of March 31, 2017, the market value and realized gain on this position was $48,971 and $3,907, respectively.

Investment Transactions, Dividends and Distributions. Investment transactions are accounted for on the trade dates. Realized gains and losses are evaluated on the basis of identified costs. Dividend income and distributions to shareholders are recorded on the ex-dividend dates. Interest is recorded on an accrual basis. Withholding taxes on foreign dividends and capital gains, which are included as a component of net investment income and realized gain (loss) 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.

Concentration of Risk. As of March 31, 2017, the International, Global, Global Income, Global Opportunities, 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, Global Income, Global Opportunities, Emerging Markets and International Small Cap Funds’ net assets. The investment advisor monitors these off-balance sheet risks.

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 the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

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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 Fund 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 cash and/or U.S. Government obligations, in an amount at least equal to 102% (105% in the case of loans of foreign securities not denominated in U.S. dollars) of the market value of the loaned securities. As of March 31, 2017, the Global Income Fund, Global Opportunities Fund, Emerging Markets Fund, International Small Cap Fund, Core Plus Fund and Credit Focus Fund did not have any securities on loan. The International Fund and Global Fund had market values of securities loaned of $7,208,745 and $944,598 and received non-cash collateral for the loans of $7,447,740 and $975,260, respectively. Non-cash collateral received by the Funds may not be sold or re-pledged except to satisfy a borrower default. Therefore, non-cash collateral is not included on the Funds’ Schedule of Investments or Statement of Assets and Liabilities.

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

Accounting for Uncertainty in Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all 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.

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The Trust has adopted financial reporting rules that require the Funds to analyze 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 (2013 through 2016). As of March 31, 2017 the Trust has no examinations in progress.

The Trust identifies its major tax jurisdictions as the U.S. Government and the State of California. 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.

Fair Value Measurements. The Trust has adopted GAAP accounting principles related to fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

Level 1 — Fair value measurement within Level 1 should be based on an unadjusted quoted price in an active market that the Funds have the ability to access for the asset or liability at the measurement date. Because a quoted price alone forms the basis for the measurement, the access requirement within Level 1 limits discretion in pricing the asset or liability, including in situations in which there are multiple markets for the asset or liability with different prices and no single market represents a principal market for the asset or liability. Importantly, the Financial Accounting Standards Board 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.

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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.

Security Valuation. Common and preferred stocks, exchange-traded funds and financial derivative instruments, such as futures contracts and options contracts that are traded on a national securities or commodities exchange, are valued at the last reported sales price at the close of regular trading on each day the exchange is open for trading, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Equity securities traded on an exchange for which there have been no sales on the valuation date are generally valued at the mean between last bid and ask price on such day and are categorized as Level 2 of the fair value hierarchy, or are fair valued by the Valuation Committee.

Investments in registered open-end management investment companies will be valued based upon the Net Asset Values (“NAVs”) of such investments and are categorized as Level 1 of the fair value hierarchy.

Valuation adjustments may be applied to certain common and preferred stocks that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange (“NYSE”). These securities are generally valued using pricing service providers that consider the correlation of the trading patterns of the foreign securities to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. As of March 31, 2017, the International Fund, Global Fund, Global Income Fund, Global Opportunities Fund, Emerging Markets Fund and International Small Cap Fund had securities with market values of $393,719,289, $35,461,027, $517,441, $10,868,648, $594,192,039, and $813,244,408, that represent 77.50%, 52.72%, 53.35%, 46.22%, 40.79%, and 48.94% 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

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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.

The Funds may enter into mortgage dollar roll transactions in which the Funds sell a mortgage-backed security to a counterparty and simultaneously enter into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase a Fund’s portfolio turnover rate.

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

Repurchase agreements and demand notes, for which neither vendor pricing nor market maker prices are available, are valued at amortized cost on the day of valuation, unless 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).

Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Valuation Committee

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is generally responsible for overseeing the day-to-day valuation processes and reports periodically to the Board. The Valuation Committee 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 Valuation Committee 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.

The following is a summary of the level inputs used, as of March 31, 2017, 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.


Description	Level 1		Level 2		Level 3		Total
Investments in Securities
International Fund
Common Stocks
Consumer Discretionary	$	2,624,965	$	65,642,000	$	—	$	68,266,965
Consumer Staples		—		41,415,389		—		41,415,389
Energy		11,165,557		46,702,544		—		57,868,101
Financials		9,262,823		92,262,573		—		101,525,396
Health Care		—		63,245,157		—		63,245,157
Industrials		8,315,239		27,420,074		—		35,735,313
Information Technology		—		18,932,924		—		18,932,924
Materials		7,603,127		7,595,947				15,199,074
Telecommunication Services		3,980,275		26,859,969		—		30,840,244
Utilities		—		14,334,442		—		14,334,442

Total Common Stocks		42,951,986		404,411,019		—		447,363,005

Preferred Stocks
Energy		—		6,486,677		—		6,486,677
Telecommunication Services		7,388,978		—		—		7,388,978

Total Preferred Stocks		7,388,978		6,486,677		—		13,875,655

Repurchase Agreements		—		48,023,378		—		48,023,378

Total Investments in Securities	$	50,340,964	$	458,921,074	$	—	$	509,262,038

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Description	Level 1		Level 2		Level 3		Total
Global Fund
Common Stocks
Consumer Discretionary	$	—	$	7,989,339	$	—	$	7,989,339
Consumer Staples		1,204,828		3,216,612		—		4,421,440
Energy		1,729,991		5,372,826		—		7,102,817
Financials		10,771,643		5,483,815		—		16,255,458
Health Care		5,994,330		5,516,882		—		11,511,212
Industrials		2,575,736		1,645,925		—		4,221,661
Information Technology		2,135,824		3,322,676		—		5,458,500
Telecommunication Services		1,392,120		1,852,042		—		3,244,162
Utilities		543,010		1,562,623		—		2,105,633

Total Common Stocks		26,347,482		35,962,740		—		62,310,222

Corporate Bonds
Energy		—		655,735		—		655,735

Total Corporate Bonds		—		655,735		—		655,735

Repurchase Agreements		—		4,192,777		—		4,192,777

Total Investments in Securities	$	26,347,482	$	40,811,252	$	—	$	67,158,734


Global Equity Income
Common Stocks
Consumer Discretionary	$	—	$	101,701	$	—	$	101,701
Consumer Staples		47,913		83,582		—		131,495
Energy		8,268		92,780		—		101,048
Financials		91,031		58,088		—		149,119
Health Care		69,895		77,337		—		147,232
Industrials		18,257		29,608		—		47,865
Information Technology		30,682		26,782		—		57,464
Telecommunication Services		24,498		—		—		24,498
Utilities		57,286		28,942		—		86,228

Total Common Stocks		347,830		498,820		—		846,650

Preferred Stocks
Financials		74,371		—		—		74,371
Information Technology		—		18,621		—		18,621

Total Preferred Stocks		74,371		18,621		—		92,992

Total Investments in Securities	$	422,201	$	517,441	$	—	$	939,642

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Description	Level 1		Level 2		Level 3		Total
Global Opportunities Value
Common Stocks
Consumer Discretionary	$	770,120	$	2,033,060	$	—	$	2,803,180
Consumer Staples		530,838		1,543,135		—		2,073,973
Energy		1,025,022		746,862		—		1,771,884
Financials		2,813,020		2,235,908		—		5,048,928
Health Care		812,460		807,425		—		1,619,885
Industrials		1,902,654		611,400		—		2,514,054
Information Technology		123,300		959,156		—		1,082,456
Materials		228,782		229,857		—		458,639
Real Estate		—		426,327		—		426,327
Telecommunication Services		389,285		1,021,307		—		1,410,592
Utilities		231,952		731,787		—		963,739

Total Common Stocks		8,827,433		11,346,224		—		20,173,657

Preferred Stocks
Consumer Discretionary		469,195		—		—		469,195
Consumer Staples		244,540		—		—		244,540
Energy		—		231,683		—		231,683
Financials		238,271		—		—		238,271
Health Care		—		181,782		—		181,782

Total Preferred Stocks		952,006		413,465		—		1,365,471

Corporate Bonds
Energy		—		142,458		—		142,458

Total Corporate Bonds		—		142,458		—		142,458

Repurchase Agreements		—		1,709,130		—		1,709,130

Total Investments in Securities	$	9,779,439	$	13,611,277	$	—	$	23,390,716

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Description	Level 1		Level 2		Level 3		Total
Emerging Markets Fund
Common Stocks
Consumer Discretionary	$	84,192,459	$	180,520,208	$	—	$	264,712,667
Consumer Staples		65,091,492		—		—		65,091,492
Energy		63,236,535		3,803,826		—		67,040,361
Financials		174,342,289		235,980,910		—		410,323,199
Industrials		61,311,376		—		—		61,311,376
Information Technology		—		62,082,019		—		62,082,019
Materials		53,213,951		14,961,256		—		68,175,207
Telecommunication Services		50,836,967		120,232,601		—		171,069,568
Utilities		32,715,146		22,936,179		—		55,651,325

Total Common Stocks		584,940,215		640,516,999		—		1,225,457,214

Preferred Stocks
Consumer Discretionary		30,276,244		—		—		30,276,244
Consumer Staples		47,424,894		—		—		47,424,894
Energy		23,268,701		9,230,235		—		32,498,936
Financials		21,124,465		—		—		21,124,465
Telecommunication Services		15,118,614		—		—		15,118,614
Utilities		8,904,966		—		—		8,904,966

Total Preferred Stocks		146,117,884		9,230,235		—		155,348,119

Participatory Notes
Financials		—		48,971		—		48,971

Total Participatory Notes		—		48,971		—		48,971

Repurchase Agreements		—		72,158,547		—		72,158,547

Total Investments in Securities	$	731,058,099	$	721,954,752	$	—	$	1,453,012,851

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Description	Level 1		Level 2		Level 3		Total
International Small Cap Fund
Common Stocks
Consumer Discretionary	$	94,672,213	$	180,812,443	$	—	$	275,484,656
Consumer Staples		122,868,977		165,083,485		—		287,952,462
Energy		13,311,941		—		—		13,311,941
Financials		80,948,401		120,358,867		—		201,307,268
Health Care		18,450,737		56,807,374		—		75,258,111
Industrials		114,312,461		112,099,107		—		226,411,568
Information Technology		21,635,906		52,447,931		—		74,083,837
Materials		30,084,780		—		—		30,084,780
Real Estate		17,975,149		36,537,962				54,513,111
Telecommunication Services		—		50,129,843		—		50,129,843
Utilities		41,637,586		36,472,276		—		78,109,862

Total Common Stocks		555,898,151		810,749,288		—		1,366,647,439

Preferred Stocks
Health Care		—		32,421,396		—		32,421,396
Utilities		19,112,742		—		—		19,112,742

Total Preferred Stocks		19,112,742		32,421,396		—		51,534,138

Corporate Bonds & Notes
Consumer Discretionary		—		2,016,706		—		2,016,706

Total Corporate Bonds & Notes		—		2,016,706		—		2,016,706

Repurchase Agreements		—		228,077,788		—		228,077,788

Total Investments in Securities	$	575,010,893	$	1,073,265,178	$	—	$	1,648,276,071


Core Plus Fund
Asset Backed Securities	$	—	$	1,952,136	$	—	$	1,952,136
Corporate Bonds		—		34,578,105		—		34,578,105
Government Securities		—		55,946,339		—		55,946,339
Mortgage Backed Securities		—		4,500,908		—		4,500,908
Repurchase Agreements		—		2,601,793		—		2,601,793

Total Investments in Securities	$	—	$	99,579,281	$	—	$	99,579,281


Credit Focus Yield Fund
Asset Backed Securities	$	—	$	830,082	$	—	$	830,082
Corporate Bonds		—		18,553,125		—		18,553,125
Government Securities		—		11,150,510		—		11,150,510
Repurchase Agreements		—		470,881		—		470,881

Total Investments in Securities	$	—	$	31,004,598	$	—	$	31,004,598

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Below are the transfers into or out of Levels 1 and 2 for the Funds using market values measured at the end of the reporting period:


	International Equity Fund			Global Opportunities Fund			Emerging Markets Fund			International Small Cap Fund
Transfers into Level 1	$	2,624,965		$	975,502		$	56,709,194		$	111,962,907
Transfers out of Level 1		—			(195,200	)		(4,732,476	)		(25,435,559	)

Net Transfers into (out of) Level 1	$	2,624,965		$	780,302		$	51,976,718		$	86,527,348

Transfers into Level 2	$	—		$	195,200		$	4,732,476		$	25,435,559
Transfers out of Level 2		(2,624,965	)		(975,502	)		(56,709,194	)		(111,962,907	)

Net Transfers into (out of) Level 2	$	(2,624,965	)	$	(780,302	)	$	(51,976,718	)	$	(86,527,348	)

There were no transfers into or out of Levels 1 or 2 during the six months ended March 31, 2017 for the Global, Global Income, Core Plus and Credit Focus Yield Funds.

The transfers from Level 1 to Level 2 are due to the securities being fair valued as a result of market movements following the close of local trading and/or due to the lack of trading volume on March 31, 2017. The transfers from Level 2 to Level 1 are due to the securities no longer being fair valued as a result of trading on a stock exchange on March 31, 2017.

There were no Level 3 securities in the International, Global, Global Income, Global Opportunities, Core Plus and Credit Focus Yield Funds at the beginning or during the periods presented.

Below is a reconciliation that details the activity of securities in Level 3 in the Emerging Markets and International Small Cap Funds during the six months ended March 31, 2017:


	Emerging Markets Fund			International Small Cap Fund
Beginning Balance – October 1, 2016	$	7,087,594		$	9,238,517
Purchases		—			—
Sales		—			—
Transfers in to level 3		—			—
Transfers out of level 3		(7,087,594	)		(9,238,517	)
Realized gains (losses), net		—			—
Change in unrealized gains (losses)		—			—

Ending Balance – March 31, 2017	$	—		$	—

NOTE 3 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Advisor Fee. Brandes Investment Partners, L.P. (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,

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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 0.80% of the first $2.5 billion of average daily net assets, 0.75% on average daily net assets from $2.5 billion to $5.0 billion, and 0.70% 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 Global Fund, Global Income Fund, Global Opportunities Fund, International Small Cap Fund, Core Plus Fund and Credit Focus Yield Fund incurred a monthly fee at the annual rate of 0.80%, 0.80%, 0.95%, 0.95%, 0.35% and 0.50% based upon their average daily net assets, respectively. For the six months ended March 31, 2017, the International Fund, the Global Fund, the Global Income Fund, the Global Opportunities Fund, the Emerging Markets Fund, the International Small Cap Fund, the Core Plus Fund and the Credit Focus Yield Fund incurred $2,177,747, $245,729, $3,573, $60,967, $5,889,120, $7,076,060, $169,955, and $77,592 in advisory fees, respectively.

Certain officers and trustees of the Trust are also officers of the Advisor.

The Funds are responsible for their own operating expenses. The Advisor has 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 January 31, 2018 (the “Expense Cap Agreement”):


Fund	Class A			Class C			Class I			Class R6
International Fund		1.20	%		1.95	%		1.00	%		0.82	%
Global Fund		1.25	%		2.00	%		1.00	%		N/A
Global Income Fund		1.25	%		2.00	%		1.00	%		N/A
Global Opportunities Fund		1.40	%		2.15	%		1.15	%		N/A
Emerging Markets Fund		1.37	%		2.12	%		1.12	%		0.97	%
International Small Cap Fund		1.40	%		2.15	%		1.15	%		1.00	%
Core Plus Fund		0.70	%		N/A			0.50	%		N/A
Credit Focus Yield Fund		0.85	%		N/A			0.60	%		N/A

Any reimbursements or 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 its Expense Cap Agreement. Under the Expense Cap Agreement, any such repayment must be made before the end of the third full fiscal year after the fiscal year in which the related reimbursement or waiver occurred. For the six months ended March 31, 2017, the Advisor waived expenses and/or reimbursed the Funds $13,705, $86,054, $75,184, $89,038, $138,884, $9,552, $82,350, and $74,282 for the

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

International Fund, Global Fund, Global Income Fund, Global Opportunities Fund, Emerging Markets Fund, International Small Cap Fund, Core Plus Fund and Credit Focus Yield Fund, respectively. Repayment rights expire as follows:


Fund	Potential Recovery Expiring September 30, 2017		Potential Recovery Expiring September 30, 2018		Potential Recovery Expiring September 30, 2019
International Fund	$	—	$	—	$	7,467
Global Fund		243,183		244,584		186,480
Global Income Fund		N/A		174,992		160,670
Global Opportunities Fund		N/A		215,095		212,240
Emerging Markets Fund		390,817		728,917		535,375
International Small Cap Fund		—		—		1,527
Core Plus Fund		259,463		230,245		181,891
Credit Focus Yield Fund		170,772		170,112		138,659

The Advisor did not recoup any fees previously waived or reimbursed for the International Fund, Global Fund, Global Income Fund, Global Opportunities Fund, International Small Cap Fund, Core Plus Fund and Credit Focus Yield Fund. For the six months ended March 31, 2017, the Advisor recouped fees previously waived or reimbursed in the amounts of:


Fund	Class A		Class C
Emerging Markets Fund	$	42,945	$	3,039

Administration Fee. U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as administrator for the Funds. The Administrator prepares various federal and state regulatory filings; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountant; coordinates the preparation and payment of Fund expenses; and reviews the Funds’ expense accruals. For these services, the Funds pay the administrator monthly, a fee accrued daily and based on average daily net assets. The Funds may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. The amounts paid directly to the Administrator by the Funds for administrative services are included in the Administration fees in the Statement of Operations.

Distribution and Servicing Fees. ALPS Distributors, LLC (the “Distributor”), a registered broker-dealer, acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. A portion of the Funds’ distribution fees is paid by the Advisor.

The Trust has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940 for the Funds’ Class A and C shares. The Plan is designed to reimburse the Distributor or dealers

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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 March 31, 2017, the Funds paid to the Distributor and each dealer a monthly fee at the annual rate of 0.25% of the average daily net assets of Class A shares and 0.75% of the average daily net assets of Class C shares beneficially owned by the Distributor’s and each dealer’s existing brokerage clients. The 12b-1 Agreement 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 March 31, 2017, the following Funds incurred expenses pursuant to the Plan:


Fund	Class A		Class C
International Fund	$	20,139	$	48,568
Global Fund		8,324		7,369
Global Income Fund		7		42
Global Opportunities Fund		2,557		351
Emerging Markets Fund		391,019		82,291
International Small Cap Fund		182,702		77,398
Core Plus Fund		2,554		N/A
Credit Focus Yield Fund		2,912		N/A

The Funds have adopted a Shareholder Service Plan for class C, and have authorized sub-transfer agency fee payments for Class I, to pay to securities broker-dealers, retirement plan sponsors and administrators, banks and their affiliates, and other institutions and service professionals as shareholder servicing agent of the Funds, an annual fee for non-distribution sub-transfer agent and/or subaccounting services up to 0.25% and 0.05% of annual net assets attributable to Class C and Class I, respectively (the “Service Fees”). From October 1, 2016 until November 30, 2016, the Funds had a Shareholder Service Plan for Class E in which an annual fee of 0.25% of annual net assets were charged. For the six months ended March 31, 2017, the Funds incurred the following Service Fees:


Fund	Class C		Class E*		Class I
International Fund	$	16,189	$	225	$	122,774
Global Fund		2,457		—		13,197
Global Income Fund		14		N/A		219
Global Opportunities Fund		117		N/A		2,674
Emerging Markets Fund		27,431		N/A		218,653
International Small Cap Fund		25,799		N/A		320,234
Core Plus Fund		N/A		124		23,744
Credit Focus Yield Fund		N/A		N/A		—

*	Class E shares were eliminated effective November 30, 2016 and are no longer offered for sale.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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 March 31, 2107:


	U.S. Government				Other
Fund	Purchases		Sales		Purchases		Sales
International Fund	$	—	$	—	$	69,493,100	$	282,183,826	*
Global Fund	$	—	$	—	$	10,631,646	$	3,874,953
Global Income Fund	$	—	$	—	$	92,167	$	69,057
Global Opportunities Fund	$	—	$	—	$	15,645,717	$	286,382
Emerging Markets Fund	$	—	$	—	$	276,929,019	$	142,420,720
International Small Cap Fund	$	—	$	—	$	287,904,779	$	150,461,924
Core Plus Fund	$	13,462,535	$	13,978,969	$	10,548,564	$	6,750,957
Credit Focus Yield Fund	$	1,909,281	$	1,927,001	$	4,781,898	$	3,945,826

*	Includes $231,178,479 from the November 30, 2016 Redemption in kind. See Note 10 for more information.

NOTE 5 – CAPITAL STOCK TRANSACTIONS

Capital stock activity for each class of shares was as follows (shares and dollar amounts in thousands):


	International Fund												Global Fund
	Six Months Ended 3/31/2017						Year Ended 9/30/2016						Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class A		618		$	10,048			353		$	5,375			161		$	3,469			172		$	3,418
Class C		132			2,105			372			5,640			7			149			33			680
Class E		—	*		—	*		—	*		1			—			—			—			—
Class I		6,219			99,924			16,033			242,045			352			7,908			397			8,194
Class R6		737			11,975			1,734			25,782			N/A			N/A			N/A			N/A
Issued on Reinvestment of Distributions
Class A		19			303			21			314			2			55			9			192
Class C		14			225			14			214			—	*		7			8			169
Class E		—			—			1			13			—			—			1			12
Class I		466			7,434			976			14,725			20			449			167			3,579
Class R6		31			486			30			459			N/A			N/A			N/A			N/A
Shares Redeemed
Class A		(196	)		(3,151	)		(339	)		(5,128	)		(52	)		(1,156	)		(45	)		(923	)
Class C		(141	)		(2,229	)		(360	)		(5,418	)		(18	)		(405	)		(59	)		(1,204	)
Class E		(35	)		(546	)		(78	)		(1,170	)		(3	)		(58	)		(9	)		(180	)
Class I		(21,346	)		(331,737	)		(13,467	)		(200,479	)		(100	)		(2,241	)		(445	)		(9,244	)
Class R6		(594	)		(9,238	)		(8	)		(124	)		N/A			N/A			N/A			N/A

Net Increase/(Decrease) Resulting from Fund Share Transactions		(14,076	)	$	(214,401	)		5,282		$	82,249			369		$	8,177			229		$	4,693

*	Value calculated is less than 500 shares/dollars.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)


	Global Income Fund												Global Opportunities Fund
	Six Months Ended 3/31/2017						Year Ended 9/30/2016						Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class A		—		$	—			—	*	$	5			188		$	1,946			63		$	631
Class C		—			—			1			10			18			184			1			5
Class I		3			39			13			135			1,380			14,815			616			5,953
Issued on Reinvestment of Distributions
Class A		—	*		—	*		—	*		—	*		1			13			2			15
Class C		—	*		—	*		—	*		—	*		—	*		1			—	*		—	*
Class I		3			28			3			32			6			68			14			135
Shares Redeemed
Class A		—	*		(5	)		—			—			(7	)		(71	)		(40	)		(373	)
Class C		—			—			—			—			(12	)		(126	)		—			—
Class I		—			—			—			—			(17	)		(187	)		(453	)		(4,198	)

Net Increase Resulting from Fund Share Transactions		6		$	62			17		$	182			1,557		$	16,643			203		$	2,168

*	Value calculated is less than 500 shares/dollars.


	Emerging Markets Fund												International Small Cap Fund
	Six Months Ended 3/31/2017						Year Ended 9/30/2016						Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class A		6,523		$	53,379			8,735		$	61,198			5,060		$	68,023			6,424		$	82,919
Class C		421			3,451			789			5,491			462			6,171			538			6,869
Class I		29,019			238,173			58,323			398,668			20,929			282,692			40,210			514,468
Class R6		8,666			71,702			—	*		—	*		2,864			38,734			1,219			16,277
Issued on Reinvestment of Distributions
Class A		278			2,163			380			2,816			424			5,579			207			2,664
Class C		18			137			12			90			61			778			39			497
Class I		897			7,013			1,338			9,942			3,954			52,133			2,558			33,082
Class R6		30			237			—	*		—	*		131			1,730			1			24
Shares Redeemed
Class A		(4,966	)		(40,215	)		(18,300	)		(125,947	)		(1,922	)		(25,815	)		(3,920	)		(48,345	)
Class C		(465	)		(3,701	)		(941	)		(6,387	)		(223	)		(2,952	)		(308	)		(3,930	)
Class I		(17,342	)		(140,937	)		(72,001	)		(487,286	)		(13,798	)		(186,095	)		(22,518	)		(291,569	)
Class R6		(332	)		(2,796	)		—			—			(30	)		(408	)		—			—

Net Increase/(Decrease) Resulting from Fund Share Transactions		22,747		$	188,606			(21,665	)	$	(141,415	)		17,912		$	240,570			24,450		$	312,956

*	Value calculated is less than 500 shares/dollars.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)


	Core Plus Fund												Credit Focus Yield Fund
	Six Months Ended 3/31/2017						Year Ended 9/30/2016						Six Months Ended 3/31/2017						Year Ended 9/30/2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares Sold
Class A		341		$	3,137			133		$	1,202			1		$	12			34		$	347
Class E		—			—			—	*		3			N/A			N/A			N/A			N/A
Class I		1,845			16,964			4,004			36,987			—			—			17			173
Issued on Reinvestment of Distributions
Class A		3			29			6			57			3			34			6			58
Class E		—	*		1			2			17			N/A			N/A			N/A			N/A
Class I		154			1,417			228			2,102			46			472			84			837
Shares Redeemed
Class A		(380	)		(3,469	)		(153	)		(1,402	)		—	*		(1	)		(17	)		(170	)
Class E		(34	)		(316	)		(173	)		(1,564	)		N/A			N/A			N/A			N/A
Class I		(1,514	)		(13,913	)		(1,782	)		(16,227	)		(8	)		(86	)		(26	)		(250	)

Net Increase Resulting from Fund Share Transactions		415		$	3,850			2,265		$	21,175			42		$	431			98		$	995

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 year ended September 30, 2016, the Funds made the following permanent book-to-tax reclassifications primarily related to the treatment of foreign currency transactions, passive foreign investment companies, paydowns and difference between book and tax accretion methods for market premium:


	Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Paid-In Capital
International Fund	$	3,746,873		$	(3,746,873	)	$	—
Global Fund		(14,934	)		14,934			—
Global Income Fund		(267	)		267			—
Global Opportunities Fund		11,430			(11,430	)		—
Emerging Markets Fund		(1,577,955	)		1,577,955			—
International Small Cap Fund		2,748,438			(2,748,438	)		—
Core Plus Fund		32,606			(32,606	)		—
Credit Focus Yield Fund		568			(568	)		—

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

As of September 30, 2016, the components of distributable earnings on a tax basis were as follows:


	International Fund			Global Fund			Global Income Fund			Global Opportunities Fund
Cost of investments for tax purposes	$	768,882,855		$	53,397,997		$	824,049		$	5,542,090

Gross tax unrealized appreciation		45,387,426			6,969,531			70,421			567,629
Gross tax unrealized depreciation		(124,836,285	)		(6,305,488	)		(45,594	)		(395,321	)

Net unrealized appreciation (depreciation) on investments and foreign currency		(79,448,859	)		664,043			24,827			172,308
Distributable ordinary income		6,854,857			180,835			4,467			29,912
Distributable long-term capital gains		—			—			16,627			—

Total distributable earnings		6,854,857			180,835			21,094			29,912

Other accumulated gains/(losses)		(63,543,316	)		(504,228	)		68			(363,499	)

Total accumulated earnings	$	(136,137,318	)	$	340,650		$	45,989		$	(161,279	)


	Emerging Markets Fund			International Small Cap Fund			Core Plus Fund			Credit Focus Yield Fund
Cost of investments for tax purposes	$	1,287,969,827		$	1,370,072,137		$	97,465,507		$	30,129,326

Gross tax unrealized appreciation		88,919,068			87,797,857			3,393,990			1,370,224
Gross tax unrealized depreciation		(223,160,694	)		(97,149,468	)		(588,952	)		(443,947	)

Net unrealized appreciation (depreciation) on investments and foreign currency		(134,241,626	)		(9,351,611	)		2,805,038			926,277
Distributable ordinary income		5,936,151			33,565,252			258,867			47,931
Distributable long-term capital gains		—			8,818,527			—			—

Total distributable earnings		5,936,151			42,383,779			258,867			47,931

Other accumulated gains/(losses)		(161,379,802	)		(237,835	)		(79,637	)		(7,293	)

Total accumulated earnings	$	(289,685,277	)	$	32,794,333		$	2,984,268		$	966,915

The differences between book and tax basis distributable earnings are primarily related to foreign currency adjustments and the differences in classification of paydown gains and losses for tax purposes compared to book purposes. These differences are temporary.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

The tax composition of dividends for the periods ended September 30, 2016 and September 30, 2015 for the Funds, were as follows:


	Ordinary Income				Long Term Capital Gains
Fund	2016		2015		2016		2015
International Fund	$	16,352,215	$	11,487,048	$	—	$	—
Global Fund		1,719,172		1,308,335		2,276,184		2,796,576
Global Income Fund		33,075		12,861		—		—
Global Opportunities Fund		210,265		27,604		—		—
Emerging Markets Fund		14,620,792		41,702,727		—		16,361,353
International Small Cap Fund		29,288,452		18,479,717		7,825,526		11,897,030
Core Plus Fund		2,147,788		1,476,137		67,658		308,761
Credit Focus Yield Fund		925,696		757,646		—		16,688

At September 30, 2016 the Funds had capital losses expiring and capital loss carryforwards utilized as indicated below:


Fund	2018		Indefinite		Utilized
International Fund	$	29,067,216	$	34,473,038	$	—
Global Fund		—		—		—
Global Income Fund		—		—		—
Global Opportunities Fund		—		—		—
Emerging Markets Fund		—		161,233,300		—
International Small Cap Fund		—		—		—
Core Plus Fund		—		—		—
Credit Focus Yield Fund		—		—		—

At September 30, 2016, the Global Fund, the Global Opportunities Fund and the Core Plus Fund had net Post-October realized capital losses of $486,383, $363,941 and $79,637, respectively.

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, Global Income, Global Opportunities, Emerging Markets and International Small Cap Funds, and 3.75% for the Core Plus and Credit Focus Yield Funds. 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 Class E and 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.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

NOTE 8 – TRANSACTIONS WITH AFFILIATES

The following issuers were affiliated with the Emerging Markets Fund and International Small Cap Fund as defined in Section (2)(a)(3) of the 1940 Act, as these held 5% or more of the outstanding voting securities of the issuers during the six months from October 1, 2016 through March 31, 2017:

Emerging Markets Fund


Issuer Name	Share Balance At October 1, 2016		Additions		Reductions		Share Balance At March 31, 2017		Dividend Income		Value At March 31, 2017
Urbi Desarrollos Urbanos SA de CV		13,688		10,228,761		—		10,242,449	$	—	$	2,735,368

									$	—	$	2,735,368

International Small Cap Fund


Issuer Name	Share Balance At October 1, 2016		Additions		Reductions		Share Balance At March 31, 2017		Dividend Income		Value At March 31, 2017
Countrywide Plc		9,110,030		9,634,486		—		18,744,516	$	—	$	36,537,962
LSL Property Services Plc		4,151,341		1,170,026		—		5,321,367		417,082		13,934,294
Samchully Co. Ltd.		208,685		—		—		208,685		431,953		19,967,178
Syneron Medical Ltd.⁽¹⁾		1,748,885		—		—		1,748,885		—		18,450,737
Urbi Desarrollos Urbanos SA de CV		6,089		12,708,266		—		12,714,355		—		3,395,520

									$	849,035	$	92,285,691

⁽¹⁾	Issuer was not an affiliate as of March 31, 2017.

NOTE 9 – OWNERSHIP BY AFFILIATED PARTIES

As of March 31, 2017, the Advisor, Trustees or affiliates of the Advisor beneficially owned more than 5% of shares of the Funds as follows:


	Global Fund			Global Income Fund						Global Opportunities Fund			International Small Cap Fund			Core Plus Fund			Credit Focus Yield Fund
	Class I			Class A			Class I			Class I			Class I			Class I			Class I
Shares		915,718			10			66,441			1,154,014			6,896,713			1,388,107			2,705,117
% of Total Outstanding Shares		36.86	%		100.00	%		78.01	%		61.95	%		6.85	%		12.94	%		95.45	%

NOTE 10 – REDEMPTION IN-KIND

Effective November 30, 2016, the International Fund had a shareholder who redeemed assets through an in-kind redemption. In this transaction, the Fund transferred securities with a value of $231,178,479 to the redeeming shareholder which is shown on the Statement of Changes. The Fund recognized a net realized gain in the amount of $9,879,819, which is reflected on the Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS — (Unaudited) (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.

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ADDITIONAL INFORMATION — (Unaudited)

BOARD CONSIDERATION AND CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

In November 2016, the Board of Trustees of the Trust, including the independent Trustees, unanimously approved renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust and Brandes Investment Partners, L.P. (the “Advisor”) for an additional one-year term with respect to the Brandes International Equity Fund, the Brandes Global Equity Fund, the Brandes Global Equity Income Fund, the Brandes Global Opportunities Value Fund, the Brandes Emerging Markets Value Fund, the Brandes International Small Cap Fund, the Brandes Core Plus Fixed Income Fund and the Brandes Credit Focus Yield Fund. Each of these is referred to below as a “Fund” and they are collectively referred to below as the “Funds.”

Information Reviewed

During the course of each year, Board members review a wide variety of materials relating to the nature, extent and quality of the services provided by the Advisor to the Funds, including reports on each Fund’s investment results, portfolio composition, portfolio trading practices, and other matters. In addition, in connection with its annual review of the Agreement with respect to the Funds, the Board requested and reviewed supplementary information that included materials regarding the Funds’ investment results, advisory fees and expense comparisons for peer groups and categories of similar funds identified by Morningstar Associates (“Morningstar”); financial and profitability information regarding the Advisor; descriptions of various functions performed by the Advisor such as compliance monitoring and portfolio trading practices; and information about the personnel providing investment management and administrative services to the Funds.

In connection with its reviews, the Board received assistance and advice regarding legal and industry standards from counsel to the Trust and the independent Trustees. The independent Trustees discussed the approval of the Agreement with respect to each Fund with representatives of the Advisor at two Board meetings and in private sessions with counsel at which no representatives of the Advisor were present. In deciding to recommend approval of the Agreement with respect to each Fund, the Board and the independent Trustees did not identify any single or particular piece of information that, in isolation, was the controlling factor, and each Trustee did not necessarily attribute the same weight to each factor. This summary describes the most important, but not all, of the factors considered by the Board and the independent Trustees.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of services provided by the Advisor to the Funds, the Trustees reviewed among other things the quality and depth of the Advisor’s investment management staff, its regulatory compliance

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Brandes Investment Trust

ADDITIONAL INFORMATION — (Unaudited) (continued)

procedures, its business continuity and cyber-security programs, the day-to-day administrative services provided by the Advisor to the Funds, and the investment results of the Funds.

With respect to each Fund’s investment results, the Trustees reviewed detailed information regarding a peer group of similarly managed funds selected by Morningstar Associates, all of the funds in the larger Morningstar category of funds managed with the same general style, and the Fund’s benchmark indices. The Trustees also discussed with representatives of Morningstar the principles used in determining the Funds’ peer groups and categories, and differences in those groups from those presented by Morningstar in connection with the Trustees’ 2015 review of the Agreement. In addition, they reviewed the results of certain Funds considered by the Advisor to be the most direct competitors to the Funds in the Funds’ marketing channels.

The independent Trustees noted that the investment results of the I Class shares of all of the Funds were in the first or second quartiles of their respective peer groups for most of the one-year, three-year, five-year and ten-year periods ended September 30, 2016, except as follows:

•

The Global Equity Fund’s investment results were in the third or fourth quartile of the funds in its Morningstar World Stock Fund peer group and below its benchmark index (the MSCI World Index) for the one-year, three-year and five-year periods. The independent Trustees noted the Advisor’s observations that many of the funds comprising the Morningstar peer group evidence considerable style dispersion and had greater exposure to the U.S. market compared to the Fund, which had little style drift. They also noted the Advisor’s fundamental commitment to the Graham and Dodd value strategy of investment management; considered that it is not unusual for the performance of funds managed with the long-term Graham and Dodd value strategy to fall below the performance of measurement indices for some periods; and further noted that the Fund’s investment approach is fully described in its prospectus and the Fund’s shareholders likely were willing to accept the long-term outlook associated with the Advisor’s approach.

•

The Core Plus Fund’s investment results were mixed – in the second quartile of its Morningstar Intermediate Investment Grade Bond Fund peer group for the five-year period, and close to or above its benchmark index (the Barclays Capital U.S. Aggregate Index) for the one-year, three-year and five-year periods, but in the third peer group quartile for the one-year period and the fourth peer group quartile for the three-year period. The independent Trustees noted the Advisor’s observation that the Fund’s defensive positioning detracted from its relative results.

133

Brandes Investment Trust

ADDITIONAL INFORMATION — (Unaudited) (continued)

•

The Credit Focus Fund’s investment results were also mixed – in the first quartile of the funds in its Morningstar Intermediate Investment Grade Bond Fund peer group for the one-year and five-year periods; in excess of its benchmark index (the Barclays Capital U.S. Intermediate Credit Index) for the one-year and five-year periods; but in the fourth quartile of the funds in its peer group and below its benchmark index for the three-year and ten-year periods. The independent Trustees noted the Advisor’s view that the Fund’s defensive positioning detracted from its relative results.

The Independent Trustees also noted that the investment results of the I Class shares of all of the Funds were close to or above those of their respective benchmark indices for most periods except as indicated above.

Based on these discussions and reviews, the Trustees determined that under all the circumstances the investment results of the Funds were satisfactory.

Advisory Fees, Total Expenses, Profitability and Ancillary Benefits

With respect to advisory fees and total expenses of the Funds, the independent Trustees noted that:

•

The management fees for all of the Funds other than the Global Opportunities Fund and the Credit Focus Fund were below the median fees in their respective Morningstar peer groups. The total expenses for all of the Funds other than the Global Opportunities Fund and the Credit Focus Fund, after waivers by the Advisor of expenses above stated expense caps, were at or below the median expenses of the funds in their respective Morningstar peer groups. The independent Trustees noted that the Advisor continues to waive any expenses over stated expense caps for the Funds.

•

Although the Advisor’s management fee is higher for the Funds than for its similar institutional separate accounts and, in the case of the International Fund, for other mutual funds to which the Advisor provides sub-advisory services, the Trustees noted information provided by the Advisor regarding the additional responsibilities and expenses that the Advisor incurs in sponsoring and operating the Funds.

•

The independent Trustees noted that although the Advisor’s fees for the Funds other than the International Fund and the Emerging Markets Fund do not have breakpoints as those Funds’ assets increase, the Advisor believes that it is premature to discuss economies of scale when it is subsidizing the Funds’ expenses. The independent Trustees also noted that the Advisor had agreed to review the nature and extent of any economies of scale that it may realize as the Funds’ assets increase in the future and how such economies would be shared with the Funds’ shareholders.

134

Brandes Investment Trust

ADDITIONAL INFORMATION — (Unaudited) (continued)

In addition, the independent Trustees reviewed an analysis of the profitability to the Advisor of its relationship with the Funds and information regarding the Advisor’s financial capability to continue to provide services to the Funds in the future. They also reviewed the methods used by the Advisor to evaluate and compensate its professional investment personnel. Finally, they considered ancillary benefits to the Advisor as a result of its relationships with the Funds. They noted that these were primarily related to the benefit of proprietary and third-party research provided by broker-dealers executing portfolio transactions on behalf of the Funds.

Conclusions

Based on their review, including consideration of each of the factors referred to above, the Board and the independent Trustees concluded that the Agreement is fair and reasonable to the Funds and their respective shareholders, that each of the factors discussed above supported renewal of the Agreement with respect to each of the Funds, and that renewal of the Agreement was in the best interests of each Fund and its shareholders.

PROXY VOTING PROCEDURES

The Advisor votes proxies relating to the Funds’ portfolio securities in accordance with procedures adopted by the Advisor. You may obtain a description of these procedures, free of charge, by calling toll-free 1-800-331-2979. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-331-2979. This information is also available through the Securities and Exchange Commission’s website at http://www.sec.gov.

FORM N-Q DISCLOSURE

The Trust files the Fund’s complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Trust’s Form N-Q filings are available on the Securities and Exchange Commission’s website at http://www.sec.gov. The Trust’s Form N-Q filings may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information regarding the Trust’s Form N-Q filings is also available, without charge, by calling toll-free, 1-800-331-2979.

135

Brandes Investment Trust

TRUSTEES AND OFFICERS INFORMATION — (Unaudited)

The Board of Trustees is responsible for the overall management of the Trust’s business. The Board approves all significant agreements between the Trust and persons or companies furnishing services to the Trust, including the Trust’s agreements with the Advisor, Administrator, Custodian, Distributor and Transfer Agent. The Board of Trustees delegates the day-to-day operations of the Trust to its officers and service providers, subject to the Fund’s investment objective and policies and to general supervision by the Board. The Trust’s Statement of Additional Information includes additional information about the Trustees and is available, without charge, by calling 1-800-331-2979 or visiting www.brandes.com.

The Trustees and officers of the Trust, their business addresses and principal occupations during the past five years are:


Name, Address and Age	Position(s) Held with Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation During Past 5 Years	Number of Trust Series Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
Independent Trustees⁽²⁾

Jean E. Carter 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 59)	Trustee and Chairman	Since April 2008	Retired.	9	Bridge Builder Trust

Robert M. Fitzgerald, CPA (inactive) 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 65)	Trustee	Since April 2008	Retired.	9	Hotchkis and Wiley Mutual Funds

Craig Wainscott, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 55)	Trustee	Since February 2012	Partner with The Paradigm Project and advisor to early-stage companies.	9	None

Gregory Bishop, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age: 54)	Trustee	Since January 2017	Retired. Previously Executive Vice President and Head of Retail Business, PIMCO Investments, from 1997 to 2014	9	None

136

Brandes Investment Trust

TRUSTEES AND OFFICERS INFORMATION — (Unaudited) (continued)


Name, Address and Age	Position(s) Held with Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation During Past 5 Years	Number of Trust Series Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
“Interested” Trustees⁽³⁾

Oliver Murray 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 54)	Trustee	Since February 2012	Chief Executive Officer, Brandes Investment Partners & Co.; Managing Director – PMCS of Brandes Investment Partners, L.P., the investment advisor to the Funds (the “Advisor”).	9	None

Jeff Busby, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 56)	Trustee and President	Since July 2006	Executive Director of the Advisor.	9	None

Officers of the Trust

Thomas M. Quinlan 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 46)	Secretary	Since June 2003	Associate General Counsel of the Advisor.	N/A	N/A

Gary Iwamura, CPA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 60)	Treasurer	Since September 1997	Finance Director of the Advisor.	N/A	N/A

Roberta Loubier 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 46)	Chief Compliance Officer	Since September 2015	Global Head of Compliance, Brandes Investment Partners, L.P.	N/A	N/A

(1)	Trustees and officers of the Fund serve until their resignation, removal or retirement.

(2)	Not “interested persons” of the Trust as defined in the 1940 Act.

(3)	“Interested persons” of the Trust as defined in the 1940 Act by virtue of their positions with the Advisor.

137

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ADVISOR Brandes Investment Partners, L.P. 11988 El Camino Real, Suite 600 San Diego, CA 92130 800.331.2979 DISTRIBUTOR ALPS Distributors, Inc. 1290 Broadway, #1100 Denver, CO 80203 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 E. Michigan Street, 3rd Floor Milwaukee, WI 53202 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 601 South Figueroa Street Los Angeles, CA 90017 LEGAL COUNSEL Morgan, Lewis & Bockius LLP 300 S. Grand Avenue, 22nd Floor Los Angeles, CA 90071 This report is intended for shareholders of the Brandes International Equity Fund, the Brandes Global Equity Fund, the Brandes Global Equity Income Fund, the Brandes Global Opportunities Value Fund, the Brandes Emerging Markets Value Fund, the Brandes International Small Cap Equity Fund, the Brandes Core Plus Fixed Income Fund and the Brandes Credit Focus Yield 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.

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SEMI-ANNUAL REPORT SEPARATELY MANAGED ACCOUNT RESERVETR UST For the six months ended March 31, 2017

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Table of Contents


Letter to Shareholders			2
Performance Graphs			8
Schedule of Investments			12
Statement of Assets and Liabilities			16
Statement of Operations			17
Statement of Changes in Net Assets			18
Financial Highlights			19
Notes to Financial Statements			20
Additional Information			29
Trustees and Officers			32

Brandes Separately Managed Account Reserve Trust

Dear Fellow Investor,

The Brandes Separately Managed Account Reserve Trust (SMART) (Class I Shares) advanced 0.64% during the six months ended March 31, 2017.

Metals & mining companies Cloud Peak Energy and Royal Gold helped performance, as these companies benefited from higher commodity prices.

¹	Underweight versus the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index

Brandes Separately Managed Account Reserve Trust

The Fund’s underweight position in U.S. agency MBS aided relative performance. The agency MBS market underperformed other taxable fixed-income sectors during the six-month period. MBS prices are typically sensitive to interest-rate volatility, and the sharp rise in interest rates during the fourth quarter, strong demand for corporate bonds, and the anticipation that the Fed will begin to reduce MBS held on its balance sheet at some point this year caused agency MBS to underperform.

We also took advantage of the weakness in the energy sector in the first quarter of 2017 to increase our weighting in Range Resources.

Other activity included the sale of securities of Laboratory Corp. and Genworth Financial, which reached our estimates of intrinsic value.

Agency MBS Value

Brandes Separately Managed Account Reserve Trust

Outlook

As of March 31, the U.S. fixed-income market continued to operate in a low-volatility environment. This has caused a great deal of complacency among investors.

Against this backdrop, the Fed appeared to start the process of withdrawing its unprecedented monetary policy accommodation. Does this mean we could begin to see volatility rise toward its historical mean and valuations become guided by fundamentals? We certainly hope so. Until that happens, we believe it is best to remain patient, especially if you’re a long-term investor.

Brandes Separately Managed Account Reserve Trust

At the close of the six-month period, the Brandes Separately Managed Account Reserve Trust remained defensively positioned across a number of metrics. We favor short-maturity corporate bonds and those exhibiting strong, tangible asset coverage based on our analysis. We are underweight agency MBS and are managing duration toward the shorter end of our range. We have a high allocation to U.S. Treasuries that we will look to redeploy thoughtfully and efficiently — if and when market uncertainty and volatility cause credit fundamentals to become mispriced based on our intrinsic value estimates.

Sincerely yours,

The Brandes Fixed-Income Investment Committee

Brandes Investment Trust

Because the values of the Fund’s investments will fluctuate with market conditions, so will the value of your investment in the Fund. You could lose money on your investment in the Fund, or the Fund could underperform other investments. As with most fixed income funds, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Generally, the longer the Fund’s average portfolio maturity and the lower the average quality of its portfolio, the greater the price fluctuation. The price of any security owned by the Fund may also fall in response to events affecting the issuer of the security, such as its ability to continue to make principal and interest payments or its credit rating. Below investment grade debt securities are speculative and involve a greater risk of default and price change due to changes in the issuer’s creditworthiness. The market prices of these debt securities may fluctuate more than the market prices of investment grade debt securities and may decline significantly in periods of general economic difficulty.

Investing in foreign securities poses additional risks. The performance of foreign securities can be adversely affected by the different political, regulatory and economic environments and other overall economic conditions in the countries where the Fund invests. Emerging country markets involve greater risk and volatility than more developed markets. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. Certain of these currencies may experience substantial fluctuations or steady devaluation relative to the U.S. dollar. Mortgage-related securities are subject to certain additional risks. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, when holding mortgage-related securities in a period of rising interest rates, the Fund may exhibit additional volatility. In addition, mortgage-related securities are subject to prepayment risk. When interest

Brandes Separately Managed Account Reserve Trust

rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because it will have to reinvest that money at the lower prevailing interest rates.

Asset coverage: Assets available to cover debt obligations after all other liabilities have been satisfied.

Basis Point: 1/100 of 1%.

Duration: The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates.

Intrinsic Value: The actual value of a company or an asset based on an underlying perception of its true value.

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

Yield Spread: The difference in yield between two comparable securities.

There is no assurance that a forecast will be accurate. Because of the many variables involved, an investor should not rely on forecasts without realizing their limitations.

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

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

Must be preceded or accompanied by a prospectus.

Index Guide

The Bloomberg Barclays U.S. Mortgage-Backed Securities Index is an unmanaged index consisting of mortgage-backed pass-through securities of Ginnie Mae

Brandes Separately Managed Account Reserve Trust

(GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The index is a total return index which reflects the price changes and interest of each bond in the index.

Please note that all indices are unmanaged and are not available for direct investment.

The Brandes Separately Managed Account Reserve Trust is distributed by ALPS Distributors, Inc.

Brandes Separately Managed Account Reserve Trust

The following chart compares the value of a hypothetical $10,000 investment in the Separately Managed Account Reserve Trust from March 31, 2007 to March 31, 2017 with the value of such an investment in the Bloomberg Barclays U.S. Aggregate Bond Index and Bloomberg Barclays U.S. Intermediate Credit Bond Index for the same period.

Value of $10,000 Investment vs Bloomberg Barclays U.S. Aggregate Bond Index & Bloomberg Barclays U.S. Intermediate Credit Bond Index (Unaudited)

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	Average Annual Total Return Periods Ended March 31, 2017
	One Year			Five Years			Ten Years			Since Inception (10/3/05)
Separately Managed Account
Reserve Trust		9.77	%		5.62	%		5.38	%		5.74	%
Bloomberg Barclays U.S. Aggregate Bond Index		0.44	%		2.34	%		4.27	%		4.30	%
Bloomberg Barclays U.S. Intermediate Credit Bond Index		2.11	%		3.02	%		4.69	%		4.67	%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 800-331-2979.

Brandes Separately Managed Account Reserve Trust

Asset Allocation as a Percentage of Total Investments as of

March 31, 2017 (Unaudited)

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Brandes Separately Managed Account Reserve Trust

Expense Example (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including investment advisory and administrative fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2016 to March 31, 2017 (the “Period”).

Actual Expenses

This section provides information about actual account values and actual expenses. The “Ending Account Value” shown is derived from the Fund’s actual returns. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.


Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
Separately Managed Account Reserve Trust**	$	1,000.00	$	1,006.40		0.00%	$	0.00

Hypothetical Example for Comparison Purposes

This section provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Brandes Separately Managed Account Reserve Trust


Fund	Beginning Account Value		Ending Account Value		Annual Expense Ratio		Expenses Paid During the Period*
Separately Managed Account Reserve Trust**	$	1,000.00	$	1,024.93		0.00%	$	0.00

*	The Fund’s expenses are equal to the Fund’s expense ratio for the period, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one half-year period).

**	No expenses have been charged to the Brandes Separately Managed Account Reserve Trust (“SMART Fund”) over the period, as the SMART Fund participates in a wrap-fee program sponsored by investment advisors unaffiliated with the SMART Fund. See Note 3 to the Financial Statements.

Brandes Separately Managed Account Reserve Trust

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited)


	Principal Amount		Value
FEDERAL AND FEDERALLY SPONSORED CREDITS – 3.13%
*Federal Home Loan Mortgage Corporation – 1.82%*
Pool G1-8578, 3.000%, 12/1/2030	$	2,909,493	$	2,986,804

*Federal National Mortgage Association – 1.31%*
Pool AS6201, 3.500%, 11/1/2045		2,111,813		2,161,419

TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS (Cost $5,211,698)			$	5,148,223


OTHER MORTGAGE RELATED SECURITIES – 0.00%
*Collateralized Mortgage Obligations – 0.00%*
Wells Fargo Mortgage Backed Securities 2006-AR14 Trust Series 2006-AR14, 3.066%, 10/25/2036^(c)	$	7,314	$	6,820

TOTAL OTHER MORTGAGE RELATED SECURITIES (Cost $5,754)			$	6,820


US GOVERNMENTS – 20.14%
*Sovereign – 20.14%*
United States Treasury Bond
4.750%, 2/15/2037	$	10,535,000	$	13,755,170
United States Treasury Note
2.375%, 8/15/2024		19,250,000		19,404,154

TOTAL US GOVERNMENTS (Cost $33,840,381)			$	33,159,324


ASSET BACKED SECURITIES – 4.38%
*Student Loan – 4.38%*
SLM Private Credit Student Loan Trust 2004-B Series 2004-B, 1.561%, 9/15/2033	$	1,500,000	$	1,358,450
SLM Private Credit Student Loan Trust 2005-A Series 2005-A, 1.441%, 12/15/2038		1,865,000		1,707,504
SLM Private Credit Student Loan Trust 2006-A Series 2006-A, 1.421%, 6/15/2039		4,420,000		4,152,147

TOTAL ASSET BACKED SECURITIES (Cost $6,965,743)			$	7,218,101


CORPORATE BONDS – 70.01%
*Banks & Thrifts – 15.28%*
Bank of America Corp. 6.875%, 11/15/2018	$	5,270,000	$	5,674,810
Goldman Sachs Group, Inc. 7.500%, 2/15/2019		3,700,000		4,060,602
JPMorgan Chase & Co. 7.900%, Perpetual		6,305,000		6,533,556
USB Capital IX 3.500%, Perpetual		3,250,000		2,762,500

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

Brandes Separately Managed Account Reserve Trust

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
Wells Fargo & Co.
1.400%, 9/8/2017	$	2,600,000	$	2,598,692
7.980%, Perpetual		3,380,000		3,532,100

				25,162,260

*Commercial Services & Supplies – 3.41%*
ADT Corp. 3.500%, 7/15/2022		5,865,000		5,615,737

*Diversified Financial Services – 1.49%*
Voya Financial, Inc. 5.500%, 7/15/2022		2,220,000		2,446,658

*Diversified Telecommunication Services – 0.77%*
Frontier Communications Corp. 6.250%, 9/15/2021		1,355,000		1,260,150

*Electric Utilities – 5.28%*
FirstEnergy Corp. 7.375%, 11/15/2031		3,950,000		5,148,213
Israel Electric Corp. Ltd. 7.250%, 1/15/2019 (Acquired 11/26/12 through 09/04/13, Cost $3,356,692)^(b)		3,275,000		3,545,056

				8,693,269

*Energy Equipment & Services – 2.20%*
Transocean, Inc. 4.250%, 10/15/2017		3,605,000		3,623,025

*Food, Beverage & Tobacco – 2.70%*
Tesco Plc 5.500%, 11/15/2017 (Acquired 03/12/15 through 02/24/16, Cost $4,435,220)^(b)		4,365,000		4,447,660

*Forest Products & Paper – 3.04%*
Sappi Papier Holding GmbH 7.750%, 7/15/2017 (Acquired 05/23/16 through 11/02/16, Cost $5,054,746)^(b)		5,000,000		5,010,500

*Health Care Providers & Services – 3.29%*
Tenet Healthcare Corp. 8.000%, 8/1/2020		5,325,000		5,411,531

*Homebuilders – 2.08%*
PulteGroup, Inc. 5.500%, 3/1/2026		1,615,000		1,671,525
Toll Brothers Finance Corp. 4.875%, 11/15/2025		1,710,000		1,722,825
Urbi Desarrollos Urbanos SAB de CV 9.500%, 1/21/2020 (Acquired 04/17/13 through 02/17/15, Cost $1,887,388)^(a)(b)(c)(d)		9,235,000		23,088

				3,417,438

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

Brandes Separately Managed Account Reserve Trust

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
*Insurance – 3.92%*
American International Group, Inc. 6.400%, 12/15/2020	$	2,785,000	$	3,152,202
CNA Financial Corp.
7.350%, 11/15/2019		1,700,000		1,917,435
5.875%, 8/15/2020		1,250,000		1,386,614

				6,456,251

*Metals & Mining – 4.19%*
Cloud Peak Energy Resources, LLC / Cloud Peak Energy Finance Corp. 12.000%, 11/1/2021		3,570,000		3,846,675
Royal Gold, Inc. 2.875%, 6/15/2019		2,890,000		3,052,563

				6,899,238

*Oil, Gas & Consumable Fuels – 14.69%*
BP Capital Markets Plc
2.241%, 9/26/2018		3,235,000		3,257,791
3.506%, 3/17/2025		3,375,000		3,395,871
Chesapeake Energy Corp. 6.125%, 2/15/2021		7,860,000		7,624,200
Kinder Morgan, Inc.
7.000%, 6/15/2017		1,610,000		1,627,259
4.300%, 6/1/2025		1,921,000		1,962,509
Occidental Petroleum Corp. 3.500%, 6/15/2025		1,705,000		1,721,784
Range Resources Corp. 5.000%, 3/15/2023 (Acquired 08/06/15 through 02/27/17, Cost $3,012,17)^(b)		3,120,000		3,073,200
Valero Energy Corp. 9.375%, 3/15/2019		1,340,000		1,523,596

				24,186,210

*Telecommunications – 7.67%*
AT&T, Inc. 3.000%, 6/30/2022		5,235,000		5,207,752
Sprint Communications, Inc. 9.000%, 11/15/2018 (Acquired 11/24/15 through 10/24/16, Cost $4,312,756)^(b)		4,060,000		4,420,325
Telecom Italia Capital SA 6.999%, 6/4/2018		840,000		883,050
Telefonica Emisiones SAU
6.221%, 7/3/2017		575,000		581,325
5.462%, 2/16/2021		1,390,000		1,525,839

				12,618,291

TOTAL CORPORATE BONDS (Cost $110,202,159)			$	115,248,218

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

Brandes Separately Managed Account Reserve Trust

SCHEDULE OF INVESTMENTS — March 31, 2017 (Unaudited) (continued)


	Principal Amount		Value
REPURCHASE AGREEMENTS – 1.94%
State Street Bank and Trust Repurchase Agreement, (Dated 03/31/17), due 04/03/17, 0.09% [Collateralized by $3,270,000 US Treasury Note, 1.875%, 03/31/22, (Market Value $3,257,738)] (proceeds $3,189,801)	$	3,189,777	$	3,189,777

TOTAL REPURCHASE AGREEMENTS (Cost $3,189,777)			$	3,189,777

Total Investments (Cost $159,415,512) – 99.60%			$	163,970,463
Other Assets in Excess of Liabilities – 0.40%				663,582

TOTAL NET ASSETS – 100.00%			$	164,634,045

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Securities were purchased exempt from registration in the U.S. pursuant to Rule 144A of the Securities Act of 1933 (the “Act”) or were acquired in a private placement, and, unless registered under the Act, may only be sold to “qualified institutional buyers” (as defined in the Act) or pursuant to another exemption from registration. The market values of these securities total $20,519,829 which represents 12.46% of the Fund’s net assets.

(c)	These securities have limited liquidity and represent $29,908 or 0.02% of the Fund’s net assets and are classified as Level 2 securities. See Note 2 in the Notes to Schedule of Investments.

(d)	In default.

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

Brandes Separately Managed Account Reserve Trust

STATEMENT OF ASSETS AND LIABILITIES — March 31, 2017 (Unaudited)


ASSETS
Investments in securities, at cost	$	159,415,512

Investment in securities, at value	$	163,970,463
Receivables:
Fund shares sold		243,290
Interest		1,842,541

Total Assets		166,056,294

LIABILITIES
Payables:
Fund shares redeemed		1,408,754
Dividends payable		13,495

Total Liabilities		1,422,249

NET ASSETS	$	164,634,045

COMPONENTS OF NET ASSETS
Paid-in capital	$	188,925,444
Undistributed net investment loss		(14,630	)
Accumulated net realized loss on investments		(28,831,720	)
Net unrealized appreciation on investments		4,554,951

Total Net Assets	$	164,634,045

Net asset value, offering price and redemption proceeds per share
Net Assets	$	164,634,045
Shares outstanding (unlimited shares authorized without par value)		18,561,866
Offering and redemption price	$	8.87

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

Brandes Separately Managed Account Reserve Trust

STATEMENT OF OPERATIONS — For the Six Months Ended March 31, 2017 (Unaudited)


INVESTMENT INCOME
Income
Dividend income	$	154,712
Interest income		3,427,068
Miscellaneous income		164,141

Total Income		3,745,921

Expenses (Note 3)
Total expenses		—

Less reimbursement / waiver		—

Total expenses net of reimbursement / waiver		—

Net investment income		3,745,921

REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		1,817
Net change in unrealized depreciation on investments		(2,791,378	)

Net realized gain and unrealized depreciation on investments		(2,789,561	)

Net Increase in net assets resulting from operations	$	956,360

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

Brandes Separately Managed Account Reserve Trust

STATEMENT OF CHANGES IN NET ASSETS


	Six Months Ended March 31, 2017			Year Ended September 30, 2016
	Six Months Ended March 31, 2017			Year Ended September 30, 2016
	(Unaudited)
INCREASE IN NET ASSETS FROM:
OPERATIONS
Net investment income	$	3,745,921		$	8,022,463
Net realized gain on investments		1,817			1,211,845
Net change in unrealized appreciation (depreciation) on investments		(2,791,378	)		5,122,568

Net increase in net assets resulting from operations		956,360			14,356,876

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income		(3,766,323	)		(8,044,823	)

Decrease in net assets from distributions		(3,766,323	)		(8,044,823	)

CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		18,672,899			28,073,579
Net asset value of shares issued on reinvestment of distributions		3,693,074			7,967,120
Cost of shares redeemed		(18,774,509	)		(38,266,371	)

Net increase/(decrease) in net assets from capital share transactions		3,591,464			(2,225,672	)

Total increase in net assets		781,501			4,086,381

NET ASSETS
Beginning of the Year		163,852,544			159,766,163

End of the Year		164,634,045			163,852,544

Undistributed net investment income (loss)	$	(14,630	)	$	5,772

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

Brandes Separately Managed Account Reserve Trust

FINANCIAL HIGHLIGHTS


	Six Months Ended March 31, 2017			Year Ended September 30,
	Six Months Ended March 31, 2017			2016			2015			2014			2013			2012
	(Unaudited)
Net asset value, beginning of period	$	9.02		$	8.69		$	9.03		$	8.89		$	9.01		$	8.32

Total from investment operations:
Net investment income⁽²⁾		0.20			0.44			0.43			0.46			0.51			0.49
Net realized and unrealized gain/(loss) on investments		(0.15	)		0.33			(0.34	)		0.16			(0.12	)		0.73

Total from investment operations		0.05			0.77			0.09			0.62			0.39			1.22

Less dividends and distributions:
Dividends from net investment income		(0.20	)		(0.44	)		(0.43	)		(0.48	)		(0.51	)		(0.53	)

Total dividends and distributions		(0.20	)		(0.44	)		(0.43	)		(0.48	)		(0.51	)		(0.53	)

Net asset value, end of period	$	8.87		$	9.02		$	8.69		$	9.03		$	8.89		$	9.01

Total return		0.64	%⁽³⁾		9.24	%		0.93	%		7.13	%		4.42	%		15.13	%
Net assets, end of period (millions)	$	164.6		$	163.9		$	159.8		$	138.3		$	126.3		$	141.6
Ratio of expenses to average net assets⁽¹⁾		0.00	%⁽⁴⁾		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Ratio of net investment income to average net assets⁽¹⁾		4.64	%⁽⁴⁾		5.12	%		4.77	%		5.12	%		5.61	%		5.66	%
Portfolio turnover rate		28.38	%⁽³⁾		53.60	%		32.78	%		21.61	%		28.88	%		27.44	%

(1)	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 advisers 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.

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

(3)	Not annualized.

(4)	Annualized.

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

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited)

NOTE 1 – ORGANIZATION

The 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 following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles (“GAAP”) generally accepted in the United States of America.

Repurchase Agreements. The Fund may enter into repurchase agreements with government securities dealers recognized by the Federal Reserve Board, with member banks of the Federal Reserve System or with other brokers or dealers that meet the credit guidelines established by the Board of Trustees. The Fund will always receive and maintain, as collateral, securities whose market value, including accrued interest (which is recorded in the Schedule of Investments), will be at least equal to 100% of the dollar amount invested by the Fund in each agreement, and the Fund will make payment for such securities only upon physical delivery or upon evidence of book entry transfer to the account of the Fund’s custodian. To the extent that the term of any repurchase transaction exceeds one business day, the value of the Fund’s collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. Before causing the Fund to enter into a repurchase agreement with any other party, the investment advisor will determine that such party does not have any apparent risk of becoming involved in bankruptcy proceedings within the time frame contemplated by the repurchase agreement. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. At March 31, 2017, the Fund’s ongoing exposure to the economic return on repurchase agreements is shown on the Schedule of Investments.

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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 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.

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 values of the underlying securities change, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. The Fund did not have any open commitments on delayed delivery securities as of March 31, 2017.

Security Transactions, Dividends and Distributions. Security transactions are accounted for on the trade dates. Realized gains and losses are evaluated on the basis of identified costs. 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.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenue and expenses and disclosure of contingent assets and liabilities and revenue and expenses at the date of the financial statements. Actual results could differ from those estimates.

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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 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.

Accounting for Uncertainty in Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all 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 has adopted financial reporting rules that require the Trust to analyze 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 (2013 through 2016). As of March 31, 2017, the Trust has no examinations in progress.

Management has analyzed the Trust’s tax positions, and has concluded that no liability should be recorded related to uncertain tax positions expected to be taken on the tax return for the fiscal year-end September 30, 2016. The Trust identifies its major tax jurisdictions as the U.S. Government and the State of California. The Trust 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.

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

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 Financial Accounting Standards Board 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 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.

Security Valuation. Bonds and other fixed-income securities (other than repurchase agreements and demand notes) are valued using the bid price on the day of the valuation provided by an independent pricing service.

Securities traded on a national securities exchange are valued at the last reported sale price at the close of regular trading on each day the exchange is open for trading. Securities listed on the NASDAQ National Market System for which market quotations are readily available are valued using the NASDAQ Official Closing Price. Securities traded on an exchange for which there has been no sales are valued at the mean between last bid and ask price on such day. Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith pursuant to procedures adopted by the Board of Trustees.

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

The Trust has adopted valuation procedures that allow for fair value pricing for use in appropriate circumstances. For example, such circumstances may arise when trading in a security has been halted or suspended or a security has been delisted from a national exchange, a security has not been traded for an extended period of time, or a significant event with respect to a security occurs after the close of the market or exchange on which the security principally trades and before the time the Fund calculates its own share price. If no price, or in the Advisor’s determination no price representing fair value, is provided for a security held by the Fund by an independent pricing agent, then the security will be fair valued. Thinly traded securities and certain foreign securities may be impacted more by the use of fair valuations than other securities.

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.

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.

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

The Fund may enter into mortgage dollar roll transactions in which the Fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Risks may arise due to the delayed payment date and the potential inability of counterparties to complete the transaction. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the Fund’s portfolio turnover rate.

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, 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. 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 March 31, 2017.

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

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

available, such securities are fair valued in accordance with the fair value procedures of the Trust.

Certain securities may be fair valued in accordance with the fair valuation procedures approved by the Board of Trustees. The Valuation Committee is generally responsible for overseeing the day to day valuation processes and reports periodically to the Board. The Valuation Committee 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 following is a summary of the inputs used, as of March 31, 2017, involving the Fund’s assets carried at value. The inputs of methodology 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
Separately Managed Account Reserve Trust
Asset Backed Securities	$	—	$	7,218,101	$	—	$	7,218,101
Corporate Bonds		—		115,248,218		—		115,248,218
Government Securities		—		33,159,324		—		33,159,324
Mortgage Backed Securities		—		5,155,043		—		5,155,043
Repurchase Agreements		—		3,189,777		—		3,189,777

Total Investments in Securities	$	—	$	163,970,463	$	—	$	163,970,463

There were no transfers into or out of Levels 1 and 2 for the Fund during the reporting period.

There were no Level 3 securities in the Fund at the beginning or the end of the six months ended March 31, 2017.

NOTE 3 – INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Advisor Fee. Brandes Investment Partners, L.P. (the “Advisor”) provides the Fund with investment management services under an Investment Advisory Agreement. The Advisor receives no advisory fee or other fee from the Fund. 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

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

sponsors of wrap-fee programs for which the Fund is an investment option. Certain officers and Trustees of the Trust are also officers of the Advisor.

Administration Fee. U.S. Bancorp Fund Services, LLC (the “Administrator”) acts as administrator for the Fund. The Administrator prepares various federal and state regulatory filings; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and accountant; coordinates the preparation and payment of Fund expenses; and prepares several Fund reports. The Advisor compensates the Administrator on behalf of the Fund for the services the Administrator performs for the Fund.

Distribution and Service Fees. ALPS Distributors, Inc. (the “Distributor”), a registered broker-dealer, acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares. All of the Fund’s distribution fees are paid by the Advisor.

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 March 31, 2017:


U.S. Government				Other
Purchases		Sales		Purchases		Sales
$	10,302,871	$	13,032,575	$	36,374,269	$	30,862,526

NOTE 5 – CAPITAL STOCK TRANSACTIONS

The Fund’s capital stock activity in shares and dollars during the six months ended March 31, 2017, and the year ended September 30, 2016, was as follows (shares and dollar amounts in thousands):


	Six Months Ended 3/31/17						Year Ended 9/30/16
	Shares			Amount			Shares			Amount
Shares Sold		2,107		$	18,673			3,316		$	28,074
Issued on Reinvestment
of Distributions		416			3,693			927			7,967
Shares Redeemed		(2,119	)		(18,775	)		(4,470	)		(38,266	)

Net Increase/(Decrease) Resulting from Fund Share Transactions		404		$	3,591			(227	)	$	(2,225	)

NOTE 6 – FEDERAL INCOME TAX MATTERS

Brandes Separately Managed Account Reserve Trust

NOTES TO FINANCIAL STATEMENTS — (Unaudited) (continued)

following permanent book-to-tax reclassifications primarily related to the treatment of paydowns and the difference between book and tax accretion methods for market premium:


Undistributed Net Investment Income		Accumulated Net Realized Loss			Paid-In Capital
$	23,025	$	(23,025	)	$	—

As of September 30, 2016, the Fund’s components of distributable earnings on a tax basis were as follows:


Cost of investments for tax purposes	$	155,440,484

Gross tax unrealized appreciation		9,957,617
Gross tax unrealized depreciation		(2,627,167	)

Net unrealized appreciation on investments		7,330,450

Distributable ordinary income		5,772
Distributable long-term capital gains		—

Total distributable earnings		5,772

Other accumulated losses		(28,817,658	)

Total accumulated losses	$	(21,481,436	)

The differences between book and tax basis distributable earnings are primarily related to the differences in classification of paydown gains and losses for tax purposes compared to book purposes. The difference between book and tax basis unrealized depreciation on investments is due primarily to timing differences resulting from wash sale transactions. These differences are temporary.

As of September 30, 2016, the Fund had capital losses expiring on September 30, 2017, 2018 and 2019 in the amounts of $12,139,741, $6,084,748 and $6,501,831, respectively. As of September 30, 2016, the Fund had a capital loss with an indefinite expiration in the amount of $4,091,338. At September 30, 2016, the Fund utilized $1,121,497 of capital loss carryforwards.

The tax compositions of dividends for the years ended September 30, 2016 and September 30, 2015 for the Fund were as follows:


Ordinary Income				Long Term Capital Gains
2016		2015		2016		2015
$	8,044,823	$	7,435,078	$	—	$	—

NOTE 7 – SUBSEQUENT EVENTS

Brandes Separately Managed Account Reserve Trust

ADDITIONAL INFORMATION — (Unaudited)

BOARD CONSIDERATION AND CONTINUATION OF INVESTMENT ADVISORY AGREEMENT

In November 2016 the Board of Trustees of the Trust, including the independent Trustees, unanimously approved renewal of the Investment Advisory Agreement (the “Agreement”) between the Trust and Brandes Investment Partners, L.P. (the “Advisor”) with respect to the SMART Fund (the “Fund”) for an additional one-year term.

Information Reviewed

During the course of each year, Board members review a wide variety of materials relating to the nature, extent and quality of the services provided to the Fund by the Advisor, including reports on the Fund’s investment results, portfolio composition, portfolio trading practices, and other matters. In addition, in connection with its annual review of the Agreement with respect to the Fund, the Board requested and reviewed supplementary information that included materials regarding the Fund’s investment results, advisory fee and expense comparisons, financial and profitability information regarding the Advisor, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management and administrative services to the Fund.

In connection with its reviews, the Board received assistance and advice regarding legal and industry standards from counsel to the Trust and the independent Trustees. The independent Trustees discussed the approval of the Agreement with respect to the Fund with representatives of the Advisor and in private sessions with counsel at which no representatives of the Advisor were present. In deciding to recommend approval of the Agreement with respect to the Fund, the Board and the independent Trustees did not identify any single or particular piece of information that, in isolation, was the controlling factor, and each Trustee did not necessarily attribute the same weight to each factor. This summary describes the most important, but not all, of the factors considered by the Board and the independent Trustees.

Nature, Extent and Quality of Services

With respect to the nature, extent and quality of services provided by the Advisor to the Fund, the Trustees reviewed among other things the quality and depth of the Advisor’s investment management staff, its regulatory compliance procedures, the day-to-day administrative services provided by the Advisor to the Fund and the investment results of the Fund.

The Trustees noted that the Fund’s investment results gross of fees (which are paid by the Advisor) were in the first quartile of the results of a peer group of funds identified by Morningstar Associates (“Morningstar”) for the one-year, three-year

Brandes Separately Managed Account Reserve Trust

ADDITIONAL INFORMATION — (Unaudited) (continued)

and five- year periods ended September 30, 2016; were in the second quartile of the peer group for the 10-year period; were in the same quartiles of the larger group of funds in its Morningstar MultisectorBond Fund category for each of those periods; and were above its benchmark indices (the Barclays Capital U.S. Aggregate Index and Barclays Capital U.S. Intermediate Credit Index) for all such periods. They concluded that the Fund’s performance was satisfactory.

Advisory Fees, Total Expenses, Profitability and Ancillary Benefits

The Trustees noted that the Fund does not incur any advisory fees or other expenses, all of which are paid by the Advisor, and as a result the Advisor’s relationship with the Fund alone is not profitable. The Board also considered ancillary benefits to the Advisor as a result of its relationship with the Fund. They noted that these were primarily related to the Advisor’s receipt of wrap account fees from Fund shareholders through various broker-dealer sponsors that are not affiliated with either the Fund or the Advisor, and the benefit of proprietary and third-party research provided by broker-dealers executing portfolio transactions on behalf of the Fund.

Conclusions

Based on their review, including consideration of each of the factors referred to above, the Board and the independent Trustees concluded that the Agreement is fair and reasonable to the Fund and its shareholders, that each of the factors discussed above supported renewal of the Agreement, and that renewal of the Agreement was in the best interests of the Fund and its shareholders.

PROXY VOTING PROCEDURES

FORM N-Q DISCLOSURE

Brandes Separately Managed Account Reserve Trust

ADDITIONAL INFORMATION — (Unaudited) (continued)

filings may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Information regarding the Trust’s Form N-Q filings is also available, without charge, by calling toll-free, 1-800-331-2979.

Brandes Separately Managed Account Reserve Trust

TRUSTEES AND OFFICERS INFORMATION — (Unaudited)

The Trustees and officers of the Trust, their business addresses and principal occupations during the past five years are:


Name, Address and Age	Position(s) Held with Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation During Past 5 Years	Number of Trust Series Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
Independent Trustees⁽²⁾

Jean E. Carter 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 59)	Trustee and Chairman	Since April 2008	Retired.	9	Bridge Builder Trust

Robert M. Fitzgerald, CPA (inactive) 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 65)	Trustee	Since April 2008	Retired.	9	Hotchkis and Wiley Mutual Funds

Craig Wainscott, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 55)	Trustee	Since February 2012	Partner with The Paradigm Project and advisor to early-stage companies.	9	None

Gregory Bishop, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age: 54)	Trustee	Since January 2017	Retired. Previously Executive Vice President and Head of Retail Business, PIMCO Investments , from 1997 to 2014	9	None

Brandes Separately Managed Account Reserve Trust

TRUSTEES AND OFFICERS INFORMATION — (Unaudited) (continued)


Name, Address and Age	Position(s) Held with Trust	Term of Office and Length of Time Served⁽¹⁾	Principal Occupation During Past 5 Years	Number of Trust Series Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
“Interested” Trustees⁽³⁾

Oliver Murray 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 54)	Trustee	Since February 2012	Chief Executive Officer, Brandes Investment Partners & Co.; Managing Director – PMCS of Brandes Investment Partners, L.P., the investment advisor to the Funds (the “Advisor”).	9	None

Jeff Busby, CFA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 56)	Trustee and President	Since July 2006	Executive Director of the Advisor.	9	None

Officers of the Trust

Thomas M. Quinlan 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 46)	Secretary	Since June 2003	Associate General Counsel of the Advisor.	N/A	N/A

Gary Iwamura, CPA 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 60)	Treasurer	Since September 1997	Finance Director of the Advisor.	N/A	N/A

Roberta Loubier 11988 El Camino Real, Suite 600 San Diego, CA 92130 (Age 46)	Chief Compliance Officer	Since September 2015	Global Head of Compliance, Brandes Investment Partners, L.P.	N/A	N/A

(1)	Trustees and officers of the Fund serve until their resignation, removal or retirement.

(2)	Not “interested persons” of the Trust as defined in the 1940 Act.

(3)	“Interested persons” of the Trust as defined in the 1940 Act by virtue of their positions with the Advisor.

LOGO

ADVISOR Brandes Investment Partners, L.P. 11988 El Camino Real, Suite 600 San Diego, CA 92130 800.331.2979 DISTRIBUTOR ALPS Distributors, Inc. 1290 Broadway, #1100 Denver, CO 80203 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 E. Michigan Street, 3rd Floor Milwaukee, WI 53202 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 601 South Figueroa Street Los Angeles, CA 90017 LEGAL COUNSEL Morgan, Lewis & Bockius LLP 300 S. Grand Avenue, 22nd Floor Los Angeles, CA 90071 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.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)	Not Applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

No changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) occurred during the second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. 1) Incorporated by reference to the registrant’s Form N-CSR filed January 7, 2005.

(2) A separate certification for each principal executive and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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.


(Registrant) Brandes Investment Trust

By (Signature and Title)*		/s/ Jeff Busby
		Jeff Busby, President

Date 6/2/17

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 (Signature and Title)*		/s/ Jeff Busby
		Jeff Busby, President

Date 6/2/17

By (Signature and Title)*		/s/ Gary Iwamura
		Gary Iwamura, Treasurer/Principal Financial Officer

Date 6/2/17

*	Print the name and title of each signing officer under his or her signature.