# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001145549-25-038398
**Filing Date:** 2025-6
**Character Count:** 61171
**Document Hash:** 47ee8977faeb0c22d104e95d6c4c7a7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038398.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001145549-25-038398

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251019515

**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           |

?xml version='1.0' encoding='ASCII'? 8dd9e1a5f1e79f1

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### 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:

#### March 31, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

![TSR - Fund Logo - IFP](images_6957.jpg)

Independent Franchise Partners

US Equity Fund

Ticker \| IFPUX

#### Semi-Annual Shareholder Report \| March 31, 2025
This semi-annual shareholder report contains important information about the Independent Franchise Partners US Equity Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at franchisepartners.com/funds/us-mutual-fund-documents. You can also request this information by contacting us at 855-233-0437 (toll free).

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Independent Franchise Partners<br> US Equity Fund | $35 | 0.67% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1425492701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32.89% |

---

PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Communication Services | 31.2% |
| Consumer Staples | 19.7% |
| Health Care | 16.5% |
| Financials | 8.8% |
| Consumer Discretionary | 5.5% |
| Real Estate | 5.1% |
| Materials | 4.9% |
| Industrials | 3.6% |
| Information Technology | 2.6% |

---

#### Where can I find more information?
At franchisepartners.com/funds/us-mutual-fund-documents, 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 855-233-0437 (toll free).

Independent Franchise Partners US Equity Fund

------

(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.** 

Not applicable – only for annual reports.

------

&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.**

Not applicable – only for annual reports.

------

&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.**

Not applicable – only for annual reports.

------

&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.

------

![](imgcc14c5cf1.gif)

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INDEPENDENT FRANCHISE PARTNERS

US EQUITY FUND

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2025

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**TABLE OF CONTENTS**

**March 31, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_SOI-TOCPageHeader-1141_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_SOI-TOCPageHeader-1141_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets & Liabilities](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_FS-FundBookHeader2-1141_1)** | **3** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_FS-FundBookHeader2-1141_2)** | **4** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_FS-FundBookHeader2-1141_3)** | **5** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_FS-FundBookHeader2-1141_4)** | **6** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_NTF-NotestoFinancialStatements-1141_1)** | **7** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_CAD-CAD-TOC_1)** | **13** |
| **[PROXY DISCLOSURES](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_PD-PD-TOC_1)** | **14** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_RPDOO-RPDOO-TOC_1)** | **15** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_28a46f14-f8dc-451c-833f-942fbb365f90_SRBA-BA-TOC_1)** | **16** |

---

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 97.9<br> %<br>|  |  |
| Biotechnology | 4.9<br> %<br>|  |  |
| Corteva Inc. |  | 1119131 | &nbsp;&nbsp; $70426914 |
| Commercial Services | 3.6<br> %<br>|  |  |
| RB Global Inc. |  | 394740 | &nbsp;&nbsp; 39592422 |
| TransUnion |  | 137105 | &nbsp;&nbsp; 11378344 |
|  |  |  | &nbsp;&nbsp; 50970766 |
| Cosmetics/Personal Care | 9.4<br> %<br>|  |  |
| Estée Lauder Cos. Inc. - Class A |  | 543008 | &nbsp;&nbsp; 35838528 |
| Kenvue Inc. |  | 3083169 | &nbsp;&nbsp; 73934393 |
| Unilever PLC |  | 406832 | &nbsp;&nbsp; 24212506 |
|  |  |  | &nbsp;&nbsp; 133985427 |
| Diversified Financials | 5.1<br> %<br>|  |  |
| Intercontinental Exchange Inc. |  | 420782 | &nbsp;&nbsp; 72584895 |
| Entertainment | 14.1<br> %<br>|  |  |
| Live Nation Entertainment Inc.<sup>(a)</sup> <br>|  | 379609 | &nbsp;&nbsp; 49569343 |
| TKO Group Holdings Inc. |  | 251863 | &nbsp;&nbsp; 38487185 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>|  | 4295964 | &nbsp;&nbsp; 46095694 |
| Warner Music Group Corp. - Class A |  | 2145654 | &nbsp;&nbsp; 67266253 |
|  |  |  | &nbsp;&nbsp; 201418475 |
| Healthcare Products | 3.5<br> %<br>|  |  |
| Solventum Corp.<sup>(a)</sup> <br>|  | 654319 | &nbsp;&nbsp; 49754417 |
| Household Products/Wares | 3.5<br> %<br>|  |  |
| Reckitt Benckiser Group PLC |  | 741938 | &nbsp;&nbsp; 50124237 |
| Insurance | 3.8<br> %<br>|  |  |
| Aon PLC - Class A |  | 134120 | &nbsp;&nbsp; 53525951 |
| Internet Software & Services | 8.7<br> %<br>|  |  |
| eBay Inc. |  | 775467 | &nbsp;&nbsp; 52522380 |
| Zillow Group Inc. - Class A<sup>(a)</sup> <br>|  | 139555 | &nbsp;&nbsp; 9330647 |
| Zillow Group Inc. - Class C<sup>(a)</sup> <br>|  | 903298 | &nbsp;&nbsp; 61930111 |
|  |  |  | &nbsp;&nbsp; 123783138 |
| Media | 10.7<br> %<br>|  |  |
| Fox Corp. - Class A |  | 1131624 | &nbsp;&nbsp; 64049919 |
| Fox Corp. - Class B |  | 332266 | &nbsp;&nbsp; 17513741 |
| News Corp. - Class A |  | 1799420 | &nbsp;&nbsp; 48980212 |
| News Corp. - Class B |  | 719387 | &nbsp;&nbsp; 21847783 |
|  |  |  | &nbsp;&nbsp; 152391655 |
| Pharmaceuticals | 12.9<br> %<br>|  |  |
| Bristol Myers Squibb Co. |  | 1155332 | &nbsp;&nbsp; 70463699 |
| Johnson & Johnson |  | 395005 | &nbsp;&nbsp; 65507629 |
| Novartis AG - REG |  | 432819 | &nbsp;&nbsp; 47865955 |
|  |  |  | &nbsp;&nbsp; 183837283 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Software | 5.5<br> %<br>|  |  |
| Electronic Arts Inc. |  | 285604 | &nbsp;&nbsp; $41275490 |
| Oracle Corp. |  | 262465 | &nbsp;&nbsp; 36695232 |
|  |  |  | &nbsp;&nbsp; 77970722 |
| Textiles, Apparel & Luxury Goods | 1.8<br> %<br>|  |  |
| Cie Financiere Richemont S.A. - Class A - REG |  | 151137 | &nbsp;&nbsp; 26129088 |
| Tobacco | 6.8<br> %<br>|  |  |
| British American Tobacco PLC |  | 938908 | &nbsp;&nbsp; 38592391 |
| Philip Morris International Inc. |  | 370332 | &nbsp;&nbsp; 58782798 |
|  |  |  | &nbsp;&nbsp; 97375189 |
| Toys/Games/Hobbies | 3.6<br> %<br>|  |  |
| Nintendo Co. Ltd. |  | 760770 | &nbsp;&nbsp; 51279317 |
| TOTAL COMMON STOCKS (Cost $986,899,091) |  |  | &nbsp;&nbsp; 1395557474 |
| TOTAL INVESTMENTS<br> (Cost $986,899,091)<br>| 97.9<br> %<br>|  | &nbsp;&nbsp; 1395557474 |
| NET OTHER ASSETS (LIABILITIES) | 2.1<br> %<br>|  | &nbsp;&nbsp; 29935227 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1425492701 |

---

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

Abbreviations: <br> REG – Registered

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

---

| | |
|:---|:---|
| **Country Allocation** | **Percentage**<br> **of Net Assets**<br>|
| United States  | 74.7% |
| United Kingdom  | 7.9  |
| Switzerland  | 5.2  |
| Ireland<sup>(b)</sup> | 3.7  |
| Japan  | 3.6  |
| Canada<sup>(b)</sup> | 2.8  |
| Total  | 97.9% |

---

<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>

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **Independent** <br> **Franchise Partners**<br> **US Equity Fund**<br>|
| Assets: |  |
| Investments, at value (Cost: $986,899,091) | &nbsp;&nbsp; $1395557474 |
| Cash | &nbsp;&nbsp; 25559897 |
| Receivable for dividends | &nbsp;&nbsp; 1812810 |
| Reclaims receivable | &nbsp;&nbsp; 3578681 |
| Prepaid expenses | &nbsp;&nbsp; 39886 |
| Total Assets | &nbsp;&nbsp; 1426548748 |
| Liabilities: |  |
| Investment advisory fees payable | &nbsp;&nbsp; 702386 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 302577 |
| Audit fees payable | &nbsp;&nbsp; 16528 |
| Regulatory and Compliance fees payable | &nbsp;&nbsp; 25664 |
| Other accrued expenses and payables | &nbsp;&nbsp; 8892 |
| Total Liabilities | &nbsp;&nbsp; 1056047 |
| Net Assets | &nbsp;&nbsp; $1425492701 |
| Net assets | &nbsp;&nbsp; $1425492701 |
| Shares of common stock outstanding | &nbsp;&nbsp; 70394478 |
| Net asset value per share | &nbsp;&nbsp; $20.25 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $783532799 |
| Distributable earnings (loss) | &nbsp;&nbsp; 641959902 |
| Net Assets | &nbsp;&nbsp; $1425492701 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

------

---

| | |
|:---|:---|
|  | **Independent** <br> **Franchise Partners**<br> **US Equity Fund**<br>|
| Investment Income: |  |
| Dividend income (Net of foreign withholding tax of $445,694) | &nbsp;&nbsp; $11370417 |
| Interest income | &nbsp;&nbsp; 568870 |
| Total investment income | &nbsp;&nbsp; 11939287 |
| Operating expenses: |  |
| Investment advisory | &nbsp;&nbsp; 4067543 |
| Accounting and Administration | &nbsp;&nbsp; 394294 |
| Regulatory and Compliance | &nbsp;&nbsp; 79862 |
| Trustees | &nbsp;&nbsp; 40293 |
| Legal | &nbsp;&nbsp; 28554 |
| Risk Officer | &nbsp;&nbsp; 14959 |
| Other | &nbsp;&nbsp; 63029 |
| Total expenses | &nbsp;&nbsp; 4688534 |
| Net investment income | &nbsp;&nbsp; 7250753 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 270336399 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (21546)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (165221244)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (131238)<br>|
| Net realized and unrealized gains from investment activities | &nbsp;&nbsp; 104962371 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $112213124 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | |
|:---|:---|:---|
|  | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** |
|  | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $7250753 | &nbsp;&nbsp; $26196326 |
| Net realized gains (losses) from investment and foreign currency transactions | &nbsp;&nbsp; 270314853 | &nbsp;&nbsp; 176560323 |
| Change in unrealized appreciation (depreciation) on investments and foreign currency | &nbsp;&nbsp; (165352482)<br>| &nbsp;&nbsp; 274877673 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 112213124 | &nbsp;&nbsp; 477634322 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings | &nbsp;&nbsp; (222222129)<br>| &nbsp;&nbsp; (145543249)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (222222129)<br>| &nbsp;&nbsp; (145543249)<br>|
| Capital Transactions:  |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 237899104 | &nbsp;&nbsp; 14692857 |
| Value of shares issued to shareholders in reinvestment of dividends | &nbsp;&nbsp; 215260909 | &nbsp;&nbsp; 140586322 |
| Value of shares redeemed | &nbsp;&nbsp; (913500447)<br>| &nbsp;&nbsp; (313914226)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (460340434)<br>| &nbsp;&nbsp; (158635047)<br>|
| Change in net assets | &nbsp;&nbsp; (570349439)<br>| &nbsp;&nbsp; 173456026 |
| Net assets: |  |  |
| Beginning of period | &nbsp;&nbsp; 1995842140 | &nbsp;&nbsp; 1822386114 |
| End of period | &nbsp;&nbsp; $1425492701 | &nbsp;&nbsp; $1995842140 |
| Share Transactions: |  |  |
| Sold | &nbsp;&nbsp; 11676502 | &nbsp;&nbsp; 774515 |
| Reinvested | &nbsp;&nbsp; 11136105 | &nbsp;&nbsp; 7853985 |
| Redeemed | &nbsp;&nbsp; (42726005)<br>| &nbsp;&nbsp; (16108826)<br>|
| Change | &nbsp;&nbsp; (19913398)<br>| &nbsp;&nbsp; (7480326)<br>|

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** | **Independent Franchise Partners**<br> **US Equity Fund** |
|  | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** <br>| &nbsp;&nbsp; **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>| **Year Ended**<br> **September 30,**<br> **2020** <br>|
| Net asset value, beginning of period | $22.10 | &nbsp;&nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $22.26 | &nbsp;&nbsp; $19.72 | &nbsp;&nbsp; $18.67 |
| Income (loss) from operations: |  |  |  |  |  |  |
| Net investment income | 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.25 | 0.23 | 0.31 | 0.37 |
| Net realized and unrealized gains (losses) <br> from investments<br>| 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | 3.69 | &nbsp;&nbsp; (3.52)<br>| 4.70 | 2.72 |
| Total from investment operations | 2.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | 3.94 | &nbsp;&nbsp; (3.29)<br>| 5.01 | 3.09 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.37)<br>|
| From net realized gains on investments | (3.48)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp; (1.68)<br>|
| Total distributions paid | (3.91)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (2.05)<br>|
| Increase from redemption fees | — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| 0.01 |
| Change in net asset value | (1.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.46 | 1.17 | &nbsp;&nbsp; (4.79)<br>| 2.54 | 1.05 |
| Net asset value, end of period | $20.25 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $22.26 | &nbsp;&nbsp; $19.72 |
| Total return<sup>(b)</sup><sup>, (c)</sup> | 10.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.62<br> %<br>| 23.97<br> %<br>| &nbsp;&nbsp; (15.93<br> %)<br>| 27.34<br> %<br>| 17.50 %<sup>(d)</sup><br>|
| <u>Ratios/Supplemental data:</u> |  |  |  |  |  |  |
| Net assets, end of period (000's) | $1425493 | &nbsp;&nbsp;&nbsp; $1995842 | &nbsp;&nbsp; $1822386 | &nbsp;&nbsp; $1490219 | &nbsp;&nbsp; $2027325 | &nbsp;&nbsp; $1677925 |
| Ratio of expenses to average net assets | 0.67 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| 0.67<br> %<br>| 0.68<br> %<br>| 0.72<br> %<br>| 0.76<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 1.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| 1.34<br> %<br>| 1.06<br> %<br>| 1.42<br> %<br>| 1.49<br> %<br>|
| Portfolio turnover rate<sup>(b)</sup><sup>, (f)</sup> | 32.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.77<br> %<br>| 21.75<br> %<br>| 25.80<br> %<br>| 23.67<br> %<br>| 43.46<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Redemption fees were less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Total return excludes redemption fees.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period, the Adviser reimbursed the Fund for a loss realized in connection
 with a trade error. Such payment represented 0.02% to the Fund's total return.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate includes applicable corporate action activity and securities
 trading as a result of investor subscription and redemption activity.

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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 Independent Franchise Partners US Equity Fund (the "IFP US Equity Fund" or the "Fund") is a series of the Trust which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements and notes only relate to the Fund.

The Fund is a non-diversified fund, meaning it may invest in a smaller number of companies than a diversified fund, and seeks to achieve an attractive long-term rate of return.

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 fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an approved independent third party pricing service as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an approved independent pricing source. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

The Trustees have designated Independent Franchise Partners, LLP, as investment adviser to the Fund, as the Fund's Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) according to policies approved by the Board. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an approved independent third party pricing service to fair value its international equity securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of the Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2025 in valuing the Fund's investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **Independent Franchise Partners US Equity Fund** |  |  |  |  |
| Common Stocks<sup>(1)</sup> <br>| &nbsp;&nbsp; $1395557474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1395557474 |
| Total Investments | &nbsp;&nbsp; $1395557474 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1395557474 |

---

<sup>(1)</sup> See investment industries in the Schedule of Investments.

As of March 31, 2025, there were no Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the six months ended March 31, 2025.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Fund is the U.S. dollar. The Fund may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Fund's securities and the price of the Fund's shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statement of Operations.

**INVESTMENT TRANSACTIONS AND INCOME**

Investment transactions are accounted for no later than one business day after trade date. At financial reporting period ends, 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. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

**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**

The Fund intends to distribute substantially all of its net investment income as dividends to shareholders on an annual basis. The Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains at least once a year.

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. treatment of certain dividend distributions, gains/losses, return of capital, redemption in-kind, 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.

**REDEMPTION FEES**

The Fund will charge a redemption fee of up to 0.25% of the total redemption amount if you sell your shares, regardless of the length of time you have held your shares and subject to certain exceptions and limitations described in the prospectus. The redemption fee is paid directly to the Fund and is intended to encourage long-term investment in the Fund, to facilitate portfolio management and to avoid (or compensate the Fund for the impact of) transaction and other Fund expenses incurred as a result of shareholder redemptions. Redemption fees charged for the six months ended March 31, 2025 and year ended September 30, 2024 were $310,091 and $359,247, respectively, and are reflected within the value of shares redeemed on the Statements of Changes in Net Assets.

**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 March 31, 2025, the Fund did not have material 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, 2021, 2022, 2023 and 2024 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, 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.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

&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 Independent Franchise Partners, LLP (the "Adviser") 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 a rate of 0.58%.

Foreside Financial Services, LLC (the "Distributor") provides distribution services to the Fund pursuant to a distribution agreement with the Trust, on behalf of the Fund. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Fund on a continuous basis. The Adviser, at its own expense, pays the Distributor an annual $5,000 fee for these services and reimbursement for certain expenses incurred on behalf of the Fund.

The Northern Trust Company ("Northern Trust") 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 has agreed to pay Northern Trust certain annual and transaction-based fees, a tiered basis-point fee based on the Fund's daily net assets, subject to a minimum annual fee of $175,000 relating to these services, and reimburse for certain expenses incurred on behalf of the Fund as well as other charges for additional service activities. 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.

Carne Global Financial Services (US) LLC ("Carne") provides risk management and oversight services for the Fund pursuant to a written agreement between the Trust, on behalf of the Fund, and Carne, including providing the Risk Officer to the Fund to administer the Fund's risk program and oversee the analysis of investment performance and performance of service providers. The Fund has agreed to pay Carne an annual fee of $30,000 for these services, and reimburse for certain expenses incurred on behalf of the Fund. Total fees paid to Carne pursuant to this agreement are reflected as "Risk Officer" fees on the Statement of Operations.

The officers of the Trust are affiliated with Foreside, Northern Trust, Carne or the Distributor 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 six months ended March 31, 2025, the aggregate Trustee compensation paid by the Trust was $198,000. 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 the Fund's total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividends on short positions, litigation and indemnification expenses, fees and expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.85% of the average daily net assets of the Fund until January 28, 2026. For the six months ended March 31, 2025, there were no expenses reduced by the Adviser. Any fees waived or expenses reimbursed during a fiscal year are not subject to repayment from the Fund to the Adviser in subsequent fiscal years.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

**C. Investment Transactions**

For the six months ended March 31, 2025, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Independent Franchise Partners US Equity Fund | &nbsp;&nbsp; $449299802 | &nbsp;&nbsp; $1121569856 |

---

**D. Federal Income Tax**

As of March 31, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Independent Franchise Partners US Equity Fund | &nbsp;&nbsp; $1004897683<br>| &nbsp;&nbsp; $405440265<br>| &nbsp;&nbsp; $(14780474) <br>| &nbsp;&nbsp; $390659791<br>|

---

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2024 and September 30, 2023 for the Fund was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent Franchise Partners US Equity** <br> **Fund**<br>| **Ordinary Income** | **Net Long**<br> **Term Gains**<br>| **Total Taxable**<br> **Distributions**<br>| **Tax Return**<br> **of Capital**<br>| **Total Distributions**<br> **Paid**<br>|
| 2024 | &nbsp;&nbsp; $44812654 | &nbsp;&nbsp; $100730595 | &nbsp;&nbsp; $145543249 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145543249 |
| 2023 | &nbsp;&nbsp; 24755886 | &nbsp;&nbsp; 210286202 | &nbsp;&nbsp; 235042088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235042088 |

---

As of the latest tax year ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **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> **Appreciation**<br>| **Total**<br> **Accumulated**<br> **Earnings**<br>|
| Independent Franchise Partners US Equity <br> Fund<br>| $45100657 | $156885785 | $201986442 | $— | $— | $549982465 | $751968907 |

---

At September 30, 2024, the latest tax year end, the Fund had no capital loss carry-forwards available to offset future net capital gains.

**E. In-Kind Transactions**

Certain shareholders in the Fund received securities in connection with their redemption amounts in accordance with the provisions of the Fund. These shareholders received securities and cash with a total value equal to the value of the shares they redeemed at the net asset value at the redemption date.

---

| | | | |
|:---|:---|:---|:---|
| Redemption Date | Redemption<br> Amount<br>| Securities<br> at Value<br>| Net Realized<br> Gain<br>|
| October 31, 2024 | &nbsp;&nbsp; $703496972 | &nbsp;&nbsp; $682918323 | &nbsp;&nbsp; $140342514 |

---

**F. Concentration of Ownership Risk**

A significant portion of the Fund's shares may be held in a limited number of shareholder accounts. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by the Fund, this could have a disruptive impact on the efficient implementation of the Fund's investment strategy.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

As of March 31, 2025, Adviser or Adviser affiliates held outstanding shares of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp; **%**<br> **Ownership**<br>|
| Independent Franchise Partners US Equity Fund | 3.4 |

---

**G. Other Risks**

The Fund is subject to market risk, which is the risk related to investments in securities in general and the daily fluctuations in the securities markets. The Fund's investment return per share will change daily based on many factors, including fluctuation in interest rates, the quality of the instruments in the Fund's investment portfolio, national and international economic conditions, disruptions to business operations and supply chains, staffing shortages, and general market conditions. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may be impacted by inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics (e.g., COVID-19), climate change and climate-related events, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. These events can have a significant impact on the Fund's operations and performance.

------

**ADVISERS INVESTMENT TRUST**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**PROXY DISCLOSURES**

**March 31, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

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

**March 31, 2025 (Unaudited)**

------

Included on page 10 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

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

**March 31, 2025 (Unaudited)**

------

Not applicable.

------

(This page has been intentionally left blank)

------

**Investment Adviser**

Independent Franchise Partners, LLP

Level 1, 10 Portman Square

London, W1H 6AZ

United Kingdom

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

**Distributor**

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, call**

855-233-0437 or 312-557-7902

IFP 03/25

------

&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) Not applicable - only for annual reports.

(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:  | June 3, 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:  | June 3, 2025  |
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

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## 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.

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| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

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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.

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| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |

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## 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 March 31, 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.

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| | |
|:---|:---|
| June 3, 2025  | June 3, 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  |

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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.

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