# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-26-000809
**Filing Date:** 2026-2
**Character Count:** 22548
**Document Hash:** 4d6973673ca7e1237942ef7e907c13d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000809.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000809

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 26685820

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 351-4583

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

## Series and Classes Contracts Data

### Independent Franchise Partners US Equity Fund (Series ID: S000032964)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000101704 | Independent Franchise Partners US Equity Fund | IFPUX           |

## Nport-Ex

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corteva Inc. |  | 742375 | &nbsp;&nbsp; $49761396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RB Global Inc. |  | 199544 | &nbsp;&nbsp; 20527091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransUnion |  | 579714 | &nbsp;&nbsp; 49710476 |
|  |  |  | &nbsp;&nbsp; 70237567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computers | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner Inc.<sup>(a)</sup> <br>|  | 206717 | &nbsp;&nbsp; 52150565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cosmetics/Personal Care | 8.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estée Lauder Cos. Inc. - Class A |  | 523584 | &nbsp;&nbsp; 54829716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenvue Inc. |  | 3508308 | &nbsp;&nbsp; 60518313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC |  | 348520 | &nbsp;&nbsp; 22813648 |
|  |  |  | &nbsp;&nbsp; 138161677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financials | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange Inc. |  | 325113 | &nbsp;&nbsp; 52655301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 17.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment Inc.<sup>(a)</sup> <br>|  | 408174 | &nbsp;&nbsp; 58164795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKO Group Holdings Inc. |  | 158424 | &nbsp;&nbsp; 33110616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Music Group NV |  | 546465 | &nbsp;&nbsp; 14276233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery Inc.<sup>(a)</sup> <br>|  | 4142298 | &nbsp;&nbsp; 119381028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp. - Class A |  | 2067880 | &nbsp;&nbsp; 63421880 |
|  |  |  | &nbsp;&nbsp; 288354552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnum Ice Cream Co. NV<sup>(a)</sup> <br>|  | 78417 | &nbsp;&nbsp; 1254792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Products | 4.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corp.<sup>(a)</sup> <br>|  | 972720 | &nbsp;&nbsp; 77078333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products/Wares | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reckitt Benckiser Group PLC |  | 385079 | &nbsp;&nbsp; 31154419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 5.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aon PLC - Class A |  | 165373 | &nbsp;&nbsp; 58356824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings Inc. |  | 689779 | &nbsp;&nbsp; 35613290 |
|  |  |  | &nbsp;&nbsp; 93970114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb Inc. - Class A<sup>(a)</sup> <br>|  | 320617 | &nbsp;&nbsp; 43514139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Software & Services | 7.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay Inc. |  | 587113 | &nbsp;&nbsp; 51137543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zillow Group Inc. - Class A<sup>(a)</sup> <br>|  | 134562 | &nbsp;&nbsp; 9181165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zillow Group Inc. - Class C<sup>(a)</sup> <br>|  | 870987 | &nbsp;&nbsp; 59418733 |
|  |  |  | &nbsp;&nbsp; 119737441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery - Diversified | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. |  | 347146 | &nbsp;&nbsp; 30323203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 9.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. - Class A |  | 752972 | &nbsp;&nbsp; 55019664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. - Class B |  | 320381 | &nbsp;&nbsp; 20802338 |

---

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp. - Class A |  | 2134094 | &nbsp;&nbsp; $55742535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; News Corp. - Class B |  | 655534 | &nbsp;&nbsp; 19423473 |
|  |  |  | &nbsp;&nbsp; 150988010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 12.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol Myers Squibb Co. |  | 1548874 | &nbsp;&nbsp; 83546263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson |  | 351708 | &nbsp;&nbsp; 72785971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novartis AG - REG |  | 334046 | &nbsp;&nbsp; 46220732 |
|  |  |  | &nbsp;&nbsp; 202552966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salesforce Inc. |  | 175368 | &nbsp;&nbsp; 46456737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 6.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC |  | 904875 | &nbsp;&nbsp; 51399270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International Inc. |  | 327266 | &nbsp;&nbsp; 52493466 |
|  |  |  | &nbsp;&nbsp; 103892736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toys/Games/Hobbies | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. |  | 297570 | &nbsp;&nbsp; 20127389 |
| TOTAL COMMON STOCKS (Cost $1,087,781,778) |  |  | &nbsp;&nbsp; 1572371337 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $1,087,781,778)<br>| 96.8<br> %<br>|  | &nbsp;&nbsp; 1572371337 |
| NET OTHER ASSETS (LIABILITIES) | 3.2<br> %<br>|  | &nbsp;&nbsp; 52112394 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1624483731 |

---

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

<sup>(a)</sup>Non-income producing security.<br>

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

Abbreviations: <br> REG – Registered

At December 31, 2025, the Fund's investments were concentrated in the following countries:

---

| | |
|:---|:---|
| **Country Allocation** | **Percentage**<br> **of Net Assets**<br>|
| United States  | 80.4% |
| United Kingdom  | &nbsp;&nbsp; 6.5  |
| Ireland<sup>(b)</sup> | &nbsp;&nbsp; 3.6  |
| Switzerland  | &nbsp;&nbsp; 2.8  |
| Canada<sup>(b)</sup> | &nbsp;&nbsp; 1.3  |
| Japan  | &nbsp;&nbsp; 1.2  |
| Netherlands  | &nbsp;&nbsp; 1.0  |
| Total  | 96.8% |

---

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

<sup>(b)</sup>RB Global Inc. is incorporated in Canada and Aon PLC is incorporated in Ireland; however, their primary listings are on the New York Stock Exchange (NYSE) in <br> the United States. Independent Franchise Partners, LLC therefore defines both as United States equities, consistent with the terms set out in the prospectus.<br>

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-22538

- **c. CIK number of Registrant:** 0001516523

- **d. LEI of Registrant:** 549300BG52TB5QPLYE22

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

  - **Street Address 1:** 50 S. LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 312-557-4100

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

- **a. Name of Series:** Independent Franchise Partners US Equity Fund

- **b. EDGAR series identifier (if any):** S000032964

- **c. LEI of Series:** 549300CEKV4YBYWQON24

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1628642894.52

**Total Liabilities:** $3231981.43

**Net Assets:** $1625410913.09

**Cash Not Reported:** $54936436.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101704 | -2.69%               | 3.30%                | 3.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $31602720.94             | $-77106064.62                              |
| Month 2  | $48257202.44             | $-273479.46                                |
| Month 3  | $0.00                    | $56345772.77                               |

### Schedule of Portfolio Investments

| Name                             | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Salesforce Inc.                  | Salesforce Inc. COM USD0.001                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    175368 | NS      | $46456736.88  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                 | News Corporation COM USD0.01 CL'B'                  | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    655534 | NS      | $19423472.42  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc. COM USD0.01         | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    408174 | NS      | $58164795.00  | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc. | Philip Morris International Inc. COM NPV            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    327266 | NS      | $52493466.40  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                        | eBay Inc. COM USD0.001                              | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |    587113 | NS      | $51137542.30  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Estee Lauder Companies Inc.  | The Estee Lauder Companies Inc. COM USD0.01 CLASS A | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |    523584 | NS      | $54829716.48  | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                     | Gartner Inc. COM USD0.0005                          | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |    206717 | NS      | $52150564.76  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                | Johnson & Johnson COM USD1.00                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    351708 | NS      | $72785970.60  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc    | Intercontinental Exchange Inc COM USD0.01           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    325113 | NS      | $52655301.48  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                    | RB Global Inc COM                                   | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |    199544 | NS      | $20527091.28  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                      | Kenvue Inc. COM                                     | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   3508308 | NS      | $60518313.00  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC     | British American Tobacco PLC ORD GBP0.25            | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    904875 | NS      | $51399269.98  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc      | Ryan Specialty Holdings Inc CL A                    | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    689779 | NS      | $35613289.77  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                  | Fox Corporation COM USD0.01 CL A                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    752972 | NS      | $55019664.04  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                       | TransUnion COM USD0.01                              | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    579714 | NS      | $49710475.50  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                  | Fox Corporation COM USD0.01 CL B                    | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    320381 | NS      | $20802338.33  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                          | Aon PLC SHS CL A                                    | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |    165373 | NS      | $58356824.24  | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                      | Corteva Inc COM USD0.01                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    742375 | NS      | $49761396.25  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corporation   | Warner Music Group Corporation COM CL A             | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2067880 | NS      | $63421879.60  | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                       | Airbnb Inc COM CL A                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    320617 | NS      | $43514139.24  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.      | Warner Bros. Discovery Inc. COM SER A               | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |   4142298 | NS      | $119381028.36 | 7.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd.                 | Nintendo Co Ltd. NPV                                | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |    297570 | NS      | $20127388.60  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp.             | Otis Worldwide Corp. COM                            | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    347146 | NS      | $30323203.10  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc.          | TKO Group Holdings Inc. CL A                        | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158424 | NS      | $33110616.00  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                  | Solventum Corp. COM SHS                             | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |    972720 | NS      | $77078332.80  | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                      | Novartis AG CHF0.49 (REGD)                          | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    334046 | NS      | $46220731.73  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                 | Zillow Group Inc COM USD0.0001 CLASS A              | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |    134562 | NS      | $9181165.26   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                 | Zillow Group Inc COM USD0.0001 CLASS C              | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |    870987 | NS      | $59418733.14  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Music Group N.V        | Universal Music Group N.V EUR10.00                  | CUSIP: N90313102<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    400147 | NS      | $10453719.87  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                 | News Corporation COM USD0.01 CL'A'                  | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |   2134094 | NS      | $55742535.28  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC      | Reckitt Benckiser Group PLC ORD GBP0.10             | CUSIP: G74079107<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    385079 | NS      | $31154418.98  | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company     | Bristol-Myers Squibb Company COM USD0.10            | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1548874 | NS      | $83546263.56  | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnum Ice Cream Co. NV (The)    | Magnum Ice Cream Co. NV (The) ORD EUR3.50 (DI)      | CUSIP: N5505D105<br>LEI: 25490052LLF3XH6G9847 | Long             | EC               | CORP              | NL        |     78417 | NS      | $1254791.58   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                     | Unilever PLC ORD GBP0.035                           | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    348520 | NS      | $22813647.69  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer