NOTE 1 - ORGANIZATION
The Brandes Institutional International Equity Fund (the "Fund") is a series of shares of beneficial interest 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 Fund began operations on January
2, 1997. The Fund invests its assets primarily in equity securities of foreign issuers with market capitalizations
greater than $1 billion. The Fund seeks to achieve long-term capital appreciation.
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 generally accepted accounting principles.
A. Security Valuation. 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 exchanges are open for trading. Securities traded on an
exchange for which there have been no sales are valued at the mean between the bid and asked price. Securities
for which quotations are not readily available are stated at their respective fair values as determined in good faith
by the Board of Trustees.
U.S. Government securities with less than 60 days remaining to maturity when acquired by the Fund are valued
on an amortized cost basis. U.S. Government securities with more than 60 days remaining to maturity are valued
at the current market value (using the mean between the bid and asked price) until the 60th day prior to maturity,
and are then valued at amortized cost based upon the value on such date unless the Board determines during such
60-day period that this amortized cost basis does not represent fair value. Short-term investments are stated at
cost, which when combined with accrued interest, approximates market value.
Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable
exchange rate at the e