# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-001693
**Filing Date:** 2025-11
**Character Count:** 106130
**Document Hash:** a3743e1450e3d8a42cbfd8fa9df52e5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001693.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002066578-25-001693

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 20

**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:** 251531115

**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           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### 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 - IFP](images_7505.jpg)

Independent Franchise Partners

US Equity Fund

Ticker \| IFPUX

#### Annual Shareholder Report \| September 30, 2025
This annual shareholder report contains important information about the Independent Franchise Partners US Equity Fund (the "Fund") for the period of October 1, 2024 to September 30, 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 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** |
| Independent Franchise Partners<br> US Equity Fund | $75 | 0.67% |

---

#### What impacted Fund performance over the reporting period?
In the year to September 30, 2025, the Fund returned 25.23% (assuming no redemption fee), compared to the Russell 1000 Value Benchmark (Total Return) Index return of 9.44% and the S&P 500 Index return of 17.60%. The Fund invests primarily in equity securities listed on U.S. stock exchanges, or that derive a significant portion of their revenue from the U.S. or have their principal place of business in the U.S., and may invest up to 20% of net assets in non-U.S. equity securities. The Fund typically invests in 20 – 40 securities. The Fund seeks to achieve an attractive long-term rate of return by investing in companies with a high and sustainable return on capital. These companies tend to have durable intangible assets.

The table below details the top and bottom stock returns during the twelve-month period, along with the top and bottom contributors to the Fund's gross return. During the year, we initiated positions in Gartner, Live Nation, Otis, Ryan Specialty, Solventum and Warner Bros. Discovery. We completed the final sale of the position in Aspen Technology. We also trimmed or added to several existing positions.

We encourage clients to assess returns over longer intervals, like a full market cycle, in line with our investment horizon. We design Franchise portfolios with the dual goals of earning an attractive long-term rate of return while insulating clients from the worst of equity market drawdowns.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **US Equity Fund - Stock Returns (%)** | **US Equity Fund - Stock Returns (%)** | **US Equity Fund - Stock Returns (%)** | **US Equity Fund - Stock Returns (%)** | **US Equity Fund - Contribution to Fund Return (bps)** | **US Equity Fund - Contribution to Fund Return (bps)** | **US Equity Fund - Contribution to Fund Return (bps)** | **US Equity Fund - Contribution to Fund Return (bps)** |
| **Top** | **Top** | **Bottom** | **Bottom** | **Top** | **Top** | **Bottom** | **Bottom** |
| Warner Bros. Discovery | +84% | Kenvue | -27% | Oracle | +243 | Kenvue | -108 |
| Oracle | +67% | TransUnion | -18% | Warner Bros. Discovery | +235 | Bristol Myers Squibb | -37 |
| Nintendo | +66% | Estée Lauder | -8% | Fox | +231 | Estée Lauder | -33 |
| TKO | +65% | Bristol Myers Squibb | -8% | Nintendo | +230 | Unilever | -17 |
| British American Tobacco | +53% | Unilever | -6% | Philip Morris International | +209 | TransUnion | -12 |
| *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* | *Stock Returns reflect total returns and are presented in US Dollars for the period the stock was held during the period. Contribution to Fund Return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the period. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.* |

---

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $3,000,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

#### GROWTH OF $3,000,000
![Fund Performance - Growth of 10K](chartimages_3114180.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **1 year** | **5 year** | **10 year** |
| Independent Franchise Partners US Equity Fund (with redemption fee) | 24.97% | 16.38% | 15.12% |
| Independent Franchise Partners US Equity Fund (without redemption fee) | 25.23% | 16.41% | 15.13% |
| Russell 1000 Value Benchmark (Total Return) Index | 9.44% | 13.87% | 10.72% |
| S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

  ***The performance data quoted represents past performance; past performance does not guarantee future results. Please refer to the Russell<sup>®</sup> and S&P<sup>®</sup> disclaimers at the end of this report for further information.*** 

 **The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1627516952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$8526156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;62.41% |

---

PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Communication Services | 31.9% |
| Consumer Staples | 16.8% |
| Health Care | 16.1% |
| Financials | 9.6% |
| Consumer Discretionary | 7.0% |
| Industrials | 5.6% |
| Real Estate | 5.2% |
| Information Technology | 4.6% |
| Materials | 3.4% |

---

#### 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).

#### 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 855-233-0437 (toll free) or 312-557-7902 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

 **Further information on Russell <sup>®</sup>** 

Frank Russell Company ("Russell") is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell is a trademark of the Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

 **Further information on S&P <sup>®</sup>** 

The S&P 500 index ("Index") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Independent Franchise Partners, LLP.©2024 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trade mark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trade mark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index of the data included therein.

Independent Franchise Partners US Equity 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.

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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 4. Principal Accountant Fees and Services.
(a) Audit Fees

Independent Franchise Partners US Equity Fund

2025: $25,670

2024: $24,925

The fees paid to PricewaterhouseCoopers 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

Independent Franchise Partners US Equity Fund

2025: $0

2024: $0

(c) Tax Fees

Independent Franchise Partners US Equity Fund

2025: $6,490

2024: $6,300

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

(d) All Other Fees

Independent Franchise Partners US Equity 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) Independent Franchise Partners US Equity Fund

2025: 0%

2024: 0%

(f) Not applicable

(g) Independent Franchise Partners US Equity Fund

2025: $6,490

2024: $6,300

(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.

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

------

![](img226d98c41.gif)

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INDEPENDENT FRANCHISE PARTNERS

US EQUITY FUND

ANNUAL FINANCIAL STATEMENTS

AND ADDITIONAL INFORMATION

September 30, 2025

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**TABLE OF CONTENTS**

**September 30, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_SOI-TOCPageHeader-1141_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_SOI-TOCPageHeader-1141_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets & Liabilities](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_FS-FundBookHeader2-1141_1)** | **3** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_FS-FundBookHeader2-1141_2)** | **4** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_FS-FundBookHeader2-1141_3)** | **5** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_FS-FundBookHeader2-1141_4)** | **6** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_NTF-NotestoFinancialStatements-1141_1)** | **7** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_RPA-AuditReport-TOCHeader-1141_1)** | **13** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Additional Information](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_AI-AdditionalInformation-1141_1)** | **14** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_CAD-CAD-TOC_1)** | **15** |
| **[PROXY DISCLOSURES](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_PD-PD-TOC_1)** | **16** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_RPDOO-RPDOO-TOC_1)** | **17** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_819c8d7b-1db8-4c7b-ad2e-348f0a3dcb41_SRBA-BA-TOC_1)** | **18** |

---

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

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---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 100.2<br> %<br>|  |  |
| Biotechnology | 3.4<br> %<br>|  |  |
| Corteva Inc. |  | 811574 | &nbsp;&nbsp; $54886750 |
| Commercial Services | 3.6<br> %<br>|  |  |
| RB Global Inc. |  | 218630 | &nbsp;&nbsp; 23690747 |
| TransUnion |  | 414960 | &nbsp;&nbsp; 34765349 |
|  |  |  | &nbsp;&nbsp; 58456096 |
| Computers | 3.6<br> %<br>|  |  |
| Gartner Inc.<sup>(a)</sup> <br>|  | 226230 | &nbsp;&nbsp; 59469080 |
| Cosmetics/Personal Care | 7.9<br> %<br>|  |  |
| Estée Lauder Cos. Inc. - Class A |  | 572402 | &nbsp;&nbsp; 50440064 |
| Kenvue Inc. |  | 3250070 | &nbsp;&nbsp; 52748636 |
| Unilever PLC |  | 428643 | &nbsp;&nbsp; 25444237 |
|  |  |  | &nbsp;&nbsp; 128632937 |
| Diversified Financials | 3.7<br> %<br>|  |  |
| Intercontinental Exchange Inc. |  | 355418 | &nbsp;&nbsp; 59880825 |
| Entertainment | 16.3<br> %<br>|  |  |
| Live Nation Entertainment Inc.<sup>(a)</sup> <br>|  | 400158 | &nbsp;&nbsp; 65385817 |
| TKO Group Holdings Inc. |  | 174172 | &nbsp;&nbsp; 35175777 |
| Warner Bros Discovery Inc.<sup>(a)</sup> <br>|  | 4528517 | &nbsp;&nbsp; 88441937 |
| Warner Music Group Corp. - Class A |  | 2260685 | &nbsp;&nbsp; 76998931 |
|  |  |  | &nbsp;&nbsp; 266002462 |
| Healthcare Products | 4.2<br> %<br>|  |  |
| Solventum Corp.<sup>(a)</sup> <br>|  | 928350 | &nbsp;&nbsp; 67769550 |
| Household Products/Wares | 2.0<br> %<br>|  |  |
| Reckitt Benckiser Group PLC |  | 420983 | &nbsp;&nbsp; 32374175 |
| Insurance | 5.9<br> %<br>|  |  |
| Aon PLC - Class A |  | 180804 | &nbsp;&nbsp; 64471091 |
| Ryan Specialty Holdings Inc. |  | 575309 | &nbsp;&nbsp; 32424415 |
|  |  |  | &nbsp;&nbsp; 96895506 |
| Internet | 2.1<br> %<br>|  |  |
| Airbnb Inc. - Class A<sup>(a)</sup> <br>|  | 285333 | &nbsp;&nbsp; 34645133 |
| Internet Software & Services | 8.2<br> %<br>|  |  |
| eBay Inc. |  | 534994 | &nbsp;&nbsp; 48657704 |
| Zillow Group Inc. - Class A<sup>(a)</sup> <br>|  | 147109 | &nbsp;&nbsp; 10950794 |
| Zillow Group Inc. - Class C<sup>(a)</sup> <br>|  | 952196 | &nbsp;&nbsp; 73366702 |
|  |  |  | &nbsp;&nbsp; 132975200 |
| Machinery - Diversified | 2.1<br> %<br>|  |  |
| Otis Worldwide Corp. |  | 379504 | &nbsp;&nbsp; 34698051 |
| Media | 11.1<br> %<br>|  |  |
| Fox Corp. - Class A |  | 1129919 | &nbsp;&nbsp; 71252692 |
| Fox Corp. - Class B |  | 350252 | &nbsp;&nbsp; 20065937 |
| News Corp. - Class A |  | 2081918 | &nbsp;&nbsp; 63935702 |
| News Corp. - Class B |  | 719248 | &nbsp;&nbsp; 24850018 |
|  |  |  | &nbsp;&nbsp; 180104349 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Pharmaceuticals | 11.9<br> %<br>|  |  |
| Bristol Myers Squibb Co. |  | 1693287 | &nbsp;&nbsp; $76367243 |
| Johnson & Johnson |  | 385347 | &nbsp;&nbsp; 71451041 |
| Novartis AG - REG |  | 365996 | &nbsp;&nbsp; 46031681 |
|  |  |  | &nbsp;&nbsp; 193849965 |
| Software | 3.2<br> %<br>|  |  |
| Electronic Arts Inc. |  | 188270 | &nbsp;&nbsp; 37974059 |
| Oracle Corp. |  | 52191 | &nbsp;&nbsp; 14678197 |
|  |  |  | &nbsp;&nbsp; 52652256 |
| Textiles, Apparel & Luxury Goods | 1.9<br> %<br>|  |  |
| Cie Financiere Richemont S.A. - Class A - REG |  | 159240 | &nbsp;&nbsp; 30325713 |
| Tobacco | 6.8<br> %<br>|  |  |
| British American Tobacco PLC |  | 989244 | &nbsp;&nbsp; 52512240 |
| Philip Morris International Inc. |  | 357780 | &nbsp;&nbsp; 58031916 |
|  |  |  | &nbsp;&nbsp; 110544156 |
| Toys/Games/Hobbies | 2.3<br> %<br>|  |  |
| Nintendo Co. Ltd. |  | 429070 | &nbsp;&nbsp; 37152121 |
| TOTAL COMMON STOCKS (Cost $1,132,464,382) |  |  | &nbsp;&nbsp; 1631314325 |
| TOTAL INVESTMENTS<br> (Cost $1,132,464,382)<br>| 100.2<br> %<br>|  | &nbsp;&nbsp; 1631314325 |
| NET OTHER ASSETS (LIABILITIES) | (0.2<br> %)<br>|  | &nbsp;&nbsp; (3797373)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1627516952 |

---

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

Abbreviations: <br> REG – Registered

At September 30, 2025, the Fund's investments were concentrated in the following countries:

---

| | |
|:---|:---|
| **Country Allocation (Unaudited)** | **Percentage**<br> **of Net Assets**<br>|
| United States  | 81.1% |
| United Kingdom  | 6.8  |
| Switzerland  | 4.7  |
| Ireland<sup>(b)</sup> | 3.9  |
| Japan  | 2.3  |
| Canada<sup>(b)</sup> | 1.4  |
| Total  | 100.2% |

---

<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) <br> in 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**

**September 30, 2025** 

------

---

| | |
|:---|:---|
|  | **Independent** <br> **Franchise Partners**<br> **US Equity Fund**<br>|
| Assets: |  |
| Investments, at value (Cost: $1,132,464,382) | &nbsp;&nbsp; $1631314325 |
| Cash | &nbsp;&nbsp; 73176891 |
| Receivable for dividends | &nbsp;&nbsp; 378398 |
| Reclaims receivable | &nbsp;&nbsp; 3839207 |
| Receivable for investments sold | &nbsp;&nbsp; 7842802 |
| Prepaid expenses | &nbsp;&nbsp; 32578 |
| Total Assets | &nbsp;&nbsp; 1716584201 |
| Liabilities: |  |
| Securities purchased payable | &nbsp;&nbsp; 287212 |
| Capital shares redeemed payable | &nbsp;&nbsp; 87814374 |
| Investment advisory fees payable | &nbsp;&nbsp; 814988 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 67531 |
| Regulatory and Compliance fees payable | &nbsp;&nbsp; 28013 |
| Risk Officer fees payable | &nbsp;&nbsp; 7500 |
| Trustee fees payable | &nbsp;&nbsp; 888 |
| Other accrued expenses and payables | &nbsp;&nbsp; 46743 |
| Total Liabilities | &nbsp;&nbsp; 89067249 |
| Net Assets | &nbsp;&nbsp; $1627516952 |
| Net assets | &nbsp;&nbsp; $1627516952 |
| Shares of common stock outstanding | &nbsp;&nbsp; 70688571 |
| Net asset value per share | &nbsp;&nbsp; $23.02 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $1040558448 |
| Distributable earnings (loss) | &nbsp;&nbsp; 586958504 |
| Net Assets | &nbsp;&nbsp; $1627516952 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF OPERATIONS**

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

------

---

| | |
|:---|:---|
|  | **Independent** <br> **Franchise Partners**<br> **US Equity Fund**<br>|
| Investment Income: |  |
| Dividend income (Net of foreign withholding tax of $601,463) | &nbsp;&nbsp; $23750061 |
| Interest income | &nbsp;&nbsp; 1355708 |
| Total investment income | &nbsp;&nbsp; 25105769 |
| Operating expenses: |  |
| Investment advisory | &nbsp;&nbsp; 8526156 |
| Accounting and Administration | &nbsp;&nbsp; 816348 |
| Regulatory and Compliance | &nbsp;&nbsp; 161923 |
| Trustees | &nbsp;&nbsp; 84801 |
| Legal | &nbsp;&nbsp; 76297 |
| Risk Officer | &nbsp;&nbsp; 41957 |
| Other | &nbsp;&nbsp; 148254 |
| Total expenses | &nbsp;&nbsp; 9855736 |
| Net investment income | &nbsp;&nbsp; 15250033 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 371888898 |
| Net realized gains from foreign currency transactions | &nbsp;&nbsp; 107110 |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (75029684)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; 293438 |
| Net realized and unrealized gains from investment activities | &nbsp;&nbsp; 297259762 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $312509795 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended September 30, 2025 and 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; $15250033 | &nbsp;&nbsp; $26196326 |
| Net realized gains (losses) from investment and foreign currency transactions | &nbsp;&nbsp; 371996008 | &nbsp;&nbsp; 176560323 |
| Change in unrealized appreciation (depreciation) on investments and foreign currency | &nbsp;&nbsp; (74736246)<br>| &nbsp;&nbsp; 274877673 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 312509795 | &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; 480529497 | &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; (1154403260)<br>| &nbsp;&nbsp; (313914226)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (458612854)<br>| &nbsp;&nbsp; (158635047)<br>|
| Change in net assets | &nbsp;&nbsp; (368325188)<br>| &nbsp;&nbsp; 173456026 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp; 1995842140 | &nbsp;&nbsp; 1822386114 |
| End of year | &nbsp;&nbsp; $1627516952 | &nbsp;&nbsp; $1995842140 |
| Share Transactions: |  |  |
| Sold | &nbsp;&nbsp; 23269575 | &nbsp;&nbsp; 774515 |
| Reinvested | &nbsp;&nbsp; 11136105 | &nbsp;&nbsp; 7853985 |
| Redeemed | &nbsp;&nbsp; (54024985)<br>| &nbsp;&nbsp; (16108826)<br>|
| Change | &nbsp;&nbsp; (19619305)<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** |
|  | **Year Ended**<br> **September 30,**<br> **2025** <br>| &nbsp;&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>|
| Net asset value, beginning of year | &nbsp;&nbsp; $22.10 | &nbsp;&nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $22.26 | &nbsp;&nbsp; $19.72 |
| Income (loss) from operations: |  |  |  |  |  |
| Net investment income | 0.22 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.25 | 0.23 | 0.31 |
| Net realized and unrealized gains <br> (losses) from investments<br>| 4.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | 3.69 | &nbsp;&nbsp; (3.52)<br>| 4.70 |
| Total from investment <br> operations<br>| 4.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.97 | 3.94 | &nbsp;&nbsp; (3.29)<br>| 5.01 |
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.30)<br>|
| From net realized gains on <br> investments<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (2.17)<br>|
| Total distributions paid | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (2.47)<br>|
| Increase from redemption fees | &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| Change in net asset value | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | 1.17 | &nbsp;&nbsp; (4.79)<br>| 2.54 |
| Net asset value, end of year | &nbsp;&nbsp; $23.02 | &nbsp;&nbsp;&nbsp; $22.10 | &nbsp;&nbsp; $18.64 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $22.26 |
| Total return<sup>(c)</sup> | 25.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.62<br> %<br>| 23.97<br> %<br>| &nbsp;&nbsp; (15.93<br> %)<br>| 27.34<br> %<br>|
| <u>Ratios/Supplemental data:</u> |  |  |  |  |  |
| Net assets, end of year (000's) | &nbsp;&nbsp; $1627517 | &nbsp;&nbsp;&nbsp; $1995842 | &nbsp;&nbsp; $1822386 | &nbsp;&nbsp; $1490219 | &nbsp;&nbsp; $2027325 |
| Ratio of expenses to average net <br> assets<br>| 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| 0.67<br> %<br>| 0.68<br> %<br>| 0.72<br> %<br>|
| Ratio of net investment income to <br> average net assets<br>| 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| 1.34<br> %<br>| 1.06<br> %<br>| 1.42<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | 62.41 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.77<br> %<br>| 21.75<br> %<br>| 25.80<br> %<br>| 23.67<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Average shares outstanding for the period were used to calculate net investment income
 per share.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) The portfolio turnover rate increased during the year in connection with increased
 investor activity in the Fund.

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY 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 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**

**September 30, 2025**

------

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 September 30, 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; $1631314325 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1631314325 |
| Total Investments | &nbsp;&nbsp; $1631314325 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1631314325 |

---

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

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

**September 30, 2025**

------

**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 years ended September 30, 2025 and September 30, 2024 were $727,726 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 September 30, 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, 2022, 2023, 2024 and 2025 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**

**September 30, 2025**

------

**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 its 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 Fund's 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.

**NEW ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of related income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in a rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating this ASU for future adoption but doesn't expect the adoption, once required, will have a material impact on the Fund's financial statements and disclosures.

**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.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

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 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 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 year ended September 30, 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.

**C. Investment Transactions**

For the year ended September 30, 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; $890599807 | &nbsp;&nbsp; $1518858504 |

---

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $1158836295<br>| &nbsp;&nbsp; $491961081<br>| &nbsp;&nbsp; $(19483051) <br>| &nbsp;&nbsp; $472478030<br>|

---

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2025 and September 30, 2024 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>|
| 2025 | &nbsp;&nbsp; $49419084 | &nbsp;&nbsp; $172,803,045<br> \*\*<br>| &nbsp;&nbsp; $222222129 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $222222129 |
| 2024 | &nbsp;&nbsp; $44812654 | &nbsp;&nbsp; $100730595 | &nbsp;&nbsp; $145543249 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145543249 |

---

\*\* The amounts do not include tax equalization utilized of $119,535,296 in net long term capital gains in which the Fund designated as being distributed to shareholders on their redemption of shares. 

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY 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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| $40692400 | $73383211 | $114075611 | $— | $— | $472882893 | $586958504 |

---

At September 30, 2025, 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; $703004769 | &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.

As of September 30, 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, 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.

------

**Report of Independent Registered Public Accounting Firm** 

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Advisers Investment Trust and Shareholders of Independent Franchise Partners US Equity Fund

**Opinion on the Financial Statements**

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

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. 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 audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

November 18, 2025

We have served as the auditor of one or more investment companies since 2011.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**ADDITIONAL INFORMATION**

**September 30, 2025 (Unaudited)**

------

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

**A. Other Federal Tax Information**

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2025 are designated as Qualified Dividend Income ("QDI"), as defined in the Act, subject to reduced tax rates in 2025:

---

| | |
|:---|:---|
| **Fund** | **QDI Percentage** |
| IFP US Equity Fund | 38.29<br> %<br>|

---

A percentage of the dividends distributed during the fiscal year for the Fund qualifies for the Dividends-Received Deduction ("DRD") for corporate shareholders:

---

| | |
|:---|:---|
| **Fund** | **Corporate**<br> **DRD Percentage**<br>|
| IFP US Equity Fund | 22.51<br> %<br>|

---

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

**PROXY DISCLOSURES**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

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

**September 30, 2025 (Unaudited)**

------

Included on pages 10 and 11 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

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

**September 30, 2025 (Unaudited)**

------

Section 15 of the 1940 Act requires that the Amended and Restated Investment Advisory Agreement (the "Agreement") between the Trust and the Adviser with respect to the Fund be approved by a majority of the Board, including a majority of the Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to the Fund and its shareholders. The Board considered and approved the Agreement for the Fund at an in-person meeting held on June 4, 2025.

The Board requested, and the Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by the Adviser to the Fund; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services to be provided and the profits to be realized by the Adviser from the relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grows; and (v) whether the fee level reflects these economies of scale to the benefit of the Fund's shareholders.

The Board examined the nature, extent, and quality of the advisory services provided by the Adviser. The Board considered the terms of the Agreement, information and reports provided by the Adviser on its business, personnel and operations, and advisory services provided to the Fund. The Board reviewed the Adviser's investment philosophy and portfolio construction processes, the Adviser's compliance program, pending material litigation (or lack thereof), insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser, there had been no material compliance issues or concerns raised or encountered since the last renewal of the Agreement that impacted the Fund and that there had been no material compliance issues since the last renewal of the Agreement with respect to the Fund. The Board then considered key risks associated with the Fund and ways in which those risks are mitigated. Taking into account the personnel involved in servicing the Fund as well as the materials provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Adviser.

The Board reviewed the investment performance of the Fund. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the "FUSE Report"). The FUSE Report consisted of comparisons of the performance of the Fund to the performance of (i) its selected benchmark, (ii) the Fund and 15 other large blend funds selected by FUSE with similar pricing characteristics (the "Peer Group"), and (iii) the Fund, the Peer Group, and all other large blend funds with similar pricing features (the "Peer Universe"). The Board reviewed the methodology used to select the Peer Group and the Peer Universe.

The Board reviewed the performance of the Fund compared to the selected benchmark, the Peer Group, and the Peer Universe for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2025. The Board also reviewed the performance of another investment fund and separate accounts advised by the Adviser with a similar investment mandate (the "Similar IFP Accounts") for one-month, three-month, one-year, three-year, five-year, ten-year, and since inception periods ended March 31, 2025. After considering the information presented to it, the Board acknowledged the performance of the Fund and the Adviser.

The Board reviewed the cost of services provided and the profits realized by the Adviser, including assertions related to compensation and profitability. The Board discussed the advisory fee paid by the Fund and the total operating expenses of the Fund. The Board noted that the Adviser received a management fee of 0.58% of the Fund's average daily net assets. The Board reviewed the investment advisory fee and the total net expenses paid by the Fund in comparison to the investment advisory fees and the total net expenses paid by the Peer Group and Peer Universe. The Board then reviewed the advisory fees paid by the Similar IFP Accounts. The Board noted that the Fund's advisory fee is the same as the other investment fund in the Similar IFP Accounts and equal to the first tier of the scaled discounted advisory fee for the separate accounts included in the Similar IFP Accounts. The Board noted that the Fund is not eligible for the scaled discount because of the additional services provided to the Fund and regulatory requirements under the 1940 Act. The Board then considered the expense cap for the Fund noting that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses to 0.85% of the Fund's average daily net assets. After considering the comparative data provided by the Adviser, the Board concluded that the advisory fee and expense ratio were reasonable.

------

**ADVISERS INVESTMENT TRUST**

**INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND**

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

**September 30, 2025 (Unaudited)**

------

The Board considered the profitability of the Adviser's relationship with the Fund and considered the information provided by the Adviser. Among other things, the Board considered the overall financial condition of the Adviser and representations made thereto and to the overall importance of the Fund's relationship to the Adviser's business strategy. The Board examined the Fund's profit margin and the Adviser's overall profitability. The Board concluded that, based on both the written and oral reports provided by the Adviser, the profit margin was reasonable.

In considering the economies of scale for the Fund, the Board considered the marketing and distribution plans for the Fund, its capacity, and breakeven point. The Board noted that, other than the investment advisory fee, the Adviser derived no other fees or monetary benefits from the Fund. The Board also noted that the Fund does not assess, and the Adviser does not receive Rule 12b-1 fees, that soft dollars are not a consideration for broker selection, and that the Adviser paid all third-party research expenses directly.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to various factors considered.

------

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------

(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

190 Middle Street, Suite 301

Portland, Maine 04101

**For Additional Information, call**

855-233-0437 or 312-557-7902

IFP 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.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: November 26, 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: November 26, 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 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.

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| | |
|:---|:---|
| 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.

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## 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.

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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.

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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

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#### 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.

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

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#### 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.

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

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#### 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.

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

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#### 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.

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

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