# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001145549-23-010530
**Filing Date:** 2023-2
**Character Count:** 20990
**Document Hash:** aabdfdf8e8c42176f5ca0efda48aac6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-010530.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-010530

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 23672094

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

------

#### ADVISERS INVESTMENT TRUST

#### INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage<br> of Net<br> Assets** | **Shares** | **Value** |
| COMMON STOCKS<br>| 97.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Biotechnology<br>| &nbsp;&nbsp;&nbsp;3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;902047 | &nbsp;&nbsp;&nbsp;&nbsp;$53022323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services<br>| &nbsp;&nbsp;&nbsp;5.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ritchie Bros. Auctioneers Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;856552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49534402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransUnion |  | &nbsp;&nbsp;&nbsp;&nbsp;755719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42887053 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92421455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Financials<br>| &nbsp;&nbsp;&nbsp;7.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;547054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56122270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;133718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44787507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. |  | 1901270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26180488 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127090265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified Support Services<br>| &nbsp;&nbsp;&nbsp;3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IAA Inc.<sup>(a)</sup> |  | 1372085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54883400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance<br>| &nbsp;&nbsp;&nbsp;4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;230364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69141451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet Software & Services<br>| 13.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc. - Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;471174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41571682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;35450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71441676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay Inc. |  | 1101336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45672404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. - Class A<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;246710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7699819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group Inc. - Class C<sup>(a)</sup> |  | 1761148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56726577 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223112158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Media<br>| 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A |  | 2082973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63259890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A |  | 3187534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58013119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class B |  | 1438519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26526290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Wrestling Entertainment Inc. - Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;762451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52243143 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200042442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pharmaceuticals<br>| 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  | 1353408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97377705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson |  | &nbsp;&nbsp;&nbsp;&nbsp;265952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46980421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG - REG |  | &nbsp;&nbsp;&nbsp;&nbsp;859434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77694358 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222052484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Software<br>| 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;507165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61965420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;177894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42662539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. |  | 1010514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82599414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc.<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;378755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50219126 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237446499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Textiles, Apparel & Luxury Goods<br>| &nbsp;&nbsp;&nbsp;4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont S.A. - Class A - REG |  | &nbsp;&nbsp;&nbsp;&nbsp;533675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69202003 |

---

------

#### ADVISERS INVESTMENT TRUST

#### INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2022 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage<br> of Net<br> Assets** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tobacco<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC |  | 1543921 | &nbsp;&nbsp;&nbsp;&nbsp;$61249967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;949135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96061953 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157311920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toys/Games/Hobbies<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. |  | 1344370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56667593 |
| TOTAL COMMON STOCKS (Cost $1,333,480,215) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1562393993 |
| TOTAL INVESTMENTS<br>(Cost $1,333,480,215)<br>| &nbsp;&nbsp;&nbsp;97.3% |  | &nbsp;&nbsp;&nbsp;&nbsp;1562393993 |
| NET OTHER ASSETS (LIABILITIES)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.7% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44070188 |
| NET ASSETS<br>| 100.0% |  | $1606464181 |

---

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

Abbreviations: <br> REG – Registered

At December 31, 2022, the Fund's investments were concentrated in the following countries:

---

| | |
|:---|:---|
| **Country Allocation** | &nbsp;&nbsp;**Percentage<br> of Net Assets** |
| United States<br>| &nbsp;&nbsp;77.7% |
| Switzerland<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.2 |
| United Kingdom<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.8 |
| Japan<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Canada<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Total <br>| &nbsp;&nbsp;97.3% |

---

<sup>(b)</sup>Ritchie Bros. Auctioneers is incorporated in Canada; however, its primary listing is on the New York Stock Exchange (NYSE) in the United States. We therefore define Ritchie Bros. Auctioneers as a United States equity, consistent with the terms set out in the prospectus.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1608440384.83

**Total Liabilities:** $1946267.21

**Net Assets:** $1606494117.62

**Cash Not Reported:** $41917717.62

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101704 | 7.78%                | 7.70%                | -5.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5835232.14              | $110400754.87                              |
| Month 2  | $0.00                    | $122014608.24                              |
| Month 3  | $-1229334.42             | $-90628077.70                              |

### Schedule of Portfolio Investments

| Name                                | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| British American Tobacco PLC        | British American Tobacco PLC ORD GBP0.25                 | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |   1543921 | NS      | $61249966.90  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                      | S&P Global Inc COM USD1                                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    133718 | NS      | $44787506.92  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corporation                     | Fox Corporation COM USD0.01 CL A                         | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |   2082973 | NS      | $63259890.01  | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company        | Bristol-Myers Squibb Company COM USD0.10                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |   1353408 | NS      | $97377705.60  | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| World Wrestling Entertainment, Inc. | World Wrestling Entertainment, Inc. CLASS'A' COM USD0.01 | CUSIP: 98156Q108<br>LEI: 549300WZVLSCS3L4L698 | Long             | EC               | CORP              | US        |    762451 | NS      | $52243142.52  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                           | eBay Inc. COM USD0.001                                   | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |   1101336 | NS      | $45672403.92  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                | Electronic Arts Inc. COM USD0.01                         | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |    507165 | NS      | $61965419.70  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                   | Johnson & Johnson COM USD1.00                            | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    265952 | NS      | $46980420.80  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ritchie Bros Auctioneers Inc        | Ritchie Bros Auctioneers Inc COM NPV                     | CUSIP: 767744105<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |    856552 | NS      | $49534402.16  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation               | Microsoft Corporation COM USD0.00000625                  | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    177894 | NS      | $42662539.08  | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                  | Oracle Corporation COM USD0.01                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |   1010514 | NS      | $82599414.36  | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc       | Intercontinental Exchange Inc COM USD0.01                | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    547054 | NS      | $56122269.86  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                          | TransUnion COM USD0.01                                   | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |    755719 | NS      | $42887053.25  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                             | Aon PLC COM USD0.01 CL A                                 | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |    230364 | NS      | $69141450.96  | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                      | Salesforce Inc COM USD0.001                              | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    378755 | NS      | $50219125.45  | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                    | News Corporation COM USD0.01 CL'B'                       | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |   1438519 | NS      | $26526290.36  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                         | Corteva Inc COM USD0.01                                  | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    902047 | NS      | $53022322.66  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company           | The Western Union Company COM STK USD0.01                | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |   1901270 | NS      | $26180487.90  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                | Booking Holdings Inc COM USD0.008                        | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |     35450 | NS      | $71441676.00  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nintendo Co Ltd                     | Nintendo Co Ltd NPV                                      | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |   1344370 | NS      | $56667592.50  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                         | Novartis AG CHF0.50 (REGD)                               | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    859434 | NS      | $77694357.93  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.    | Philip Morris International Inc. COM NPV                 | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    949135 | NS      | $96061953.35  | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                    | Zillow Group Inc COM USD0.0001 CLASS A                   | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |    246710 | NS      | $7699819.10   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                    | Zillow Group Inc COM USD0.0001 CLASS C                   | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   1761148 | NS      | $56726577.08  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                       | Alphabet Inc. CAP STK USD0.001 CL A                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    471174 | NS      | $41571682.02  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| IAA, Inc.                           | IAA, Inc. COM USD0.01                                    | CUSIP: 449253103<br>LEI: 549300PZCOPC5178W747 | Long             | EC               | CORP              | US        |   1372085 | NS      | $54883400.00  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corporation                    | News Corporation COM USD0.01 CL'A'                       | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |   3187534 | NS      | $58013118.80  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Compagnie Financiere Richemont Sa   | Compagnie Financiere Richemont Sa CHF1 (REGD)            | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |    533675 | NS      | $69202003.46  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer