# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-001695
**Filing Date:** 2025-11
**Character Count:** 83667
**Document Hash:** 5db6a57a1610f6061707b88e58a3e73a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001695.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002066578-25-001695

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251531257

**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

### NTAM Treasury Assets Fund (Series ID: S000062062)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000200990 | NTAM Treasury Assets Fund | TAFXX           |

?xml version='1.0' encoding='ASCII'? 38d8c527-9332-4b3f-8054-96dc8201b526

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

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#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22538

#### Advisers Investment Trust
(Exact name of registrant as specified in charter)

------

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices)(Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 866-638-5859

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is included herewith.

![TSR - Fund Logo - NTAM](images_7506.jpg)

### NTAM Treasury Assets Fund

### Ticker \| TAFXX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the NTAM Treasury Assets Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://ntam.northerntrust.com/united-states/institutional/ntam-treasury-assets-fund. You can also request this information by contacting us at 855-351-4583 (toll free).

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| NTAM Treasury Assets Fund | $10 | 0.10% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5791608000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$4419000 |

---

PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 81.4% |
| Repurchase Agreements | 20.0% |

---

![TSR - QR Code - NTAM](images_7509.jpg)

At https://ntam.northerntrust.com/united-states/institutional/ntam-treasury-assets-fund, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 855-351-4583 (toll free).

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 855-351-4583 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

NTAM Treasury Assets Fund

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(b) Not Applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
As of September 30, 2025, the registrant had adopted a "code of ethics" (as such term is defined in Item 2 of Form N-CSR) that applies to the registrant's principal executive officer and principal financial officer. This code is filed as Exhibit 19(a)(1) hereto. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined the registrant has at least one "audit committee financial expert" (as such term is defined in Item 3 of Form N-CSR) serving on its Audit Committee. The "audit committee financial expert" is Mr. Steven R. Sutermeister, who is "independent" for purposes of this Item 3 of Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

NTAM Treasury Assets Fund

2025: $30,345

2024: $29,750

The fees paid to Deloitte & Touche LLP relate to the audit of the registrant's annual financial statements and letters for the filings of the registrant's Form N-CEN and Form N-1A.

(b) Audit-Related Fees

NTAM Treasury Assets Fund

2025: $0

2024: $0

(c) Tax Fees

NTAM Treasury Assets Fund

2025: $3,825

2024: $3,750

The fees to Deloitte & Touche LLP relate to the preparation of the registrant's tax returns, review of annual distributions and additional tax provision support services.

(d) All Other Fees

NTAM Treasury Assets Fund

2025: $0

2024: $0

(e)(1) Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the registrant's audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to the registrant, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) NTAM Treasury Assets Fund

2025: 0%

2024: 0%

(f) Not applicable

(g) NTAM Treasury Assets Fund

2025: $3,825

2024: $3,750

(h) The Audit Committee considered the non-audit services rendered to each of the registrant's investment advisers and believes the services are compatible with each principal accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img32186c731.gif)

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NTAM TREASURY ASSETS FUND

ANNUAL FINANCIAL STATEMENTS

AND ADDITIONAL INFORMATION

September 30, 2025

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**TABLE OF CONTENTS**

**September 30, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_SOI-TOCPageHeader-1343_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_SOI-TOCPageHeader-1343_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets & Liabilities](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_FS-FundBookHeader2-1343_1)** | **4** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_FS-FundBookHeader2-1343_2)** | **5** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_FS-FundBookHeader2-1343_3)** | **6** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_FS-FundBookHeader2-1343_4)** | **7** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_NTF-NotestoFinancialStatements-1343_1)** | **8** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_RPA-AuditReport-TOCHeader-1343_1)** | **14** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_CAD-CAD-TOC-1343_1)** | **15** |
| **[PROXY DISCLOSURES](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_PD-PD-TOC-1343_1)** | **16** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_RPDOO-RPDOO-TOC-1343_1)** | **17** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_d88bfdb3-00c4-4c92-9721-d0ede1108e63_SRBA-BA-TOC-1343_1)** | **18** |

---

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal**<br> **Amount**<br> **(000s)**<br>| **Value**<br> **(000s)**<br>|
| U.S. TREASURY OBLIGATIONS | 81.4<br> %<br>|  |  |
| U.S. Treasury Bills | 60.4<br> %<br>|  |  |
| 3.59%, 10/7/25<sup>(a)</sup> <br>|  | $100000 | &nbsp;&nbsp; $99930 |
| 3.95%, 10/9/25<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199820 |
| 3.99%, 10/9/25<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124887 |
| 4.04%, 10/9/25<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14986 |
| 4.18%, 10/9/25<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149865 |
| 4.05%, 10/16/25<sup>(a)</sup> <br>|  | 24665 | &nbsp;&nbsp; 24622 |
| 4.06%, 10/16/25<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99826 |
| 4.04%, 10/23/25<sup>(a)</sup> <br>|  | 40000 | &nbsp;&nbsp; 39901 |
| 4.05%, 10/30/25<sup>(a)</sup> <br>|  | 105000 | &nbsp;&nbsp; 104655 |
| 4.06%, 10/30/25<sup>(a)</sup> <br>|  | 11000 | &nbsp;&nbsp; 10964 |
| 4.08%, 10/30/25<sup>(a)</sup> <br>|  | 55000 | &nbsp;&nbsp; 54819 |
| 4.15%, 10/30/25<sup>(a)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34885 |
| 3.81%, 11/4/25<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249034 |
| 3.88%, 11/6/25<sup>(a)</sup> <br>|  | 20000 | &nbsp;&nbsp; 19917 |
| 4.10%, 11/6/25<sup>(a)</sup> <br>|  | 120000 | &nbsp;&nbsp; 119501 |
| 4.09%, 11/12/25<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14926 |
| 4.07%, 11/13/25<sup>(a)</sup> <br>|  | 56740 | &nbsp;&nbsp; 56460 |
| 4.11%, 11/13/25<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74630 |
| 3.69%, 11/18/25<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14917 |
| 4.09%, 11/18/25<sup>(a)</sup> <br>|  | 42300 | &nbsp;&nbsp; 42065 |
| 4.05%, 11/20/25<sup>(a)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34799 |
| 4.13%, 11/20/25<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49713 |
| 4.18%, 11/20/25<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74569 |
| 4.03%, 11/28/25<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124167 |
| 4.17%, 11/28/25<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24833 |
| 4.20%, 11/28/25<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124167 |
| 4.06%, 12/2/25<sup>(a)</sup> <br>|  | 60000 | &nbsp;&nbsp; 59565 |
| 4.01%, 12/4/25<sup>(a)</sup> <br>|  | 95000 | &nbsp;&nbsp; 94306 |
| 4.15%, 12/4/25<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124086 |
| 3.96%, 12/9/25<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14882 |
| 3.98%, 12/9/25<sup>(a)</sup> <br>|  | 35000 | &nbsp;&nbsp; 34724 |
| 3.90%, 12/16/25<sup>(a)</sup> <br>|  | 9695 | &nbsp;&nbsp; 9612 |
| 3.91%, 12/16/25<sup>(a)</sup> <br>|  | 18320 | &nbsp;&nbsp; 18163 |
| 4.08%, 12/16/25<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14872 |
| 3.83%, 12/18/25<sup>(a)</sup> <br>|  | 20000 | &nbsp;&nbsp; 19831 |
| 3.91%, 12/23/25<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49532 |
| 3.97%, 12/23/25<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49532 |
| 4.11%, 12/26/25<sup>(a)</sup> <br>|  | 45000 | &nbsp;&nbsp; 44557 |
| 3.89%, 12/30/25<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24748 |
| 3.78%, 1/2/26<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14847 |
| 3.79%, 1/2/26<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24745 |
| 4.11%, 1/2/26<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 24745 |
| 3.83%, 1/6/26<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 29679 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal**<br> **Amount**<br> **(000s)**<br>| **Value**<br> **(000s)**<br>|
| 3.84%, 1/6/26<sup>(a)</sup> <br>|  | $30000 | &nbsp;&nbsp; $29679 |
| 4.14%, 1/8/26<sup>(a)</sup> <br>|  | 10000 | &nbsp;&nbsp; 9886 |
| 3.68%, 1/20/26<sup>(a)</sup> <br>|  | 123595 | &nbsp;&nbsp; 122142 |
| 4.10%, 1/22/26<sup>(a)</sup> <br>|  | 91000 | &nbsp;&nbsp; 89825 |
| 3.67%, 1/27/26<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49376 |
| 3.71%, 1/27/26<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14813 |
| 3.73%, 1/27/26<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14813 |
| 4.11%, 1/29/26<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98627 |
| 3.96%, 2/12/26<sup>(a)</sup> <br>|  | 28485 | &nbsp;&nbsp; 28064 |
| 3.94%, 2/19/26<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98455 |
| 3.92%, 2/26/26<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49192 |
| 3.76%, 3/12/26<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 29494 |
| 3.78%, 3/12/26<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 29494 |
| 3.71%, 3/19/26<sup>(a)</sup> <br>|  | 70000 | &nbsp;&nbsp; 68779 |
| 3.70%, 3/26/26<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 73639 |
| 3.76%, 3/26/26<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14728 |
| 3.77%, 3/26/26<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 14728 |
| 3.71%, 4/2/26<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 29436 |
|  |  |  | &nbsp;&nbsp; 3500454 |
| U.S. Treasury Floating Rate Notes | 16.0<br> %<br>|  |  |
| (Floating, U.S. Treasury 3M Bill MMY + 0.17%) 4.07%, 10/31/25<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99999 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.25%) 4.14%, 1/31/26<sup>(b)</sup> <br>|  | 110905 | &nbsp;&nbsp; 110927 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.15%) 4.05%, 4/30/26<sup>(b)</sup> <br>|  | 199000 | &nbsp;&nbsp; 199001 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.18%) 4.08%, 7/31/26<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35015 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.21%) 4.10%, 10/31/26<sup>(b)</sup> <br>|  | 295000 | &nbsp;&nbsp; 295296 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.10%) 4.00%, 1/31/27<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50004 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.16%) 4.06%, 4/30/27<sup>(b)</sup> <br>|  | 35000 | &nbsp;&nbsp; 35013 |
| (Floating, U.S. Treasury 3M Bill MMY + 0.16%) 4.06%, 7/31/27<sup>(b)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99925 |
|  |  |  | &nbsp;&nbsp; 925180 |
| U.S. Treasury Notes | 5.0<br> %<br>|  |  |
| 0.38%, 12/31/25 |  | 140000 | &nbsp;&nbsp; 138723 |
| 4.25%, 12/31/25 |  | 55000 | &nbsp;&nbsp; 55018 |
| 0.75%, 4/30/26 |  | 100000 | &nbsp;&nbsp; 98044 |
|  |  |  | &nbsp;&nbsp; 291785 |
| TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,717,419) |  |  | &nbsp;&nbsp; 4717419 |
| REPURCHASE AGREEMENTS | 20.0<br> %<br>|  |  |
| Banco Bilbao Vizcaya, dated 9/30/25, repurchase price $300,035, 4.20%, <br> 10/1/25<sup>(c)</sup> <br>|  | 300000 | &nbsp;&nbsp; 300000 |
| Citigroup Global Markets, Inc., dated 9/30/25, repurchase price $256,030, <br> 4.20%, 10/1/25<sup>(d)</sup> <br>|  | 256000 | &nbsp;&nbsp; 256000 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal**<br> **Amount**<br> **(000s)**<br>| **Value**<br> **(000s)**<br>|
| Citigroup Global Markets, Inc., dated 9/30/25, repurchase price $400,047, <br> 4.20%, 10/1/25<sup>(d)</sup> <br>|  | $400000 | &nbsp;&nbsp; $400000 |
| Fixed Income Clearing Corp., dated 9/30/25, repurchase price $200,023, 4.20%, <br> 10/1/25<sup>(e)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200000 |
| TOTAL REPURCHASE AGREEMENTS (Cost $1,156,000) |  |  | &nbsp;&nbsp; 1156000 |
| TOTAL INVESTMENTS<br> (Cost $5,873,419)<br>| 101.4<br> %<br>|  | &nbsp;&nbsp; 5873419 |
| NET OTHER ASSETS (LIABILITIES) | (1.4<br> %)<br>|  | &nbsp;&nbsp; (81811)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $5791608 |

---

---

| |
|:---|
| <sup>(a)</sup>Discount rate at the time of purchase. |
| <sup>(b)</sup>Variable rate security. Rate as of September 30, 2025 is disclosed. Maturity date represents the next interest reset date. The security's legal final maturity date is longer <br> than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.<br>|
| <sup>(c)</sup>The nature and terms of the collateral received for the repurchase agreements are as follows: |

---

---

| | | | |
|:---|:---|:---|:---|
| **Banco Bilbao Vizcaya** | **Value**<br> **(000s)**<br>| &nbsp;&nbsp; **Coupon**<br> **Rates**<br>| &nbsp;&nbsp; **Maturity**<br> **Dates**<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; $306000 | 0.63%—4.00% | 5/15/28—7/15/33 |

---

<sup>(d)</sup>The nature and terms of the collateral received for the repurchase agreements are as follows:<br>

---

| | | | |
|:---|:---|:---|:---|
| **Citigroup Global Markets, Inc.** | **Value**<br> **(000s)**<br>| &nbsp;&nbsp; **Coupon**<br> **Rates**<br>| &nbsp;&nbsp; **Maturity**<br> **Dates**<br>|
| U.S. Treasury Notes | &nbsp;&nbsp; $669120 | 2.88% — 4.63% | 3/31/27 — 4/30/29 |

---

<sup>(e)</sup>The nature and terms of the collateral received for the repurchase agreements are as follows:<br>

---

| | | | |
|:---|:---|:---|:---|
| **JPMorgan Securities LLC** | **Value**<br> **(000s)**<br>| &nbsp;&nbsp; **Coupon**<br> **Rates**<br>| &nbsp;&nbsp; **Maturity**<br> **Dates**<br>|
| U.S. Treasury Bills | &nbsp;&nbsp; $24664 | 0.00% | 10/30/25 — 2/5/2026 |
| U.S. Treasury Notes | &nbsp;&nbsp; $179336 | 0.38% | 11/30/25 |
| Total | &nbsp;&nbsp; $204000 |  |  |

---

At September 30, 2025 the asset allocations for the NTAM Treasury Assets Fund were:

---

| | |
|:---|:---|
| **Asset Allocation**  | **% of Net Assets** |
| U.S. Treasury Bills  | 60.4% |
| U.S. Treasury Floating Rate Notes  | 16.0  |
| U.S. Treasury Notes  | 5.0  |
| Repurchase Agreements  | 20.0  |
| Total | &nbsp;&nbsp; 101.4% |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF ASSETS & LIABILITIES**

**September 30, 2025** 

------

---

| | |
|:---|:---|
| **Amounts in thousands** | **NTAM**<br> **Treasury**<br> **Assets Fund**<br>|
| Assets: |  |
| Investments at amortized cost, which approximates fair value  | &nbsp;&nbsp; $4717419 |
| Repurchase agreements at cost, which approximates fair value | &nbsp;&nbsp; 1156000 |
| Cash | &nbsp;&nbsp; 8 |
| Receivable for interest | &nbsp;&nbsp; 7986 |
| Prepaid expenses | &nbsp;&nbsp; 25 |
| Total Assets | &nbsp;&nbsp; 5881438 |
| Liabilities: |  |
| Securities purchased payable | &nbsp;&nbsp; 69042 |
| Distributions payable to shareholders | &nbsp;&nbsp; 20190 |
| Investment advisory fees payable | &nbsp;&nbsp; 378 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 137 |
| Regulatory and Compliance fees payable | &nbsp;&nbsp; 53 |
| Trustee fees payable | &nbsp;&nbsp; 1 |
| Other accrued expenses and payables | &nbsp;&nbsp; 29 |
| Total Liabilities | &nbsp;&nbsp; 89830 |
| Net Assets | &nbsp;&nbsp; $5791608 |
| Net Assets | &nbsp;&nbsp; $5791608 |
| Shares of common stock outstanding | &nbsp;&nbsp; 5791570 |
| Net asset value per share | &nbsp;&nbsp; $1.00 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $5791516 |
| Distributable earnings  | &nbsp;&nbsp; 92 |
| Net Assets | &nbsp;&nbsp; $5791608 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF OPERATIONS**

**For the year ended September 30, 2025** 

------

---

| | |
|:---|:---|
| **Amounts in thousands** | **NTAM**<br> **Treasury**<br> **Assets Fund**<br>|
| Investment Income: |  |
| Interest income | &nbsp;&nbsp; $255738 |
| Operating expenses: |  |
| Investment advisory | &nbsp;&nbsp; 6322 |
| Accounting and Administration | &nbsp;&nbsp; 806 |
| Regulatory and Compliance | &nbsp;&nbsp; 319 |
| Trustees | &nbsp;&nbsp; 85 |
| Other | &nbsp;&nbsp; 236 |
| Total expenses | &nbsp;&nbsp; 7768 |
| Expenses reduced by Adviser | &nbsp;&nbsp; (1903)<br>|
| Net expenses | &nbsp;&nbsp; 5865 |
| Net investment income | &nbsp;&nbsp; 249873 |
| Realized Gains from Investment Activities: |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 61 |
| Net realized gains from investment activities | &nbsp;&nbsp; 61 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $249934 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended September 30, 2025 and 2024**

------

---

| | | |
|:---|:---|:---|
|  | **NTAM**<br> **Treasury**<br> **Assets Fund** | **NTAM**<br> **Treasury**<br> **Assets Fund** |
| **Amounts in thousands** | **September 30,**<br> **2025**<br>| **September 30,**<br> **2024**<br>|
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $249873 | &nbsp;&nbsp; $367646 |
| Net realized gains from investment transactions | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 71 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 249934 | &nbsp;&nbsp; 367717 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings | &nbsp;&nbsp; (249873)<br>| &nbsp;&nbsp; (367646)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (249873)<br>| &nbsp;&nbsp; (367646)<br>|
| Capital Transactions:  |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 15177900 | &nbsp;&nbsp; 14540800 |
| Value of shares issued to shareholders in reinvestment of dividends | &nbsp;&nbsp; 252824 | &nbsp;&nbsp; 382732 |
| Value of shares redeemed | &nbsp;&nbsp; (15361848)<br>| &nbsp;&nbsp; (17963511)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 68876 | &nbsp;&nbsp; (3039979)<br>|
| Change in net assets | &nbsp;&nbsp; 68937 | &nbsp;&nbsp; (3039908)<br>|
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp; 5722671 | &nbsp;&nbsp; 8762579 |
| End of year | &nbsp;&nbsp; $5791608 | &nbsp;&nbsp; $5722671 |
| Share Transactions |  |  |
| Sold | &nbsp;&nbsp; 15177900 | &nbsp;&nbsp; 14540800 |
| Reinvested | &nbsp;&nbsp; 252824 | &nbsp;&nbsp; 382732 |
| Redeemed | &nbsp;&nbsp; (15361848)<br>| &nbsp;&nbsp; (17963511)<br>|
| Change | &nbsp;&nbsp; 68876 | &nbsp;&nbsp; (3039979)<br>|

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NTAM**<br> **Treasury**<br> **Assets Fund** | **NTAM**<br> **Treasury**<br> **Assets Fund** | **NTAM**<br> **Treasury**<br> **Assets Fund** | **NTAM**<br> **Treasury**<br> **Assets Fund** | **NTAM**<br> **Treasury**<br> **Assets Fund** |
|  | **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from operations: |  |  |  |  |  |
| Net investment income | 0.04 | 0.05 | 0.04 | 0.01 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Net realized gains from <br> investments<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total from investment operations | 0.04 | 0.05 | 0.04 | 0.01 | &nbsp;&nbsp; — |
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (— )<sup>(a)</sup><br>|
| From net realized gains on <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (— )<sup>(a)</sup><br>| &nbsp;&nbsp; (— )<sup>(a)</sup><br>|
| Total distributions paid | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of year | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | 4.43<br> %<br>| 5.40<br> %<br>| 4.47<br> %<br>| 0.66<br> %<br>| 0.03<br> %<br>|
| <u>Ratios/Supplemental data:</u> |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $5791608 | &nbsp;&nbsp; $5722671 | &nbsp;&nbsp; $8762579 | &nbsp;&nbsp; $7685839 | &nbsp;&nbsp; $7729359 |
| Ratio of net expenses to average net <br> assets<br>| 0.10<br> %<br>| 0.10<br> %<br>| 0.10<br> %<br>| 0.09<br> %<br>| 0.07<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 4.34<br> %<br>| 5.27<br> %<br>| 4.46<br> %<br>| 0.68<br> %<br>| 0.02<br> %<br>|
| Ratio of gross expenses to average net <br> assets<sup>(b)</sup><br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>|

---

(a) Amount is less than $0.005 per share.

(b) During the periods shown, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated.

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

Advisers Investment Trust (the "Trust") is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The NTAM Treasury Assets Fund (the "Fund") is a series of the Trust, and commenced operations on April 4, 2018. Shares of the Fund are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Investments in the Fund may be made only by individuals or entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. These financial statements and notes only relate to the Fund.

The Fund is a diversified fund. The investment objective of the Fund is to seek to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing its net assets, under normal market conditions, exclusively in United States ("U.S.") Treasury securities and related repurchase agreements and other securities that limit their investments to, or are backed by, U.S. Treasury securities.

The Fund operates as a "government money market fund" under Rule 2a-7 of the Investment Company Act of 1940, as amended (the "1940 Act").

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Fund. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for 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.

**A. Significant accounting policies are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at amortized cost, which approximates fair value. Under this method, investments purchased at a discount or premium are valued by accruing or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. The Trustees have designated Northern Trust Investments, Inc. (the "Adviser" or "NTI"), as investment adviser to the Fund, as the Fund's Valuation Designee with responsibility for establishing fair value when amortized cost does not approximate fair value.

The following is a summary of the valuation inputs used as of September 30, 2025 in valuing the Fund's investments based upon the three fair value levels as follows:

• Level 1 —quoted prices in active markets for identical assets

• Level 2 —other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 —significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amounts in thousands** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| Investments held by the NTAM Treasury Assets Fund\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5873419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5873419 |

---

\* See additional categories in the Schedule of Investments.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

As of September 30, 2025, there were no Level 1 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the year ended September 30, 2025.

**REPURCHASE AGREEMENTS**

The Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which it purchases securities for cash from a seller and agrees to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and a liquidity feature which allows the Fund to resell the security quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. 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 collateral by the Fund may be delayed or limited. The Fund has entered into such repurchase agreements at September 30, 2025, as reflected in the accompanying Schedule of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **Amounts in thousands** | &nbsp;&nbsp; **Gross Amounts not Offset in the**<br> **Statement of Assets & Liabilities** | &nbsp;&nbsp; **Gross Amounts not Offset in the**<br> **Statement of Assets & Liabilities** | &nbsp;&nbsp; **Gross Amounts not Offset in the**<br> **Statement of Assets & Liabilities** |
| **Counterparty** | &nbsp;&nbsp; **Gross Amounts of** <br> **Assets**<br> **Presented in** <br> **Statements of**<br> **Assets & Liablities**<br>| **Financial**<br> **Instruments\***<br>| **Net**<br> **Amount**<br>|
| Banco Bilbao Vizcaya | $300000  | &nbsp;&nbsp; $(300000)<br>| &nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | 656000 | &nbsp;&nbsp; (656000)<br>| &nbsp;&nbsp; — |
| JPMorgan Securities LLC  | 200000 | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; — |
|  | $1156000  | &nbsp;&nbsp; $(1156000) <br>| &nbsp;&nbsp; $— |

---

\*Collateral received is reflected up to the fair market value of the repurchase agreement.

**INVESTMENT TRANSACTIONS AND INCOME**

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a fund in the Trust are charged to that fund, while expenses that are attributable to more than one fund in the Trust are allocated among the applicable funds on a pro-rata basis to each adviser's series of funds based on relative net assets or another reasonable basis.

**DIVIDENDS AND DISTRIBUTIONS**

Dividends from net income are declared daily and paid monthly by the Fund to its shareholders. Net income includes the interest accrued on the Fund's assets less estimated expenses. The Fund's net realized short-term capital gains, if any, are distributed at least annually.

Distributions from net investment income and from net realized capital gain are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g.,

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**FEDERAL INCOME TAX INFORMATION**

No provision is made for federal income taxes as the Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

As of September 30, 2025, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund's federal tax returns for the tax years ended September 30, 2025, 2024, 2023 and 2022 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

**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 and disclosure of contingent 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 these estimates.

**OPERATING SEGMENTS**

In this reporting period, the Fund adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Management of the Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, and is consistent with the financial information presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets & Liabilities as "total assets", and significant segment expenses are listed on the accompanying Statement of Operations.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

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

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the "Agreement") with NTI to provide investment management services to the Fund. Total fees incurred pursuant to the Agreement are reflected as "Investment advisory" fees on the Statement of Operations. Under the terms of the Agreement, the Fund pays the Adviser a monthly fee based on the Fund's daily net assets at the annualized rate of 0.11%.

Foreside Financial Services, LLC (the "Placement Agent") provides private placement services to the Fund pursuant to a placement agent agreement with the Trust, on behalf of the Fund. Under its agreement with the Trust, the Placement Agent acts as an agent of the Trust in connection with the offering of the shares of the Fund on a private placement basis to eligible investors only. The Adviser, at its own expense, pays the Placement Agent an asset-based fee, which is calculated and billed monthly, for these services and reimbursement for certain expenses incurred on behalf of the Fund.

The Northern Trust Company ("Northern Trust"), an affiliate to NTI, serves as the administrator, transfer agent, custodian, and fund accounting agent for the Fund pursuant to written agreements between the Trust, on behalf of the Fund, and Northern Trust. The Fund pays Northern Trust certain annual and transaction-based fees, a tiered basis-point fee based on the Fund's daily net assets, and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Northern Trust pursuant to these agreements are reflected as "Accounting and Administration" fees on the Statement of Operations.

Foreside Fund Officer Services, LLC ("Foreside") provides compliance and financial control services for the Fund pursuant to a written agreement with the Trust, on behalf of the Fund, including providing certain officers to the Fund. The Fund pays Foreside an annual base fee, a basis-point fee based on the Fund's daily net assets and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Foreside pursuant to these agreements are reflected as "Regulatory and Compliance" fees on the Statement of Operations.

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Placement Agent and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2025, the Trust paid each Trustee who is not an "interested person," as that term is defined in the 1940 Act (each, an "Independent Trustee" and, collectively, the "Independent Trustees") compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. Effective April 1, 2025, the Trust pays an annual retainer of $145,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the year ended September 30, 2025, the aggregate Trustee compensation paid by the Trust was $415,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as "Trustees" fees on the Statement of Operations.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of the compensation paid to each Independent Trustee, expenses associated with an Independent Trustee's attendance at Board meetings and other Trust related travel, expenses of third party consultants engaged by the Board, any membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to 0.10% of the average daily net assets of the Fund until January 28, 2026. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (exclusive of the compensation paid to each Independent Trustee, expenses associated with an Independent Trustee's attendance at Board meetings and other Trust related travel, expenses of third party consultants engaged by the Board, any membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the applicable expense limitation in effect at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Fund's registration statement, until such time as the Adviser provide written notice of non-renewal.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

The Adviser may reimburse additional expenses or waive all or a portion of the management fee of the Fund from time to time, including to avoid a negative yield, and such amounts are not subject to recoupment in future periods. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. During the year ended September 30, 2025, the Adviser did not voluntarily waive or reimburse any additional expenses.

For the year ended September 30, 2025, the Fund incurred advisory fees payable to NTI, contractual expense waivers and/or reimbursements from NTI, and paid expense recoupments to NTI, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Amounts in thousands**  | **Advisory Fee to NTI** | **Expenses Reduced by** <br> **NTI**<br>| **Advisory Fees** <br> **Recouped by NTI**<br>|
| NTAM Treasury Assets Fund | &nbsp;&nbsp; $6322 | &nbsp;&nbsp; $1903 | &nbsp;&nbsp; $— |

---

The balances of recoverable expenses to NTI by the Fund at September 30, 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **For the:** | **Expiring** | **NTAM**<br> **Treasury**<br> **Assets Fund**<br>|
| Year ended September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; $2297 |
| Year ended September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 2173 |
| Year ended September 30, 2025 | September 30, 2028 | &nbsp;&nbsp; 1903 |
| Balances of Recoverable Expenses to the Adviser |  | &nbsp;&nbsp; $6373 |

---

**C. Other Risks**

General market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, disruptions to business operations and supply chains, staffing shortages, or adverse investor sentiment could cause the value of your investment in the Fund, or its yield, to decline. The market value of the securities in which the Fund invests may be impacted in response to the prospects of particular sectors or governments, general economic conditions, and/or other events (such as pandemics, terrorism, etc.) throughout the world due to increasingly interconnected global economies and financial markets. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. These events can have a significant impact on the Fund's operations and performance.

**D. Federal Income Tax**

As of September 30, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amounts in thousands**  | **Cost** | **Gross Unrealized** <br> **Appreciation**<br>| **Gross Unrealized** <br> **(Depreciation)**<br>| **Net Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>|
| NTAM Treasury Assets Fund | &nbsp;&nbsp; $5873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2025 and September 30, 2024 for the Fund were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Amounts in thousands** | **Ordinary Income** | **Net Long**<br> **Term Gains**<br>| **Total Taxable**<br> **Distributions Paid**<br>| **Tax Return**<br> **of Capital**<br>| **Total Distributions**<br> **Paid**<br>|
| 2025 | &nbsp;&nbsp; $252824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252824 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $252824 |
| 2024 | &nbsp;&nbsp; 382732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 382732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 382732 |

---

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

As of the latest tax year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Amounts in thousands**  | **Undistributed**<br> **Ordinary Income**<br>| **Undistributed Long-**<br> **Term Capital**<br> **Gains**<br>| **Accumulated**<br> **Earnings**<br>| **Distributions**<br> **Payable**<br>| **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| **Unrealized**<br> **Depreciation**<br>| **Total**<br> **Accumulated**<br> **Earnings**<br>|
| NTAM Treasury Assets Fund | $20282 | $— | $20282 | $(20190)<br>| $— | $— | $92 |

---

At September 30, 2025, the latest tax year end, the Fund had no capital loss carry-forwards available to offset future net capital gains.

------

**Report of Independent Registered Public Accounting Firm** 

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders of the NTAM Treasury Assets Fund and the Board of Trustees of Advisers Investment Trust

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the NTAM Treasury Assets Fund (the "Fund"), one of the funds constituting Advisers Investment Trust (the "Trust"), as of September 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

November 20, 2025

We have served as the auditor of one or more Northern Trust investment companies since 2002.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**PROXY DISCLOSURES**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**September 30, 2025 (Unaudited)**

------

Included on page 11 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**NTAM TREASURY ASSETS FUND**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

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------

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------

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------

**Investment Adviser**

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered**

**Public Accounting Firm**

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

**Placement Agent**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**For Additional Information, call**

855-351-4583 (toll free)

NT 09/25

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [The Code of Ethics that is the subject of the disclosure required by Item 2 of this Form N-CSR is filed herewith.](Exhibit_a1.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

------

#### 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.

Advisers Investment Trust

---

| | |
|:---|:---|
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | November 26, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |
| Date:  | November 26, 2025  |
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | November 26, 2025  |

---

------

## Ex-99.Code

Advisers Investment Trust

<u>Principal Executive and Principal Financial Officers Code of Ethics</u>

I. **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Advisers Investment Trust (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview. A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.** 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or

the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

III. **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;

● annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

● the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

● if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

● any matter that the Compliance Officer believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

VIII. **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

#### Exhibit A

------

#### Persons Covered by this Code of Ethics

#### Barbara J. Nelligan - President and Principal Executive Officer

#### Troy Sheets - Treasurer and Principal Financial Officer
As of: December 16, 2021

#### Exhibit B-1

#### Advisers Investment Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit B-2

#### Advisers Investment Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| <br> Date: ___________________  |  |
|  | Troy Sheets  |
|  | Principal Financial Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit C-1

#### Advisers Investment Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending September 30, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | <br> Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit C-2

#### Advisers Investment Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending September 30, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

------

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | Troy Sheets  |
|  | Principal Financial Officer  |
|  | Advisers Investment Trust  |

---

------

## Ex-99.Cert

#### Certifications
I, Barbara J. Nelligan, certify that:

1. I have reviewed this report on Form N-CSR of the Advisers Investment Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

---

------

I, Troy A. Sheets, certify that:

1. I have reviewed this report on Form N-CSR of the Advisers Investment Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |

---

------

## Exhibit 99.906

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2025 of the Advisers Investment Trust (the "registrant").

Barbara J. Nelligan, Principal Executive Officer, and Troy A. Sheets, Principal Financial Officer, of registrant each certify to the best of his/her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| November 26, 2025  | November 26, 2025  |
| Date  | Date  |
| /s/ Barbara J. Nelligan  | /s/ Troy A. Sheets  |
| Barbara J. Nelligan  | Troy A. Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------