Advisers Investment Trust N-CSR Certified annual shareholder report (management investment company)

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: (312) 557-4100

Date of fiscal year end: September 30

Date of reporting period: September 30, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The following are copies of reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

	INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
	ANNUAL REPORT September 30, 2020

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

TABLE OF CONTENTS

September 30, 2020

SHAREHOLDER LETTER	1
PORTFOLIO COMMENTARY	2
SCHEDULE OF INVESTMENTS	10
STATEMENT OF ASSETS & LIABILITIES	12
STATEMENT OF OPERATIONS	13
STATEMENTS OF CHANGES IN NET ASSETS	14
FINANCIAL HIGHLIGHTS	15
NOTES TO FINANCIAL STATEMENTS	16
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	22
ADDITIONAL INFORMATION	23

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

SHAREHOLDER LETTER

September 30, 2020

Dear Shareholder:

We are pleased to present to shareholders the September 30, 2020 Annual Report for the Independent Franchise Partners US Equity Fund (the “Fund”), a series of the Advisers Investment Trust. This report contains the results of Fund operations for the year ended September 30, 2020.

We appreciate the trust and confidence you have placed in us by choosing the Fund and its Investment Adviser, Independent Franchise Partners, LLP, and we look forward to continuing to serve your investing needs.

Sincerely,

Barbara J. Nelligan	Sandeep Ghela
President	Chief Operating Officer
Advisers Investment Trust	Independent Franchise Partners, LLP

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  ADVISERS INVESTMENT TRUST

  INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

  PORTFOLIO COMMENTARY

  September 30, 2020 (Unaudited)

  Independent Franchise Partners US Equity Fund

  Value of a hypothetical $3,000,000 investment in the Fund from inception on December 20, 2011 to September 30, 2020

    

  Average Annual Total Returns as of September 30, 2020

	Independent Franchise Partners US Equity Fund (without redemption fee)			Independent Franchise Partners US Equity Fund (with redemption fee)			Russell 1000 Value Index			S&P 500       Index
Q4 2019		10.47	%		10.22	%		7.41	%		9.07	%
Q1 2020		-16.94	%		-17.14	%		-26.73	%		-19.60	%
Q2 2020		20.13	%		19.83	%		14.29	%		20.54	%
Q3 2020		6.59	%		6.33	%		5.59	%		8.93	%
Year to Date		6.36	%		6.10	%		-11.58	%		5.57	%
1 Year		17.50	%		17.24	%		-5.02	%		15.15	%
3 Years (Annualized)		12.11	%		12.03	%		2.63	%		12.28	%
5 Years (Annualized)		13.87	%		13.83	%		7.66	%		14.15	%
Since Inception (Annualized)		13.29	%		13.29	%		10.35	%		14.36	%

The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs (including the Fund’s 0.25% redemption fee unless noted otherwise) and the deduction of fees and expenses. The Fund’s Total Annual Operating Expense, per the Prospectus dated January 28, 2020, was 0.76%. Effective October 1, 2020, the Fund’s Total Annual Operating Expense is 0.72%.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 855-233-0437 or 312-557-7902.

Data as at September 30, 2020. The Inception date of the Fund is December 20, 2011. Performance is shown net of fees and periods greater than one year are annualized. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s primary benchmark for performance comparison purposes is the Russell 1000 Value Index. The secondary benchmark is the S&P 500 Index. Benchmark returns reflect dividends reinvested gross of any withholding taxes. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index. Please refer to the Fund’s Prospectus for further information.

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. Please refer to the Fund’s Prospectus for further information.

Capacity Status

Client assets in the US Franchise strategy are $3.8bn at September 30, 2020. Mindful of the $5bn capacity limit for US Franchise we set in 2009, we have some capacity available in the strategy for existing or new clients.

Portfolio Commentary

For the fiscal year ended September 30, 2020, the Fund delivered a return of 17.50% (assuming no redemption fee). This is an attractive absolute return and compares favorably against the Russell 1000 Value Index and S&P 500 Index, which fell 5.02% and rose 15.15% respectively. Although the Fund has generated strong returns over the period, if markets continue to rise appreciably from these levels, we would not expect the Fund to keep pace.

The Fund benefitted from exposure to certain stocks that possess durable intangible assets, notably Apple and Microsoft in the information technology sector, Nintendo and Electronic Arts in the communication services sector, and S&P Global in the financials sector.

The Fund’s lack of exposure to energy, real estate and the broader financials sector, the weakest sectors in the review period, benefitted relative returns. The energy, real estate and financials sectors fell 45%, 18% and 17% respectively compared to the 5% decline for the Russell 1000 Value Index. Companies in the energy and real estate sectors tend to be highly capital intensive and operate in an environment in which it is hard to exercise pricing power. Further, they tend to be highly cyclical. While financials tend to be highly leveraged and experience commoditization of their product offering. These attributes do not fit our long-term, buy and hold investment approach.

Consumer staples was the weakest sector for the Fund. As noted in previous reports, we have historically found many franchise companies within the consumer staples sector. Weak returns from some consumer staples companies, particularly Molson Coors, detracted from the Fund’s relative return.

Companies, such as Booking Holdings and Fox, whose revenues are particularly exposed to the impact of COVID-19, also detracted from the Fund’s returns during the review period.

We consistently encourage clients to assess returns over longer intervals, like a full market cycle, in line with our investment horizon. We caution that Franchise returns will likely lag if markets are led by sectors where we do not find Franchise opportunities. As always, we continue to design Franchise portfolios with the goal of protecting capital better than the broader market should there be a major fall. Experience has taught us that this is a key ingredient in compounding wealth over the long term.

Investment Returns and Contribution to Fund Return – 1 Year ending September 30, 2020

US Equity Fund – Stock Returns (%)				US Equity Fund – Contribution to Fund Return (bps)
Top		Bottom		Top		Bottom
Apple	+110%	Molson Coors	-31%	Apple	+432	Molson Coors	-122
Autodesk	+81%	IBM	-19%	Nintendo	+285	IBM	-89
Facebook	+67%	WWE	-16%	Microsoft	+285	Booking	-77
Microsoft	+55%	Booking	-13%	S&P Global	+202	Fox	-69
Nintendo	+53%	Chipotle Mexican Grill	-12%	Electronic Arts	+161	Chipotle Mexican Grill	-50

Stock returns reflect total returns and are presented in US Dollars for the period the stock was held during the year ending September 30, 2020. Contribution to Fund return reflects contribution to gross return and is presented in US Dollars for the period the stocks were held during the year to September 30, 2020. Source: FactSet, Independent Franchise Partners, LLP. For complete attribution and methodology, please contact clientservice@franchisepartners.com.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

Significant Contributors to the Fund’s Return

Among the top contributors to the Fund’s return were Apple, Nintendo and Microsoft.

Apple’s revenues have continued their strong growth, particularly in its high margin Services division which has shown double digit growth over the past few quarters. The company also reported 550 million paid Services subscribers for the first time. This is a useful indication of the strength of customer loyalty to the Apple ecosystem. Anticipation continues to build about the next generation iPhone and the potential opportunities that 5G will offer. We reduced the position during the review period given the substantial increase in Apple’s share price and the commensurate reduction in its free cash flow yield.

Sales of Nintendo’s Switch console appear to be well ahead of company guidance. Furthermore, its latest Animal Crossing game was released to wide acclaim and continues to be a top selling software game. Media reports suggest that the next generation Switch console will be released in 2021 and that it will feature enhanced graphics and streaming capabilities. A successful launch should extend the Switch platform’s lifecycle. We continue to believe that Nintendo can benefit from the shift towards mobile gaming and further monetize its intellectual property. Nintendo’s shares trade on an estimated 5.8% free cash flow yield, after adjusting for its considerable net cash position.

Microsoft continues to grow revenues, led by its Office365 and Azure cloud platform businesses. As these high-margin businesses grow, they are improving Microsoft’s total gross and operating margins. We are mindful that the valuation is at the lower end of the portfolio, but continue to balance this against the company’s strong execution and potential for growth in its cloud services.

Notable Detractors from the Fund’s Return

Among the detractors from the Fund’s return were Molson Coors, Booking Holdings and Fox.

Molson Coors continues to wrestle with weaker demand. The company has meaningful exposure to on-trade beer consumption in the US, and the decline in demand from this channel has not been offset by off-trade growth. This has been a disappointing investment and, as described in detail in the final sales section below, we completed the final sale of Molson Coors in June.

Demand for Booking’s services has been significantly affected by COVID-19, with travel and hotel occupancy very low in many of its key markets. The travel industry will return, and we think that Booking will emerge from the pandemic-related disruption in a stronger position relative to its competitors and its hotel supplier base. Booking’s hotel suppliers should be more reliant on its leisure customers to improve occupancy, while the company’s strong balance sheet and margin structure leave it better placed to maintain investment than its competitors. The company’s shares trade on a 4.3% estimated free cash flow yield, after adjusting for the cash on its balance sheet.

Fox is exposed to advertising weakness due to COVID-19, with advertising accounting for 44% of Fox’s revenues in the last financial year. However, several factors give us comfort that Fox should be able to withstand an advertising downturn. First, the majority of its revenue comes from high-margin affiliate fee contracts. At its third quarter results announced in May, affiliate fee revenues improved 10%, reflecting the brand strength and pricing power of its channel portfolio. Second, the company has robust operating margins which should enable it to absorb the expected decline in advertising revenue. Third, it has a strong liquidity profile. As such we retain our long-term investment thesis and quality assessment of the Fox franchise. The company’s shares trade on an 11.9% estimated free cash flow yield, after adjusting for the cash on its balance sheet.

Significant Portfolio Changes During the Year

Portfolio activity has once again been higher than usual, primarily due to the increased dispersion of valuations across the universe of Franchise stocks. During the year, we initiated positions in Alphabet, Aon, Autodesk, Corteva, Facebook, IAA, IBM, ServiceMaster and World Wrestling Entertainment (“WWE”). We sold the positions in Chipotle Mexican Grill, Facebook, Imperial Brands, Molson Coors and Tiffany.

Initial Purchases

We initiated a position in Alphabet in March. Alphabet comprises two businesses: Google and OtherBets. Google contains the company’s core products and platforms such as Android, Chrome, Gmail, Google Cloud, Google Maps, Search, and YouTube. This is the jewel of the franchise that offers the potential for high free cash flow compounding. It benefits from a combination of powerful intangible assets: network effects, proprietary data, switching costs, and brands. OtherBets is a collection of earlier stage technologies – like autonomous vehicles, drone technology and life sciences – that are further afield from the core Google. This part of the business offers long-term optionality but is not core to our investment thesis.

Search and video advertising are core to the Google business. Once the COVID-19 disruption passes, we think Google can grow revenues in this category at a double-digit rate over the next few years. We expect search activity to continue to shift from desktop to mobile, which is under-monetized and offers attractive pricing potential. In addition, Google should be able to capture more of the value stream in popular search categories, like shopping and travel, and increase the monetization of video content on YouTube. Longer-term, Google should be able to increase its Search value proposition even further by combining its machine learning intelligence with other services such as Maps, Assistant and Gmail.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The main risks to the investment thesis are the long-term relevance of search, and increased regulation. It is well known that regulators are investigating Alphabet’s monopoly position in search and whether it uses this to benefit other parts of its Google business. This could lead to fines, as seen in Europe, or, in a worst-case scenario, a break-up of Google. We think the arrival of the COVID-19 virus alters government and agency priorities and this likely becomes a medium- to long-term risk rather than a short-term concern. The impact of COVID-19 does, however, introduce a risk of disruption to near-term advertising revenues.

We initiated a smaller than average position in Alphabet at a 4.8% estimated free cash flow yield, adjusting for the company’s net cash position and early-stage business costs.

We initiated a position in Aon in July. Aon is a leading global provider of insurance and reinsurance broking services, as well as retirement and health solutions. Aon’s key intangible asset has historically been its customer relationships but its single corporate brand and heavy investment in data capabilities are increasingly important additional sources of competitive advantage.

Aon’s insurance and reinsurance broking business accounts for around 70% of operating profit. The company is the joint number one insurance broker globally and boasts annual retention rates in this business of more than 90%. Property and Casualty (“P&C”) insurance and reinsurance broking are particularly attractive categories. P&C insurance is a mandatory purchase with good revenue visibility, wide margins and low capital intensity. This makes it an attractive and sticky business.

The opportunity to purchase the shares came from the company’s decision to acquire the number three insurance broker, Willis Tower Watson (“WTW”), in March. The market appears overly concerned that a complex integration and extended deal review process could weaken Aon’s operating performance. We recognize these concerns but take a more positive long-term view of the combined business.

Our research suggests that Aon should be able to successfully execute the acquisition and integration of WTW once it receives anti-trust approval. Over the past few years, it has succeeded in accelerating organic growth while undertaking an ambitious restructuring program to unify its brands and operating businesses. Increased scale should also strengthen Aon’s data advantages and accelerate its long-term transition from insurance broker to the preeminent global supplier of insurance risk data and analytics. We think this transition should result in a more profitable and valuable business.

We initiated the position at an estimated 5.3% free cash flow yield, adjusting for the cash on its balance sheet, a valuation which does not factor in any potential upside from the WTW transaction.

We began building a position in Autodesk in March. The company provides the dominant software tool used by architects and engineers to design buildings. It also has an attractive challenger position in manufacturing design software. Its intangible assets are a combination of high switching costs and network effects. Architects and engineers train for several years on Autodesk tools, often at university. This creates meaningful barriers to switching to other software tools. In addition, the company’s dominance means that its software has become the de facto standard to share and collaborate on architectural and engineering drawings.

Autodesk is approaching the final stage of a transition from a license to a subscription software model, which should lead to meaningful margin improvements in the next few years. There is also significant penetration and upsell opportunity through AI-led design and automation of construction workflow. Finally, we see an additional growth opportunity in market share gains in manufacturing software. We think the company is well-invested and well-run, and capital allocation has been impressive.

Autodesk’s end markets are cyclical and economic disruption due to COVID-19 may modestly curb revenue growth in the near term. Most of the company’s revenue comes from subscriptions, which should limit that impact. In the long term, the emergence of AI-enabled design tools could disrupt Autodesk’s dominance. However, this risk is mitigated by the company’s high levels of R&D investment and early investment in AI-enabled tools. There was a short window of opportunity to begin purchasing the shares during the market nadir in mid-March at an estimated 5.5% free cash flow yield.

We began building a position in Corteva, a global seed and agrochemical company, in October and completed the purchase in November. Corteva was spun out of DowDuPont in June 2019 and the company operates across two segments, Seed and Crop Protection Chemicals (CPC). It is the number one global producer of corn and soybean seeds, and the number four company in CPC. The key intangible asset in Seed is a patented, difficult-to-replicate library of high-quality seed germplasm and genetic traits. In CPC, patents are again the key intangible asset. We believe Corteva has a promising pipeline of new products that should help improve its competitive position over the medium term.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The company has the opportunity to deliver low double-digit free cash flow compounding in the medium term through a combination of modest revenue growth and significant margin improvement. We believe there are still meaningful synergies to be harvested from the merged Dow and DuPont cost base. In addition, Corteva’s roll-out of new traits should reduce its reliance on in-licensing seed traits and lower costs further.

The main risks are Corteva’s exposure to the agricultural cycle and the launches of its new products. We purchased the company’s shares at an estimated 5.8% free cash flow yield after factoring in some margin improvement. We think this valuation is attractive and helps compensate for these risks.

We initiated a position in Facebook, the leading global social media platform, in March. The company’s core intangible assets are the Facebook, Instagram, Messenger and WhatsApp brands, its extensive direct networks, proprietary and highly personalized advertising user data, and broad patent portfolios.

Once we pass through the economic disruption created by COVID-19, Facebook has the potential to deliver attractive long-term revenue growth and operating margin expansion. Revenue growth is supported by continued user growth, greater monetization of the Messenger, WhatsApp and Instagram platforms, and increasing international advertising yields. For example, total users across the platforms grew 11% year-on-year last quarter to 2.26bn daily users, and the Messenger, WhatsApp and Instagram platforms are all still under monetized.

There is also a long-term opportunity to improve operating margins. Operating margins have declined considerably over the past two years – from around 50% in 2017 to a little over 30% in 2019 – as the company has invested heavily in platform security and content moderation. These margins should begin to improve once the company’s investment phase moderates and the global economy normalizes.

The key risks to the investment thesis are a deep recession and increased regulation. Advertising comprises 98% of Facebook’s revenues and is skewed to small-to-medium sized businesses. Should COVID-19 result in a deep economic malaise, near-term advertising revenues will be depressed. However, Facebook’s advertising proposition benefits from the immediacy, measurability and flexibility it offers its customers and should emerge even stronger from the downturn. Regulation also presents a risk. However, it is possible this will be deprioritized by governments and agencies given the political focus on the coronavirus outbreak.

We initiated a small position in Facebook at an estimated 5.4% free cash flow yield. However, we subsequently sold the position in July. This is an unusually short holding period for a Franchise investment. We continue to view Facebook as a high-quality company with the potential to deliver attractive long-term revenue growth and operating margin expansion. However, given the rapid share price appreciation since we initiated the position, the valuation no longer provided adequate compensation for the risks the company faces.

We began building a position in IAA in late September 2019. The company provides an auction platform for US insurance companies to sell cars damaged in accidents. The US auto salvage auction industry benefits from a strong network effect and a supportive duopoly market structure: IAA and its main competitor, Copart, each have 40-45% market share. IAA has two key competitive advantages. First, it owns a network of nearly 200 salvage yards across the US. Each yard is around 50 acres and, because of strict planning permission and local opposition, it can take several years to find and obtain approval for new yards. This creates a high barrier for new entrants. Insurers prefer to deal with companies that operate nationwide and we estimate it would take around a decade for a competitor to replicate a national network of salvage yards. Second, the customer base purchasing salvage autos is highly fragmented which makes it hard for any single insurer to disintermediate the auction platforms.

The number of cars sent to salvage in the US has been increasing at high single-digit rates, driven by an increase in hard-to-repair electronic parts, an aging auto fleet and increased miles driven. In addition, the buyer base from outside of the US has expanded significantly, boosting salvage car prices and making it incrementally more compelling to sell a car at salvage than to repair a damaged car.

IAA was spun out of an automotive conglomerate in June 2019 and our research suggests that it has an opportunity to improve its operations as an independent company. Its EBITDA margin, while attractive at around 29%, is considerably lower than Copart’s despite a broadly similar business model. We think there is an opportunity for significant improvement in its margins and return on capital employed over the medium term.

The main risk to the investment thesis is the potential for the loss of a large auto insurer to Copart. The auto insurers on the supply-side of the network are relatively concentrated and there have been a few switches to Copart over the past 15 years.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

Geico is IAA’s largest insurance relationship. We estimate it supplies around 15-20% of IAA volumes and has been a customer since 2003. Leading up to our initial purchase, there had been rumours that Geico was exploring the use of Copart in certain geographies. Indeed, it was this speculation that gave us the opportunity to initiate a position in IAA at an attractive valuation. We initiated the purchase of IAA at an estimated 5.0% free cash flow yield after factoring in some margin improvement.

In February, we initiated a position in IBM, a leading technology infrastructure, application software and consulting company. The company’s key intangible asset is the high switching costs arising from the mission-critical software it provides to its customers.

We have followed IBM for close to a decade but historically felt that its valuation did not compensate us sufficiently for the risks associated with the stagnant state of its business. However, we view the company’s 2019 acquisition of Red Hat as transformational. Red Hat is the dominant provider of enterprise Linux and has a leading share in the provision of container platforms, which we believe to be the future of software application development.

The combination of Red Hat’s early lead in containers with IBM’s salesforce and customer relationships has the potential to accelerate IBM’s revenue growth and foster low-single-digit free cash flow compounding. When combined with the ongoing turnaround in IBM’s Global Business Services division and the positive impact of IBM’s senior management changes, we see the potential for further free cash flow compounding and a re-rating of the company’s stock price.

There are two main risks to the thesis. The first is that IBM fails to properly integrate Red Hat, particularly because of Red Hat’s unique culture. Our research into the calibre of the new management team at IBM gives us confidence that they should be able to execute sufficiently well to minimize this risk.

The second risk is that the hyper-scale cloud players – Amazon, Microsoft and Google – provide their own container management platforms and that clients prefer them. We expect Red Hat to co-exist alongside these larger cloud providers’ offerings; some customers prefer to have a single container platform and toolkit across all public cloud players, rather than training their developers on multiple hyperscale container platforms.

At the time of purchase, IBM’s shares traded on a 7.1% estimated free cash flow yield, after adjusting for its operational debt and pension. We think this valuation helps to compensate for the risks, particularly given the opportunity for revenue growth to accelerate.

We initiated a position in ServiceMaster in February. The company provides pest control, cleaning and restoration services. The company’s key asset is the Terminix pest control business, which accounts for 80% of the company’s profits and is the second largest pest control company in the U.S. Its intangible assets are a combination of brand power and a network of branches that enables it to serve national commercial accounts across the U.S.

We think ServiceMaster can sustainably improve its free cash flow compounding, which should lead to a re-rating of its shares. The company is in the midst of a turnaround, having previously been mismanaged and underinvested. The turnaround began in 2017. Since then, management and the board have overhauled its senior executive team, spun-off its warranty business (now trading as Frontdoor), separated the residential and commercial pest control businesses, and changed the compensation structure to encourage a greater focus on service levels and greater equity ownership.

In January of this year, the company announced plans to become a pure play pest control company by selling its cleaning and restoration services business. It completed the sale in September. We think all these actions should help the company improve organic revenue growth, margins and the balance sheet.

There are three main risks to the investment thesis. The first is the impact of COVID-19. However, pest control tends to be a non-discretionary expenditure, and the category held up relatively well in the 2008/ 2009 Global Financial crisis. The second is that the turnaround stalls or falters and the company is unable to sell its cleaning and restoration services business. The third is that elevated termite litigation claims in Mobile, Alabama, end up being higher than expected or spread to other regions. We have factored these claims into our forecasts.

It was the market’s reaction to the third risk that gave us the opportunity to purchase the shares at a 6.0% estimated free cash flow yield. We began with a relatively small position size to reflect the risks posed by the ongoing termite claims, and the company’s ability to sell the cleaning and restoration services business given the impact of COVID-19 on the economy and credit conditions.

We initiated a position in WWE, the leading global wrestling entertainment company, in January. WWE is a well-invested business with unique, fully integrated media content production and distribution assets: the WWE brand, its cast and characters, and its distribution rights.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

We think WWE has attractive long-term growth prospects based on a combination of its expanding global presence, its brand-enhancing investments, and the increasing value of its TV rights. For example, in 2018 WWE returned to U.S. broadcast TV for the first time in a decade with a 360% increase in the value of its TV rights. There is an opportunity to increase future U.S. TV rights renewal rates given the good value they offer relative to other top tier sports rights.

Internationally, WWE is broadcast in 25 languages in 180 countries. By creating resonant, localized content, the company should be able to continue to increase the value of its international media rights. If successful, WWE should be able to increase revenue and operating margins. Encouragingly, WWE announced a five-year extension of its broadcast rights in India, a top 5 market, with Sony Pictures Network at the end of March.

The opportunity to purchase the shares came with the departure of the company’s two co-presidents at the end of January. The departures raised market concerns about the company’s capital allocation priorities. WWE’s share price fell 22% on the day of the announcement to a level approximately 50% below its April 2019 peak. We assessed this to be an overreaction that created an opportunity to invest in a unique business with a strong net cash balance sheet and highly visible revenues at an attractive valuation. We purchased the shares at a 5.1% estimated free cash flow yield.

After our purchase in January, COVID-19 has clearly affected the company, disrupting its live events. The company is continuing to deliver its key Raw, Smackdown and NXT programs to its broadcast partners, however, the lack of ringside fans appears to have curbed WWE’s television appeal. We do not expect this to have a long-term impact on the company or our investment thesis. Financially, WWE has a strong balance sheet that is net cash.

Final Sales

We completed the final sale of Chipotle Mexican Grill in November. We established the position in November 2017. The company has performed well, recovering not only from the food safety scares of 2015 but also making several operational improvements that have helped same-store-sales and restaurant-level-margins return to close to their pre-2015 levels. We continue to see opportunity for further sales, profit and cash flow growth. However, given the strong share price appreciation, Chipotle’s shares traded below our valuation hurdle and so we sold the position.

As discussed in the section on initial purchases, we sold the position in Facebook in July. Given the rapid share price appreciation since we initiated the position in March, the valuation no longer provided adequate compensation for the risks the company faces.

We sold the position in Imperial Brands in May. It has been a disappointing and costly investment since we established the position in March 2017. Imperial remains highly free cash generative and offers a well-covered dividend yield of 9.4%. However, the company’s ability to compound free cash flow has become increasingly constrained due to the strategic and execution challenges in its next generation product (“NGP”) portfolio, as well as the geographic mix of its core tobacco business.

New CEO Stefan Bomhard joined the company at the start of July. We think he can further rationalize NGP investment, simplify the company’s overly complex geographic footprint, and rebuild investor confidence through improved transparency. Imperial Brands’ shares trade on an estimated 11.0% free cash flow yield, after adjusting for the debt on its balance sheet.

Despite the attractive valuation, we decided there are better risk/reward options available for the US Franchise portfolio, particularly given the limited capacity to hold non-US listed businesses. Non-US securities effectively have to cross a higher hurdle to be included in the Fund.

We completed the final sale of Molson Coors in June. The company’s shares held up better than we felt was warranted during the initial phase of the market downturn in late February and early March, particularly given the company’s exposure to the lockdown in the US. Having completed a substantial portion of the disposal early on, we were price sensitive sellers and tried to take advantage of the stock’s comparatively high volatility to complete the rest of the sale in mid-June.

We initiated the position in April 2017. Margins at the company have expanded in line with our original thesis. However, Molson Coors has faced two unexpected headwinds. First, US beer category volume growth in the past three years has deteriorated relative to long-term historic category volume trends, despite the generally healthier economy over most of that period. Second, innovation in the company’s premium beer portfolio has lagged and its premium beers have failed to grow ahead of its mainstream and economy beer segments. As a result, profits stagnated instead of growing in the low-single-digits as we had originally anticipated.

Looking back, we made a number of mistakes. We over-emphasized margin expansion in our thesis and under-estimated the burden of the moderately stretched balance sheet. We also assumed that family ownership would drive alignment and lead to improved execution. This has not happened and there are a handful of lessons here to help shape how we balance these sorts of risks with valuation in the future.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

We sold the position in Tiffany in March. We established the position in February 2019, following the market correction in the fourth quarter of 2018. Tiffany’s unique position in the luxury jewelry market was underscored by LVMH’s $135 per share bid for the company in November 2019. With that agreed bid acting as a floor to the share price, the shares held up relatively well in the first quarter of 2020. Given the limited upside potential, we sold the position and used the proceeds to fund the initial purchases outlined above.

We remain completely dedicated to investing our clients’ portfolios in keeping with the rigors of the Franchise quality and value criteria. As ever, we measure our success through long-term investment results and enduring client relationships. We thank you for your support and look forward to serving you in the coming years.

Hassan Elmasry, CFA

Lead Portfolio Manager of the Fund and Partner of Independent Franchise Partners, LLP

Michael Allison, CFA

Portfolio Manager of the Fund and Partner of Independent Franchise Partners, LLP

Richard Crosthwaite

Portfolio Manager of the Fund and Partner of Independent Franchise Partners, LLP

Sandeep Ghela

Chief Operating Officer and Partner of Independent Franchise Partners, LLP

Karim Ladha, CFA

Portfolio Manager of the Fund and Partner of Independent Franchise Partners, LLP

Jayson Vowles, CFA

Portfolio Manager of the Fund and Partner of Independent Franchise Partners, LLP

Principal Investment Risks: Fund holdings are subject to change and should not be considered a recommendation to buy or sell any security. All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund’s investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The main risks of investing in the Fund are set out in the Fund’s Prospectus, which can be obtained at www.franchisepartners.com/funds or by calling 855-233-0437 or 312-557-7902.

The comments and free cash flow yield estimates reflect the views of Independent Franchise Partners, LLP at the time of writing, unless otherwise indicated, and are subject to change without notice to the recipients of this document. Free cash flow yield estimates are based on the firm’s proprietary research and methodology.

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ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		98.3%
Biotechnology		4.1%
Corteva Inc.				2,356,119	$	67,879,788
Commercial Services		2.1%
ServiceMaster Global Holdings Inc.(a)				898,608		35,836,487
Computers & Peripherals		7.7%
Apple Inc.				529,334		61,302,171
International Business Machines Corp.				550,094		66,929,937
						128,232,108
Diversified Financials		6.2%
S&P Global Inc.				152,952		55,154,491
Western Union Co.				2,284,138		48,949,078
						104,103,569
Diversified Support Services		2.0%
IAA Inc.(a)				650,130		33,852,269
Health Care Equipment & Supplies		2.3%
Alcon Inc.(a)				688,792		39,111,689
Information Services		0.8%
Equifax Inc.				85,640		13,436,916
Insurance		4.1%
Aon PLC - Class A				332,496		68,593,925
Internet Software & Services		9.8%
Alphabet Inc. - Class A(a)				25,606		37,528,154
Booking Holdings Inc.(a)				42,421		72,568,756
eBay Inc.				1,032,808		53,809,297
						163,906,207
IT Services		3.7%
Accenture PLC - Class A				271,368		61,326,454
Media		11.6%
Fox Corp. - Class A				2,725,370		75,847,047
News Corp. - Class A				4,106,804		57,577,392
News Corp. - Class B				1,566,403		21,898,314
World Wrestling Entertainment Inc. - Class A				982,350		39,755,705
						195,078,458
Pharmaceuticals		11.5%
Bristol-Myers Squibb Co.				1,070,421		64,535,682
Johnson & Johnson				504,944		75,176,063
Novartis AG - REG				612,436		53,134,749
						192,846,494
Software		13.5%
Autodesk Inc.(a)				64,579		14,918,395
Electronic Arts Inc.(a)				428,838		55,924,763
Microsoft Corp.				343,981		72,349,524
Oracle Corp.				1,398,361		83,482,152
						226,674,834

See Notes to Financial Statements.

10

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Tobacco		12.7%
Altria Group Inc.				1,409,133	$	54,448,899
British American Tobacco PLC				1,860,469		66,678,228
Philip Morris International Inc.				1,230,516		92,276,395
						213,403,522
Toys/Games/Hobbies		6.2%
Nintendo Co. Ltd.				184,917		104,604,828
TOTAL COMMON STOCKS (Cost $1,330,527,643)						1,648,887,548
TOTAL INVESTMENTS (Cost $1,330,527,643)		98.3%				1,648,887,548
NET OTHER ASSETS (LIABILITIES)		1.7%				29,037,450
NET ASSETS		100.0%			$	1,677,924,998

^(a)Non-income producing security.

Abbreviations:

REG – Registered

At September 30, 2020, the Fund’s investments were concentrated in the following countries:

Country Allocation (Unaudited)	Percentage       of Net Assets
United States		82.6%
Japan		6.2
Switzerland		5.5
United Kingdom		4.0
Total		98.3%

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

September 30, 2020

	Independent Franchise Partners US Equity Fund
Assets:
Investments, at value (Cost: $1,330,527,643)	$	1,648,887,548
Cash		33,598,032
Foreign currency (Cost: $1,692)		1,645
Receivable for dividends		4,105,018
Reclaims receivable		2,764,662
Receivable for investments sold		2,324,050
Prepaid expenses		6,573
Total Assets		1,691,687,528
Liabilities:
Securities purchased payable		12,063,971
Capital shares redeemed payable		200,000
Investment advisory fees payable		956,693
Accounting and Administration fees payable		469,753
Regulatory and Compliance fees payable		13,814
Risk Officer fees payable		8,000
Accrued expenses and other payables		50,299
Total Liabilities		13,762,530
Net Assets	$	1,677,924,998
Net assets	$	1,677,924,998
Shares of common stock outstanding		85,071,919
Net asset value per share	$	19.72
Net Assets:
Paid in capital	$	1,199,432,998
Distributable earnings (loss)		478,492,000
Net Assets	$	1,677,924,998

See Notes to Financial Statements.

12

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the year ended September 30, 2020

	Independent Franchise Partners US Equity Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $559,373)	$	36,094,896
Operating expenses:
Investment advisory		10,906,679
Accounting and Administration		933,508
Regulatory and Compliance		164,844
Risk Officer		28,546
Trustees		52,830
Other		143,887
Total expenses		12,230,294
Net investment income		23,864,602
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains from investment transactions		349,104,887
Net increase from payments by affiliates		271,684
Net realized gains from foreign currency transactions		37,029
Change in unrealized appreciation (depreciation) on investments		(116,273,609	)
Change in unrealized appreciation (depreciation) on foreign currency		189,122
Net realized and unrealized gains from investment activities		233,329,113
Change in Net Assets Resulting from Operations	$	257,193,715

See Notes to Financial Statements.

13

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	Independent Franchise Partners US Equity Fund
	2020			2019
Increase (decrease) in net assets:
Operations:
Net investment income	$	23,864,602		$	33,123,824
Net realized gains (losses) from investment and foreign currency transactions		349,413,600			111,691,667
Change in unrealized appreciation (depreciation) on investments and foreign currency		(116,084,487	)		25,037,278
Change in net assets resulting from operations		257,193,715			169,852,769
Dividends paid to shareholders:
From distributable earnings		(165,226,614	)		(135,851,949	)
Total dividends paid to shareholders		(165,226,614	)		(135,851,949	)
Capital Transactions:
Proceeds from sale of shares		84,665,411			106,291,312
Value of shares issued to shareholders in reinvestment of dividends		158,832,872			130,469,928
Value of shares redeemed		(786,062,798	)		(267,284,191	)
Change in net assets from capital transactions		(542,564,515	)		(30,522,951	)
Change in net assets		(450,597,414	)		3,477,869
Net assets:
Beginning of year		2,128,522,412			2,125,044,543
End of year	$	1,677,924,998		$	2,128,522,412
Share Transactions:
Sold		4,371,881			5,806,665
Reinvested		8,693,644			8,384,957
Redeemed		(42,009,553	)		(14,716,739	)
Change		(28,944,028	)		(525,117	)

See Notes to Financial Statements.

14

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the years indicated

	Independent Franchise Partners US Equity Fund
	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	18.67		$	18.55		$	17.66		$	16.21		$	14.57
Income (loss) from operations:
Net investment income		0.37			0.30			0.28			0.23			0.22
Net realized and unrealized gains from investments		2.72			1.06			1.51			1.80			2.59
Total from investment operations		3.09			1.36			1.79			2.03			2.81
Less distributions paid:
From net investment income		(0.37	)		(0.31	)		(0.24	)		(0.22	)		(0.24	)
From net realized gains on investments		(1.68	)		(0.93	)		(0.66	)		(0.36	)		(0.93	)
Total distributions paid		(2.05	)		(1.24	)		(0.90	)		(0.58	)		(1.17	)
Increase from redemption fees		0.01			—	(a)		—	(a)		—	(a)		—	(a)
Change in net asset value		1.05			0.12			0.89			1.45			1.64
Net asset value, end of year	$	19.72		$	18.67		$	18.55		$	17.66		$	16.21
Total return(b)		17.50	%(c)		8.67	%		10.34	%		12.99	%		20.23	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	1,677,925		$	2,128,522		$	2,125,045		$	1,929,030		$	1,558,064
Ratio of net expenses to average net assets		0.76	%		0.76	%		0.76	%		0.77	%		0.79	%
Ratio of net investment income to average net assets		1.49	%		1.62	%		1.54	%		1.42	%		1.64	%
Ratio of gross expenses to average net assets		0.76	%		0.76	%(d)		0.76	%(d)		0.77	%		0.79	%
Portfolio turnover rate(e)		43.46	%		37.99	%		38.63	%		30.72	%		19.29	%

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

(b) Total return excludes redemption fees.

(c) During the period, the Adviser reimbursed the fund for a loss realized in connection with a trade error. Such payment represented 0.02% to the Fund’s total return.

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

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

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018. 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 “Fund”) is a series of the Trust. These financial statements and notes only relate to the IFP US Equity 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 independent third party pricing service approved by the Trustees 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 independent pricing source approved by the Trustees. 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

16

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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.

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), the Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. 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 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, 2020 in valuing the Fund’s investments based upon the three fair value levels defined above:

Fund	Level 1 – Quoted Prices		Level 2 – Other Significant  Observable Inputs		Level 3 – Significant Unobservable Inputs		Total
IFP US Equity Fund
Common Stocks(1)	$	1,648,887,548	$	—	$	—	$	1,648,887,548
Total Investments	$	1,648,887,548	$	—	$	—	$	1,648,887,548

⁽¹⁾  See investment industries in the Schedule of Investments.

As of September 30, 2020, there were no Level 2 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the year ended September 30, 2020.

CURRENCY TRANSACTIONS

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.

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.

17

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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 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, 2020 and 2019 were $860,901 and $564,454, 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, 2020, 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, 2017, 2018, 2019 and 2020 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.

18

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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” or “IFP”) to provide investment management services to the Fund. Total fees incurred pursuant to the Agreement are reflected as “Investment advisory” fees on the Statement of Operations. Under the terms of the Agreement, the Fund pays the Adviser a monthly fee based on the Fund’s daily net assets at the following annualized rates:

Adviser’s Assets Under Management(1)	Scale Discount for Assets in each Range(1)	Annualized Rate(1)	Effective Overall Annual Fee(1)
First $1 billion	—	0.88%	0.88%
$1 - 2 billion	0.10%	0.78%	at $2 billion 0.83%
$2 - 3 billion	0.20%	0.68%	at $3 billion 0.78%
$3 - 4 billion	0.30%	0.58%	at $4 billion 0.73%
$4 - 5 billion	0.40%	0.48%	at $5 billion 0.68%
Above $5 billion	—	—	0.68%

⁽¹⁾  The Adviser’s total assets under management at the end of each calendar quarter are used to calculate the effective annual fee to be applied during the next calendar quarter. During the year ended September 30, 2020, the effective annualized rate was 0.68% given the Adviser’s total assets under management were in excess of $5 billion during the year. Effective October 1, 2020 the Adviser reduced its management fee annual rate by 0.04% for each asset tier.

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

The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian and fund accounting agent for the Fund pursuant to written agreements between the Trust, on behalf of the Fund, and Northern Trust. The Fund has agreed to pay Northern Trust certain annual and transaction-based fees, a tiered basis-point fee based on the Fund’s daily net assets, subject to a minimum annual fee of $175,000 relating to these services, and reimburse for certain expenses incurred on behalf of the Fund as well as other charges for additional service activities. Total fees paid to Northern Trust pursuant to these agreements are reflected as “Accounting and Administration” fees on the Statement of Operations.

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

Carne Global Financial Services (US) LLC (“Carne”) provides Risk Management and Oversight Services for the Fund pursuant to a written agreement between the Trust, on behalf of the Fund, and Carne, including providing the Risk Officer to the Fund to administer the Fund 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.

Certain officers and Trustees 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, 2020, the Trust paid each Independent Trustee compensation for their services based on an annual retainer of $120,000 and reimbursement for certain expenses. Effective April 1, 2020, the Trust pays an annual retainer of $125,000 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, 2020, the aggregate Trustee compensation paid by the Trust was $367,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” expenses on the Statement of Operations.

19

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

The Adviser has contractually agreed to waive fees or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividends on short positions, litigation and indemnification expenses, 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, 2021. For the year ended September 30, 2020, 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.

During the year, the Adviser made a payment of $271,684 to the Fund as disclosed on the Statement of Operations to reimburse for a loss realized in connection with a trade error. Such payment represented 0.02% to the Fund’s total return.

C. Investment Transactions

For the year ended September 30, 2020, 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
IFP US Equity Fund	$	684,947,254	$	711,100,070

D. Federal Income Tax

As of September 30, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Tax Cost		Tax Unrealized     Appreciation		Tax Unrealized     (Depreciation)			Net Unrealized   Appreciation (Depreciation)
IFP US Equity Fund	$	1,340,777,759	$	402,831,200	$	(94,721,411	)	$	308,109,789

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2020 and September 30, 2019 for the Fund was as follows:

IFP US Equity Fund	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax Return       of Capital		Total Distributions  Paid
2020	$	36,780,971	$	128,445,643	$	165,226,614	$	—	$	165,226,614
2019		51,861,949		83,990,000		135,851,949		—		135,851,949

As of the latest tax year ended September 30, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation		Total Accumulated Earnings
IFP US Equity Fund		$36,085,921		$134,151,187		$170,237,108		$ —		$ —		$308,254,892		$478,492,000

At September 30 2020, 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 rather than cash for their redemption amounts in accordance with the provisions of the Fund. These shareholders received securities with a fair value equal to the value of the number of shares they owned at the current net asset value at the redemption date.

20

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

In-kind withdrawals of $611,922,128 are reflected within the “Value of shares redeemed” on the Statement of Changes in Net Assets, and net gains of $183,574,687 on the securities distributed to shareholders are reflected within the “Net realized gains from investment transactions” on the Statement of Operations.

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.

G. Other Risks

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact on the Fund’s operations and performance.

21

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, 2020, the related statement of operations for the year ended September 30, 2020, the statements of changes in net assets for each of the two years in the period ended September 30, 2020, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2020 (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, 2020, 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, 2020 and the financial highlights for each of the five years in the period ended September 30, 2020 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, 2020 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

Chicago, Illinois

November 20, 2020

We have served as the auditor of one or more investment companies in Advisers Investment Trust since 2011.

PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606

    T:(312) 298 2000 , F:(312) 298 2001, www.pwc.com/us

22

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

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, 2020 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2020:

Fund	QDI Percentage
IFP US Equity Fund		73.48	%

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       DRD Percentage
IFP US Equity Fund		66.61	%

B. Summary of Fund Holdings as of September 30, 2020

Market Exposure
Equity Securities	% of Net Assets
Software		13.5%
Tobacco		12.7
Media		11.6
Pharmaceuticals		11.6
Internet Software & Services		9.7
Computers & Peripherals		7.7
Toys/Games/Hobbies		6.2
Diversified Financials		6.2
Insurance		4.1
Biotechnology		4.1
IT Services		3.7
Health Care Equipment & Supplies		2.3
Commercial Services		2.1
Diversified Support Services		2.0
Information Services		0.8
Total		98.3%

23

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

5 Largest Security Positions
Issuer	% of Net Assets
Nintendo Co. Ltd.		6.2%
Philip Morris International Inc.		5.5
Oracle Corp.		5.0
Fox Corp. - Class A		4.5
Johnson & Johnson		4.5
Total		25.7%

C. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at April 1, 2020 and held for the entire period through September 30, 2020.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense   Ratio		Beginning Account Value 4/1/2020		Ending Account   Value 9/30/2020		Expenses Paid     4/1/20–9/30/20*
Actual		0.76%	$	1,000.00	$	1,280.50	$	4.33
Hypothetical		0.76%	$	1,000.00	$	1,021.20	$	3.84

* Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

D. Board Approval of Investment Advisory Agreement

Section 15 of the Investment Company Act of 1940, as amended (the “1940 Act”) requires that the Amended and Restated Investment Advisory Agreement (the “Agreement”) between Advisers Investment Trust (the “Trust”) and Independent Franchise Partners, LLP (the “Adviser”) with respect to the Independent Franchise Partners US Equity Fund (the “Fund”) be approved by a majority of the Board of Trustees of the Trust (the “Board”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“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

24

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

the Investment Advisory Agreement for the Fund at a meeting held via videoconference on June 11, 2020 in accordance with the U.S. Securities and Exchange Commission’s order extending no-action relief from the requirements in Sections 15(c) and 32(a) of the 1940 Act and Rules 12b-1(b)(2) and 15a-4(b)(2)(ii) that votes of the Board be cast at a meeting held in-person.

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 and that there had been no material compliance issues in the past 36 months with respect to the Fund or any other fund managed by the Adviser. The Board then considered key risks associated with the Fund and ways in which those risks are mitigated. Taking in to 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 and examined the selected peer groups and benchmark for the Fund. The Board reviewed the Fund’s performance compared to a peer selection based on the eVestment Large Cap Value universe and the eVestment Large Cap US Equity universe for one-month, three-month, one-year, three-year, five-year, and since inception periods through March 31, 2020. The Board also reviewed the performance of another fund advised by the Adviser with a similar investment mandate for one-month, three-month, one-year, three-year, five-year, and since inception periods through March 31, 2020. After considering the information presented to it, the Board expressed satisfaction with 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 0.68% of the Fund’s average daily net assets. The Board reviewed the investment advisory fee paid by the Fund in comparison to the investment advisory fees paid by the funds within the appropriate peer group, noting that the fee was competitive with the fees paid by its peers. The Board then reviewed the advisory fees paid by the other fund and accounts managed by the Adviser with similar investment mandates and noted that the Fund paid the same investment advisory fee as the fund and accounts. 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.

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 than 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.

25

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

On September 9, 2020 the Board of Trustees of Advisers Investment Trust considered a proposal from the Adviser to lower the management fee for the Fund from 0.88% of the Fund’s average daily net assets to 0.84% of the Fund’s average daily net assets effective October 1, 2020 through September 30, 2021, less a scale discount based on the Adviser’s combined total assets under management, and from 0.84% of the Fund’s average daily net assets to 0.80% of the Fund’s average daily net assets effective October 1, 2021, less a scale discount based on the Adviser’s combined total assets under management. In its deliberations, the Board considered information submitted by IFP in connection with the previous renewal of the Agreement on June 11, 2020 as well as performance and fee information provided by IFP regarding the reduction in fees. Among other things, the Board considered information presented to it related to the Fund’s performance and management fee compared to its peers and the impact of the management fee on profitability. The Board further noted that while the Adviser’s total assets under management remain above $5 billion, the effective overall annual fee for the Fund will be 0.64% for the period October 1, 2020 through September 30, 2021.The Board further noted that effective October 1, 2021, provided the Adviser’s total assets under management remained above $5 billion, the effective overall annual fee for the Fund would be 0.60%. The Adviser’s total assets under management at the end of each calendar quarter will be used to calculate the effective annual fee to be applied during the next calendar quarter. The Board reviewed the management fee paid by the Fund and the total operating expenses of the Fund. After considering the information provided by IFP, the Board concluded that lowering the management fee, as proposed, was reasonable.

E. Other Information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by writing to the Fund at Independent Franchise Partners US Equity Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 855-351-4583 (toll free); and (ii) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, by calling the Fund at 855-351-4583 (toll free); and (ii) on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (or on Form N-PORT’s predecessor form, Form N-Q). The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 855-351-4583 (toll free).

F. Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office /Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
D’Ray Moore Year of Birth: 1959	Trustee	Indefinite/July 2011 to present	Independent Trustee, Diamond Hill Funds 2007 to present; Chairperson, Diamond Hill Funds 2014 to present.	12	Diamond Hill Funds
Steven R. Sutermeister Year of Birth: 1954	Trustee	Indefinite/July 2011 to present	President, Vadar Capital LLC, 2008 to 2017.	12	None
Michael M. Van Buskirk Year of Birth: 1947	Trustee	Indefinite/July 2011 to present	Independent Trustee, Boston Trust Walden Funds 1992 to present.	12	Boston Trust Walden Funds

¹   The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, Illinois 60603.

26

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940Act, and each officer of the Trust.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
David M. Whitaker2 Year of Birth: 1971	Trustee	Indefinite/ July 2017 to present	President, Foreside Financial Group, LLC, 2011 to present; Director, Portland Air Freight, 2011 to present; Director, National Investment Company Service Association (NICSA) 2018 to present.	12	PAF Transportation
Daniel P. Houlihan3 Year of Birth: 1966	Trustee	Indefinite/ March 2016 to present	Executive Vice President, The Northern Trust Company, 2008 to present; Chairman, National Investment Company Service Association (NICSA) 2017 to present; Vice Chairman, National Investment Company Service Association (NICSA) 2014 to 2017.	12	None
Barbara J. Nelligan Year of Birth: 1969	President	Indefinite/ August 2017 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017.	N/A	N/A
Scott Craven Jones Year of Birth: 1962	Risk Officer	Indefinite/ July 2014 to present	Director, Carne Global Financial Services, Inc., 2013 to present.	N/A	N/A
Rodney L. Ruehle Year of Birth: 1968	Chief Compliance Officer and AML Officer	Indefinite/ March 2019 to present	Director, Foreside Fund Officer Services, LLC (formerly Foreside Compliance Services, LLC) (financial services) (2016 to present); Director, Beacon Hill Fund Services, LLC (April 2008 to July 2016).	N/A	N/A
Troy Sheets Year of Birth: 1971	Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2009 to 2016.	N/A	N/A

27

ADVISERS INVESTMENT TRUST

IFP US EQUITY FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Trent Statczar Year of Birth: 1971	Assistant Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2008 to 2016.	N/A	N/A
Toni M. Bugni Year of Birth: 1973	Secretary	Indefinite/ March 2018 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present.	N/A	N/A
Deanna Y. Pellack Year of Birth: 1987	Assistant Secretary	Indefinite/ March 2018 to present	Vice President, Global Fund Services, Fund Governance Solutions, The Northern Trust Company 2019 to present; Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2014 to 2019.	N/A	N/A

¹The mailing address of Messrs. Whitaker, Ruehle, Sheets, and Statczar is 690 Taylor Road, Suite 210, Gahanna, Ohio 43230. The mailing address of Messrs. Houlihan and Jones and Mses. Nelligan, Bugni, and Pellack is 50 S. LaSalle Street, Chicago, IL 60603.

² Mr. Whitaker is the President of Foreside Financial Group, LLC and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

³ Mr. Houlihan is an Executive Vice President of the Northern Trust Company and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

The Fund’s Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 855-233-0437.

28

Independent Franchise Partners US Equity Fund

(Series of the Advisers Investment Trust)

Privacy Policy

SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Independent Franchise Partners US Equity Fund.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

· Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

· Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

· Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into a confidentiality agreements regarding the information.

INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and every year that you are a customer of the Independent Franchise Partners US Equity Fund or anytime we make a material change to our privacy policy.

Investment Adviser

Independent Franchise Partners, LLP

Level 1, 10 Portman Square

London, W1H 6AZ

United Kingdom

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered Public

Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

855-233-0437 or 312-557-7902

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

ANNUAL REPORT

September 30, 2020

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

TABLE OF CONTENTS

September 30, 2020

PORTFOLIO COMMENTARY	1
SCHEDULE OF INVESTMENTS	4
STATEMENT OF ASSETS AND LIABILITIES	6
STATEMENT OF OPERATIONS	7
STATEMENTS OF CHANGES IN NET ASSETS	8
FINANCIAL HIGHLIGHTS	9
NOTES TO FINANCIAL STATEMENTS	10
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	16
ADDITIONAL INFORMATION	17

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

PORTFOLIO COMMENTARY

September 30, 2020

Vontobel U.S. Equity Institutional Fund

Value of a hypothetical $1,000,000 investment in the Fund Class I Shares from inception on March 27, 2018 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Since Inception     Return	Gross Expense     Ratio *	Net Expense     Ratio *
Vontobel U.S. Equity Institutional Fund – Class I	13.47%	14.70%	3.16%	0.66%
S&P 500 Index	15.15%	12.76%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Fund commenced operations on March 27, 2018.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-252-5393 or 312-630-6583.

The Fund’s benchmark for performance comparison purposes is the Standard and Poor’s (“S&P”) 500 Index an unmanaged index consisting of securities listed on exchanges in the United States of America. The index is calculated on a total return basis with dividends reinvested, but does not reflect fees, brokerage commissions, or other investment expenses, and is expressed in U.S. Dollars. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

PORTFOLIO COMMENTARY

September 30, 2020

Portfolio Commentary

For the 12 months ending September 30, 2020, the Vontobel U.S. Equity Institutional Fund underperformed its benchmark, the S&P 500 Index (Total Return Net Dividends). Our lack of exposure to energy, a sector that was down 45% for the 12 months period, was the leading contributor to relative results. Our underweight to industrials also added to relative performance. Stock selection to consumer staples was the largest detractor from relative performance followed by our underweight to information technology.

Leading contributors to Fund absolute performance during the period were Amazon.com Inc., Microsoft Corp., and Paypal Holdings Inc.

Amazon held up well earlier this year thanks in part to the increased demand for fresh food and household goods during the Covid-19 outbreak. The company has invested heavily in one-day shipping logistics and is well-placed to meet the surge in demand for e-commerce in the U.S. and globally. The company reported stronger than expected results for 2Q and guidance into 3Q as NA e-commerce growth rates have continued to remain strong. Amazon Web Services (AWS) also sustained at a high growth level. Amazon is the leading player in ecommerce in North America, and has leading positions in several markets in Europe, as well as India and Japan. Amazon was able to do this by offering very competitive pricing, free shipping for Prime members, and convenience. Amazon also has the leading position globally in Cloud services with AWS.

Microsoft stock likely benefited from expectations for continued strong trends in its Azure business, as cloud computing remains a critical resource for businesses. The company’s core software franchises (e.g. Office, Windows) should remain important despite near-term economic disruption. The company was also beneficiary of accelerated e-commerce adoption post-COVID. Once defined by its reliance on a PC-centric world, Microsoft has successfully transformed into more of a cloud first company. The company has built Azure into a leading public cloud provider, with natural strengths in hybrid cloud and ability to sell to enterprises. In addition, the shift to cloud computing is driving growth in its traditional franchises, as the company is shifting to more of a SaaS (software as a service) model. Under CEO Satya Nadella, we believe MSFT has become a much more open technology company that is now able to go after larger, addressable markets. In our view, MSFT offers an attractive combination of durable franchises and strong earnings growth.

Paypal was a beneficiary of accelerated e-commerce adoption post-COVID. PayPal has established itself as the dominant on-line digital payments business, operating in a space where many competitors have come and gone over the years. There is a long, highly visible secular tailwind of businesses moving from off-line to on-line, and PayPal is participating in that growth with a strong competitive advantage driven by its two-sided network. PayPal has successfully created closer partnerships with networks and issuers and built a more platform-based business model to get more deeply entrenched with clients and improve its value proposition. The company has also made savvy acquisitions to further bolster its product offerings and competitive position.

Leading detractors from Fund absolute performance during the period were Constellation Brands Inc., Wells Fargo & Co. and Anheuser-Busch Inbev.

Constellation Brands was down in a broad market sell-off earlier this year. We exited the position on the news that Constellation Brands’ Mexico plants would be closed for an undefined period under Mexico’s COVID-19 restrictions, putting key supply at risk.

Wells Fargo’s performance was impacted by the delays in implementing operational risk enhancements to the satisfaction of the regulators. We exited the position in late 2019.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

PORTFOLIO COMMENTARY

September 30, 2020

Covid hit alcohol companies hard as bars, restaurants were closed and social gatherings discouraged. Anheuser-Busch InBev (ABI) is the world’s largest brewer and dominates the beer market in most of the countries in which it operates. Globally, it has roughly one fourth of beer volumes and close to one half of global beer profits. We believe ABI is best in class on costs among Consumer Staples companies, not just brewers. Management has historically executed well on its acquisitions and generates high levels of free cash.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
COMMON STOCKS	99.8%
Communication Services	10.6%
Alphabet, Inc. - Class C(a)			511	$	750,966
Comcast Corp. - Class A			10,109		467,642
Electronic Arts, Inc.(a)			3,854		502,600
Walt Disney (The) Co.			2,985		370,379
					2,091,587
Consumer Discretionary	16.3%
Amazon.com, Inc.(a)			337		1,061,122
Booking Holdings, Inc.(a)			174		297,658
Dollar General Corp.			2,343		491,140
Home Depot (The), Inc.			1,076		298,816
NIKE, Inc. - Class B			1,879		235,890
O’Reilly Automotive, Inc.(a)			436		201,031
Ross Stores, Inc.			4,849		452,509
Starbucks Corp.			2,247		193,062
					3,231,228
Consumer Staples	17.2%
Alimentation Couche-Tard, Inc. - Class B			18,065		629,097
Anheuser-Busch InBev S.A./N.V. - ADR			4,411		237,665
Casey’s General Stores, Inc.			1,784		316,928
Coca-Cola (The) Co.			12,173		600,981
Hershey (The) Co.			2,437		349,319
Mondelez International, Inc. - Class A			13,421		771,036
PepsiCo, Inc.			3,595		498,267
					3,403,293
Financials	7.1%
Berkshire Hathaway, Inc. - Class B(a)			4,070		866,666
CME Group, Inc.			2,183		365,237
M&T Bank Corp.			1,853		170,643
					1,402,546
Health Care	18.4%
Abbott Laboratories			2,862		311,471
Becton Dickinson and Co.			2,168		504,450
Boston Scientific Corp.(a)			13,347		509,989
Intuitive Surgical, Inc.(a)			506		359,027
Johnson & Johnson			5,065		754,077
Medtronic PLC			4,317		448,623
UnitedHealth Group, Inc.			2,458		766,331
					3,653,968
Industrials	3.6%
Copart, Inc.(a)			1,970		207,165
Graco, Inc.			3,458		212,148
Northrop Grumman Corp.			946		298,454
					717,767

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Information Technology		24.9%
Adobe, Inc.(a)				820	$	402,153
Keysight Technologies, Inc.(a)				4,218		416,654
Mastercard, Inc. - Class A				2,048		692,572
Microsoft Corp.				6,078		1,278,386
Motorola Solutions, Inc.				2,478		388,575
PayPal Holdings, Inc.(a)				2,033		400,562
salesforce.com, Inc.(a)				812		204,072
Synopsys, Inc.(a)				967		206,919
Teradyne, Inc.				3,337		265,158
Visa, Inc. - Class A				3,448		689,496
						4,944,547
Materials		1.7%
Sherwin-Williams (The) Co.				488		340,009
TOTAL COMMON STOCKS (Cost $15,347,552)						19,784,945
SHORT-TERM INVESTMENTS		0.1%
Northern Institutional U.S. Government Select Portfolio – Shares Class, 0.03%(b)				10,826		10,826
TOTAL SHORT-TERM INVESTMENTS (Cost $10,826)						10,826
TOTAL INVESTMENTS (Cost $15,358,378)		99.9%				19,795,771
NET OTHER ASSETS (LIABILITIES)		0.1%				20,638
NET ASSETS		100.0%			$	19,816,409

(a)Non-income producing security.

(b)7-day current yield as of September 30, 2020 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

At September 30, 2020, the Vontobel U.S. Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:

CONCENTRATION BY COUNTRY	% OF NET ASSETS
United States	93.2%
Canada	3.2
Ireland	2.2
All other countries less than 2%	1.2
Total	99.8%

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

September 30, 2020

	Vontobel   U.S. Equity   Institutional Fund
Assets:
Investments, at value (Cost: $15,358,378)	$	19,795,771
Receivable for dividends		13,147
Reclaims receivable		3,363
Receivable for investments sold		77,035
Receivable from Investment Adviser		54,522
Prepaid expenses		3,992
Total Assets		19,947,830
Liabilities:
Accounting and Administration fees payable		74,041
Regulatory and Compliance fees payable		12,295
Accrued expenses and other payables		45,085
Total Liabilities		131,421
Net Assets	$	19,816,409
Class I Shares:
Net assets	$	19,816,409
Shares of common stock outstanding		1,439,443
Net asset value per share	$	13.77
Net Assets:
Paid in capital	$	15,019,368
Distributable earnings (loss)		4,797,041
Net Assets	$	19,816,409

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the year ended September 30, 2020

	Vontobel   U.S. Equity   Institutional Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $2,411)	$	207,022
Operating expenses:
Investment advisory		87,237
Accounting and Administration		166,870
Regulatory and Compliance		150,103
Trustees		52,830
Legal		33,711
Other		89,867
Total expenses before reductions		580,618
Expenses reduced by Adviser		(467,284	)
Net expenses		113,334
Net investment income		93,688
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains from investment transactions		379,659
Net realized losses from foreign currency transactions		(314	)
Change in unrealized appreciation (depreciation) on investments		2,030,417
Change in unrealized appreciation (depreciation) on foreign currency		1
Net realized and unrealized gains from investment activities		2,409,763
Change in Net Assets Resulting from Operations	$	2,503,451

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	Vontobel U.S. Equity Institutional Fund
	2020			2019
Increase (decrease) in net assets:
Operations:
Net investment income	$	93,688		$	105,426
Net realized gains (losses) from investment and foreign currency transactions		379,345			150,010
Change in unrealized appreciation (depreciation) on investments and foreign currency		2,030,418			1,241,764
Change in net assets resulting from operations		2,503,451			1,497,200
Dividends paid to shareholders:
From distributable earnings		(300,442	)		(76,471	)
Total dividends paid to shareholders		(300,442	)		(76,471	)
						��
Capital Transactions (Class I Shares):
Proceeds from sale of shares		1,715,528			3,069,595
Value of shares issued to shareholders in reinvestment of dividends		38,536			3,538
Value of shares redeemed		(61,399	)		(43	)
Change in net assets from capital transactions		1,692,665			3,073,090
Change in net assets		3,895,674			4,493,819
Net assets:
Beginning of year		15,920,735			11,426,916
End of year	$	19,816,409		$	15,920,735
Share Transactions (Class I Shares):
Sold		151,580			265,460
Reinvested		3,001			349
Redeemed		(4,570	)		(4	)
Change		150,011			265,805

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

Vontobel U.S. Equity Institutional Fund	Year Ended     September 30,     2020			Year Ended     September 30,     2019			Period Ended     September 30,     2018(a)
Net asset value, beginning of period	$	12.35		$	11.16		$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.07			0.09			0.05
Net realized and unrealized gains from investments		1.58			1.17			1.11
Total from investment operations		1.65			1.26			1.16
Less distributions paid:
From net investment income		(0.09	)		(0.07	)		—
From net realized gains		(0.14	)		—			—
Total distributions paid		(0.23	)		(0.07	)		—
Change in net asset value		1.42			1.19			1.16
Net asset value, end of period	$	13.77		$	12.35		$	11.16
Total return(c)		13.47	%		11.46	%		11.60	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	19,816		$	15,921		$	11,427
Ratio of net expenses to average net assets(d)		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets(d)		0.54	%		0.82	%		0.84	%
Ratio of gross expenses to average net assets(d)		3.33	%		3.15	%		2.93	%
Portfolio turnover rate(c)		57.97	%		27.31	%		20.78	%

(a) For the period from March 27, 2018, commencement of operations, to September 30, 2018.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018. 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 Vontobel U.S. Equity Institutional Fund (the “Fund”) is a series of the Trust and commenced operations on March 27, 2018. These financial statements and notes only relate to the Fund.

The Fund is a diversified fund. The investment objective of the Fund is to provide long-term capital appreciation.

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 independent third party pricing service approved by the Trustees 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 independent pricing source approved by the Trustees. 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.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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), the Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. 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 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, 2020 in valuing the Fund’s investments based upon the three fair value levels defined above:

Fund	Level 1 - Quoted Prices		Level 2  - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Vontobel U.S. Equity Institutional Fund
Common Stocks*	$	19,784,945	$	—	$	—	$	19,784,945
Short-Term Investments		10,826		—		—		10,826
Total Investments	$	19,795,771	$	—	$	—	$	19,795,771

*See additional categories in the Schedule of Investments.

As of September 30, 2020 there were no Level 2 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the year ended September 30, 2020.

CURRENCY TRANSACTIONS

The functional and reporting currency for the Fund is the U.S. dollar. 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 Statements of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statement of Operations.

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ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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.

INVESTMENT TRANSACTIONS AND INCOME

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

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

FEDERAL INCOME TAX INFORMATION

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

As of September 30, 2020, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s tax return for the tax years ended September 30, 2020, 2019, and 2018 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.

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VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

OTHER RISKS

Securities markets outside the United States (“U.S.”), while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these foreign markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in foreign securities include, among other things, imposition of exchange control regulation by the U.S. or foreign governments, U.S. and foreign withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in foreign nations. There may be less publicly available information about certain foreign companies than would be the case for comparable companies in the U.S., and certain foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact to the Fund’s operations and performance.

B. Fees and Transactions with Affiliates and Other Parties

The Trust, on behalf of the Fund, has entered into an Amended and Restated Investment Advisory Agreement (the “Agreement”) with Vontobel Asset Management, Inc. (the “Adviser” or “Vontobel”) to provide investment advisory services to the Fund. Under the terms of the Agreement, the Fund pays the Adviser an annual fee based on the Fund’s daily net assets as set forth in the following table. The total fees incurred by the Fund pursuant to the Agreement is reflected as “Investment advisory” fees on the Statements of Operations. In addition, the Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses with underlying investment companies and extraordinary expenses) exceed the rates in the table below.

Fund	Class	Advisory Fee	Expense         Limitation
Vontobel U.S. Equity Institutional Fund	Class I	0.50% on First $500 million	0.65%
		0.45% on assets over $500 million

The expense limitation agreement is effective until January 28, 2021 for the Fund at which time it will be subject to automatic renewal upon the effective date of the annual update to the the Fund’s registration statement. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

13

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

For the year ended September 30, 2020, the Fund incurred advisory fees payable to Vontobel, expense waivers/reimbursements from Vontobel and paid expense recoupments to Vontobel as follows:

Fund	Advisory Fee to Vontobel		Expenses Reduced by Vontobel		Advisory Fees Recouped by Vontobel
Vontobel U.S. Equity Institutional Fund	$	87,237	$	467,286	$	—

The balances of recoverable expenses to Vontobel by the Fund at September 30, 2020 were as follows:

For the:	Expiring		Vontobel
Year Ended September 30 , 2018		September 30, 2021	$	112,057
Year Ended September 30, 2019		September 30, 2022		308,332
Year ended September 30, 2020		September 30, 2023		467,284
Balances of Recoverable Expenses to the Adviser			$	887,673

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 $50,000 annually and reimburses for certain out-of-pocket 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 with the Trust, on behalf of the Fund. The Fund has agreed to pay Northern Trust a tiered basis-point fee based on the Fund’s daily net assets, and certain per account and transaction charges. The Fund is subject to a minimum annual fee of $150,000 relating to these services, and reimbursement 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 has agreed to pay Foreside a tiered basis-point fee based on the Fund’s daily net assets, subject to an overall minimum annual fee of $150,000 for these services, and reimburse 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.

Certain officers and Trustees of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2020 the Trust paid each Independent Trustee compensation for their services based on an annual retainer of $120,000 and reimbursement for certain expenses. Effective April 1, 2020, the Trust pays an annual retainer of $125,000 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, 2020, the aggregate Trustee compensation paid by the Trust was $367,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” expenses on the Statements of Operations.

C. Investment Transactions

For the year ended September 30, 2020, 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
Vontobel U.S. Equity Institutional Fund	$	11,641,350	$	9,932,824

14

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

D. Federal Income Tax

As of September 30, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Vontobel U.S. Equity Institutional Fund	$	15,423,290	$	4,507,109	$	(134,628	)	$	4,372,481

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals.

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2020 and September 30, 2019 for the Fund were as follows:

Vontobel U.S. Equity Institutional Fund	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax Return of Capital		Total Distributions Paid
2020	$	130,710	$	169,732	$	300,442	$	—	$	300,442
2019		76,471		—		76,471		—		76,471

As of the latest tax year ended September 30, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation		Total Accumulated Earnings
Vontobel U.S. Equity Institutional Fund		37,283		387,277		424,560		—		—		4,372,481		4,797,041

E. Concentration by Ownership

A significant portion of the Fund’s shares may be held in a limited number of shareholder accounts including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. 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.

15

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Vontobel U.S. Equity Institutional Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Vontobel U.S. Equity Institutional Fund (the “Fund”) (one of the funds constituting Advisers Investment Trust (the “Trust”), including the schedule of investments, as of September 30, 2020, and the related statement of operations for the year ended September 30, 2020, and the statements of changes in net assets for the years ended September 30, 2020 and September 30, 2019, the financial highlights for the years ended September 30, 2020 and September 30, 2019, and the period from March 27, 2018 (commencement of operations) through September 30, 2018 and the related notes (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 (one of the funds constituting Advisers Investment Trust) at September 30, 2020, the results of its operations for the year ended September 30, 2020, the changes in its net assets for the years ended September 30, 2020 and September 30, 2019 and its financial highlights for the years ended September 30, 2020 and September 30, 2019, and the period from March 27, 2018 (commencement of operations) through September 30, 2018, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. 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. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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 procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor on one or more investment companies in the Trust since 2013

New York, New York

November 20, 2020

16

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

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, 2020 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2020:

	QDI Percentage
US Equity Institutional Fund		100.00	%

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

	Corporate       DRD Percentage
US Equity Institutional Fund		100.00	%

B. Summary of Fund Holdings as of September 30, 2020

Vontobel U.S. Equity Institutional Fund

Market Exposure
Equity Securities	% of Net Assets
Software	13.1%
Retail	13.0
Internet	10.6
Diversified Financial Services	8.8
Healthcare-Products	8.2
Beverages	6.7
Pharmaceuticals	6.4
Food	5.7
Insurance	4.4
Media	4.2
Healthcare-Services	3.9
Electronics	2.1
Commercial Services	2.0
Telecommunications	2.0
Chemicals	1.7
Aerospace/Defense	1.5

Market Exposure
Equity Securities	% of Net Assets
Semiconductors	1.3%
Apparel	1.2
Machinery-Diversified	1.1
Distribution/Wholesale	1.0
Banks	0.9
Total	99.8%
5 Largest Security Positions
Issuer	% of Net Assets
Microsoft Corp.	6.4%
Amazon.com, Inc.	5.4
Berkshire Hathaway, Inc. - Class B	4.4
Mondelez International, Inc. - Class A	3.9
UnitedHealth Group, Inc.	3.9
Total	24.0%

C. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at April 1, 2020 and held for the entire period through September 30, 2020.

17

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense Ratio		Beginning Account Value 4/1/2020		Ending Account Value 9/30/2020		*Expenses Paid 4/1/20–9/30/20
Actual		0.65%	$	1,000.00	$	1,300.30	$	3.74
Hypothetical		0.65%	$	1,000.00	$	1,021.75	$	3.29

*Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

D. Other Information

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 866-252-5393 (toll free) or 312-630-6583. Information about how the Fund voted proxies relating to portfolio securities for each 12 month period ending June 30th is available without charge, upon request, by calling the Trust at 866-252-5393 (toll free) or 312-630-6583 and on the U.S. Securities and Exchange Commissions (the “SEC”) website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (or on Form N-PORT’s predecessor form, Form N-Q). The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 866-252-5393 (toll free).

E. Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
D’Ray Moore Year of Birth: 1959	Trustee	Indefinite/July 2011 to present	Independent Trustee, Diamond Hill Funds 2007 to present; Chairperson, Diamond Hill Funds 2014 to present.	12	Diamond Hill Funds
Steven R. Sutermeister Year of Birth: 1954	Trustee	Indefinite/July 2011 to present	President, Vadar Capital LLC, 2008 to 2017.	12

18

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Michael M. Van Buskirk Year of Birth: 1947	Trustee	Indefinite/July 2011 to present	Independent Trustee, Boston Trust Walden Funds 1992 to present.	12	Boston Trust Walden Funds

¹  The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, Illinois 60603.

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
David M. Whitaker2 Year of Birth: 1971	Trustee	Indefinite/ July 2017 to present	President, Foreside Financial Group, LLC, 2011 to present; Director, Portland Air Freight, 2011 to present; Director, National Investment Company Service Association (NICSA) 2018 to present.	12	PAF Transportation
Daniel P. Houlihan3 Year of Birth: 1966	Trustee	Indefinite/ March 2016 to present	Executive Vice President, The Northern Trust Company, 2008 to present; Chairman, National Investment Company Service Association (NICSA) 2017 to present; Vice Chairman, National Investment Company Service Association (NICSA) 2014 to 2017.	12	None
Barbara J. Nelligan Year of Birth: 1969	President	Indefinite/ August 2017 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017.	N/A	N/A

19

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Rodney Ruehle Year of Birth: 1968	Chief Compliance Officer	Indefinite/March 2019 to present	Director, Foreside Financial, Group, LLC (formerly Foreside Compliance Services, LLC) (financial services), 2016 to present; Director, Beacon Hill Fund Services, LLC, April 2008 to July 2016.	N/A	N/A
Troy Sheets Year of Birth: 1971	Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc. 2009 to 2016.	N/A	N/A
Trent Statczar Year of Birth: 1971	Assistant Treasurer	Indefinite/July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc. 2008 to 2016.	N/A	N/A
Toni M. Bugni Year of Birth: 1973	Secretary	Indefinite/March 2018 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present.	N/A	N/A
Deanna Y. Pellack Year of Birth: 1987	Assistant Secretary	Indefinite/ March 2018 to present	Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2019 to present; Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2014 to 2019.	N/A	N/A

¹The mailing address of Messrs. Whitaker, Ruehle, Sheets, and Statczar is 690 Taylor Road, Suite 210, Gahanna, Ohio 43230. The mailing address of Messr. Houlihan and Mses. Nelligan, Bugni, and Pellack is 50 S. LaSalle Street, Chicago, IL 60603.

² Mr. Whitaker is the President of Foreside Financial Group, LLC and is therefore deemed to be an "interested person" of the Trust, as defined in the 1940 Act.

³ Mr. Houlihan is an Executive Vice President of the Northern Trust Company and is therefore deemed to be an "interested person" of the Trust, as defined in the 1940 Act.

The Fund’s Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 866-252-5393.

20

Vontobel U.S. Equity

Institutional Fund

(A series of the Advisers Investment Trust)

Privacy Policy

SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Vontobel U.S. Equity Institutional Fund.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

• Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

• Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into a confidentiality agreements regarding the information.

INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and every year that you are a customer of the Vontobel U.S. Equity Institutional Fund or anytime we make a material change to our privacy policy.

Investment Adviser

Vontobel Asset Management, Inc.

1540 Broadway

38th Floor

New York, NY 10036

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Ernst & Young LLP

5 Times Square

New York, NY 10036

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

866-252-5393 (toll free) or 312-630-6583

ANNUAL REPORT

SEPTEMBER 30, 2020

Beginning on January 28, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling toll-free 866-260-9549 or 312-557-5913. If you own your shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund by calling toll-free 866-260-9549 or 312-557-5913 or by contacting your financial intermediary.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

TABLE OF CONTENTS

September 30, 2020

SHAREHOLDER LETTER	i
PORTFOLIO COMMENTARY	ii
SCHEDULES OF INVESTMENTS	1
STATEMENTS OF ASSETS & LIABILITIES	39
STATEMENTS OF OPERATIONS	41
STATEMENTS OF CHANGES IN NET ASSETS	43
FINANCIAL HIGHLIGHTS	46
NOTES TO FINANCIAL STATEMENTS	63
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	81
ADDITIONAL INFORMATION	83

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

SHAREHOLDER LETTER

September 30, 2020

Dear Shareholder:

We are pleased to present the September 30, 2020 Annual Report for the JOHCM Funds (the “Funds”), each a series of the Advisers Investment Trust. This report contains the results of operations during the year ended September 30, 2020.

We appreciate the trust and confidence you have placed in us by choosing the Funds and the Investment Adviser, J O Hambro Capital Management Limited, and we look forward to continuing to serve your investing needs.

Sincerely,

Barbara J. Nelligan	Jonathan Weitz
President	Senior Vice President – Business Manager
Advisers Investment Trust	J O Hambro Capital Management Limited

i

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM Emerging Markets Opportunities Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on November 20, 2012 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Five Year     Return	Since     Inception     Return	Gross     Expense     Ratio *	Net Expense     Ratio *
Fund Institutional Shares	4.56%	7.42%	4.15%	1.07%	1.07%
Fund Class I Shares	4.37%	7.31%	4.06%	1.17%	1.17%
Fund Class II Shares	4.26%	7.18%	3.93%	1.32%	1.32%
MSCI Emerging Markets Index	10.54%	8.97%	3.74%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the performance of the predecessor Scotia Institutional Fund for periods prior to the reorganization into the Trust. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class Shares and Class I Shares of the Fund commenced operations on November 20, 2012. Class II Shares commenced operations on December 17, 2013. Historical performance for Class II Shares prior to its inception is based on the performance of Class I Shares, the share class most similar to Class II. The performance of Class II Shares has been adjusted to reflect differences in expenses.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

ii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index. The Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks to outperform its benchmark through a combination of top-down (country level) and bottom-up (stock level) active positions. The fund managers believe in the importance of understanding the investment drivers and risks at the country level. They believe in only investing in companies that benefit from the top-down environment that they can foresee. The Fund buys quality growth stocks at attractive valuations leading to a focused portfolio of 40-60 emerging markets stocks.

Performance

The Fund’s Institutional share class returned 4.56% for the 12-month period to September 30, 2020 versus a return of 10.54% achieved by its benchmark, the MSCI Emerging Markets NR Index, for the same period.

The portfolio lagged the benchmark over the period as the positive relative contribution from our country tilts, the driver of our top-down process, was eclipsed by negative stock selection. Our underweights in Thailand and Brazil provided a tailwind as concern over the fiscal outlook dampened risk appetite in Brazil while in Thailand, an upsurge in anti-establishment protests began in February when the Election Commission banned the progressive Future Forward Party.

Our Chinese names were the main source of weakness over the year. In China we have a substantial allocation to companies that are beneficiaries of a policy-led recovery in domestic economic activity in China while maintaining a zero-weighting in the expensive, US-listed, consumer and technology names which have re-rated this year. Not owning the likes of Alibaba hurt relative returns while the portfolio’s holding in Sinopec lagged. We believe that recent Chinese economic data points to a fairly strong Chinese economy (certainly compared with other major economies), but also that the nature of that recovery is that it is being driven (as in previous recoveries in 2009-10, 2013 and 2015-16) by centrally-mandated liquidity and credit provision, and the feed-through of that into the construction, real estate and financial sectors. Although there is some positive effect on Chinese consumers, we do not see signs of a strong recovery, and do not share the consensus enthusiasm for expensive Chinese consumer stocks. Instead, we have substantial exposure to the real estate sector, both developers and also service providers and companies with investment portfolios. We continue to look for opportunity in this part of the economy: construction, cement, real estate, infrastructure, and financials and asset reflation plays. It is where we find policy support, positive macro-economic momentum, positive fundamental momentum and attractive valuations, and, although our relative country weight in China does not show it, it is one of our strongest conviction ideas.

iii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM Emerging Markets Small Mid Cap Equity Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on December 17, 2014 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Five Year     Return	Since Inception     Return	Gross Expense     Ratio *	Net Expense     Ratio *
Fund Institutional Shares	16.09%	10.54%	8.88%	2.56%	1.54%
Fund Class I Shares	15.95%	10.43%	8.77%	2.66%	1.64%
MSCI Emerging Markets Small Cap Index	6.89%	4.60%	2.71%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class Shares of the Fund commenced operations on December 17, 2014. Class I Shares commenced operations on January 28, 2016. Historical performance for Class I Shares prior to its inception is based on the performance of Institutional Class Shares. The performance of Class I Shares has been adjusted to reflect differences in expenses.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

iv

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Emerging Markets Small Cap Index. The Index includes small cap representation across 26 Emerging Markets countries and covers approximately 14% of the free float-adjusted market capitalization in each country. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The investment objective of the JOHCM Emerging Markets Small Mid Cap Equity Fund (the “Fund”) is to seek long-term capital appreciation. The Fund invests, under normal market conditions, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in equity securities issued by small and medium capitalization companies that are listed in, or whose principal business activities are located in, emerging markets, including frontier markets.

Performance

The Fund’s Institutional share class returned 16.09% for the 12-month period to September 30, 2020 versus a return of 6.89% achieved by its benchmark, the MSCI Emerging Markets Small Cap NR Index, for the same period.

The portfolio’s strong showing was largely down to strong stock selection in a number of sectors, notably within materials, consumer discretionary, technology and real estate. Sector allocation effects were modestly positive. The benefits from being overweight technology were broadly cancelled out by our cash position as the market rose.

Taiwanese designer of integrated circuits, ASMedia Technology was the top performer over the year. The company continues to benefit from market share gains for AMD, a major customer. PC sales have also been strong due to work-from-home demand. Staying within the same sector, Silergy also performed well. The company saw significant order growth over the year as tensions between the US and China increased and localization in the tech supply chain took hold.

Chinese economic data has been improving while at the same time the country has refrained from massive stimulus which suggests a position of relative strength in comparison to larger developed markets such as the US and Europe. Although Chinese authorities have accelerated lending and infrastructure spending, the pace has been measured and targeted - leaving plenty of room to maneuver in the future.

v

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM Global Equity Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on March 21, 2013 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Five Year     Return	Since     Inception     Return	Gross     Expense     Ratio *	Net Expense     Ratio *
Fund Institutional Shares	21.43%	11.47%	10.48%	1.07%	1.07%
Fund Class I Shares	21.26%	11.35%	10.39%	1.17%	1.17%
MSCI ACWI	10.44%	10.30%	8.41%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the performance of the predecessor Scotia Institutional Fund for periods prior to the reorganization into the Trust. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class Shares and Class I Shares of the Fund commenced operations on March 21, 2013.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) All Country World Index (ACWI). The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

vi

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

Investment Philosophy and Process

To seek to achieve its investment objective of long-term capital appreciation, the Fund employs a growth at a reasonable price (GARP) investment philosophy, which is sometimes described as a core focus with a growth bias. The Fund seeks to own stocks, sectors and countries with positive earnings surprise, sustainably high or increasing return on equity, and attractive valuations. The Fund managers believe they can increase the probability of finding an attractive stock by looking where traditional growth investors tend to ignore. While the Fund’s managers seek to own stocks with idiosyncratic return patterns, they also recognize that many stocks have varying degrees of beta or correlation to their sector or country, so they also maintain a top-down research focus when constructing the portfolio. The Fund’s management team offers the unique capability of blending both a bottom-up and a top-down investment research approach to the portfolio construction process.

Performance

The Fund’s Institutional share class returned 21.43% for the 12-month period to September 30, 2020 versus a return of 10.44% achieved by its benchmark, the MSCI AC World NR Index, for the same period.

It was a good year for the portfolio which significantly outperformed the benchmark, falling less than the index in the market crisis of the first quarter, then rising more than the index during the recovery in the second and third quarters. This was achieved by focusing on structural growth stocks with rock solid balance sheets while avoiding most cyclical companies with leveraged balance sheets.

Our industrials and financials picks were the main winners while our overweight allocation in technology and zero-weighting in energy proved helpful. In the industrial sector, owning the renewable wind energy related stocks such as Vestas (and Orsted in the Utilities sector) boosted performance. Equally, in the financial sector, owning the digital banks and exchanges such as SBI Holdings and Hong Kong Exchange helped. In the Healthcare sector, life-sciences companies Medpace and Thermo Fischer did well.

We remain very happy with the overall shape of the portfolio (sector/geographic positioning) and the majority of our stock holdings. However, we continue to look to buy the dips in any structural winners within three of the biggest structural/fundamental trends we can see globally over the next 5-10 years: decarbonization, digitization and deglobalization.

vii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM Global Income Builder Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on September 29, 2016 to September 30, 2020

Cumulative Total Returns as of September 30, 2020

	One Year   Return	Since Inception   Return	Gross Expense   Ratio *	Net Expense   Ratio *
Fund Institutional Shares	1.09%	3.08%	1.10%	0.75%
Fund Class I Shares	0.99%	2.97%	1.20%	0.85%
Fund Class II Shares	0.86%	2.83%	1.35%	1.00%
Bloomberg Barclays US Aggregate Bond Index	6.98%	5.52%	-	-
ICE BofAML BB-B Global High Yield Constrained Index	4.37%	4.05%	-	-
MSCI World Index	10.41%	6.89%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class and Class I Shares of the Fund commenced operations on November 29, 2017. Class II Shares commenced operations on June 28, 2019. Historical performance for Class II Shares prior to its inception is based on the performance of Institutional Class Shares. The performance of Class II Shares has been adjusted to reflect differences in expenses.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020 as supplemented September 14, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2023.

viii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

The Fund’s benchmarks for performance comparison purposes are the: Bloomberg Barclays US Aggregate Bond Index, ICE BofAML BB-B Global High Yield Constrained Index, and Morgan Stanley Capital International (“MSCI”) World Index. The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The ICE BofAML BB-B Global High Yield Constrained Index contains all securities in The ICE BofAML Global High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed market countries. The table reflects the theoretical reinvestment of dividends on securities in the Indices. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Indices calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund aims to generate meaningful monthly income distributions and long-term capital appreciation by applying a global value investment philosophy to income-generative assets. The Fund invests in global equities and fixed income but may also hold cash and hedging assets e.g. commodity-linked investment instruments such as exchange traded funds that invest in gold and precious metals. The investment team has a long-term, absolute return-oriented investment philosophy and believes their highest priority is to protect the capital they manage from permanent impairment.

Performance

The Fund’s Institutional share class returned 1.09% for the 12-month period to September 30, 2020.

The technology sector has been the star stock market performer this year after recovering well from the volatility faced at the start of the pandemic. Within this sector, Microsoft and Facebook were key contributors. The Q1 sell-off provided us the opportunity to add capital to world-leading tech businesses at compelling prices. Our gold holdings have proved to be a useful hedge in this year of pronounced volatility, with both miners, such as Barrick Gold, and bullion investments, such as SPDR Gold Trust, adding value. With the prospect of unfettered and continued central bank money printing, we believe gold will have an important ongoing role to play in any portfolio that seeks resilience. Given these dynamics, we had elected to increase our exposure to gold during Q1 as part of our defensive component of the portfolio.

Within equities, we have continued to add capital to our “green value” theme. We added to electric utilities and industrial gases. We believe these holdings should benefit from the European Green Deal and other de-carbonization efforts. The last decade was driven by IT firms. The next one may also be driven by the physical capital providers for de-carbonization, many of whom pay dividends. We also added to beverage companies, which should continue to recover over the next 12-18 months, once vaccines become widely available. We try to balance such recovery stocks with stable growers and defensives. Lastly, we trimmed technology investments by roughly 10% as valuations improved.

With traditional bond yields low, the environment remains challenging for income investors. We advise income investors to remember the lessons of the 2013 Taper Tantrum, when bond yields rose sharply and traditional fixed income suffered loses. We believe there is value in dividend stocks and preferred shares and they may offer some protection against inflation. With rates near zero, it may be equities and credit that are needed to diversify income portfolios from the risk of traditional bonds.

ix

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM International Opportunities Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on September 29, 2016 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Since     Inception     Return	Gross Expense     Ratio *	Net Expense     Ratio *
Fund Institutional Shares	0.62%	4.05%	8.61%	0.89%
MSCI EAFE Index	0.49%	4.87%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class Shares of the Fund commenced operations on September 29, 2016.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index. The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

x

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

Investment Philosophy and Process

The investment objective of the JOHCM International Opportunities Fund (the “Fund”) is to achieve long-term total return by investing in a concentrated portfolio of international equity securities. The Fund invests, under normal market conditions, primarily in equity securities of companies headquartered outside the US, including those in emerging markets. The Fund may invest in foreign companies of any size, including small- and mid-capitalization companies, in order to achieve its objective. Equity securities include common and preferred stocks, rights and warrants. The Fund may also invest in equity related instruments, such as equity linked notes and participation notes, all of which derive their value from equities. The portfolio typically contains 25 to 40 stocks.

Performance

The Fund’s Institutional share class returned 0.62% for the 12-month period to September 30, 2020 versus a return of 0.49% achieved by its benchmark, the MSCI EAFE NR Index, for the same period.

The portfolio’s marginal outperformance came chiefly from sector allocation effects as our significant underweights in the financials and real estate sectors added value, alongside our cash position. Stock selection provided a modest drag on relative returns as strength in our utilities holdings was outweighed by weakness in our communication services and industrials.

Looking at individual stock drivers, our Japanese names did well with utility holding Nippon gas and Drugstore operator Sugi Holdings among the top performers. Foodservice company Compass Group and Galp Energia were the main laggards. Many of the weaker-performing holdings have tremendous competitive advantages over their peers, in our view, and are well placed to continue growing market share as well as benefiting from growth tailwinds. We feel the share price declines this year present patient investors with a rare opportunity.

We continue to believe that the best value available to equity investors at this moment is in the forgotten category of Covid-disrupted structural winners. Lockdowns have undoubtedly accelerated pre-existing and mostly technology-driven structural trends. Markets have therefore concluded that Covid winners must be long-term structural winners by definition, and any company which has been facing disruption recently must be a structural loser. We think this is too simplistic.

xi

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM International Select Fund

Value of a hypothetical $10,000 investment in the Fund Class I Shares from September 30, 2010 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Five Year     Return	Ten Year     Return	Gross     Expense     Ratio *	Net     Expense     Ratio *
Fund Class I Shares	23.30%	10.58%	9.81%	0.99%	0.99%
Fund Class II Shares	23.02%	10.30%	9.56%	1.24%	1.24%
MSCI EAFE Index	0.49%	5.26%	4.62%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the performance of the predecessor Scotia Institutional Fund for periods prior to the reorganization into the Trust. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

While Class I Shares of the Fund commenced operations on July 29, 2009, Class I Shares began investing consistent with its investment objective on July 30, 2009. Class II Shares commenced operations on March 31, 2010. Historical performance for Class II Shares prior to its inception is based on the performance of Class I Shares. The performance of Class II Shares has been adjusted to reflect differences in expenses.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

xii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index. The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

To seek to achieve its investment objective of long-term capital appreciation, the Fund employs a growth at a reasonable price (GARP) investment philosophy, which is sometimes described as a core focus with a growth bias. The Fund seeks to own stocks, sectors and countries with positive earnings surprise, sustainably high or increasing return on equity, and attractive valuations. The Fund managers believe they can increase the probability of finding an attractive stock by looking where traditional growth investors tend to ignore. While the Fund’s managers seek to own stocks with idiosyncratic return patterns, they also recognize that many stocks have varying degrees of beta or correlation to their sector or country, so they also maintain a top-down research focus when constructing the portfolio. The Fund’s management team offers the unique capability of blending both a bottom-up and a top-down investment research approach to the portfolio construction process.

Performance

The Fund’s class I share class returned 23.30% for the 12-month period to September 30, 2020 versus a return of 0.49% achieved by its benchmark, the MSCI EAFE NR Index, for the same period.

It was a strong year for the portfolio which significantly outperformed the benchmark, falling less than the index in the market crisis of the first quarter, then rising more than the index during the recovery in the second and third quarters. This was achieved by focusing on structural growth stocks with rock solid balance sheets while avoiding most cyclical companies with leveraged balance sheets.

Our industrials and financials picks were the main winners while our overweight allocation in technology and zero-weighting in energy proved helpful. In the industrial sector, owning the renewable wind energy related stocks such as Vestas and Siemens Gamesa (plus Orsted in the Utilities sector) boosted performance. Equally, in the financial sector, owning the digital banks and exchanges such as SBI Holdings, Japan and Hong Kong Exchanges helped. In the communication services sector, the digital companies Z holdings and Cyberagent did well.

We remain very happy with the overall shape of the portfolio (sector/geographic positioning) and the majority of our stock holdings. However, we continue to look to buy the dips in any structural winners within three of the biggest structural/fundamental trends we can see globally over the next 5-10 years: decarbonization, digitization and deglobalization.

xiii

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

JOHCM International Small Cap Equity Fund

Value of a hypothetical $1,000,000 investment in the Fund Institutional Shares from inception on October 1, 2013 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year     Return	Five Year     Return	Since Inception     Return	Gross Expense     Ratio *	Net Expense     Ratio *
Fund Institutional Shares	2.79%	5.34%	3.53%	1.24%	1.24%
Fund Class I Shares	2.73%	5.25%	3.46%	1.34%	1.34%
Fund Class II Shares	2.59%	5.11%	3.29%	1.49%	1.49%
MSCI ACWI ex USA Small Cap Index	6.97%	6.80%	4.44%	-	-

Data as of September 30, 2020. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.

The Institutional Class Shares of the Fund commenced operations on October 1, 2013. Class II Shares commenced operations on November 18, 2013 and Class I Shares commenced operations on January 2, 2014. Historical performance for Class I and Class II Shares prior to their inception is based on the performance of the Institutional Class Shares. The performance of Class I and Class II Shares have been adjusted to reflect differences in expenses.

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2020. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

xiv

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) ex USA Small Cap Index. The Index is a free float-adjusted market capitalization weighted index that is designed to measure the small cap equity market performance of developed and emerging markets, excluding the US. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The investment objective of the JOHCM International Small Cap Equity Fund is to seek long-term capital appreciation. The Fund invests at least 80% of its assets in equity securities such as common stocks, preferred stock, rights, and warrants issued by small companies that are based outside the United States, including companies in emerging and frontier as well as in developed markets. The Fund may also invest up to 20% of the value of its assets in fixed income securities. Under normal circumstances, the Fund will hold 70-80 investments across 12 countries.

The Fund may invest in securities of small U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Fund’s total assets will be invested in securities of U.S. companies. The Fund will generally initiate the sale of securities whose market capitalization grows to exceed $3 billion.

Performance

The Fund’s Institutional share class returned 2.79% for the 12-month period to September 30, 2020 versus a return of 6.97% achieved by its benchmark, the MSCI AC World ex US Small and Mid Cap Index, for the same period.

The portfolio’s underperformance came largely from stock selection, particularly within the healthcare and communication services sectors. Sector tilts provided a positive boost to relative returns with our underweight in real estate and overweight in healthcare both adding value. But these positives were unable to offset the negatives from challenging stock selection.

Looking at individual stock performers, Avanza Bank was the top performer. Sweden’s largest online savings and investments platform announced higher income citing strong customer inflows, good trading and corporate finance activity and robust demand for their new mortgage products. Canadian oilfield services company Shawcor was the main laggard. Its shares suffered a sharp fall during the market crisis of February/March as Covid-19-induced demand concerns hit the sector hard.

Markets have recovered from the first quarter lows in anticipation of a quick economic recovery, with governments providing small business relief schemes, employment support programs and cash payments to households. Meanwhile, central banks are providing significant liquidity including commercial asset purchase policies. Markets will continue to be buoyed by the ample liquidity and continued government stimulus.

xv

ADVISERS INVESTMENT TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
CORPORATE BONDS		61.8%
Agriculture		2.2%
BAT Capital Corp.
3.56%, 08/15/27			$	100,000	$	108,001
Banks		6.5%
Bank of America Corp.
(Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25(a)				105,000		101,850
JPMorgan Chase & Co.
(Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25(a)				105,000		99,225
Morgan Stanley
(Variable, ICE LIBOR USD 3M + 3.61%) 3.89%, 01/15/21(a)				130,000		122,687
						323,762
Beverages		4.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.70%, 02/01/36				100,000		120,802
Molson Coors Beverage Co.,
3.50%, 05/01/22				50,000		51,985
4.20%, 07/15/46				25,000		26,371
						199,158
Commercial Services		2.1%
Service Corp International
8.00%, 11/15/21				100,000		106,250
Diversified Financial Services		3.2%
Charles Schwab Corp. (The)
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25(a)				150,000		162,533
Electrical Component & Equipments		3.2%
Energizer Holdings, Inc.,
6.38%, 07/15/26(b)				100,000		107,520
7.75%, 01/15/27(b)				50,000		54,625
						162,145
Food		6.8%
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc.
6.50%, 04/15/29(b)				100,000		110,997
Kraft Heinz Foods Co.
4.38%, 06/01/46				100,000		102,743
Pilgrim’s Pride Corp.
5.75%, 03/15/25(b)				60,000		61,125
Post Holdings, Inc.
5.75%, 03/01/27(b)				60,000		63,075
						337,940
Healthcare-Services		4.1%
Charles River Laboratories International, Inc.
5.50%, 04/01/26(b)				50,000		52,625

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
Fresenius Medical Care U.S. Finance, Inc.
5.75%, 02/15/21			$	100,000	$	101,812
IQVIA, Inc.
5.00%, 10/15/26(b)				50,000		52,250
						206,687
Internet		2.6%
Netflix, Inc.
5.50%, 02/15/22				125,000		130,938
Lodging		3.5%
Marriott International, Inc.
5.75%, 05/01/25				155,000		172,983
Machinery-Diversified		1.0%
Flowserve Corp.
3.50%, 10/01/30				50,000		49,510
Media		15.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/23(b)				50,000		50,606
5.75%, 02/15/26(b)				100,000		104,000
CSC Holdings LLC,
6.75%, 11/15/21				31,000		32,511
5.50%, 04/15/27(b)				100,000		105,260
NBCUniversal Enterprise, Inc.
5.25%, 03/19/21(b)				200,000		202,000
Time Warner Cable LLC
4.00%, 09/01/21				150,000		153,249
ViacomCBS, Inc.,
(Variable, ICE LIBOR USD 3M + 3.90%) 5.88%, 02/28/57(a)(c)				10,000		10,123
(Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57(a)				100,000		109,750
						767,499
Packing & Containers		2.1%
Berry Global, Inc.
4.88%, 07/15/26(b)				75,000		78,750
Plastipak Holdings, Inc.
6.25%, 10/15/25(b)				25,000		25,000
						103,750
Pharmaceuticals		1.2%
AbbVie, Inc.
4.30%, 05/14/36				50,000		58,893
Pipelines		0.3%
DCP Midstream L.P.
(Variable, ICE LIBOR USD 3M + 5.15%) 7.38%, 12/15/22(a)				25,000		16,375

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
Real Estate Investment Trusts		2.1%
American Tower Corp.
4.70%, 03/15/22			$	50,000	$	52,990
Office Properties Income Trust
4.15%, 02/01/22				50,000		50,381
						103,371
Software		1.5%
MSCI, Inc.,
4.75%, 08/01/26(b)				50,000		51,875
5.38%, 05/15/27(b)				20,000		21,350
						73,225
TOTAL CORPORATE BONDS (Cost $3,098,878)						3,083,020
FOREIGN ISSUER BONDS		25.9%
Agriculture		4.3%
BAT International Finance PLC
3.50%, 06/15/22(b)				50,000		52,388
Imperial Brands Finance PLC
3.88%, 07/26/29(b)				150,000		162,477
						214,865
Banks		3.3%
Intesa Sanpaolo S.p.A.
5.71%, 01/15/26(b)				150,000		163,540
Beverages		2.3%
Bacardi Ltd.
4.70%, 05/15/28(b)				100,000		116,213
Electric		5.5%
Electricite de France S.A.,
2.35%, 10/13/20				50,000		50,030
(Variable, USD Swap 10Y + 3.04%) 5.63%, 01/22/24(a)				100,000		104,750
Enel S.p.A.
(Variable, USD Swap 5Y + 5.88%) 8.75%, 09/24/73(a)(b)				100,000		116,718
						271,498
Media		2.6%
Videotron Ltd.
5.00%, 07/15/22				126,000		131,513
Oil & Gas		2.1%
BP Capital Markets PLC
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.04%) 4.38%, 06/22/25(a)				100,000		104,250
Packing & Containers		1.0%
OI European Group B.V.
4.00%, 03/15/23(b)				50,000		50,750

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

		Percentage of Net Assets		Principal         Amount		Value
Telecommunications			4.8%
Altice France S.A.
8.13%, 02/01/27(b)				$	110,000	$	119,900
Vodafone Group PLC
(Variable, USD Swap 5Y + 4.87%) 7.00%, 04/04/79(a)					100,000		118,662
							238,562
TOTAL FOREIGN ISSUER BONDS (Cost $1,305,734)							1,291,191
		Percentage of Net Assets		Shares		Value
PREFERRED STOCKS			9.2%
Closed-End Funds			1.5%
Gabelli Dividend & Income Trust (The), 5.38%					2,750		73,970
Electric			1.7%
Duke Energy Corp., 5.63%					3,000		83,460
Real Estate Investment Trusts			4.0%
Boston Properties, Inc., 5.25%					500		12,590
Public Storage(c)					4,000		103,720
Public Storage, 4.63%					400		10,768
Vornado Realty Trust, 5.70%					3,000		76,110
							203,188
Telecommunications			2.0%
AT&T, Inc., 4.75%					4,000		102,000
TOTAL PREFERRED STOCKS (Cost $459,535)							462,618
SHORT-TERM INVESTMENTS			0.7%
Northern Institutional Treasury Portfolio (Premier Class), 0.00%(d)					33,879		33,879
TOTAL SHORT-TERM INVESTMENTS (Cost $33,879)							33,879
TOTAL INVESTMENTS (Cost $4,898,026)			97.6%				4,870,708
NET OTHER ASSETS (LIABILITIES)			2.4%				118,178
	��
NET ASSETS			100.0%			$	4,988,886

^(a)Floating rate security. The rate presented is the rate in effect at September 30, 2020, and the related index and spread are shown parenthetically for each security.

^(b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(c)Non-income producing security.

^(d)7-day current yield as of September 30, 2020 is disclosed.

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

At September 30, 2020, the JOHCM Credit Income Fund’s investments were concentrated as follows:

Country Allocation (Unaudited)	Percentage   of Net Assets
United States		71.8	%
United Kingdom		8.8
Italy		5.6
France		5.5
Canada		2.6
Bermuda		2.3
Netherlands		1.0
Total		97.6	%

5 Largest Security Positions
Issuer	% of Net Assets
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21		4.0	%
Marriott International, Inc. 5.75%, 5/1/25		3.5
Intesa Sanpaolo S.p.A. 5.71%, 1/15/26		3.3
Charles Schwab Corp. (The) 5.38%, 6/1/25		3.3
Imperial Brands Finance PLC 3.88%, 7/26/29		3.3
Total		17.4	%

See Notes to Financial Statements.

5

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		95.7%
Canada		3.2%
Barrick Gold Corp.				727,404	$	20,447,326
China		28.3%
Anhui Conch Cement Co, Ltd. - Class H				1,872,000		12,874,446
China Construction Bank Corp. - Class H				9,579,502		6,205,005
China Petroleum & Chemical Corp. - ADR				114,512		4,633,156
China Petroleum & Chemical Corp. - Class H				15,577,745		6,251,158
Country Garden Services Holdings Co. Ltd.				1,313,000		8,445,500
ENN Energy Holdings Ltd.				1,691,716		18,423,214
Industrial & Commercial Bank of China Ltd. - Class H				11,484,003		5,956,825
Jiangsu Expressway Co. Ltd. - Class H				4,548,982		4,578,301
Longfor Group Holdings Ltd.				3,071,372		17,239,203
Tencent Holdings Ltd.				809,575		53,431,605
TravelSky Technology Ltd. - Class H				3,109,000		6,635,165
Xinyi Energy Holdings Ltd.				1,654,948		869,109
Xinyi Solar Holdings Ltd.				16,459,440		26,080,080
Zhejiang Expressway Co. Ltd. - Class H				11,243,315		8,109,642
						179,732,409
					��
Czech Republic		0.8%
Komercni Banka A.S.(a)				236,690		4,984,146
Hong Kong		9.5%
China Mobile Ltd. - ADR				138,843		4,465,191
China Overseas Land & Investment Ltd.				4,789,757		11,989,766
China Overseas Property Holdings Ltd.				11,936,308		9,733,804
China Resources Land Ltd.				2,669,971		12,023,404
Chow Tai Fook Jewellery Group Ltd.				5,521,009		7,195,075
Hong Kong Exchanges & Clearing Ltd.				320,523		14,963,158
						60,370,398
India		11.5%
Apollo Tyres Ltd.				1,105,844		1,961,232
Container Corp. of India Ltd.				1,092,043		5,401,750
HDFC Bank Ltd. - ADR(a)				475,369		23,749,435
Larsen & Toubro Ltd.				784,134		9,582,207
Mahindra & Mahindra Ltd.				1,392,831		11,476,036
Reliance Industries Ltd.				603,819		18,286,026
State Bank of India(a)				910,602		2,288,230
						72,744,916
Jersey		1.6%
Centamin PLC				4,006,478		10,468,762
Mexico		3.1%
Bolsa Mexicana de Valores S.A.B. de C.V.				2,295,122		5,201,301
Wal-Mart de Mexico S.A.B. de C.V.				5,937,204		14,244,564
						19,445,865

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Netherlands		4.3%
Prosus N.V.(a)				294,173	$	27,143,878
Russia		3.4%
Globaltrans Investment PLC - REG - GDR				743,960		4,538,156
Sberbank of Russia PJSC - ADR(a)				72,042		840,730
Sberbank of Russia PJSC - ADR (London International Exchange)(a)				1,386,186		16,197,584
						21,576,470
South Africa		2.1%
Naspers Ltd. - Class N				75,208		13,290,488
South Korea		19.5%
Cheil Worldwide, Inc.				517,049		9,253,846
Com2uS Corp.				14,965		1,467,724
NCSoft Corp.				19,425		13,378,258
Samsung Electronics Co. Ltd.				1,100,084		55,428,473
Samsung Electronics Co. Ltd. - REG - GDR(b)				1,264		1,601,488
SK Hynix, Inc.				231,370		16,601,198
SK Telecom Co. Ltd.				118,272		24,054,665
SK Telecom Co. Ltd. - ADR				93,950		2,106,359
						123,892,011
Taiwan		4.2%
Primax Electronics Ltd.				1,817,384		2,682,590
Taiwan Cement Corp.				4,228,000		6,043,754
Tong Yang Industry Co. Ltd.				5,618,643		6,945,218
Win Semiconductors Corp.				500,000		4,946,136
Yuanta Financial Holding Co. Ltd.				9,924,000		6,099,275
						26,716,973
Turkey		2.0%
BIM Birlesik Magazalar A.S.				963,247		8,681,104
Coca-Cola Icecek A.S.				659,812		3,827,597
						12,508,701
United Arab Emirates		2.2%
Emaar Malls PJSC(a)				19,222,211		7,797,420
Emaar Properties PJSC(a)				7,763,682		5,897,029
						13,694,449
TOTAL COMMON STOCKS (Cost $551,192,300)						607,016,792
TOTAL INVESTMENTS (Cost $551,192,300)		95.7%				607,016,792
NET OTHER ASSETS (LIABILITIES)		4.3%				27,209,019
NET ASSETS		100.0%			$	634,225,811

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

REG – Registered

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

At September 30, 2020 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services	17.1%
Consumer Discretionary	10.7
Consumer Staples	4.2
Energy	4.6
Financials	13.6
Industrials	6.4
Information Technology	18.0
Materials	7.9
Real Estate	10.2
Utilities	3.0
Total	95.7%

See Notes to Financial Statements.

8

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Internet		16.9	%
Semiconductors		12.4
Real Estate		11.5
Banks		9.5
Mining		4.9
Telecommunications		4.8
Oil & Gas		4.6
Energy-Alternate Sources		4.3
Diversified Financial Services		4.1
Retail		3.4
Building Materials		3.0
Gas		2.9
Commercial Services		2.0
Auto Manufacturers		1.8
Transportation		1.6
Engineering & Construction		1.5
Advertising		1.5
Auto Parts & Equipment		1.4
Food		1.4
Leisure Time		1.0
Beverages		0.6
Computers		0.4
Software		0.2
Total		95.7	%

5 Largest Security Positions
Issuer	% of Net Assets
Samsung Electronics Co. Ltd.		8.8	%
Tencent Holdings Ltd.		8.4
Prosus N.V.		4.3
Xinyi Solar Holdings Ltd.		4.1
SK Telecom Co. Ltd.		3.8
Total		29.4	%

See Notes to Financial Statements.

9

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
COMMON STOCKS	94.2%
Brazil	4.4%
Cyrela Brazil Realty SA Empreendimentos e Participacoes			74,700	$	309,127
Grupo SBF S.A.(a)			42,800		193,503
Lojas Quero Quero S.A.(a)			150,932		374,918
Movida Participacoes S.A.(a)			103,796		300,526
Sul America S.A.			33,600		237,107
TOTVS S.A.			53,865		259,930
Vasta Platform Ltd.(a)			14,766		227,839
					1,902,950
Canada	1.3%
Dundee Precious Metals, Inc.			81,145		581,370
Chile	0.5%
Vina Concha y Toro S.A.			129,578		212,226
China	14.0%
AsiaInfo Technologies Ltd.(b)			208,000		325,820
Bright Dairy & Food Co. Ltd. - Class A			68,200		168,197
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - Class A			20,400		450,273
China Building Material Test & Certification Group Co. Ltd. - Class A			85,408		241,607
China Yongda Automobiles Services Holdings Ltd.			354,000		418,859
China Yuhua Education Corp. Ltd.(b)			524,000		447,595
Chongqing Fuling Zhacai Group Co. Ltd. - Class A			86,300		598,686
Laobaixing Pharmacy Chain JSC - Class A			34,840		426,175
Livzon Pharmaceutical Group, Inc. - Class H			47,700		217,880
Sany Heavy Equipment International Holdings Co. Ltd.			667,000		391,591
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H			152,000		302,821
Silergy Corp.			8,613		507,049
Skshu Paint Co. Ltd. - Class A			26,520		627,654
Xinyi Energy Holdings Ltd.			848,000		445,334
Zhou Hei Ya International Holdings Co. Ltd.(a)(b)			511,000		532,755
					6,102,296
Czech Republic	0.5%
Moneta Money Bank A.S.(b)			90,592		208,822
Greece	1.1%
JUMBO S.A.			13,829		243,207
OPAP S.A.			25,927		246,225
					489,432
Hong Kong	4.1%
Bosideng International Holdings Ltd.			836,000		258,889
China Overseas Grand Oceans Group Ltd.			605,000		345,043
Kingboard Laminates Holdings Ltd.			177,500		242,773
Lee & Man Paper Manufacturing Ltd.			225,000		162,579
SITC International Holdings Co. Ltd.			454,000		626,809
Vinda International Holdings Ltd.			51,000		167,147
					1,803,240

See Notes to Financial Statements.

10

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
Hungary	1.4%
Richter Gedeon Nyrt			28,217	$	596,172
India	11.2%
Bata India Ltd.			14,940		266,958
Dixon Technologies India Ltd.			3,449		409,600
Dr Lal PathLabs Ltd.(b)			23,236		592,002
Godrej Properties Ltd.(a)			26,007		303,303
Info Edge India Ltd.			12,836		632,353
Ipca Laboratories Ltd.			29,417		863,791
Multi Commodity Exchange of India Ltd.			11,675		272,617
Persistent Systems Ltd.			28,213		512,885
Varun Beverages Ltd.			44,463		420,821
WNS Holdings Ltd. - ADR(a)			9,654		617,470
					4,891,800
Indonesia	0.9%
Merdeka Copper Gold Tbk PT(a)			3,656,000		396,804
Malaysia	0.8%
TIME dotCom Bhd.			80,800		233,329
V.S. Industry Bhd.			238,300		130,175
					363,504
Mexico	2.2%
Bolsa Mexicana de Valores S.A.B. de C.V.			122,000		276,482
Corp. Inmobiliaria Vesta S.A.B. de C.V.			144,500		217,748
Genomma Lab Internacional S.A.B. de C.V. - Series B(a)			371,165		363,250
Industrias Penoles S.A.B de C.V.			7,251		117,166
					974,646
Philippines	0.6%
Wilcon Depot, Inc.			835,600		275,775
Poland	2.5%
Asseco Poland S.A.			17,717		318,552
Bank Polska Kasa Opieki S.A.(a)			18,473		240,483
Dino Polska S.A.(a)(b)			8,728		514,368
					1,073,403
Russia	3.3%
Globaltrans Investment PLC - REG - GDR			51,272		312,759
Mail.Ru Group Ltd. - REG - GDR(a)			21,452		587,785
Sistema PJSC - REG - GDR			101,138		542,100
					1,442,644
Saudi Arabia	0.5%
United Electronics Co.			12,122		225,253
South Africa	3.5%
African Rainbow Minerals Ltd.			32,590		376,488
AngloGold Ashanti Ltd. - ADR			7,989		210,750
Aspen Pharmacare Holdings Ltd.(a)			31,916		227,280
Mediclinic International PLC			71,117		260,946

See Notes to Financial Statements.

11

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
Ninety One Ltd.(a)			60,582	$	159,141
Northam Platinum Ltd.(a)			29,137		296,136
					1,530,741
South Korea	18.0%
Chunbo Co. Ltd.			2,676		389,105
Cosmax, Inc.			3,740		370,613
D&C Media Co. Ltd.(a)			14,732		451,238
DB HiTek Co. Ltd.			15,624		500,281
Douzone Bizon Co. Ltd.			5,610		503,412
Duk San Neolux Co. Ltd.(a)			19,277		521,067
Echo Marketing, Inc.			14,213		334,507
Ecopro Co. Ltd.			11,103		425,137
E-MART, Inc.			1,817		217,820
Eugene Technology Co. Ltd.			15,929		382,192
Hanwha Solutions Corp.			10,669		356,240
Hugel, Inc.(a)			2,767		436,678
Iljin Materials Co. Ltd.			4,254		164,030
KINX, Inc.			5,619		421,389
Mando Corp.			14,137		430,299
NICE Information Service Co. Ltd.			18,898		318,829
Park Systems Corp.			5,168		310,910
PSK, Inc.			15,242		415,786
Webcash Corp.			8,456		504,939
WONIK IPS Co. Ltd.(a)			13,787		392,592
					7,847,064
Switzerland	0.6%
Wizz Air Holdings PLC(a)(b)			5,891		236,709
Taiwan	18.5%
Accton Technology Corp.			48,000		368,759
ASMedia Technology, Inc.			8,000		401,906
Chailease Holding Co. Ltd.			80,340		363,391
Chicony Power Technology Co. Ltd.			215,000		492,922
Elan Microelectronics Corp.			112,000		562,668
Epistar Corp.(a)			159,000		194,070
Global PMX Co. Ltd.(a)			37,000		212,710
Grand Pacific Petrochemical(a)			532,000		341,662
Hiwin Technologies Corp.			38,110		375,021
Kaori Heat Treatment Co. Ltd.			87,000		158,608
Kindom Development Co. Ltd.			337,000		454,965
King’s Town Bank Co. Ltd.			256,000		327,049
Merida Industry Co. Ltd.			41,000		329,846
momo.com, Inc.			12,000		291,278
Nan Liu Enterprise Co. Ltd.			21,000		170,033
Pan Jit International, Inc.			240,000		300,808
Parade Technologies Ltd.			15,540		563,393

See Notes to Financial Statements.

12

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
Realtek Semiconductor Corp.			62,000	$	788,861
Topkey Corp.			17,000		83,938
Unimicron Technology Corp.			184,000		472,675
Voltronic Power Technology Corp.			17,850		605,847
Yeong Guan Energy Technology Group Co. Ltd.			69,000		211,322
					8,071,732
Thailand	2.8%
Com7 PCL - REG			277,700		346,167
JMT Network Services PCL - REG			446,800		451,206
Mega Lifesciences PCL - REG			396,100		434,382
					1,231,755
United Kingdom	0.8%
Avast PLC(b)			48,158		327,481
United States	0.7%
QIWI PLC - ADR			17,921		310,929
TOTAL COMMON STOCKS (Cost $34,616,005)					41,096,748
EQUITY-LINKED SECURITIES	0.9%
India	0.9%
Voltas Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/25(a)(b)			42,916		395,743
TOTAL EQUITY-LINKED SECURITIES (Cost $364,384)					395,743
PREFERRED STOCKS	1.0%
Brazil	1.0%
Gerdau S.A. - ADR, 0.68%(c)			117,737		435,627
TOTAL PREFERRED STOCKS (Cost $297,539)					435,627
TOTAL INVESTMENTS (Cost $35,277,928)	96.1%				41,928,118
NET OTHER ASSETS (LIABILITIES)	3.9%				1,718,982
NET ASSETS	100.0%			$	43,647,100

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(c) Current yield is disclosed. Dividends are calculated based on a percentage of issuer’s net income.

Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

REG – Registered

See Notes to Financial Statements.

13

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

At September 30, 2020 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services		7.3	%
Consumer Discretionary		14.2
Consumer Staples		8.3
Financials		4.8
Health Care		9.9
Industrials		11.3
Information Technology		23.8
Materials		12.5
Real Estate		3.0
Utilities		1.0
Total		96.1	%

See Notes to Financial Statements.

14

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity and Equity-Linked Securities	% of Net Assets
Semiconductors		10.8	%
Retail		7.8
Pharmaceuticals		6.2
Software		5.5
Commercial Services		4.7
Chemicals		4.6
Mining		4.5
Electronics		4.2
Food		4.2
Computers		4.1
Real Estate		3.7
Telecommunications		2.6
Diversified Financial Services		2.5
Electrical Component & Equipments		2.4
Internet		2.4
Transportation		2.2
Miscellaneous Manufacturing		2.1
Healthcare-Services		2.0
Banks		1.8
Auto Parts & Equipment		1.5
Beverages		1.4
Cosmetics/Personal Care		1.2
Healthcare-Products		1.1
Media		1.0
Energy-Alternate Sources		1.0
Biotechnology		1.0
Iron/Steel		1.0
Home Furnishings		0.9
Engineering & Construction		0.9
Machinery-Construction & Mining		0.9
Distribution/Wholesale		0.9
Hand/Machine Tools		0.8
Advertising		0.8
Leisure Time		0.8
Apparel		0.6
Entertainment		0.6
Insurance		0.5
Airlines		0.5
Packing & Containers		0.4
Total		96.1	%

5 Largest Security Positions
Issuer	% of Net Assets
Ipca Laboratories Ltd.		2.0	%
Realtek Semiconductor Corp.		1.8
Info Edge India Ltd.		1.4
Skshu Paint Co. Ltd. - Class A		1.4
SITC International Holdings Co. Ltd.		1.4
Total		8.0	%

See Notes to Financial Statements.

15

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
COMMON STOCKS	98.5%
Australia	4.7%
Atlassian Corp. PLC - Class A(a)			64,558	$	11,735,999
Newcrest Mining Ltd.			454,291		10,165,057
					21,901,056
Denmark	5.4%
Orsted A/S(b)			86,035		11,860,823
Vestas Wind Systems A/S			79,510		12,897,101
					24,757,924
Germany	2.3%
SAP S.E.			69,493		10,816,896
Hong Kong	2.5%
Hong Kong Exchanges & Clearing Ltd.			245,757		11,472,814
Ireland	7.7%
Accenture PLC - Class A			52,305		11,820,407
Aptiv PLC			136,489		12,513,311
Medtronic PLC			108,706		11,296,728
					35,630,446
Israel	0.0%
JFrog Ltd.(a)			333		28,188
Japan	13.2%
Kao Corp.			143,300		10,716,419
PeptiDream, Inc.(a)			255,100		11,900,554
Rakuten, Inc.			1,043,700		11,202,469
Recruit Holdings Co. Ltd.			341,500		13,470,251
SBI Holdings, Inc.			532,100		13,687,833
					60,977,526
Netherlands	7.7%
ASML Holding N.V.			30,937		11,414,826
Koninklijke DSM N.V.			77,887		12,839,397
Prosus N.V.(a)			123,188		11,366,781
					35,621,004
New Zealand	2.1%
a2 Milk Co. Ltd.(a)			960,559		9,666,406
South Korea	2.6%
NAVER Corp.			47,380		11,996,188
Taiwan	2.7%
MediaTek, Inc.			585,540		12,272,039
United Kingdom	5.0%
IHS Markit Ltd.			148,920		11,691,709
Linde PLC			48,033		11,438,099
					23,129,808
United States	42.6%
Agilent Technologies, Inc.			125,772		12,695,425
Cboe Global Markets, Inc.			103,171		9,052,224

See Notes to Financial Statements.

16

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
CME Group, Inc.			55,215	$	9,238,022
Cree, Inc.(a)			182,527		11,634,271
Estee Lauder Cos. (The), Inc. - Class A			54,737		11,946,350
Intercontinental Exchange, Inc.			115,802		11,585,990
Intuit, Inc.			35,788		11,674,403
Keysight Technologies, Inc.(a)			117,452		11,601,909
Medpace Holdings, Inc.(a)			91,811		10,259,879
Micron Technology, Inc.(a)			248,749		11,681,253
Microsoft Corp.			61,674		12,971,892
Nasdaq, Inc.			91,456		11,222,566
NVIDIA Corp.			22,970		12,431,823
Oracle Corp.			200,399		11,963,820
PayPal Holdings, Inc.(a)			60,933		12,005,629
PRA Health Sciences, Inc.(a)			116,048		11,771,909
Snowflake, Inc. - Class A(a)			28		7,028
Thermo Fisher Scientific, Inc.			29,838		13,174,074
					196,918,467
TOTAL COMMON STOCKS (Cost $323,885,123)					455,188,762
TOTAL INVESTMENTS (Cost $323,885,123)	98.5%				455,188,762
NET OTHER ASSETS (LIABILITIES)	1.5%				6,770,097
NET ASSETS	100.0%			$	461,958,859

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

At September 30, 2020 the industry sectors for the JOHCM Global Equity Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services		2.6	%
Consumer Discretionary		7.6
Consumer Staples		7.0
Financials		14.3
Health Care		15.4
Industrials		8.2
Information Technology		33.3
Materials		7.5
Utilities		2.6
Total		98.5	%

See Notes to Financial Statements.

17

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Diversified Financial Services		14.3	%
Semiconductors		12.9
Software		12.8
Commercial Services		8.0
Internet		7.5
Healthcare-Products		5.3
Electronics		5.3
Chemicals		5.2
Cosmetics/Personal Care		4.9
Healthcare-Services		4.8
Energy-Alternate Sources		2.8
Auto Parts & Equipment		2.7
Electric		2.6
Computers		2.6
Pharmaceuticals		2.5
Mining		2.2
Food		2.1
Total		98.5	%

5 Largest Security Positions
Issuer	% of Net Assets
SBI Holdings, Inc.		3.0	%
Recruit Holdings Co. Ltd.		2.9
Thermo Fisher Scientific, Inc.		2.9
Microsoft Corp.		2.8
Vestas Wind Systems A/S		2.8
Total		14.4	%

See Notes to Financial Statements.

18

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
COMMON STOCKS	56.2%
Agriculture	1.9%
British American Tobacco PLC			20,854	$	747,396
Philip Morris International, Inc.			10,920		818,891
					1,566,287
Banks	2.1%
FinecoBank Banca Fineco S.p.A.(a)			16,594		228,701
JPMorgan Chase & Co.			6,786		653,288
Lloyds Banking Group PLC(a)			419,509		142,663
Truist Financial Corp.			10,167		386,855
Wells Fargo & Co.			14,674		344,986
					1,756,493
Beverages	2.1%
Coca-Cola (The) Co.			8,917		440,232
Coca-Cola European Partners PLC			13,648		529,679
Diageo PLC			23,325		797,582
					1,767,493
Building Materials	1.2%
CRH PLC			16,710		602,867
Vulcan Materials Co.			3,202		433,999
					1,036,866
Chemicals	3.0%
Air Liquide S.A.			3,792		602,423
Air Products & Chemicals, Inc.			3,459		1,030,298
Linde PLC			3,544		843,933
					2,476,654
Commercial Services	1.4%
Amadeus IT Group S.A.			10,394		579,953
Bureau Veritas S.A.(a)			25,759		581,674
					1,161,627
Cosmetics/Personal Care	1.2%
Unilever PLC			15,962		983,692
Diversified Financial Services	3.3%
Azimut Holding S.p.A.			22,483		406,474
Charles Schwab (The) Corp.			12,466		451,643
Julius Baer Group Ltd.			13,717		584,840
Mastercard, Inc. - Class A			1,184		400,394
Visa, Inc. - Class A			4,561		912,063
					2,755,414
Electric	3.6%
Ameren Corp.			8,576		678,190
Consolidated Edison, Inc.			6,222		484,071
Duke Energy Corp.			8,894		787,653

See Notes to Financial Statements.

19

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Shares		Value
Enel S.p.A.			42,585	$	370,372
WEC Energy Group, Inc.			6,880		666,672
					2,986,958
Electronics	1.0%
ABB Ltd. - REG			16,036		408,278
Honeywell International, Inc.			2,679		440,990
					849,268
Engineering & Construction	0.7%
Bouygues S.A.			16,001		555,682
Food	4.7%
Danone S.A.			13,085		847,158
Mondelez International, Inc. - Class A			12,188		700,201
Nestle S.A. - REG			10,591		1,257,282
Sligro Food Group N.V.(a)			30,551		546,606
Sysco Corp.			8,955		557,180
					3,908,427
Food Service	0.9%
Aramark			12,371		327,213
Compass Group PLC			25,552		385,431
					712,644
Healthcare-Products	0.5%
EssilorLuxottica S.A.(a)			3,034		413,170
Holding Companies-Diversified	0.4%
Jardine Matheson Holdings Ltd.			8,500		337,280
Home Builders	0.7%
Sekisui House Ltd.			31,500		554,793
Household Products/Wares	0.6%
Reckitt Benckiser Group PLC			5,054		493,020
Insurance	0.7%
Allianz S.E. - REG			3,182		610,423
Internet	1.4%
Alphabet, Inc. - Class C(a)			255		374,748
Facebook, Inc. - Class A(a)			2,948		772,081
					1,146,829
Lodging	0.6%
Mandarin Oriental International Ltd.(a)			132,700		238,860
Marriott International, Inc. - Class A			2,665		246,726
					485,586
Machinery-Diversified	1.4%
Duerr A.G.			9,762		300,558
FANUC Corp.			2,200		419,703
Flowserve Corp.			9,012		245,937
Rockwell Automation, Inc.			1,085		239,438
					1,205,636

See Notes to Financial Statements.

20

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Mining		2.9%
Agnico Eagle Mines Ltd.				6,627	$	527,576
Barrick Gold Corp.				18,886		530,462
Franco-Nevada Corp.				3,434		479,865
Newmont Corp.				7,869		499,288
Royal Gold, Inc.				3,025		363,514
						2,400,705
Oil & Gas		2.1%
Chevron Corp.				7,642		550,224
Exxon Mobil Corp.				16,251		557,897
TOTAL S.E.				19,821		678,583
						1,786,704
Pharmaceuticals		4.3%
GlaxoSmithKline PLC				44,948		842,140
Pfizer, Inc.				28,235		1,036,225
Roche Holding A.G. - ADR				14,116		604,306
Sanofi				10,893		1,089,792
						3,572,463
Real Estate		1.7%
Great Eagle Holdings Ltd.				75,000		170,515
Hang Lung Properties Ltd.				151,343		382,358
Hongkong Land Holdings Ltd.				24,679		91,559
Hysan Development Co. Ltd.				85,000		253,902
Mitsubishi Estate Co. Ltd.				24,600		370,172
Realogy Holdings Corp.(a)				13,009		122,805
						1,391,311
Real Estate Investment Trusts		2.8%
Boston Properties, Inc.				8,179		656,774
Columbia Property Trust, Inc.				37,544		409,605
Frasers Logistics & Commercial Trust				379,649		386,588
JBG SMITH Properties				14,142		378,157
Weyerhaeuser Co.				17,176		489,859
						2,320,983
Retail		0.5%
Cie Financiere Richemont S.A. - REG				5,840		391,214
Semiconductors		2.2%
NXP Semiconductors N.V.				4,622		576,872
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR				6,689		542,277
Texas Instruments, Inc.				4,969		709,524
						1,828,673
Software		3.4%
Microsoft Corp.				5,036		1,059,222
Oracle Corp.				17,022		1,016,213
SAP S.E.				5,041		784,654
						2,860,089

See Notes to Financial Statements.

21

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Telecommunications		2.9%
Altice Europe N.V.(a)				38,596	$	185,170
Cisco Systems, Inc.				10,582		416,825
KDDI Corp.				86		2,166
Verizon Communications, Inc.				21,653		1,288,137
Vodafone Group PLC				394,455		522,626
						2,414,924
TOTAL COMMON STOCKS (Cost $41,774,238)						46,731,308
	Percentage of Net Assets		Principal         Amount		Value
CORPORATE BONDS		15.0%
Agriculture		1.5%
BAT Capital Corp.
3.46%, 09/06/29			$	1,200,000		1,277,740
Banks		1.6%
Bank of America Corp.
(Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25(b)				450,000		436,500
JPMorgan Chase & Co.
(Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25(b)				900,000		850,500
						1,287,000
Beverages		0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.70%, 02/01/36				150,000		181,203
Molson Coors Beverage Co.
4.20%, 07/15/46				200,000		210,968
						392,171
Commercial Services		0.2%
Service Corp International
8.00%, 11/15/21				150,000		159,375
Diversified Financial Services		0.5%
Charles Schwab Corp. (The)
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25(b)				350,000		379,242
Electrical Component & Equipments		0.3%
Energizer Holdings, Inc.
7.75%, 01/15/27(c)				200,000		218,500
Food		0.9%
Kraft Heinz Foods Co.
4.38%, 06/01/46				250,000		256,857
Pilgrim’s Pride Corp.
5.75%, 03/15/25(c)				300,000		305,625
Post Holdings, Inc.
5.75%, 03/01/27(c)				200,000		210,250
						772,732

See Notes to Financial Statements.

22

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
Healthcare-Services		0.7%
Fresenius Medical Care U.S. Finance, Inc.
5.75%, 02/15/21			$	428,000	$	435,757
IQVIA, Inc.
5.00%, 10/15/26(c)				150,000		156,750
						592,507
Internet		0.5%
Netflix, Inc.
5.50%, 02/15/22				400,000		419,000
Lodging		1.1%
Marriott International, Inc.
5.75%, 05/01/25				850,000		948,617
Machinery-Diversified		0.5%
Flowserve Corp.
3.50%, 10/01/30				450,000		445,594
Media		5.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 03/01/23(c)				1,650,000		1,669,998
CSC Holdings LLC,
6.75%, 11/15/21				728,000		763,490
5.50%, 04/15/27(c)				150,000		157,890
NBCUniversal Enterprise, Inc.
5.25%, 03/19/21(c)				400,000		404,000
Time Warner Cable LLC,
4.13%, 02/15/21				480,000		481,875
4.00%, 09/01/21				195,000		199,224
ViacomCBS, Inc.,
(Variable, ICE LIBOR USD 3M + 3.90%) 5.88%, 02/28/57(a)(b)				200,000		202,451
(Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57(b)				250,000		274,375
						4,153,303
Packing & Containers		0.6%
Berry Global, Inc.
4.88%, 07/15/26(c)				300,000		315,000
Plastipak Holdings, Inc.
6.25%, 10/15/25(c)				200,000		200,000
						515,000
Pharmaceuticals		0.3%
AbbVie, Inc.
4.30%, 05/14/36				200,000		235,573
Pipelines		0.6%
DCP Midstream L.P.
(Variable, ICE LIBOR USD 3M + 5.15%) 7.38%, 12/15/22(b)				800,000		524,000

See Notes to Financial Statements.

23

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
Software		0.2%
MSCI, Inc.
5.38%, 05/15/27(c)			$	150,000	$	160,125
TOTAL CORPORATE BONDS (Cost $12,698,475)						12,480,479
	Percentage of Net Assets		Shares		Value
EXCHANGE TRADED FUNDS		3.8%
iShares Gold Trust				68,588		1,233,898
SPDR Gold Shares				10,682		1,891,996
TOTAL EXCHANGE TRADED FUNDS (Cost $2,387,381)						3,125,894
	Percentage of Net Assets		Principal Amount		Value
FOREIGN ISSUER BONDS		9.1%
Agriculture		1.6%
Imperial Brands Finance PLC,
4.25%, 07/21/25(c)				700,000		774,663
3.88%, 07/26/29(c)				500,000		541,592
						1,316,255
Banks		1.6%
Intesa Sanpaolo S.p.A.,
5.02%, 06/26/24(c)				1,200,000		1,261,120
5.71%, 01/15/26(c)				50,000		54,513
						1,315,633
Beverages		0.6%
Bacardi Ltd.
2.75%, 07/15/26(c)				450,000		470,481
Electric		1.3%
Electricite de France S.A.
(Variable, USD Swap 10Y + 3.04%) 5.63%, 01/22/24(b)				250,000		261,875
Enel S.p.A.
(Variable, USD Swap 5Y + 5.88%) 8.75%, 09/24/73(b)(c)				675,000		787,847
						1,049,722
Insurance		0.2%
Allianz S.E.
3.88%, 03/07/22				200,000		197,805
Media		2.1%
Videotron Ltd.,
5.00%, 07/15/22				1,000,000		1,043,750
5.13%, 04/15/27(c)				700,000		736,400
						1,780,150
Oil & Gas		0.3%
BP Capital Markets PLC
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.04%) 4.38%, 06/22/25(b)				200,000		208,500

See Notes to Financial Statements.

24

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
Packing & Containers		0.5%
OI European Group B.V.
4.00%, 03/15/23(c)			$	450,000	$	456,750
Telecommunications		0.9%
Altice France S.A.,
8.13%, 02/01/27(c)				250,000		272,500
5.50%, 01/15/28(c)				200,000		202,500
Vodafone Group PLC
(Variable, USD Swap 5Y + 4.87%) 7.00%, 04/04/79(b)				250,000		296,656
						771,656
TOTAL FOREIGN ISSUER BONDS (Cost $7,432,508)						7,566,952
	Percentage of Net Assets		Shares		Value
PREFERRED STOCKS		5.2%
Banks		0.7%
JPMorgan Chase & Co., 6.00%				7,500		205,800
Morgan Stanley
(Variable, ICE LIBOR USD 3M + 3.94%), 6.88%(b)				7,525		204,304
Morgan Stanley
(Variable, ICE LIBOR USD 3M + 4.32%), 7.13%(b)				7,550		208,380
						618,484
Diversified Financial Services		0.2%
Charles Schwab (The) Corp., 6.00%				7,925		201,691
Electric		0.5%
Duke Energy Corp., 5.63%				7,513		209,012
Duke Energy Corp., 5.75%				7,500		206,175
						415,187
Real Estate Investment Trusts		1.4%
Boston Properties, Inc., 5.25%				4,578		115,274
Public Storage, 4.63%				7,600		204,592
Public Storage, 5.40%				3,150		80,419
Public Storage, 5.60%				7,750		218,550
Vornado Realty Trust, 5.70%				20,375		516,914
						1,135,749
Semiconductors		0.8%
Samsung Electronics Co. Ltd., 2.81%(d)				16,323		704,225
Telecommunications		1.6%
AT&T, Inc., 4.75%				34,500		879,750
AT&T, Inc., 5.35%				15,650		413,629
						1,293,379
TOTAL PREFERRED STOCKS (Cost $4,084,858)						4,368,715

See Notes to Financial Statements.

25

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal         Amount		Value
U.S. TREASURY OBLIGATIONS		7.4%
U.S. Treasury Notes		7.4%
2.50%, 02/28/21			$	1,400,000	$	1,413,727
1.50%, 10/31/21				1,000,000		1,014,766
0.38%, 03/31/22				1,111,200		1,115,237
0.50%, 03/15/23				1,821,000		1,836,791
2.13%, 09/30/24				750,000		807,246
						6,187,767
TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,105,363)						6,187,767
	Percentage of Net Assets		Shares		Value
SHORT-TERM INVESTMENTS		1.8%
Northern Institutional Treasury Portfolio (Premier Class), 0.00%(e)				1,526,309		1,526,309
TOTAL SHORT-TERM INVESTMENTS (Cost $1,526,309)						1,526,309
TOTAL INVESTMENTS (Cost $76,009,132)		98.5%				81,987,424
NET OTHER ASSETS (LIABILITIES)		1.5%				1,213,274
NET ASSETS		100.0%			$	83,200,698

^(a) Non-income producing security.

^(b) Floating rate security. The rate presented is the rate in effect at September 30, 2020, and the related index and spread are shown parenthetically for each security.

^(c) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(d) Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

^(e) 7-day current yield as of September 30, 2020 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

At September 30, 2020, the Fund had outstanding forward foreign currency exchange contracts as follows:

COUNTERPARTY

CONTRACTS TO DELIVER CURRENCY

AMOUNT (LOCAL CURRENCY)

IN EXCHANGE FOR CURRENCY

AMOUNT (LOCAL CURRENCY)

SETTLEMENT DATE

UNREALIZED APPRECIATION (DEPRECIATION)

Goldman Sachs

Euro

1,422,981

United States Dollar

1,689,021

12/23/2020

$

17,209

Total

$

17,209

See Notes to Financial Statements.

26

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

At September 30, 2020, the JOHCM Global Income Builder Fund’s investments were concentrated as follows:

Country Allocation (Unaudited)	Percentage   of Net Assets
United States		58.8	%
United Kingdom		9.7
France		6.6
Canada		4.0
Switzerland		3.9
Italy		3.7
Germany		2.3
Netherlands		2.1
Hong Kong		1.8
Japan		1.6
South Korea		0.8
Ireland		0.7
Spain		0.7
Taiwan		0.7
Bermuda		0.6
Singapore		0.5
Total		98.5	%

5 Largest Security Positions
Issuer	% of Net Assets
SPDR Gold Shares		2.3	%
U.S. Treasury Notes
0.50%, 3/15/23		2.2
CCO Holdings LLC/CCO Holdings Capital Corp.
4.00%, 3/1/23		2.0
U.S. Treasury Notes
2.50%, 2/28/21		1.7
Verizon Communications, Inc.		1.6
Total		9.8	%

See Notes to Financial Statements.

27

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		85.5%
Belgium		2.2%
Proximus SADP				3,468	$	63,329
Finland		4.6%
Nokian Renkaat OYJ				2,288		64,784
Wartsila OYJ Abp				9,121		71,842
						136,626
France		11.9%
Bureau Veritas S.A.(a)				1,133		25,585
Coface S.A.(a)				7,650		53,546
Safran S.A.(a)				753		74,548
Sanofi				1,388		138,863
Thales S.A.				773		58,148
						350,690
Germany		6.2%
Continental A.G.				407		44,130
Henkel A.G. & Co. KGaA				485		45,434
SAP S.E.				597		92,926
						182,490
Hong Kong		2.1%
China Mobile Ltd.				9,560		60,999
Italy		4.7%
Enel S.p.A.				15,872		138,042
Japan		15.0%
Daiichikosho Co. Ltd.				1,500		48,002
KDDI Corp.				3,764		94,791
Nippon Gas Co. Ltd.				1,500		75,807
Nippon Telegraph & Telephone Corp.				3,604		73,471
Pola Orbis Holdings, Inc.				2,815		52,929
Sugi Holdings Co. Ltd.				1,360		95,941
						440,941
Netherlands		2.1%
SBM Offshore N.V.				3,902		62,493
Portugal		2.5%
Galp Energia SGPS S.A.				7,772		72,096
Spain		2.9%
Amadeus IT Group S.A.				696		38,835
Industria de Diseno Textil S.A.				1,620		45,205
						84,040
Switzerland		2.8%
Roche Holding A.G. (Genusschein)				125		42,770
Schindler Holding A.G. - REG				147		39,996
						82,766
United Kingdom		25.1%
B&M European Value Retail S.A.				17,181		109,673

See Notes to Financial Statements.

28

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Compass Group PLC				3,930	$	59,281
Ferguson PLC				753		75,904
Johnson Matthey PLC				2,062		62,713
Lancashire Holdings Ltd.				5,876		52,468
Rio Tinto PLC				1,308		78,575
RSA Insurance Group PLC(a)				19,008		110,788
Sage Group (The) PLC				1,386		12,891
Smith & Nephew PLC				2,769		54,184
Unilever N.V.				1,992		120,279
						736,756
United States		3.4%
Philip Morris International, Inc.				1,332		99,887
TOTAL COMMON STOCKS (Cost $2,423,213)						2,511,155
EQUITY-LINKED SECURITIES		2.4%
India		2.4%
ITC Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/25(b)				30,181		70,237
TOTAL EQUITY-LINKED SECURITIES (Cost $77,405)						70,237
TOTAL INVESTMENTS (Cost $2,500,618)		87.9%				2,581,392
NET OTHER ASSETS (LIABILITIES)		12.1%				354,078
NET ASSETS		100.0%			$	2,935,470

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

Abbreviations:

REG – Registered

At September 30, 2020 the industry sectors for the JOHCM International Opportunities Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services		11.6	%
Consumer Discretionary		11.0
Consumer Staples		16.5
Energy		4.6
Financials		7.4
Health Care		8.0
Industrials		11.8
Information Technology		4.9
Materials		4.8
Utilities		7.3
Total		87.9	%

See Notes to Financial Statements.

29

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity and Equity-Linked Securities	% of Net Assets
Telecommunications		10.0	%
Retail		8.5
Insurance		7.4
Pharmaceuticals		6.2
Cosmetics/Personal Care		5.9
Distribution/Wholesale		5.2
Electric		4.7
Aerospace/Defense		4.5
Auto Parts & Equipment		3.7
Software		3.6
Agriculture		3.4
Mining		2.7
Oil & Gas		2.5
Shipbuilding		2.4
Diversified Financial Services		2.4
Commercial Services		2.2
Chemicals		2.1
Oil & Gas Services		2.1
Food Service		2.0
Healthcare-Products		1.8
Leisure Time		1.6
Household Products/Wares		1.6
Hand/Machine Tools		1.4
Total		87.9	%

5 Largest Security Positions
Issuer	% of Net Assets
Sanofi		4.7	%
Enel S.p.A.		4.7
Unilever N.V		4.1
RSA Insurance Group PLC		3.8
B&M European Value Retail S.A.		3.8
Total		21.1	%

See Notes to Financial Statements.

30

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		98.0%
Australia		4.9%
Atlassian Corp. PLC - Class A(a)				1,430,634	$	260,074,955
Newcrest Mining Ltd.				10,736,525		240,236,735
						500,311,690
Denmark		5.3%
Orsted A/S(b)				1,862,553		256,772,374
Vestas Wind Systems A/S				1,762,086		285,823,175
						542,595,549
France		4.8%
L’Oreal S.A.				760,876		247,643,935
Schneider Electric S.E.				2,010,806		250,020,256
						497,664,191
Germany		4.7%
Deutsche Boerse A.G.				1,420,798		249,539,040
SAP S.E.				1,500,304		233,529,022
						483,068,062
Hong Kong		2.4%
Hong Kong Exchanges & Clearing Ltd.				5,319,651		248,340,299
Ireland		10.2%
Accenture PLC - Class A				1,133,554		256,171,869
Aptiv PLC				2,928,943		268,525,494
ICON PLC(a)				1,424,187		272,147,894
Medtronic PLC				2,404,084		249,832,409
						1,046,677,666
Italy		2.4%
FinecoBank Banca Fineco S.p.A.(a)				17,578,872		242,274,657
Japan		34.0%
Advantest Corp.				5,337,000		257,576,732
CyberAgent, Inc.				4,308,200		264,296,724
Fujitsu Ltd.				1,970,555		267,934,942
Japan Exchange Group, Inc.				9,391,800		261,632,849
Kao Corp.				3,175,200		237,451,310
ORIX Corp.				17,377,800		215,028,957
PeptiDream, Inc.(a)				5,702,500		266,024,747
Rakuten, Inc.				23,357,200		250,702,607
Recruit Holdings Co. Ltd.				7,123,500		280,981,937
SBI Holdings, Inc.				11,390,000		292,998,341
Sekisui House Ltd.				7,812,764		137,602,135
Takeda Pharmaceutical Co. Ltd.				6,657,400		236,337,227
Terumo Corp.				6,104,600		241,949,727
Z Holdings Corp.				42,095,800		279,002,173
						3,489,520,408
Netherlands		10.0%
ASML Holding N.V.				685,678		252,994,633

See Notes to Financial Statements.

31

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Koninklijke Ahold Delhaize N.V.				8,643,801	$	255,894,229
Koninklijke DSM N.V.				1,715,548		282,802,044
Prosus N.V.(a)				2,603,765		240,254,132
						1,031,945,038
New Zealand		2.0%
a2 Milk Co. Ltd.(a)				20,549,458		206,795,626
South Korea		2.5%
SK Hynix, Inc.				3,532,197		253,441,245
Spain		2.5%
Siemens Gamesa Renewable Energy S.A.				9,517,837		257,665,662
Switzerland		5.0%
Lonza Group A.G. - REG				428,999		264,837,774
Roche Holding A.G. (Genusschein)				728,823		249,376,872
						514,214,646
Taiwan		2.5%
MediaTek, Inc.				12,335,515		258,533,858
United Kingdom		4.8%
IHS Markit Ltd.				3,178,652		249,555,969
Linde PLC				1,031,989		244,290,026
						493,845,995
TOTAL COMMON STOCKS (Cost $7,483,220,308)						10,066,894,592
TOTAL INVESTMENTS (Cost $7,483,220,308)		98.0%				10,066,894,592
NET OTHER ASSETS (LIABILITIES)		2.0%				208,595,732
NET ASSETS		100.0%			$	10,275,490,324

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

Abbreviations:

REG – Registered

At September 30, 2020 the industry sectors for the JOHCM International Select Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services	5.3%
Consumer Discretionary	8.7
Consumer Staples	9.2
Financials	14.7
Health Care	17.3
Industrials	12.9
Information Technology	19.9
Materials	7.5
Utilities	2.5
Total	98.0%

See Notes to Financial Statements.

32

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Diversified Financial Services		12.3	%
Internet		10.1
Semiconductors		10.0
Healthcare-Services		7.8
Energy-Alternate Sources		5.3
Commercial Services		5.2
Chemicals		5.1
Computers		5.1
Software		4.8
Healthcare-Products		4.8
Pharmaceuticals		4.7
Cosmetics/Personal Care		4.7
Food		4.5
Auto Parts & Equipment		2.6
Electric		2.5
Electrical Component & Equipments		2.4
Banks		2.4
Mining		2.3
Home Builders		1.4
Total		98.0	%

5 Largest Security Positions
Issuer	% of Net Assets
SBI Holdings, Inc.		2.9	%
Vestas Wind Systems A/S		2.8
Koninklijke DSM N.V.		2.8
Recruit Holdings Co. Ltd.		2.7
Z Holdings Corp.		2.7
Total		13.9	%

See Notes to Financial Statements.

33

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		97.8%
Australia		1.5%
GWA Group Ltd.				1,393,267	$	2,774,239
Canada		3.4%
Heroux-Devtek, Inc.(a)				289,685		2,010,206
Laurentian Bank of Canada				64,493		1,324,684
Linamar Corp.				95,722		2,847,470
						6,182,360
China		0.3%
Greatview Aseptic Packaging Co. Ltd.				1,151,000		442,575
Finland		3.8%
Ahlstrom-Munksjo OYJ				190,405		4,013,862
Vaisala OYJ - Class A				66,718		2,890,359
						6,904,221
France		7.5%
Coface S.A.(a)				341,895		2,393,103
Eutelsat Communications S.A.				227,819		2,222,325
IPSOS				107,512		2,691,220
Lectra				133,988		3,173,304
Robertet S.A.				2,687		3,062,163
						13,542,115
Germany		3.5%
Gerresheimer A.G.				27,353		3,061,084
KWS Saat S.E. & Co. KGaA				38,142		3,219,810
						6,280,894
Hong Kong		6.3%
Bosideng International Holdings Ltd.				3,208,000		993,439
Mandarin Oriental International Ltd.(a)				1,615,725		2,908,305
Pico Far East Holdings Ltd.				7,666,000		910,022
SITC International Holdings Co. Ltd.				2,095,000		2,892,433
SmarTone Telecommunications Holdings Ltd.				2,478,000		1,314,131
Vinda International Holdings Ltd.				726,000		2,379,391
						11,397,721
Ireland		2.7%
Grafton Group PLC(a)				308,935		2,692,775
Irish Continental Group PLC(a)				572,723		2,130,299
						4,823,074
Japan		18.7%
Ariake Japan Co. Ltd.				41,300		2,792,102
Daiseki Co. Ltd.				109,000		2,708,851
EPS Holdings, Inc.				97,900		965,401
Furuno Electric Co. Ltd.				225,100		2,127,954
Iwatani Corp.				81,400		3,044,830
Kintetsu World Express, Inc.				153,700		3,246,988
Kurita Water Industries Ltd.				74,200		2,434,286

See Notes to Financial Statements.

34

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Shares		Value
Mani, Inc.				99,900	$	2,715,719
Rion Co. Ltd.				127,700		2,909,620
Rohto Pharmaceutical Co. Ltd.				50,800		1,664,192
Sakata Seed Corp.				79,900		2,856,142
SHO-BOND Holdings Co. Ltd.				62,900		3,113,241
Tayca Corp.				33,800		461,820
Transcosmos, Inc.				101,200		2,740,504
						33,781,650
Mexico		1.7%
Genomma Lab Internacional S.A.B. de C.V. - Series B(a)				3,205,854		3,137,493
Netherlands		3.1%
Corbion N.V.				76,911		3,539,342
Sligro Food Group N.V.(a)				117,265		2,098,057
						5,637,399
Norway		3.2%
Borregaard ASA				230,499		3,528,840
Norway Royal Salmon ASA				97,012		2,225,738
						5,754,578
South Korea		6.6%
Binggrae Co. Ltd.				37,287		1,890,287
Choong Ang Vaccine Laboratory				158,941		2,424,132
Koh Young Technology, Inc.				28,682		2,193,303
Samwha Capacitor Co. Ltd.				48,691		2,320,005
SK Materials Co. Ltd.				15,761		3,099,077
						11,926,804
Sweden		9.8%
AAK AB(a)				143,772		2,683,329
Avanza Bank Holding AB				145,637		2,858,800
BioGaia AB - Class B				48,609		3,158,879
Cloetta AB - Class B(a)				954,171		2,770,083
IAR Systems Group AB(a)				152,846		2,747,724
Thule Group AB(b)				102,078		3,382,900
						17,601,715
Switzerland		8.9%
Bobst Group S.A. - REG				40,721		2,535,529
Gurit Holding A.G. - Bearer				1,445		3,071,830
Huber + Suhner A.G. - REG				29,238		2,196,699
LEM Holding S.A. - REG				1,912		3,582,989
Valiant Holding A.G. - REG				26,038		2,193,745
Valora Holding A.G. - REG(a)				12,947		2,412,144
						15,992,936
Taiwan		5.6%
ASPEED Technology, Inc.				23,000		901,353
Merida Industry Co. Ltd.				361,000		2,904,254
Sinmag Equipment Corp.				323,667		853,814

See Notes to Financial Statements.

35

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets			Shares		Value
Tong Yang Industry Co. Ltd.					2,051,000	$	2,535,246
TOPBI International Holdings Ltd.					1,165,850		1,376,703
Walsin Technology Corp.					276,000		1,472,343
							10,043,713
United Kingdom		11.2	%
Bloomsbury Publishing PLC					955,140		2,452,606
First Derivatives PLC					76,749		3,282,946
Gamma Communications PLC					140,879		2,999,423
Genus PLC					59,570		2,962,422
JET2 PLC					203,119		1,759,965
Paragon Banking Group PLC					522,531		2,245,246
Porvair PLC					355,611		2,340,200
SThree PLC					722,515		2,237,513
							20,280,321
TOTAL COMMON STOCKS (Cost $164,377,604)							176,503,808
TOTAL INVESTMENTS (Cost $164,377,604)		97.8	%				176,503,808
NET OTHER ASSETS (LIABILITIES)		2.2	%				3,911,338
NET ASSETS		100.0	%			$	180,415,146

^(a) Non-income producing security.

^(b) Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

Abbreviations:

REG – Registered

At September 30, 2020 the industry sectors for the JOHCM International Small Cap Equity Fund were:

Sector Allocation (Unaudited)	% of Net Assets
Communication Services		7.0	%
Consumer Discretionary		10.7
Consumer Staples		13.6
Energy		1.7
Financials		6.1
Health Care		11.8
Industrials		19.9
Information Technology		15.2
Materials		11.8
Total		97.8	%

See Notes to Financial Statements.

36

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Food		10.0	%
Miscellaneous Manufacturing		7.9
Electronics		6.8
Pharmaceuticals		5.8
Chemicals		5.7
Software		5.1
Retail		5.1
Transportation		4.6
Telecommunications		3.6
Leisure Time		3.5
Agriculture		3.2
Banks		3.2
Auto Parts & Equipment		3.0
Environmental Control		2.8
Forest Products & Paper		2.2
Packing & Containers		1.9
Machinery-Diversified		1.9
Semiconductors		1.8
Commercial Services		1.7
Engineering & Construction		1.7
Lodging		1.6
Diversified Financial Services		1.6
Internet		1.5
Healthcare-Products		1.5
Advertising		1.5
Media		1.4
Insurance		1.3
Cosmetics/Personal Care		1.3
Electrical Component & Equipments		1.2
Aerospace/Defense		1.1
Airlines		1.0
Apparel		0.8
Healthcare-Services		0.5
Total		97.8	%

5 Largest Security Positions
Issuer	% of Net Assets
Ahlstrom-Munksjo OYJ		2.2	%
LEM Holding S.A. - REG		2.0
Corbion N.V.		2.0
Borregaard ASA		2.0
Thule Group AB		1.9
Total		10.1	%

See Notes to Financial Statements.

37

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ADVISERS INVESTMENT TRUST

JOHCM FUNDS

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2020

	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Equity Fund
Assets:
Investments, at cost	$	4,898,026		$	551,192,300	$	35,277,928	$	323,885,123
Investments, at value		4,870,708			607,016,792		41,928,118		455,188,762
Cash		—			14,578,664		2,105,658		6,210,455
Foreign currency (Cost: $0, $270, $87,127, $0, $465,975, $0, $37,898,256 and $29,982, respectively)		—			269		87,112		—
Receivable for interest		51,149			—		—		—
Receivable for dividends		1,069			897,158		59,809		201,798
Reclaims receivable		—			126,999		5,784		666,705
Receivable for investments sold		26,536			—		182,789		1,045,549
Receivable for capital shares sold		—			12,735,491		45,000		25,000
Receivable from service providers		25,598			—		—		1,750
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—		—
Prepaid expenses		49,766			982		239		3,128
Total Assets		5,024,826			635,356,355		44,414,509		463,343,147
Liabilities:
Securities purchased payable		10,205			—		445,910		850,050
Capital shares redeemed payable		—			298,958		45,107		1,035
Distributions payable to shareholders		2,054			—		—		—
Investment advisory fees payable		2,250			457,420		96,754		357,331
Accounting and Administration fees payable		19,262			314,504		111,023		138,792
Distribution (Rule 12b-1) fees payable		—			9,164		1,194		3,202
Regulatory and Compliance fees payable		56			6,870		489		5,084
Risk Officer fees payable		43			1,313		95		969
Trustee fees payable		23			—		—		—
Deferred foreign capital gains tax payable		—			—		38,024		—
Accrued expenses and other payables		2,047			42,315		28,813		27,825
Total Liabilities		35,940			1,130,544		767,409		1,384,288
Net Assets	$	4,988,886		$	634,225,811	$	43,647,100	$	461,958,859
Net Assets:
Paid in capital	$	5,014,558		$	628,333,371	$	38,342,484	$	308,902,420
Distributable earnings (loss)		(25,672	)		5,892,440		5,304,616		153,056,439
Net Assets	$	4,988,886		$	634,225,811	$	43,647,100	$	461,958,859
Net Assets:
Class I	$	—		$	75,970,418	$	14,364,626	$	39,213,422
Class II		—			14,268,124		—		—
Institutional		4,988,886			543,987,269		29,282,474		422,745,437
Share of Common Stock Outstanding:
Class I		—			7,027,357		1,071,802		2,269,220
Class II		—			1,321,308		—		—
Institutional		501,532			50,159,487		2,182,455		24,410,937
Net Asset Value per Share:
Class I	$	—		$	10.81	$	13.40	$	17.28
Class II		—			10.80		—		—
Institutional		9.95			10.85		13.42		17.32

See Notes to Financial Statements.

39

JOHCM Global Income Builder Fund		JOHCM International Opportunities Fund		JOHCM International Select Fund		JOHCM International Small Cap Equity Fund
$	76,009,132	$	2,500,618	$	7,483,220,308	$	164,377,604
	81,987,424		2,581,392		10,066,894,592		176,503,808
	—		371,990		295,866,308		3,244,943
	469,805		—		37,898,262		30,013
	239,618		—		—		—
	134,292		6,526		20,192,890		211,775
	163,978		6,595		16,240,460		575,481
	917,836		2,950		25,233,082		—
	11,380		—		6,152,718		99,051
	41,923		81,322		1,756		1,750
	17,209		—		—		—
	18,636		261		11,601		18,323
	84,002,101		3,051,036		10,468,491,669		180,685,144
	557,013		33,520		179,424,670		2
	42,479		—		2,666,364		10,676
	62,918		—		—		—
	45,735		1,788		7,419,625		155,370
	79,353		73,873		2,778,162		81,096
	620		—		131,058		3,087
	923		32		112,684		2,000
	176		8		21,462		384
	—		—		—		—
	—		—		—		—
	12,186		6,345		447,320		17,383
	801,403		115,566		193,001,345		269,998
$	83,200,698	$	2,935,470	$	10,275,490,324	$	180,415,146
$	79,496,424	$	2,845,603	$	7,476,992,171	$	188,259,464
	3,704,274		89,867		2,798,498,153		(7,844,318	)
$	83,200,698	$	2,935,470	$	10,275,490,324	$	180,415,146
$	7,284,792	$	—	$	9,631,883,513	$	33,852,691
	80,987		—		643,606,811		1,529,440
	75,834,919		2,935,470		—		145,033,015
	736,663		—		349,850,491		3,094,356
	8,189		—		23,379,361		139,090
	7,667,892		280,121		—		13,269,107
$	9.89	$	—	$	27.53	$	10.94
	9.89		—		27.53		11.00
	9.89		10.48		—		10.93

See Notes to Financial Statements.

40

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

STATEMENTS OF OPERATIONS

For the year ended September 30, 2020

	JOHCM Credit Income Fund(a)			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Small Mid Cap Equity Fund			JOHCM Global Equity Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $0, $1,562,677, $68,952, $208,791, $83,868, $6,924, $13,131,210 and $374,144)	$	2,420		$	12,543,638		$	650,715		$	4,247,820
Interest income		18,586			16,881			474			23,339
Total investment income		21,006			12,560,519			651,189			4,271,159
Operating expenses:
Investment advisory		3,301			5,506,266			412,692			3,913,672
Distribution (Rule 12b-1) fees - Class I		—			75,200			6,043			75,114
Distribution (Rule 12b-1) fees - Class II		—			34,574			—			—
Accounting and Administration		20,945			726,112			213,825			287,283
Investment advisory recoupment		—			—			—			—
Regulatory and Compliance		82			86,245			4,595			60,048
Risk Officer		43			5,332			285			3,730
Trustees		39			9,335			510			6,496
Legal		1,838			3,882			220			2,731
Registration		3,861			76,686			35,148			40,183
Interest expense		—			3,500			11			4,912
Other		2,715			104,564			27,148			37,357
Total expenses before reductions		32,824			6,631,696			700,477			4,431,526
Expenses reduced by Service Providers		(28,915	)		—			(205,473	)		—
Net expenses		3,909			6,631,696			495,004			4,431,526
Net investment income (loss)		17,097			5,928,823			156,185			(160,367	)
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		1,801			(50,892,694	)		2,274,305			26,181,906
Net realized gains (losses) from foreign currency transactions		—			(218,494	)		(56,808	)		(113,970	)
Net realized gains from forward foreign currency exchange contracts		—			—			—			—
Change in unrealized appreciation (depreciation) on investments		(27,318	)		71,486,593			4,805,121			60,610,263
Change in unrealized appreciation (depreciation) on foreign currency		—			5,994			(660	)		33,777
Change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		—			—			—			—
Net realized and unrealized gains (losses) from investment activities		(25,517	)		20,381,399			7,021,958			86,711,976
Change in Net Assets Resulting from Operations	$	(8,420	)	$	26,310,222		$	7,178,143		$	86,551,609

(a)   For the period from August 17, 2020, commencement of operations, to September 30, 2020.

See Notes to Financial Statements.

41

JOHCM Global Income Builder Fund			JOHCM International Opportunities Fund			JOHCM International Select Fund			JOHCM International Small Cap Equity Fund
$	1,531,565		$	58,395		$	125,560,445		$	2,794,960
	1,244,454			325			329,528			2,512
	2,776,019			58,720			125,889,973			2,797,472
	615,746			17,707			78,431,569			2,030,993
	7,201			—			—			33,341
	246			—			1,483,238			3,815
	182,634			173,289			5,517,310			173,299
	—			—			—			25,988
	13,425			295			1,283,236			28,253
	811			21			80,074			1,744
	1,440			32			138,779			3,058
	590			15			58,878			1,253
	60,866			24,833			87,272			54,959
	792			—			37,185			502
	26,067			5,968			943,371			30,999
	909,818			222,160			88,060,912			2,388,204
	(139,114	)		(201,146	)		—			(27,281	)
	770,704			21,014			88,060,912			2,360,923
	2,005,315			37,706			37,829,061			436,549
	(1,378,288	)		(26,504	)		312,626,901			(19,081,687	)
	50,277			2,504			(1,801,534	)		(4,719	)
	88,461			—			—			—
	2,607,381			(16,447	)		1,522,250,840			19,128,447
	15,799			437			727,690			37,278
	(61,475	)		—			—			—
	1,322,155			(40,010	)		1,833,803,897			79,319
$	3,327,470		$	(2,304	)	$	1,871,632,958		$	515,868

See Notes to Financial Statements.

42

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	JOHCM     Credit Income     Fund			JOHCM Emerging Markets Opportunities Fund						JOHCM Emerging Markets Small Mid Cap Equity Fund
	2020(a)			2020			2019			2020			2019
Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	17,097		$	5,928,823		$	22,300,479		$	156,185		$	85,053
Net realized gains (losses) from investments and foreign currency transactions		1,801			(51,111,188	)		(3,383,072	)		2,217,497			(3,235,106	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		(27,318	)		71,492,587			(26,040,831	)		4,804,461			2,788,089
Change in net assets resulting from operations		(8,420	)		26,310,222			(7,123,424	)		7,178,143			(361,964	)
Dividends paid to shareholders:
From distributable earnings
Class I		—			(3,215,212	)		(3,842,442	)		(2,460	)		(2,137	)
Class II		—			(513,302	)		(312,740	)		—			—
Institutional Class		(17,962	)		(19,514,553	)		(16,260,685	)		(175,677	)		(116,205	)
Total dividends paid to shareholders		(17,962	)		(23,243,067	)		(20,415,867	)		(178,137	)		(118,342	)
Capital Transactions:
Change in net assets from capital transactions from Class I transactions		—			(3,464,722	)		(9,704,832	)		10,867,243			(306,309	)
Change in net assets from capital transactions from Class II transactions		—			960,552			5,091,479			—			—
Change in net assets from capital transactions from Institutional transactions		5,015,268			50,387,584			119,702,512			1,495,200			227,448
Change in net assets from capital transactions		5,015,268			47,883,414			115,089,159			12,362,443			(78,861	)
Change in net assets		4,988,886			50,950,569			87,549,868			19,362,449			(559,167	)
Net assets:
Beginning of year		—			583,275,242			495,725,374			24,284,651			24,843,818
End of year	$	4,988,886		$	634,225,811		$	583,275,242		$	43,647,100		$	24,284,651

(a)   For the period from August 17, 2020, commencement of operations, to September 30, 2020.

See Notes to Financial Statements.

43

JOHCM Global Equity Fund						JOHCM Global Income Builder Fund						JOHCM International Opportunities Fund						JOHCM International Select Fund
2020			2019			2020			2019			2020			2019			2020			2019
$		(160,367)	$	2,740,703		$	2,005,315		$	2,481,049		$	37,706		$	50,853		$	37,829,061		$	100,676,827
	26,067,936			50,784,370			(1,239,550	)		123,616			(24,000	)		(97	)		310,825,367			(15,994,472	)
	60,644,040			(47,271,077	)		2,561,705			4,133,697			(16,010	)		(20,176	)		1,522,978,530			(363,469,530	)
	86,551,609			6,253,996			3,327,470			6,738,362			(2,304	)		30,580			1,871,632,958			(278,787,175	)
	(21,676,588	)		(7,485,629	)		(216,406	)		(205,650	)		—			—			(78,543,873	)		(102,099,543	)
	—			—			(3,037	)		(201	)		—			—			(4,463,461	)		(6,729,002	)
	(31,391,428	)		(10,781,494	)		(2,660,890	)		(2,437,268	)		(53,453	)		(40,554	)		—			—
	(53,068,016	)		(18,267,123	)		(2,880,333	)		(2,643,119	)		(53,453	)		(40,554	)		(83,007,334	)		(108,828,545	)
	(113,508,495	)		(29,252,618	)		490,238			1,174,537			—			—			134,382,072			565,520,424
	—			—			12,370			76,309			—			—			(58,985,362	)		62,343,549
	158,647,691			(100,351,156	)		(30,393,091	)		73,575,868			690,598			34,954			—			—
	45,139,196			(129,603,774	)		(29,890,483	)		74,826,714			690,598			34,954			75,396,710			627,863,973
	78,622,789			(141,616,901	)		(29,443,346	)		78,921,957			634,841			24,980			1,864,022,334			240,248,253
	383,336,070			524,952,971			112,644,044			33,722,087			2,300,629			2,275,649			8,411,467,990			8,171,219,737
$	461,958,859		$	383,336,070		$	83,200,698		$	112,644,044		$	2,935,470		$	2,300,629		$	10,275,490,324		$	8,411,467,990

See Notes to Financial Statements.

44

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	JOHCM     International Small     Cap Equity Fund
	2020			2019
Increase (decrease) in net assets:
Operations:
Net investment income	$	436,549		$	2,793,782
Net realized gains (losses) from investments and foreign currency transactions		(19,086,406	)		4,742,682
Change in unrealized appreciation (depreciation) on investments and foreign currency		19,165,725			(36,114,343	)
Change in net assets resulting from operations		515,868			(28,577,879	)
Dividends paid to shareholders:
From distributable earnings
Class I		(1,289,585	)		(2,357,616	)
Class II		(51,613	)		(90,907	)
Institutional Class		(6,233,059	)		(10,990,066	)
Total dividends paid to shareholders		(7,574,257	)		(13,438,589	)
Capital Transactions:
Change in net assets from capital transactions from Class I transactions		6,208,040			(10,592,293	)
Change in net assets from capital transactions from Class II transactions		(72,503	)		397,413
Change in net assets from capital transactions from Institutional transactions		(26,688,964	)		(7,861,402	)
Change in net assets from capital transactions		(20,553,427	)		(18,056,282	)
Change in net assets		(27,611,816	)		(60,072,750	)
Net assets:
Beginning of year		208,026,962			268,099,712
End of year	$	180,415,146		$	208,026,962

See Notes to Financial Statements.

45

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
JOHCM Credit Income Fund	Period Ended September 30, 2020(a)
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.03
Net realized and unrealized losses from investments		(0.04	)
Total from investment operations		(0.01	)
Less distributions paid:
From net investment income		(0.04	)
Total distributions paid		(0.04	)
Change in net asset value		(0.05	)
Net asset value, end of period	$	9.95
Total return(c)		(0.14	%)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	4,989
Ratio of net expenses to average net assets		0.65	%(d)
Ratio of net investment income to average net assets		2.85	%(d)
Ratio of gross expenses to average net assets		5.47	%(d)
Portfolio turnover rate(e)		5.72	%(c)

(a) For the period from August 17, 2020, commencement of operations, to September 30, 2020.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

46

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
JOHCM Emerging Markets	September 30,			September 30,			September 30,			September 30,			September 30,
Opportunities Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	10.75		$	11.38		$	11.96		$	10.04		$	9.19
Income (loss) from investment operations:
Net investment income(a)		0.08			0.40			0.14			0.10			0.19
Net realized and unrealized gains (losses) from investments		0.40			(0.59	)		(0.27	)		1.89			1.25
Total from investment operations		0.48			(0.19	)		(0.13	)		1.99			1.44
Less distributions paid:
From net investment income		(0.42	)		(0.10	)		(0.07	)		(0.07	)		(0.08	)
From net realized gains		—			(0.34	)		(0.38	)		—			(0.51	)
Total distributions paid		(0.42	)		(0.44	)		(0.45	)		(0.07	)		(0.59	)
Change in net asset value		0.06			(0.63	)		(0.58	)		1.92			0.85
Net asset value, end of year	$	10.81		$	10.75		$	11.38		$	11.96		$	10.04
Total return		4.37	%		(1.31	%)		(1.30	%)		20.09	%		16.54	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	75,971		$	83,555		$	99,577		$	71,650		$	29,446
Ratio of net expenses to average net assets		1.20	%		1.32	%		1.34	%		1.38	%		1.37	%
Ratio of net investment income to average net assets		0.81	%		3.71	%		1.15	%		0.92	%		2.09	%
Ratio of gross expenses to average net assets		1.20	%		1.32	%		1.34	%		1.38	%		1.37	%
Ratio of expense recoupment to average net assets		—			—	(b)		0.02	%		0.01	%		—
Portfolio turnover rate(c)		53.30	%		35.35	%		31.87	%		22.62	%		40.75	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

47

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class II
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
JOHCM Emerging Markets	September 30,			September 30,			September 30,			September 30,			September 30,
Opportunities Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	10.74		$	11.36		$	11.95		$	10.03		$	9.19
Income (loss) from investment operations:
Net investment income(a)		0.08			0.41			0.12			0.08			0.05
Net realized and unrealized gains (losses) from investments		0.38			(0.60	)		(0.27	)		1.90			1.38
Total from investment operations		0.46			(0.19	)		(0.15	)		1.98			1.43
Less distributions paid:
From net investment income		(0.40	)		(0.09	)		(0.06	)		(0.06	)		(0.08	)
From net realized gains		—			(0.34	)		(0.38	)		—			(0.51	)
Total distributions paid		(0.40	)		(0.43	)		(0.44	)		(0.06	)		(0.59	)
Change in net asset value		0.06			(0.62	)		(0.59	)		1.92			0.84
Net asset value, end of year	$	10.80		$	10.74		$	11.36		$	11.95		$	10.03
Total return		4.26	%		(1.37	%)		(1.47	%)		19.89	%		16.42	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	14,268		$	13,348		$	8,020		$	5,668		$	1,953
Ratio of net expenses to average net assets		1.35	%		1.47	%		1.49	%		1.54	%		1.50	%
Ratio of net investment income to average net assets		0.76	%		3.86	%		1.01	%		0.71	%		0.54	%
Ratio of gross expenses to average net assets		1.35	%		1.47	%		1.49	%		1.54	%		1.56	%
Ratio of expense recoupment to average net assets		—			—	(b)		0.02	%		0.02	%		—
Portfolio turnover rate(c)		53.30	%		35.35	%		31.87	%		22.62	%		40.75	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

48

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
JOHCM Emerging Markets	September 30,			September 30,			September 30,			September 30,			September 30,
Opportunities Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	10.78		$	11.41		$	11.99		$	10.06		$	9.20
Income (loss) from investment operations:
Net investment income(a)		0.11			0.48			0.15			0.13			0.10
Net realized and unrealized gains (losses) from investments		0.39			(0.66	)		(0.27	)		1.88			1.35
Total from investment operations		0.50			(0.18	)		(0.12	)		2.01			1.45
Less distributions paid:
From net investment income		(0.43	)		(0.11	)		(0.08	)		(0.08	)		(0.08	)
From net realized gains		—			(0.34	)		(0.38	)		—			(0.51	)
Total distributions paid		(0.43	)		(0.45	)		(0.46	)		(0.08	)		(0.59	)
Change in net asset value		0.07			(0.63	)		(0.58	)		1.93			0.86
Net asset value, end of year	$	10.85		$	10.78		$	11.41 $			11.99		$	10.06
Total return		4.56	%		(1.21	%)		(1.23	%)		20.21	%		16.64	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	543,987		$	486,372		$	388,129		$	269,622		$	110,330
Ratio of net expenses to average net assets		1.10	%		1.22	%		1.24	%		1.29	%		1.27	%
Ratio of net investment income to average net assets		1.04	%		4.46	%		1.26	%		1.23	%		1.14	%
Ratio of gross expenses to average net assets		1.10	%		1.22	%		1.24	%		1.29	%		1.29	%
Ratio of expense recoupment to average net assets		—			—	(b)		0.02	%		0.01	%		—
Portfolio turnover rate(c)		53.30	%		35.35	%		31.87	%		22.62	%		40.75	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

49

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
JOHCM Emerging Markets Small Mid	September 30,			September 30,			September 30,			September 30,			September 30,
Cap Equity Fund	2020			2019			2018			2017			2016(a)
Net asset value, beginning of period	$	11.62		$	11.85		$	14.00		$	11.78		$	9.20
Income (loss) from investment operations:
Net investment income(b)		0.15			0.02			0.09			0.06			0.08
Net realized and unrealized gains (losses) from investments		1.70			(0.20	)		(0.56	)		2.38			2.50
Total from investment operations		1.85			(0.18	)		(0.47	)		2.44			2.58
Less distributions paid:
From net investment income		(0.07	)		(0.05	)		(0.13	)		(0.22	)		—
From net realized gains		—			—			(1.55	)		—			—
Total distributions paid		(0.07	)		(0.05	)		(1.68	)		(0.22	)		—
Change in net asset value		1.78			(0.23	)		(2.15	)		2.22			2.58
Net asset value, end of period	$	13.40		$	11.62		$	11.85		$	14.00		$	11.78
Total return		15.95	%		(1.51	%)		(4.50	%)		21.37	%		28.04	%(c)
Ratios/Supplemental data:
Net assets, end of period (000’s) .	$	14,365		$	415		$	751		$	149		$	147
Ratio of net expenses to average net assets		1.64	%		1.64	%		1.64	%		1.64	%		1.64	%(d)
Ratio of net investment income to average net assets		1.21	%		0.15	%		0.69	%		0.47	%		1.11	%(d)
Ratio of gross expenses to average net assets		2.29	%		2.66	%		2.65	%		4.37	%		5.72	%(d)
Portfolio turnover rate(e)		136.73	%		133.43	%		127.34	%		174.08	%		162.74	%(c)

(a) For the period from January 28, 2016, commencement of operations, to September 30, 2016.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

50

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
JOHCM Emerging Markets Small Mid	September 30,			September 30,			September 30,			September 30,			September 30,
Cap Equity Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	11.64		$	11.87		$	14.02		$	11.78		$	9.91
Income (loss) from investment operations:
Net investment income(a)		0.04			0.04			0.09			0.05			0.03
Net realized and unrealized gains (losses) from investments		1.83			(0.21	)		(0.55	)		2.42			2.28
Total from investment operations		1.87			(0.17	)		(0.46	)		2.47			2.31
Less distributions paid:
From net investment income		(0.09	)		(0.06	)		(0.14	)		(0.23	)		(0.06	)
From net realized gains		—			—			(1.55	)		—			(0.38	)
Total distributions paid		(0.09	)		(0.06	)		(1.69	)		(0.23	)		(0.44	)
Change in net asset value		1.78			(0.23	)		(2.15	)		2.24			1.87
Net asset value, end of year	$	13.42		$	11.64		$	11.87		$	14.02		$	11.78
Total return		16.09	%		(1.42	%)		(4.43	%)		21.59	%		24.13	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	29,282		$	23,870		$	24,093		$	7,406		$	6,114
Ratio of net expenses to average net assets		1.54	%		1.54	%		1.54	%		1.54	%		1.54	%
Ratio of net investment income to average net assets		0.33	%		0.36	%		0.69	%		0.40	%		0.27	%
Ratio of gross expenses to average net assets		2.19	%		2.56	%		2.48	%		4.38	%		4.63	%
Portfolio turnover rate(b)		136.73	%		133.43	%		127.34	%		174.08	%		162.74	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

51

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
JOHCM Global Equity Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	16.41		$	16.73		$	15.05		$	13.58		$	12.24
Income (loss) from investment operations:
Net investment income (loss)(a)		(0.04	)		0.10			0.07			0.07			0.06
Net realized and unrealized gains from investments		3.17			0.25			1.67			1.43			1.28
Total from investment operations		3.13			0.35			1.74			1.50			1.34
Less distributions paid:
From net investment income		(0.02	)		(0.18	)		(0.06	)		(0.03	)		—
From net realized gains		(2.24	)		(0.49	)		—			—			—
Total distributions paid		(2.26	)		(0.67	)		(0.06	)		(0.03	)		—
Change in net asset value		0.87			(0.32	)		1.68			1.47			1.34
Net asset value, end of year	$	17.28		$	16.41		$	16.73		$	15.05		$	13.58
Total return		21.26	%		2.66	%		11.61	%		11.06	%		10.95	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	39,213		$	157,452		$	189,317		$	216,867		$	171,464
Ratio of net expenses to average net assets		1.16	%		1.16	%		1.17	%		1.18	%		1.18	%
Ratio of net investment income (loss) to average net assets		(0.28	%)		0.63	%		0.39	%		0.49	%		0.50	%
Ratio of gross expenses to average net assets		1.16	%		1.17	%		1.17	%		1.18	%		1.20	%
Ratio of expense recoupment to average net assets		—			—	(b)		—	(b)		—	(b)		—
Portfolio turnover rate(c)		40.21	%		46.36	%		24.81	%		51.44	%		124.32	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

52

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	September 30,			September 30,			September 30,			September 30,			September 30,
JOHCM Global Equity Fund	2020			2019			2018			2017			2016
Net asset value, beginning of year	$	16.44		$	16.76		$	15.08		$	13.61		$	12.25
Income from investment operations:
Net investment income(a)		—	(b)		0.10			0.09			0.08			0.07
Net realized and unrealized gains from investments		3.15			0.26			1.67			1.43			1.29
Total from investment operations		3.15			0.36			1.76			1.51			1.36
Less distributions paid:
From net investment income		(0.04	)		(0.19	)		(0.08	)		(0.04	)		—
From net realized gains		(2.23	)		(0.49	)		—			—			—
Total distributions paid		(2.27	)		(0.68	)		(0.08	)		(0.04	)		—
Change in net asset value		0.88			(0.32	)		1.68			1.47			1.36
Net asset value, end of year	$	17.32		$	16.44		$	16.76		$	15.08		$	13.61
Total return		21.43	%		2.76	%		11.76	%		11.15	%		11.10	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	422,745		$	225,884		$	335,636		$	287,089		$	245,918
Ratio of net expenses to average net assets		1.06	%		1.06	%		1.07	%		1.08	%		1.08	%
Ratio of net investment income to average net assets		0.01	%		0.66	%		0.57	%		0.57	%		0.52	%
Ratio of gross expenses to average net assets		1.06	%		1.07	%		1.07	%		1.08	%		1.10	%
Ratio of expense recoupment to average net assets		—			—	(c)		—	(c)		—	(c)		—
Portfolio turnover rate(d)		40.21	%		46.36	%		24.81	%		51.44	%		124.32	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(c) Amount rounds to less 0.005%.

(d) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

53

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
	Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,
JOHCM Global Income Builder Fund	2020			2019			2018(a)
Net asset value, beginning of period	$	10.09		$	9.71		$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.21			0.31			0.29
Net realized and unrealized gains (losses) from investments		(0.11	)		0.41			(0.30	)
Total from investment operations		0.10			0.72			(0.01	)
Less distributions paid:
From net investment income		(0.25	)		(0.34	)		(0.28	)
From net realized gains		(0.05	)		—			—
Total distributions paid		(0.30	)		(0.34	)		(0.28	)
Change in net asset value		(0.20	)		0.38			(0.29	)
Net asset value, end of period	$	9.89		$	10.09		$	9.71
Total return		0.99	%		7.66	%		(0.06	%)(c)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	7,285		$	6,933		$	5,516
Ratio of net expenses to average net assets		0.93	%		0.98	%		0.98	%(d)
Ratio of net investment income to average net assets		2.14	%		3.14	%		3.50	%(d)
Ratio of gross expenses to average net assets		1.08	%		1.18	%		1.56	%(d)
Portfolio turnover rate(e)		141.42	%(c)		54.70	%(c)		41.93	%(c)

(a) For the period from November 29, 2017, commencement of operations, to September 30, 2018.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

54

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class II
	Year Ended			Period Ended
	September 30,			September 30,
JOHCM Global Income Builder Fund	2020			2019(a)
Net asset value, beginning of period	$	10.09		$	10.08
Income (loss) from investment operations:
Net investment income(b)		0.20			0.06
Net realized and unrealized gains (losses) from investments		(0.12	)		0.01
Total from investment operations		0.08			0.07
Less distributions paid:
From net investment income		(0.23	)		(0.06	)
From net realized gains		(0.05	)		—
Total distributions paid		(0.28	)		(0.06	)
Change in net asset value		(0.20	)		0.01
Net asset value, end of period	$	9.89		$	10.09
Total return		0.86	%		0.75	%(c)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	81		$	77
Ratio of net expenses to average net assets		1.08	%		1.13	%(d)
Ratio of net investment income to average net assets		2.01	%		2.70	%(d)
Ratio of gross expenses to average net assets		1.23	%		1.63	%(d)
Portfolio turnover rate(e)		141.42	%(c)		54.70	%(c)

(a) For the period from June 28, 2019, commencement of operations, to September 30, 2019.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

55

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
	Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,
JOHCM Global Income Builder Fund	2020			2019			2018(a)
Net asset value, beginning of period	$	10.09		$	9.71		$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.22			0.33			0.30
Net realized and unrealized gains (losses) from investments		(0.11	)		0.40			(0.30	)
Total from investment operations		0.11			0.73			—
Less distributions paid:
From net investment income		(0.26	)		(0.35	)		(0.29	)
From net realized gains		(0.05	)		—			—
Total distributions paid		(0.31	)		(0.35	)		(0.29	)
Change in net asset value		(0.20	)		0.38			(0.29	)
Net asset value, end of period	$	9.89		$	10.09		$	9.71
Total return		1.09	%		7.77	%		0.03	%(c)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	75,835		$	105,634		$	28,206
Ratio of net expenses to average net assets		0.83	%		0.88	%		0.88	%(d)
Ratio of net investment income to average net assets		2.19	%		3.42	%		3.62	%(d)
Ratio of gross expenses to average net assets		0.98	%		1.08	%		1.47	%(d)
Portfolio turnover rate(e)		141.42	%(c)		54.70	%(c)		41.93	%(c)

(a) For the period from November 29, 2017, commencement of operations, to September 30, 2018.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

(e) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

56

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
	Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
JOHCM International Opportunities Fund	September 30,   2020			September 30,   2019			September 30,   2018			September 30,   2017			September 30,   2016(a)
Net asset value, beginning of period	$	10.65		$	10.71		$	11.19		$	9.98		$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.17			0.24			0.20			0.20			(—	)(c)
Net realized and unrealized gains (losses) from investments		(0.09	)		(0.10	)		(0.02	)		1.09			(0.02	)
Total from investment operations		0.08			0.14			0.18			1.29			(0.02	)
Less distributions paid:
From net investment income		(0.23	)		(0.18	)		(0.29	)		(0.08	)		—
From net realized gains		(0.02	)		(0.02	)		(0.37	)		—			—
Total distributions paid		(0.25	)		(0.20	)		(0.66	)		(0.08	)		—
Change in net asset value		(0.17	)		(0.06	)		(0.48	)		1.21			(0.02	)
Net asset value, end of period	$	10.48		$	10.65		$	10.71		$	11.19		$	9.98
Total return(d)		0.62	%		1.42	%		1.76	%		13.12	%		(0.20	%)
Ratios/Supplemental data:
Net assets, end of period (000’s) .	$	2,935		$	2,301		$	2,276		$	2,254		$	1,995
Ratio of net expenses to average net assets		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%(e)
Ratio of net investment income (loss) to average net assets		1.60	%		2.29	%		1.86	%		1.94	%		(0.89	%)(e)
Ratio of gross expenses to average net assets		9.42	%		8.61	%		8.23	%		9.03	%		72.58	%(e)
Portfolio turnover rate(f)		64.62	%		34.58	%		57.05	%		68.89	%		—	(d)

(a) For the period from September 29, 2016, commencement of operations, to September 30, 2016.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Amount was less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

57

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
JOHCM International Select Fund	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	22.54		$	23.66		$	21.92		$	19.94		$	17.45
Income (loss) from investment operations:
Net investment income(a)		0.11			0.28			0.27			0.30			0.19
Net realized and unrealized gains (losses) from investments		5.11			(1.09	)		1.73			1.81			2.37
Total from investment operations		5.22			(0.81	)		2.00			2.11			2.56
Less distributions paid:
From net investment income		(0.23	)		(0.31	)		(0.26	)		(0.13	)		(0.07	)
Total distributions paid		(0.23	)		(0.31	)		(0.26	)		(0.13	)		(0.07	)
Change in net asset value		4.99			(1.12	)		1.74			1.98			2.49
Net asset value, end of year	$	27.53		$	22.54		$	23.66		$	21.92		$	19.94
Total return		23.30	%		(3.31	%)		9.22	%		10.72	%		14.70	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	9,631,884		$	7,822,739		$	7,619,731		$	6,081,384		$	4,003,594
Ratio of net expenses to average net assets		0.98	%		0.99	%		1.00	%		1.01	%		1.01	%
Ratio of net investment income to average net assets		0.45	%		1.27	%		1.16	%		1.49	%		1.04	%
Ratio of gross expenses to average net assets		0.98	%		0.99	%		1.00	%		1.01	%		1.01	%
Portfolio turnover rate(b)		43.51	%		33.06	%		26.06	%		34.96	%		107.37	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

58

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JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class II
JOHCM International Select Fund	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	22.54		$	23.68		$	21.93		$	19.96		$	17.48
Income (loss) from investment operations:
Net investment income(a)		0.05			0.23			0.19			0.26			0.14
Net realized and unrealized gains (losses) from investments		5.11			(1.10	)		1.76			1.81			2.37
Total from investment operations		5.16			(0.87	)		1.95			2.07			2.51
Less distributions paid:
From net investment income		(0.17	)		(0.27	)		(0.20	)		(0.10	)		(0.03	)
Total distributions paid		(0.17	)		(0.27	)		(0.20	)		(0.10	)		(0.03	)
Change in net asset value		4.99			(1.14	)		1.75			1.97			2.48
Net asset value, end of year	$	27.53		$	22.54		$	23.68		$	21.93		$	19.96
Total return		23.02	%		(3.59	%)		8.97	%		10.45	%		14.37	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	643,607		$	588,729		$	551,489		$	400,294		$	297,486
Ratio of net expenses to average net assets		1.23	%		1.24	%		1.25	%		1.27	%		1.30	%
Ratio of net investment income to average net assets		0.20	%		1.03	%		0.83	%		1.29	%		0.78	%
Ratio of gross expenses to average net assets		1.23	%		1.24	%		1.25	%		1.27	%		1.30	%
Ratio of expense recoupment to average net assets		—			—			—			0.01	%		—
Portfolio turnover rate(b)		43.51	%		33.06	%		26.06	%		34.96	%		107.37	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

59

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class I
JOHCM International Small Cap Equity Fund	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	11.00		$	13.03		$	12.75		$	10.64		$	9.66
Income (loss) from investment operations:
Net investment income(a)		0.02			0.12			0.10			0.11			0.12
Net realized and unrealized gains (losses) from investments		0.31			(1.51	)		0.37			2.13			0.97
Total from investment operations		0.33			(1.39	)		0.47			2.24			1.09
Less distributions paid:
From net investment income		(0.12	)		(0.13	)		(0.09	)		(0.13	)		(0.11	)
From net realized gains		(0.27	)		(0.51	)		(0.10	)		—			—
Total distributions paid		(0.39	)		(0.64	)		(0.19	)		(0.13	)		(0.11	)
Change in net asset value		(0.06	)		(2.03	)		0.28			2.11			0.98
Net asset value, end of year	$	10.94		$	11.00		$	13.03		$	12.75		$	10.64
Total return		2.73	%		(10.27	%)		3.66	%		21.30	%		11.44	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	33,853		$	29,053		$	46,852		$	62,965		$	43,997
Ratio of net expenses to average net assets		1.30	%		1.34	%		1.31	%		1.34	%		1.34	%
Ratio of net investment income to average net assets		0.17	%		1.04	%		0.79	%		0.97	%		1.17	%
Ratio of gross expenses to average net assets		1.32	%		1.34	%		1.32	%		1.36	%		1.41	%
Ratio of expense recoupment to average net assets		0.01	%		—	(b)		0.02	%		—			—
Portfolio turnover rate(c)		24.72	%		23.66	%		17.61	%		16.01	%		39.39	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

60

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Class II
JOHCM International Small Cap Equity Fund	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	11.06		$	13.09		$	12.83		$	10.70		$	9.71
Income (loss) from investment operations:
Net investment income(a)		0.01			0.11			0.11			0.09			0.09
Net realized and unrealized gains (losses) from investments		0.30			(1.51	)		0.33			2.15			1.00
Total from investment operations		0.31			(1.40	)		0.44			2.24			1.09
Less distributions paid:
From net investment income		(0.10	)		(0.12	)		(0.08	)		(0.11	)		(0.10	)
From net realized gains		(0.27	)		(0.51	)		(0.10	)		—			—
Total distributions paid		(0.37	)		(0.63	)		(0.18	)		(0.11	)		(0.10	)
Change in net asset value		(0.06	)		(2.03	)		0.26			2.13			0.99
Net asset value, end of year	$	11.00		$	11.06		$	13.09		$	12.83		$	10.70
Total return		2.59	%		(10.35	%)		3.43	%		21.21	%		11.28	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	1,529		$	1,609		$	1,474		$	1,230		$	430
Ratio of net expenses to average net assets		1.45	%		1.49	%		1.47	%		1.49	%		1.49	%
Ratio of net investment income to average net assets		0.04	%		1.02	%		0.87	%		0.76	%		0.94	%
Ratio of gross expenses to average net assets		1.47	%		1.49	%		1.47	%		1.53	%		1.63	%
Ratio of expense recoupment to average net assets		0.01	%		—	(b)		0.02	%		—			—
Portfolio turnover rate(c)		24.72	%		23.66	%		17.61	%		16.01	%		39.39	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

61

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated

	Institutional Class
JOHCM International Small Cap Equity Fund	Year Ended   September 30,   2020			Year Ended   September 30,   2019			Year Ended   September 30,   2018			Year Ended   September 30,   2017			Year Ended   September 30,   2016
Net asset value, beginning of year	$	10.99		$	13.02		$	12.74		$	10.64		$	9.66
Income (loss) from investment operations:
Net investment income(a)		0.03			0.14			0.15			0.14			0.13
Net realized and unrealized gains (losses) from investments		0.30			(1.51	)		0.33			2.10			0.97
Total from investment operations		0.33			(1.37	)		0.48			2.24			1.10
Less distributions paid:
From net investment income		(0.12	)		(0.15	)		(0.10	)		(0.14	)		(0.12	)
From net realized gains		(0.27	)		(0.51	)		(0.10	)		—			—
Total distributions paid		(0.39	)		(0.66	)		(0.20	)		(0.14	)		(0.12	)
Change in net asset value		(0.06	)		(2.03	)		0.28			2.10			0.98
Net asset value, end of year	$	10.93		$	10.99		$	13.02		$	12.74		$	10.64
Total return		2.79	%		(10.13	%)		3.73	%		21.37	%		11.54	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	145,033		$	177,365		$	219,774		$	164,092		$	75,799
Ratio of net expenses to average net assets		1.20	%		1.24	%		1.22	%		1.24	%		1.24	%
Ratio of net investment income to average net assets		0.24	%		1.29	%		1.17	%		1.24	%		1.29	%
Ratio of gross expenses to average net assets		1.22	%		1.24	%		1.22	%		1.27	%		1.28	%
Ratio of expense recoupment to average net assets		0.01	%		—	(b)		0.02	%		—			—
Portfolio turnover rate(c)		24.72	%		23.66	%		17.61	%		16.01	%		39.39	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Amount rounds to less 0.005%.

(c) Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

62

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018. 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 JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Equity Fund, the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, the JOHCM International Select Fund, and the JOHCM International Small Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds” or the “JOHCM Funds”) are each a diversified fund and a series of the Trust. 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. These financial statements and notes only relate to the JOHCM Funds.

Each JOHCM Fund, except for the JOHCM Emerging Markets Small Mid Cap Equity Fund and the JOHCM International Select Fund, is authorized to issue three classes of shares: Class I Shares, Class II Shares, and Institutional Shares. The JOHCM International Select Fund is authorized to issue two classes of shares: Class I Shares and Class II Shares. The JOHCM Emerging Markets Small Mid Cap Equity Fund is authorized to issue four classes of shares: Class I Shares, Class II Shares, Class III Shares, and Institutional Shares. Each class is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees incurred, as applicable. As of September 30, 2020, the following classes were in operation:

Fund	Commencement Date	Investment Objective
JOHCM Credit Income Fund	Institutional Shares: August 17, 2020	to preserve capital and deliver returns through a combination of income and modest capital appreciation.
JOHCM Emerging Markets Opportunities Fund	Class I Shares: November 21, 2012 Class II Shares: December 18, 2013 Institutional Shares: November 21, 2012	to seek long-term capital appreciation
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I Shares: January 28, 2016 Institutional Shares: December 17, 2014	to seek long-term capital appreciation
JOHCM Global Equity Fund	Class I Shares: March 22, 2013 Institutional Shares: March 22, 2013	to seek long-term capital appreciation
JOHCM Global Income Builder Fund	Class I Shares: November 29, 2017 Class II Shares: June 28, 2019 Institutional Shares: November 29, 2017	to seek a level of current income that is consistent with the preservation and long-term growth of capital in inflation-adjusted terms
JOHCM International Opportunities Fund	Institutional Shares: September 29, 2016	to achieve long-term total return by investing in a concentrated portfolio of international equity securities
JOHCM International Select Fund	Class I Shares: July 29, 2009 Class II Shares: March 31, 2010	to seek long-term capital appreciation
JOHCM International Small Cap Equity Fund	Class I Shares: January 2, 2014 Class II Shares: November 18, 2013 Institutional Shares: October 1, 2013	to seek long-term capital appreciation

63

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JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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 Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

A. Significant accounting policies related to Investments 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 Funds, 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 independent third party pricing service approved by the Trustees 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 Funds are 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 independent pricing source approved by the Trustees. 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.

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), a Funds’ Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. 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 a Funds’ net asset value is calculated. The Funds identify 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 Funds may use a systematic valuation model provided by an independent third party pricing service to fair value their international equity securities.

64

ADVISERS INVESTMENT TRUST

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NOTES TO FINANCIAL STATEMENTS

September 30, 2020

In the fair value situations noted above, while the Trust’s valuation policy is intended to result in a calculation of each 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 Funds 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, 2020 in valuing each Fund’s investments based upon the three fair value levels defined above:

					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total
JOHCM Credit Income Fund
Corporate Bonds*	$	—	$	3,083,020	$	—	$	3,083,020
Foreign Issuer Bonds*		—		1,291,191		—		1,291,191
Preferred stocks*		379,158		83,460		—		462,618
Short-Term Investments		33,879		—		—		33,879
Total Investments	$	413,037	$	4,457,671	$	—	$	4,870,708
JOHCM Emerging Markets Opportunities Fund
Common Stocks:
South Korea	$	3,707,847	$	120,184,164	$	—	$	123,892,011
Other*		483,124,781		—		—		483,124,781
Total common stocks	$	486,832,628	$	120,184,164	$	—	$	607,016,792
Total Investments	$	486,832,628	$	120,184,164	$	—	$	607,016,792
JOHCM Emerging Markets Small Mid Cap Equity Fund
Common Stocks:
South Korea	$	—	$	7,847,064	$	—	$	7,847,064
Thailand		—		1,231,755		—		1,231,755
Other*		32,017,929		—		—		32,017,929
Total common stocks	$	32,017,929	$	9,078,819	$	—	$	41,096,748
Equity-Linked Securities		—		395,743		—		395,743
Preferred stocks		435,627		—		—		435,627
Total Investments	$	32,453,556	$	9,474,562	$	—	$	41,928,118
JOHCM Global Equity Fund
Common Stocks:
South Korea	$	—	$	11,996,188	$	—	$	11,996,188
Other*		443,192,574		—		—		443,192,574
Total common stocks	$	443,192,574	$	11,996,188	$	—	$	455,188,762
Total Investments	$	443,192,574	$	11,996,188	$	—	$	455,188,762
JOHCM Global Income Builder Fund
Common Stocks*	$	46,731,308	$	—	$	—	$	46,731,308
Corporate Bonds*		—		12,480,479		—		12,480,479
Exchange Traded Funds*		3,125,894		—		—		3,125,894
Foreign Issuer Bonds*		—		7,566,952		—		7,566,952
Preferred stocks:
South Korea		—		704,225		—		704,225
United States		3,455,478		209,012		—		3,664,490
Total preferred stocks	$	3,455,478	$	913,237	$	—	$	4,368,715

65

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JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total
U.S. Treasury Obligations*	$	—	$	6,187,767	$	—	$	6,187,767
Short-Term Investments		1,526,309		—		—		1,526,309
Total Investments	$	54,838,989	$	27,148,435	$	—	$	81,987,424
Other Financial Instruments
Assets:
Unrealized appreciation on forward currency exchange contracts	$	—	$	17,209	$	—	$	17,209
Total Other Financial Instruments	$	—	$	17,209	$	—	$	17,209
JOHCM International Opportunities Fund
Common Stocks*	$	2,511,155	$	—	$	—	$	2,511,155
Equity-Linked Securities		—		70,237		—		70,237
Total Investments	$	2,511,155	$	70,237	$	—	$	2,581,392
JOHCM International Select Fund
Common Stocks:
South Korea	$	—	$	253,441,245	$	—	$	253,441,245
Other*		9,813,453,347		—		—		9,813,453,347
Total common stocks	$	9,813,453,347	$	253,441,245	$	—	$	10,066,894,592
Total Investments	$	9,813,453,347	$	253,441,245	$	—	$	10,066,894,592
JOHCM International Small Cap Equity Fund
Common Stocks:
South Korea	$	—	$	11,926,804	$	—	$	11,926,804
Other*		164,577,004		—		—		164,577,004
Total common stocks	$	164,577,004	$	11,926,804	$	—	$	176,503,808
Total Investments	$	164,577,004	$	11,926,804	$	—	$	176,503,808

* See additional categories in the Schedule of Investments.

As of September 30, 2020 there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the year ended September 30, 2020.

EQUITY-LINKED SECURITIES

The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.

At September 30, 2020, the Funds held equity-linked securities issued by counterparties as follows:

Fund	Counterparty	Fair value		% of         Net Assets
JOHCM Emerging Markets Small Mid Cap Equity Fund	CLSA Global Markets Pte Ltd.	$	395,743	0.9%
JOHCM International Opportunities Fund	CLSA Global Markets Pte Ltd.	$	70,237	2.4%

66

ADVISERS INVESTMENT TRUST

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NOTES TO FINANCIAL STATEMENTS

September 30, 2020

CURRENCY TRANSACTIONS

The functional and reporting currency for the Funds is the U.S. dollar. 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 Funds do 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 Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund’s foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Funds’ securities and the price of a Funds’ 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.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets & Liabilities as of September 30, 2020:

		Assets			Liabilities
		Statement of			Statement of
Fund	Contract Type	Assets Location	Value		Liabilities Location	Value
JOHCM Global Income Builder Fund	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	17,209	Unrealized depreciation on forward foreign currency exchange contracts	$	—

As of September 30, 2020, gross amounts of assets and liabilities for forward foreign exchange contracts not offset in the Statements of Assets and Liabilities are as follows:

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September 30, 2020

				Gross Amounts Not Offset in the Statements of Assets & Liabilities
		Gross Amounts of
		Assets Presented
		in Statement of		Financial		Cash Collateral
Fund	Counterparty	Assets & Liabilities		Instruments		Received		Net Amount
JOHCM Global Income Builder	Goldman Sachs	$	17,209	$	—	$	—	$	17,209

The following table, set forth by primary risk exposure, displays the Fund’s realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended September 30, 2020:

			Amount of Realized Gain
Fund	Contract Type	Statement of Operations Location	(Loss) on Derivative Contracts
JOHCM Global Income Builder Fund	Foreign exchange contracts	Net realized gains (losses) on forward foreign currency exchange contracts	$                    88,461
			Change in Unrealized Appreciation
Fund	Contract Type	Statement of Operations Location	(Depreciation) on Derivative Contracts
JOHCM Global Income Builder Fund	Foreign exchange contracts	Change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$                    (61,475)

Volume of derivative activity for the fiscal year ended September 30, 2020*:

	Foreign
	Exchange Contracts
	Number	Average
	Of	Notional
Fund	Trades	Amount
JOHCM Global Income Builder Fund	4	$	2,036,826

* Activity for the period is measured by number of trades during the period and average notional amount for foreign currency exchange.

INVESTMENT TRANSACTIONS AND INCOME

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

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. Expenses incurred which do not specifically relate to an individual JOHCM Fund are allocated among all Funds in the JOHCM Funds in proportion to each Fund’s relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

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September 30, 2020

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

DIVIDENDS AND DISTRIBUTIONS

Distributions of dividends from net investment income, if any, are declared and paid as follows:

	Declaration and
	Payment Frequency
JOHCM Credit Income Fund		Daily/Monthly
JOHCM Emerging Markets Opportunities Fund		Annually
JOHCM Emerging Markets Small Mid Cap Equity Fund		Annually
JOHCM Global Equity Fund		Annually
JOHCM Global Income Builder Fund		Daily/Monthly
JOHCM International Opportunities Fund		Annually
JOHCM International Select Fund		Annually
JOHCM International Small Cap Equity Fund		Annually

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

FEDERAL INCOME TAX INFORMATION

No provision is made for Federal income taxes as each 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.

The Funds analyzed all open tax years, as defined by the Statute of Limitations, for all major jurisdictions that remain subject to examination. The Funds’ Federal tax returns for the tax years ended September 30, 2017 through September 30, 2020, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements 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 significantly change in the next twelve 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.

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September 30, 2020

CAPITAL GAIN TAXES

Investments in certain foreign securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The JOHCM Emerging Markets Opportunities Fund paid $355 and the JOHCM Emerging Markets Small Mid Cap Fund paid $10,243 in capital gain taxes during the year. These amounts are included in the net realized gains (losses) from investment transactions on the Statement of Operations.

OTHER RISKS

Securities markets outside the United States (“U.S.”), while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these foreign markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in foreign securities include, among other things, imposition of exchange control regulation by the U.S. or foreign governments, U.S. and foreign withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in foreign nations. There may be less publicly available information about certain foreign companies than would be the case for comparable companies in the U.S., and certain foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.

Certain Funds may invest in emerging market securities. Investing in emerging market securities involves risks which are in addition to the usual risks inherent in foreign investments. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy’s base, condition and stability of financial institutions, governmental controls and investment restrictions that are subject to political change and balance of payments position. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the U.S. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the trading and custody of such securities.

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact to the Fund’s operations and performance.

The JOHCM Credit Income Fund and the JOHCM Global Income Builder Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, or investment value. The Funds’ investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Funds may also obtain financing at floating rates based on LIBOR. In 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may have investments linked to other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), which may also cease to be published. Various financial industry groups have begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increase volatility and illiquidity in markets for instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectivenss of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and

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September 30, 2020

there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. All of the aforementioned may adversely affect the Funds’ performance or NAV.

B. Fees and Transactions with Affiliates and Other Parties

The Funds have entered into an Investment Advisory Agreement (the “Agreement”) with JO Hambro Capital Management Limited (the “Adviser” or “JOHCM”) to provide investment management services to the Funds. 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 Adviser receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund’s respective average daily net assets). The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

					Expense
Fund	Class	Advisory Fee			Limitation
JOHCM Credit Income Fund	Institutional		0.55	%		0.59	%(a)
JOHCM Emerging Markets Opportunities Fund	Class I		0.90	%(b)		1.19	%(c)
JOHCM Emerging Markets Opportunities Fund	Class II		0.90	%(b)		1.34	%(c)
JOHCM Emerging Markets Opportunities Fund	Institutional		0.90	%(b)		1.09	%(c)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		1.30	%		1.64	%
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		1.30	%		1.54	%
JOHCM Global Equity Fund	Class I		0.95	%		1.18	%
JOHCM Global Equity Fund	Institutional		0.95	%		1.08	%
JOHCM Global Income Builder Fund	Class I		0.67	%		0.83	%(d)
JOHCM Global Income Builder Fund	Class II		0.67	%		0.98	%(d)
JOHCM Global Income Builder Fund	Institutional		0.67	%		0.73	%(d)
JOHCM International Opportunities Fund	Institutional		0.75	%		0.89	%
JOHCM International Select Fund	Class I		0.89	%		1.05	%
JOHCM International Select Fund	Class II		0.89	%		1.30	%
JOHCM International Small Cap Equity Fund	Class I		1.05	%		1.34	%
JOHCM International Small Cap Equity Fund	Class II		1.05	%		1.49	%
JOHCM International Small Cap Equity Fund	Institutional		1.05	%		1.24	%

^(a)  Prior to September 14, 2020 the expense limit was 0.69%.

^(b)  Prior to December 16, 2019 the advisory fee was 1.05%.

^(c)  Prior to December 16, 2019 the expense limits were 1.29%, 1.39%, and 1.54% for the Institutional, Class I, and Class II shares, respectively.

^(d)  Prior to September 14, 2020 the expense limits were 0.83%, 0.93%, and 1.08% for Institutional, Class I, and Class II shares, respectively.

The expense limitation agreement is effective until January 28, 2021 for the Funds, except for the JOHCM Credit Income Fund and JOHCM Global Income Builder Fund which are effective until January 28, 2023, at which time it will be subject to automatic renewal upon the effective date of the annual update to the a Funds’ registration statement. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

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September 30, 2020

JOHCM (USA), Inc. (the “Sub-Adviser”) serves as the investment sub-adviser to the JOHCM Credit Income Fund, the JOHCM Global Income Builder Fund and the JOHCM International Small Cap Equity Fund. For its services, the Sub-Adviser is paid a fee of 0.55%, 0.67% and 1.05%, based on average daily net assets of the JOHCM Credit Income Fund, the JOHCM Global Income Builder Fund and the JOHCM International Small Cap Equity Fund, respectively, by the Adviser.

For the year ended September 30, 2020, the JOHCM Funds incurred advisory fees payable to JOHCM, expense waivers/reimbursements from JOHCM, and paid expense recoupments to JOHCM as follows:

Fund	Advisory Fee to JOHCM		Expenses Reduced by JOHCM		Advisory Fees     Recouped by JOHCM
JOHCM Credit Income Fund	$	3,301	$	10,656	$	—
JOHCM Emerging Markets Opportunities Fund		5,506,266		—		—
JOHCM Emerging Markets Small Mid Cap Equity Fund		412,692		201,003		—
JOHCM Global Equity Fund		3,913,672		—		—
JOHCM Global Income Builder Fund		615,746		123,468		—
JOHCM International Opportunities Fund		17,707		80,299		—
JOHCM International Select Fund		78,431,569		—		—
JOHCM International Small Cap Equity Fund		2,030,993		—		25,988

The balances of recoverable expenses to JOHCM by Funds at September 30, 2020 were as follows:

For the:	Expiring		JOHCM Credit Income Fund		JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Equity Fund		JOHCM Global Income Builder Fund		JOHCM International Opportunities Fund		JOHCM International Select Fund		JOHCM International Small Cap Equity Fund
Year ended September 30, 2018		September 30, 2021	$	—		$ —		$186,928		$ —	$	53,449		$  43,552		$ —		$ —
Year ended September 30, 2019		September 30, 2022		—		—		238,798		—		28,639		21,181		—		—
Year ended September 30, 2020		September 30, 2023		10,656		—		201,003		—		123,468		80,299		—		—
Balances of Recoverable Expenses to the Adviser			$	10,656		$ —		$626,729		$ —	$	205,556		$145,032		$ —		$ —

Foreside Financial Services, LLC (the “Distributor”), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. 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 Funds on a continuous basis. Currently, the Adviser, at its own expense, pays the Distributor an annual fee of $285,000, 0.006% of average daily net assets of the Funds, and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds.

The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the JOHCM Funds’ complex level net assets and certain per account and transaction charges. The total fee is

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September 30, 2020

subject to a minimum annual fee of $160,000 per Fund relating to these services, and reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. Fees paid to Northern Trust for their services are reflected as “Accounting and Administration” fees on the Statements of Operations. Northern Trust has agreed to voluntarily waive its minimum fees and certain other expenses. The waiver agreement may be terminated at any time and the waivers are not subject to recoupment. Amounts waived by Northern Trust are included in “Expenses reduced by Service Providers” on the Statement of Operations.

For the year ended September 30, 2020, Northern Trust voluntarily waived expenses as follows:

Fund	Expenses     Waived by     Northern Trust
JOHCM Credit Income Fund	$	18,259
JOHCM Emerging Markets Small Mid Cap Equity Fund		4,470
JOHCM Global Income Builder Fund		15,646
JOHCM International Opportunities Fund		120,847
JOHCM International Small Cap Equity Fund		27,281

Foreside Fund Officer Services, LLC (“Foreside”) provides compliance and financial control Services for the Funds pursuant to a written agreement with the Trust on behalf of the Funds, including providing certain officers to the Funds. The Funds have agreed to pay Foreside an annual base fee, a fee based on the JOHCM Funds ‘complex level net assets, subject to an overall minimum annual fee of $200,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and Compliance” fees on the Statements of Operations.

Carne Global Financial Services (US) LLC (“Carne”) provides Risk Management and Oversight Services for the JOHCM Funds pursuant to a written agreement with the Trust, on behalf of the JOHCM Funds, including providing the Risk Officer to the JOHCM Funds to administer the Fund risk program and oversee the analysis of investment performance and performance of service providers. The JOHCM Funds have agreed to pay Carne an annual fee of $50,000 for the first fund and an additional $5,000 per fund thereafter for these services, and reimburse for certain expenses incurred on behalf of the JOHCM Funds. Total fees paid to Carne pursuant to this agreement are reflected as “Risk Officer” fees on the Statements of Operations.

Certain officers and Trustees of the Trust are affiliated with Foreside, Northern Trust, Carne or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. Through March 31, 2020, the Trust paid each Independent Trustee compensation for their services based on an annual retainer of $120,000 and reimbursement for certain expenses. Effective April 1, 2020, the Trust pays an annual retainer of $125,000 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, 2020, the aggregate Trustee compensation paid by the Trust was $367,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds are reflected as “Trustees” expenses on the Statements of Operations.

C. Rule 12b-1 Plan

The JOHCM Funds adopted an amended plan under Rule 12b-1 that is applicable to Class I, Class II and Class III Shares of all JOHCM Funds, except Class I Shares of the JOHCM International Select Fund, to pay for certain distribution and promotion activities related to marketing of their shares. Each Fund will pay the Distributor a fee for the principal underwriter’s services in connection with the sales and promotion of the Funds, including its expenses in connection there with at annual rates of 0.10%, 0.25%, and 0.50% of the average daily net assets of the outstanding Class I Shares, Class II Shares and Class III Shares, respectively. Total fees paid pursuant to these agreements are reflected as “12b-1 Fees” on the Statements of Operations.

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September 30, 2020

D. Credit Agreement

The Trust, on behalf of the JOHCM Funds, and Northern Trust, entered into a $100 million revolving Credit Agreement for liquidity and other purposes effective as of December 22, 2017 and as amended December 20, 2019. The Credit Agreement is scheduled to mature on December 20, 2020. The Credit Agreement may be extended subject to appropriate approvals.

Any advance under the Credit Agreement will accrue interest at a rate that is equal to the greater of (i) the Funds’ option of the daily London Interbank Offered Rate plus 1.50% or the Federal funds (effective) interest rate plus 1.50% and (ii) 2.00%. In addition, there is a usage fee on the undrawn portion of the $100 million maximum commitment amount in an amount equal to the product of the difference between the maximum commitment amount and the sum of the average daily balance of the loans multiplied by 0.30% per annum.

During the year ended September 30, 2020, the following Fund had borrowings with the average loan and weighted interest rate as disclosed below:

Fund	Dollar Amount		Days Outstanding		Rate
JOHCM Emerging Markets Opportunities Fund	$	3,767,222		18		1.86
JOHCM Emerging Markets Small Mid Cap Equity Fund		134,000		1		3.05
JOHCM Global Equity Fund		9,219,821		12		1.60
JOHCM Global Income Builder Fund		4,650,000		2		3.06
JOHCM International Select Fund		48,766,667		9		3.05
JOHCM International Small Cap Equity Fund		1,654,286		7		1.56

The JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Small Mid Cap Fund, JOHCM Global Equity Fund, JOHCM Global Income Builder Fund, JOHCM International Select Fund, and JOHCM International Small Cap Equity Fund incurred interest expense of $3,500, $11, $4,912, $792, $37,185 and $502 related to borrowings under the Credit Agreement during the year ended September 30, 2020, respectively. The amounts are included in the “Interest expense" on the Statement of Operations.

E. Investment Transactions

For the year ended September 30, 2020, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

Fund	Cost of Purchases		Proceeds from sales
JOHCM Credit Income Fund	$	4,982,331	$	265,366
JOHCM Emerging Markets Opportunities Fund		331,797,414		304,348,595
JOHCM Emerging Markets Small Mid Cap Equity Fund		53,890,834		42,803,539
JOHCM Global Equity Fund		173,260,972		159,371,267
JOHCM Global Income Builder Fund		122,471,850		150,452,515
JOHCM International Opportunities Fund		1,994,341		1,311,204
JOHCM International Select Fund		4,197,939,461		3,719,469,011
JOHCM International Small Cap Equity Fund		47,104,900		76,487,113

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September 30, 2020

F. Federal Income Tax

As of September 30, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
JOHCM Credit Income Fund	$	4,898,026	$	10,386	$	(37,704	)	$	(27,318	)
JOHCM Emerging Markets Opportunities Fund		554,994,488		109,127,375		(57,105,071	)		52,022,304
JOHCM Emerging Markets Small Mid Cap Equity Fund		35,596,090		7,018,549		(686,521	)		6,332,028
JOHCM Global Equity Fund		324,555,459		132,965,889		(2,332,586	)		130,633,303
JOHCM Global Income Builder Fund		77,365,779		6,452,721		(1,831,076	)		4,621,645
JOHCM International Opportunities Fund		2,555,885		202,109		(176,602	)		25,507
JOHCM International Select Fund		7,488,707,463		2,673,016,403		(94,829,274	)		2,578,187,129
JOHCM International Small Cap Equity Fund		164,963,405		30,659,203		(19,118,800	)		11,540,403
The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2020 and September 30, 2019 were as follows:
	Distributions From
Fund	Ordinary Income* 2020		Long-Term Capital Gains 2020		Ordinary Income* 2019			Long-Term Capital Gains 2019
JOHCM Credit Income Fund	$	15,908	$	—	$	—		$	—
JOHCM Emerging Markets Opportunities Fund		23,243,067		—		7,125,670			13,290,197
JOHCM Emerging Markets Small Mid Cap Equity Fund		178,137		—		118,342			—
JOHCM Global Equity Fund		4,522,375		48,545,641		5,049,812			13,217,311
JOHCM Global Income Builder Fund		2,723,962		93,453		2,643,119			—
JOHCM International Opportunities Fund		49,029		4,424		37,334			3,220
JOHCM International Select Fund		83,007,334		—		108,828,545			—
JOHCM International Small Cap Equity Fund		2,585,125		4,989,132		5,877,361			7,561,228

* Ordinary income includes short-term capital gains, if any.

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NOTES TO FINANCIAL STATEMENTS

September 30, 2020

As of the latest tax year ended September 30, 2020, the components of accumulated earnings on a tax basis were as follows:

	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Small Mid Cap Equity Fund			JOHCM Global Equity Fund		JOHCM Global Income Builder Fund			JOHCM International Opportunities Fund		JOHCM International Select Fund		JOHCM International Small Cap Equity Fund
Undistributed Ordinary Income	$	2,923		$	7,134,443		$	116,500		$	98,675	$	434,428		$	40,210	$	38,033,297	$	431,823
Undistributed Long-Term Capital Gains		777			—			—			22,299,190		—			23,850		181,708,320		—
Accumulated Capital Losses and Other Items		(2,054	)		(53,312,266	)		(1,104,666	)		—		(1,362,727	)		—		—		(19,844,261	)
Unrealized Appreciation (Depreciation)		(27,318	)		52,070,263			6,292,782			130,658,573		4,632,573			25,807		2,578,756,536		11,568,120
Total Accumulated Earnings (Deficit)	$	(25,672	)	$	5,892,440		$	5,304,616		$	153,056,438	$	3,704,274		$	89,867	$	2,798,498,153	$	(7,844,318	)

For the period subsequent to October 31, 2019, through the fiscal year ended September 30, 2020, the JOHCM Global Income Builder and JOHCM International Small Cap Equity Funds incurred net capital losses and/or late year ordinary loss deferral in the amount of $1,299,809 and $19,844,261, respectively, which the Funds intend to treat as having been incurred in the following fiscal year.

As of the tax year ended September 30, 2020, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

Fund	Short-Term Capital Loss Carry-Forward			Long-Term Capital Loss Carry-Forward
JOHCM Emerging Markets Opportunities Fund	$	(35,661,586	)	$	(17,650,680	)
JOHCM Emerging Markets Small Mid Cap Equity Fund		(1,104,666	)		—

During the tax year ended September 30, 2020 the JOHCM Emerging Markets Small Mid Cap Equity, JOHCM Global Income Builder and JOHCM International Select Funds utilized $2,208,493, $40,693 and $117,957,311, respectively, in capital loss carry forwards.

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NOTES TO FINANCIAL STATEMENTS

September 30, 2020

G. Capital Share Transactions

Transactions in dollars for common stock for the year ended September 30, 2020, were as follows:

Fund	Class	Proceeds from Shares Sold		Reinvestments of Dividends		Payments for Shares Redeemed			Net Increase (Decrease) in Net Assets
JOHCM Credit Income Fund	Institutional	$	5,000,000	$	15,268	$	—		$	5,015,268
JOHCM Emerging Markets Opportunities Fund	Class I		42,325,858		2,251,441		(48,042,021	)		(3,464,722	)
JOHCM Emerging Markets Opportunities Fund	Class II		4,664,808		490,550		(4,194,806	)		960,552
JOHCM Emerging Markets Opportunities Fund	Institutional		207,211,534		16,812,678		(173,636,628	)		50,387,584
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		12,428,029		2,281		(1,563,067	)		10,867,243
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		1,440,265		149,464		(94,529	)		1,495,200
JOHCM Global Equity Fund	Class I		3,519,510		21,656,693		(138,684,698	)		(113,508,495	)
JOHCM Global Equity Fund	Institutional		180,931,654		24,584,456		(46,868,419	)		158,647,691
JOHCM Global Income Builder Fund	Class I		529,712		183,020		(222,494	)		490,238
JOHCM Global Income Builder Fund	Class II		50,021		3,030		(40,681	)		12,370
JOHCM Global Income Builder Fund	Institutional		41,158,360		1,535,764		(73,087,215	)		(30,393,091	)
JOHCM International Opportunities Fund	Institutional		644,500		46,098		—			690,598
JOHCM International Select Fund	Class I		2,271,244,666		44,215,407		(2,181,078,001	)		134,382,072
JOHCM International Select Fund	Class II		30,925,107		4,417,494		(94,327,963	)		(58,985,362	)
JOHCM International Small Cap Equity Fund	Class I		14,734,283		1,221,856		(9,738,099	)		6,218,040
JOHCM International Small Cap Equity Fund	Class II		1,218,535		47,818		(1,338,856	)		(72,503	)
JOHCM International Small Cap Equity Fund	Institutional		14,528,116		5,436,494		(46,653,574	)		(26,688,964	)

77

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Transactions in shares of common stock for the year ended September 30, 2020, were as follows:

Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares
JOHCM Credit Income Fund	Institutional		499,999		1,533		—			501,532
JOHCM Emerging Markets Opportunities Fund	Class I		4,379,135		204,863		(5,332,623	)		(748,625	)
JOHCM Emerging Markets Opportunities Fund	Class II		464,763		44,636		(431,403	)		77,996
JOHCM Emerging Markets Opportunities Fund	Institutional		20,713,201		1,525,651		(17,205,000	)		5,033,852
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		1,160,131		184		(124,216	)		1,036,099
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		126,808		12,015		(7,448	)		131,375
JOHCM Global Equity Fund	Class I		238,693		1,454,445		(9,021,228	)		(7,328,090	)
JOHCM Global Equity Fund	Institutional		11,976,963		1,648,857		(2,953,515	)		10,672,305
JOHCM Global Income Builder Fund	Class I		53,475		18,484		(22,580	)		49,379
JOHCM Global Income Builder Fund	Class II		4,861		305		(4,609	)		557
JOHCM Global Income Builder Fund	Institutional		4,191,551		154,829		(7,150,407	)		(2,804,027	)
JOHCM International Opportunities Fund	Institutional		59,897		4,192		—			64,089
JOHCM International Select Fund	Class I		96,311,415		1,850,017		(95,350,810	)		2,810,622
JOHCM International Select Fund	Class II		1,294,591		184,524		(4,214,374	)		(2,735,259	)
JOHCM International Small Cap Equity Fund	Class I		1,350,188		104,881		(1,001,642	)		453,427
JOHCM International Small Cap Equity Fund	Class II		117,970		4,080		(128,462	)		(6,412	)
JOHCM International Small Cap Equity Fund	Institutional		1,514,927		467,454		(4,855,798	)		(2,873,417	)

78

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JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Transactions in dollars for common stock for the year ended September 30, 2019, were as follows:

Fund	Class	Proceeds from Shares Sold		Reinvestments of Dividends		Payments for Shares Redeemed			Net Increase (Decrease) in Net Assets
JOHCM Emerging Markets Opportunities Fund	Class I	$	61,405,755	$	2,882,032	$	(73,992,619	)	$	(9,704,832	)
JOHCM Emerging Markets Opportunities Fund	Class II		12,585,163		307,463		(7,801,147	)		5,091,479
JOHCM Emerging Markets Opportunities Fund	Institutional		249,369,503		15,568,147		(145,235,138	)		119,702,512
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		108,896		1,944		(417,149	)		(306,309	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		169,037		98,827		(40,416	)		227,448
JOHCM Global Equity Fund	Class I		39,390,979		7,476,383		(76,119,980	)		(29,252,618	)
JOHCM Global Equity Fund	Institutional		29,578,158		8,109,357		(138,038,671	)		(100,351,156	)
JOHCM Global Income Builder Fund	Class I		1,374,630		173,665		(373,758	)		1,174,537
JOHCM Global Income Builder Fund	Class II		76,000		309		—			76,309
JOHCM Global Income Builder Fund	Institutional		74,698,016		964,622		(2,086,770	)		73,575,868
JOHCM International Opportunities Fund	Institutional		—		34,954		—			34,954
JOHCM International Select Fund	Class I		2,250,373,560		54,505,951		(1,739,359,087	)		565,520,424
JOHCM International Select Fund	Class II		100,012,354		6,663,586		(44,332,391	)		62,343,549
JOHCM International Small Cap Equity Fund	Class I		8,399,685		2,243,756		(21,235,734	)		(10,592,293	)
JOHCM International Small Cap Equity Fund	Class II		607,525		86,101		(296,213	)		397,413
JOHCM International Small Cap Equity Fund	Institutional		60,819,030		9,631,411		(78,311,843	)		(7,861,402	)

79

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JOHCM FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Transactions in shares of common stock for the year ended September 30, 2019, were as follows:

Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares
JOHCM Emerging Markets Opportunities Fund	Class I		5,777,842		288,203		(7,042,235	)		(976,190	)
JOHCM Emerging Markets Opportunities Fund	Class II		1,229,780		30,746		(722,932	)		537,594
JOHCM Emerging Markets Opportunities Fund	Institutional		23,340,942		1,553,707		(13,792,016	)		11,102,633
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		9,837		181		(37,672	)		(27,654	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		15,077		9,185		(3,664	)		20,598
JOHCM Global Equity Fund	Class I		2,635,119		526,877		(4,881,091	)		(1,719,095	)
JOHCM Global Equity Fund	Institutional		1,906,010		570,680		(8,758,786	)		(6,282,096	)
JOHCM Global Income Builder Fund	Class I		140,114		17,949		(38,613	)		119,450
JOHCM Global Income Builder Fund	Class II		7,601		31		—			7,632
JOHCM Global Income Builder Fund	Institutional		7,678,540		99,597		(209,706	)		7,568,431
JOHCM International Opportunities Fund	Institutional		—		3,641		—			3,641
JOHCM International Select Fund	Class I		101,798,585		2,657,530		(79,432,812	)		25,023,303
JOHCM International Select Fund	Class II		4,499,344		324,105		(2,001,530	)		2,821,919
JOHCM International Small Cap Equity Fund	Class I		771,931		218,052		(1,945,888	)		(955,905	)
JOHCM International Small Cap Equity Fund	Class II		51,782		8,319		(27,227	)		32,874
JOHCM International Small Cap Equity Fund	Institutional		5,581,996		937,820		(7,259,190	)		(739,374	)

H. Concentration of Ownership

A significant portion of a Fund’s shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund’s investment strategy.

In addition, as of September 30, 2020, the Adviser or Adviser affiliates held outstanding shares of the Funds as follows:

Fund	Class		%         Ownership
JOHCM Emerging Markets Small Mid Cap Equity Fund		Institutional		93.9
JOHCM International Opportunities Fund		Institutional		78.6

80

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Advisers Investment Trust and Shareholders of JOHCM Credit Income Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM Global Equity Fund, JOHCM Global Income Builder Fund, JOHCM International Opportunities Fund, JOHCM International Select Fund, and JOHCM International Small Cap Equity Fund.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of JOHCM Credit Income Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM Global Equity Fund, JOHCM Global Income Builder Fund, JOHCM International Opportunities Fund, JOHCM International Select Fund, and JOHCM International Small Cap Equity Fund (eight of the funds constituting Advisers Investment Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2020, the related statements of operations for the year ended September 30, 2020 (for the period August 17, 2020 (commencement of operations) through September 30, 2020 for JOHCM Credit Income Fund), the statements of changes in net assets for each of the two years in the period ended September 30, 2020 (for the period August 17, 2020 (commencement of operations) through September 30, 2020 for JOHCM Credit Income Fund), including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2020, the results of each of their operations for the year then ended (for the period August 17, 2020 (commencement of operations) through September 30, 2020 for JOHCM Credit Income Fund), the changes in each of their net assets for each of the two years in the period ended September 30, 2020 (for the period August 17, 2020 (commencement of operations) through September 30, 2020 for JOHCM Credit Income Fund) and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

We conducted our audits 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 audits 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

  PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606

  T:(312) 298 2000, www.pwc.com/us

81

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020 by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

  

Chicago, IL

November 20, 2020

We have served as the auditor of one or more investment companies in Advisers Investment Trust since 2011.

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JOHCM FUNDS

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

A.     Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at April 1, 2020 and held for the entire period through September 30, 2020.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on a Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Actual Expense Example

				Beginning		Ending		*Expenses
		Expense		Account Value		Account Value		Paid
Fund	Class	Ratio		4/1/2020		9/30/2020		4/1/20–9/30/20
JOHCM Credit Income Fund	Institutional**		0.65%	$	1,000.00	$	998.60	$	0.78
JOHCM Emerging Markets Opportunities Fund	Class I		1.18%		1,000.00		1,290.00		6.76
JOHCM Emerging Markets Opportunities Fund	Class II		1.33%		1,000.00		1,288.80		7.61
JOHCM Emerging Markets Opportunities Fund	Institutional		1.08%		1,000.00		1,291.70		6.19
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		1.64%		1,000.00		1,424.00		9.95
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		1.54%		1,000.00		1,424.60		9.34
JOHCM Global Equity Fund	Class I		1.15%		1,000.00		1,373.60		6.82
JOHCM Global Equity Fund	Institutional		1.05%		1,000.00		1,373.50		6.23
JOHCM Global Income Builder Fund	Class I		0.90%		1,000.00		1,147.50		4.85
JOHCM Global Income Builder Fund	Class II		1.05%		1,000.00		1,147.00		5.64
JOHCM Global Income Builder Fund	Institutional		0.80%		1,000.00		1,148.10		4.31
JOHCM International Opportunities Fund	Institutional		0.89%		1,000.00		1,154.20		4.79
JOHCM International Select Fund	Class I		0.98%		1,000.00		1,355.50		5.78
JOHCM International Select Fund	Class II		1.23%		1,000.00		1,353.50		7.25
JOHCM International Small Cap Equity Fund	Class I		1.29%		1,000.00		1,297.70		7.41

83

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ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

					Beginning		Ending		*Expenses
		Expense			Account Value		Account Value		Paid
Fund	Class	Ratio			4/1/2020		9/30/2020		4/1/20–9/30/20
JOHCM International Small Cap Equity Fund	Class II		1.44	%	$	1,000.00	$	1,297.20	$	8.26
JOHCM International Small Cap Equity Fund	Institutional		1.19	%		1,000.00		1,298.10		6.85

* Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the actual number of operational days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

** JOHCM Credit Income Fund Institutional class launched on August 17, 2020, and expenses paid represent amounts for the actual number of days of operation.

Hypothetical Expense Example

					Beginning		Ending
		Expense			Account Value		Account Value		*Expenses Paid
Fund	Class	Ratio			4/1/2020		9/30/2020		4/1/20–9/30/20
JOHCM Credit Income Fund	Institutional**		0.65	%	$	1,000.00	$	1,021.74	$	3.29
JOHCM Emerging Markets Opportunities Fund	Class I		1.18	%		1,000.00		1,019.10		5.96
JOHCM Emerging Markets Opportunities Fund	Class II		1.33	%		1,000.00		1,018.35		6.71
JOHCM Emerging Markets Opportunities Fund	Institutional		1.08	%		1,000.00		1,019.60		5.45
JOHCM Emerging Markets Small Mid Cap Equity Fund	Class I		1.64	%		1,000.00		1,016.79		8.27
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional		1.54	%		1,000.00		1,017.29		7.77
JOHCM Global Equity Fund	Class I		1.15	%		1,000.00		1,019.25		5.80
JOHCM Global Equity Fund	Institutional		1.05	%		1,000.00		1,019.75		5.30
JOHCM Global Income Builder Fund	Class I		0.90	%		1,000.00		1,020.48		4.56
JOHCM Global Income Builder Fund	Class II		1.05	%		1,000.00		1,019.75		5.30
JOHCM Global Income Builder Fund	Institutional		0.80	%		1,000.00		1,020.98		4.06
JOHCM International Opportunities Fund	Institutional		0.89	%		1,000.00		1,020.55		4.50
JOHCM International Select Fund	Class I		0.98	%		1,000.00		1,020.09		4.96
JOHCM International Select Fund	Class II		1.23	%		1,000.00		1,018.84		6.22
JOHCM International Small Cap Equity Fund	Class I		1.29	%		1,000.00		1,018.55		6.51
JOHCM International Small Cap Equity Fund	Class II		1.44	%		1,000.00		1,017.81		7.25
JOHCM International Small Cap Equity Fund	Institutional		1.19	%		1,000.00		1,019.04		6.01

*Hypothetical expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

**JOHCM Credit Income Fund Institutional class launched on August 17, 2020.

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ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

B.     Qualified Dividend Income (QDI)

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, 2020 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2020:

Fund	QDI Percentage
JOHCM Emerging Markets Opportunities Fund		50.61	%
JOHCM Emerging Markets Small Mid Cap Equity Fund		100.00	%
JOHCM Global Equity Fund		16.76	%
JOHCM Global Income Builder Fund		36.18	%
JOHCM International Opportunities Fund		100.00	%
JOHCM International Select Fund		100.00	%
JOHCM International Small Cap Equity Fund		93.11	%

C.     Corporate Dividends Received Deduction (DRD)

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 DRD Percentage
JOHCM Global Equity Fund		16.76	%
JOHCM Global Income Builder Fund		15.84	%
JOHCM International Opportunities Fund		6.91	%

D.     Foreign Tax Credit

The Funds below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Funds as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:

Fund	Foreign Tax Credit		Foreign Source Income
JOHCM Emerging Markets Opportunities Fund		$0.0177		$0.1279
JOHCM Emerging Markets Small Mid Cap Equity Fund		$0.0219		$0.0691
JOHCM International Opportunities Fund		$0.0193		$0.1465
JOHCM International Select Fund		$0.0307		$0.1318
JOHCM International Small Cap Equity Fund		$0.0192		$0.0491

E.     Board Approval of Investment Advisory and Sub-Advisory Agreements

Section 15 of the Investment Company Act of 1940 (the “1940 Act”) requires that the Amended and Restated Investment Advisory Agreement (the “Investment Advisory Agreement”) between Advisers Investment Trust (the “Trust”) and JO Hambro Capital Management Limited (the “Adviser”) and the Amended and Restated Investment Sub-Advisory Agreement (the “Investment Sub-Advisory Agreement”) between the Adviser and JOHCM (USA) Inc. (the “Sub-Adviser”) with respect to the JOHCM Credit Income Fund (the “Fund”) be approved by a majority of the Board of Trustees of the Trust (the “Board”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”). It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Investment Advisory Agreement and Investment Sub-Advisory Agreement (collectively the “Agreements”) to determine whether the Agreements are fair to the Fund and its shareholders. The Board considered and approved the Agreements for the Fund at an in-person meeting held on March 4, 2020.

85

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JOHCM FUNDS

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

The Board requested, and the Adviser and Sub-Adviser, as applicable, provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services expected to be provided by the Adviser and Sub-Adviser to the Fund; (ii) the investment performance of the Fund, the Adviser, and the Sub-Adviser; (iii) the costs of the services expected to be provided and the profits to be realized by the Adviser and Sub-Adviser from their respective relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grow; and (v) whether the fee levels reflect these economies of scale to the benefit of the Fund’s potential shareholders.

The Board examined the nature, extent, and quality of the advisory services provided by the Adviser and Sub-Adviser. The Board considered the terms of the Investment Advisory Agreement and Investment Sub-Advisory Agreement, information and reports provided by the Adviser and Sub-Adviser on their business, personnel and operations, and proposed advisory services to be provided to the Fund. The Board noted that the Sub-Adviser was a wholly owned subsidiary of the Adviser. The Board reviewed the Adviser’s and Sub-Adviser’s investment philosophy and portfolio construction process, the Adviser’s and Sub-Adviser’s compliance program, pending material litigation (if any), insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser and Sub-Adviser that there had been no material compliance issues in the past 36 months with respect to other funds managed by the Adviser or Sub-Adviser. The Board then considered key risks associated with the Fund and ways in which those risks were expected to be mitigated. Taking into account the personnel expected to be involved in servicing the Fund as well as the materials provided by the Adviser and Sub-Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Adviser and Sub-Adviser.

The Board reviewed the investment performance for the Fund’s strategy compared to the selected peer groups and benchmarks for the Fund. The Board determined that because the Fund had not yet commenced operations, the Trustees would review performance over time. The Board reviewed the performance of the peer group for the Fund, as identified by the Adviser and was satisfied with the proposed benchmark for the Fund.

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 proposed advisory fee to be paid by the Fund and the total expected expenses of the Fund. The Board noted that the Adviser would receive a management fee of 0.55% of the average daily net assets of the Fund. The Board reviewed the investment advisory fees paid by the Fund in comparison to the average investment advisory fee paid by the Fund’s peer group, noting that the fee was competitive. The Board then reviewed the sub-advisory fee to be paid to the Sub-Adviser and determined it to be fair and commensurate with the services provided by the Sub-Adviser. The Board then considered the proposed 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. After considering the comparative data provided by the Adviser and Sub-Adviser, the Board concluded that the advisory fee and expense ratio was reasonable.

The Board considered the expected 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 again took into account that the Sub-Adviser was a wholly owned subsidiary of the Adviser. The Board concluded that, based on both the written and oral reports provided by the Adviser, the expected profit margin was reasonable.

In considering the economies of scale for the Fund, the Board considered the marketing and distribution plans for the Fund, the Fund’s capacity, and its breakeven point. The Board noted that other than the investment advisory fees, the Adviser’s relationship with the Fund raises the Adviser’s profile within the United States and provides additional business opportunities for the Adviser.

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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ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

F.     Other Information

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 866-260-9549 (toll free) or 312-557-5913. Information about how the Funds voted proxies relating to portfolio securities for each 12 month period ending June 30 is available without charge, upon request, by calling the Trust at 866-260-9549 (toll free) or 312-557-5913 and on the U.S. Securities and Exchange Commission’s (The “SEC”) website at www.sec.gov.

Beginning with the quarter ended June 30, 2019 the Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC website at www.sec.gov.

Previously, the Funds filed their complete scheduled of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q are available on the SEC’s website at www.sec.gov.

G.     Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

					Other
				Number of	Directorships
	Position(s)	Term of		Portfolios in the	Held by Trustee
Name, Address and	Held with	Office/Length of	Principal Occupation(s) During	Trust Overseen	During Past 5
Year of Birth1	the Trust	Time Served	Past 5 Years	by Trustee	Years
D’Ray Moore Year of Birth: 1959	Trustee	Indefinite/July 2011 to present	Independent Trustee, Diamond Hill Funds 2007 to present; Chairperson, Diamond Hill Funds 2014 to present.	12	Diamond Hill Funds
Steven R. Sutermeister Year of Birth: 1954	Trustee	Indefinite/July 2011 to present	President, Vadar Capital LLC, 2008 to 2017.	12	None
Michael M. Van Buskirk Year of Birth: 1947	Trustee	Indefinite/July 2011 to present	Independent Trustee, Boston Trust Walden Funds 1992 to present.	12	Boston Trust Walden Funds

¹ The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, Illinois 60603.

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

				Number of
				Portfolios
	Position(s)	Term of		in the Trust	Other Directorships
Name, Address and	Held with	Office/Length	Principal Occupation(s)	Overseen by	Held by Trustee
Year of Birth1	the Trust2	of Time Served	During Past 5 Years	Trustee	During Past 5 Years
David M. Whitaker2 Year of Birth: 1971	Trustee	Indefinite/ July 2017 to present	President, Foreside Financial Group, LLC, 2011 to present; Director, Portland Air Freight, 2011 to present; Director, National Investment Company Service Association (NICSA) 2018 to present.	12	PAF Transportation

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ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

				Number of
				Portfolios
	Position(s)	Term of		in the Trust	Other Directorships
Name, Address and	Held with	Office/Length	Principal Occupation(s)	Overseen by	Held by Trustee
Year of Birth1	the Trust2	of Time Served	During Past 5 Years	Trustee	During Past 5 Years
Daniel P. Houlihan3 Year of Birth: 1966	Trustee	Indefinite/ March 2016 to present	Executive Vice President, The Northern Trust Company, 2008 to present; Chairman, National Investment Company Service Association (NICSA) 2017 to present; Vice Chairman, National Investment Company Service Association (NICSA) 2014 to 2017.	12	None
Barbara J. Nelligan Year of Birth: 1969	President	Indefinite/ August 2017 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017.	N/A	N/A
Scott Craven Jones Year of Birth: 1962	Risk Officer	Indefinite/ July 2014 to present	Director, Carne Global Financial Services, Inc., 2013 to present.	N/A	N/A
Rodney L. Ruehle Year of Birth: 1968	Chief Compliance Officer and AML Officer	Indefinite/ March 2019 to present	Director, Foreside Fund Services, LLC (formerly Foreside Compliance Services, LLC) (financial services) (2016 to present); Director, Beacon Hill Fund Services, LLC (April 2008 to July 2016).	N/A	N/A
Troy Sheets Year of Birth: 1971	Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2009 to 2016.	N/A	N/A
Trent Statczar Year of Birth: 1971	Assistant Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2008 to 2016.	N/A	N/A
Toni M. Bugni Year of Birth: 1973	Secretary	Indefinite/ March 2018 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present.	N/A	N/A

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ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

				Number of
				Portfolios
	Position(s)	Term of		in the Trust	Other Directorships
Name, Address and	Held with	Office/Length	Principal Occupation(s)	Overseen by	Held by Trustee
Year of Birth1	the Trust2	of Time Served	During Past 5 Years	Trustee	During Past 5 Years
Deanna Y. Pellack Year of Birth: 1987	Assistant Secretary	Indefinite/ March 2018 to present	Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2019 to present; Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2014 to 2019.	N/A	N/A

¹ The mailing address of Messrs. Whitaker, Ruehle, Sheets, and Statczar is 690 Taylor Road, Suite 210, Gahanna, Ohio 43230. The mailing address of Messrs. Houlihan and Jones and Mses. Nelligan, Bugni, and Pellack is 50 S. LaSalle Street, Chicago, IL 60603.

² Mr. Whitaker is the President of Foreside Financial Group, LLC and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

³ Mr. Houlihan is an Executive Vice President of the Northern Trust Company and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

The Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 866-260-9549.

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JOHCM Funds

(Series of the Advisers Investment Trust)

Notice of Privacy Policy & Practices

SAFEGUARDING PRIVACY

The Funds recognizes and respects the privacy concerns and expectations of our customers1. We are committed to maintaining the privacy and security of the personal confidential information we collect about you. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We collect nonpublic personal information about our customers from the following sources:

· Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

· Account History, including information about the transactions and balances in a customer’s account(s); and

· Correspondences including written, telephonic or electronic between a customer and the Funds or service providers to the Funds.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

The Funds may disclose all non-public personal information we collect, as described above, to companies that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services, provided they use the information solely for these purposes and they enter into a confidentiality agreement regarding the information. The Funds also may disclose non-public personal information as otherwise permitted by law.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We require service providers to the Funds:

· to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Funds; and

· to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the Funds.

¹  For purposes of this notice, the term “customer” or “customers” include individuals who provide nonpublic personal information to the Funds, but do not invest in Fund shares.

Investment Adviser

J O Hambro Capital Management Limited

Level 3

1 St Jame’s Market

London, SW1Y 4AH

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

866-260-9549 (toll free) or 312-557-5913

RIVER CANYON TOTAL RETURN

BOND FUND

ANNUAL REPORT

September 30, 2020

Beginning on January 28, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling toll-free 800-245-0371 or 312-557-0164. If you own your shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary. If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund by calling toll-free 800-245-0371 or 312-557-0164 or by contacting your financial intermediary.

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

TABLE OF CONTENTS

September 30, 2020

SHAREHOLDER LETTER	1
PORTFOLIO COMMENTARY	2
SCHEDULE OF INVESTMENTS	6
STATEMENT OF ASSETS & LIABILITIES	11
STATEMENT OF OPERATIONS	12
STATEMENTS OF CHANGES IN NET ASSETS	13
FINANCIAL HIGHLIGHTS	14
NOTES TO FINANCIAL STATEMENTS	15
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	21
ADDITIONAL INFORMATION	23

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SHAREHOLDER LETTER

September 30, 2020

Dear Shareholder:

We are pleased to present to shareholders the September 30, 2020 Annual Report for the River Canyon Total Return Bond Fund (the “Fund”), a series of the Advisers Investment Trust. This report contains the results of Fund operations for the year ended September 30, 2020.

We appreciate the trust and confidence you have placed in us by choosing the Fund and its Investment Adviser, River Canyon Fund Management LLC, and we look forward to continuing to serve your investing needs.

Sincerely,

Barbara J. Nelligan

President

Advisers Investment Trust

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ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

River Canyon Total Return Bond Fund

Value of a hypothetical $100,000 investment in the Fund’s Institutional Shares from inception on December 30, 2014 to September 30, 2020

Average Annual Total Returns as of September 30, 2020

	One Year       Return	3 Year       Return	5 Year       Return	Since Inception       Return	Gross Expense       Ratio*	Net Expense       Ratio*
River Canyon Total Return Bond Fund – Institutional Shares	3.20%	6.08%	5.84%	5.95%	1.53%	0.70%
Bloomberg Barclays U.S. Aggregate Bond Index	6.98%	5.24%	4.18%	3.84%	-	-

Allocation Breakdown as of 9/30/2020
RMBS Non-Agency	19%
Corporate	18%
ABS	13%
Agency CMO	15%
CLO 2.0	9%
CMBS	8%
Municipals	8%
RMBS Agency	7%
Mortgage REIT	3%

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ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

The Fund’s performance reflects the reinvestment of dividends as well as the impact of any transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. 3 year, 5 year, and since inception returns are annualized.

The Inception date of the Fund is December 30, 2014.

* Expense ratios are per the most recent Fund Prospectus. The Adviser has entered into a contractual expense limitation agreement with respect to the Fund until January 28, 2021.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 800-245-0371 or 312-557-0164.

The Fund’s benchmark for performance comparison purposes is the Bloomberg Barclays U.S. Aggregate Bond Index. The index is an unmanaged index that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). The table reflects the theoretical reinvestment of dividends on securities in the index. The impact of any transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the index calculations. It is not possible to invest directly in an index.

Market Commentary (for Fiscal year ending September 30, 2020)

The fiscal year began favorably as the US economy achieved record low unemployment, steady GDP growth and low inflation amid indications from the Fed that rates would remain low following three rate cuts in 2019. Risk assets performed well in 2019, with the S&P 500 up 31.5% for the year and the Bloomberg Barclays US Bond Aggregate up 8.72%. The positive sentiment was quickly extinguished by the end of the first quarter of 2020, as the Covid-19 virus spread and government-imposed lockdowns followed. Global economic activity came to a halt, triggering an unprecedented flight to safety and a corresponding decline in risk assets. Central Banks, particularly the Federal Reserve, acted swiftly with supportive measures including 150 bps of rate cuts, a new round quantitative easing (QE), and implementation of several programs to support and increase liquidity in credit markets. Stimulus action from Congress and the Federal Reserve’s commitment to using its full range of tools to support households, businesses, and the US economy, triggered a swift rebound in risk assets from the lows and, in some cases, to new all-time highs. Treasury rates across the yield curve moved significantly lower throughout the fiscal year as the 10-year treasury yield fell from 1.92% to 0.63%, while the 30- year Treasury yield fell from 2.39% to 1.65%.

Although financial markets quickly rebounded and stabilized, the economic impact and headlines from Covid-19 dominated the remainder of the fiscal year. Significant portions of the US economy, including airlines, hotels, brick and mortar retail, and many small businesses who found themselves in the eye of the Covid-19 storm, continue to suffer significant headwinds. Most developed nations remain with portions of their economies on lockdown to various degrees. Expected annualized US GDP growth is forecasted to fall -3.5% for 2020, after a -31.4% collapse in the second quarter. The unemployment rate spiked from 4% to 14% and has recovered to 8%. US inflation expectations have been subdued, undershooting the Central Bank’s inflation target and prompting the Fed to change its inflation targeting policy to an average of 2% over a longer time frame rather than the previous policy guidance of aiming to prevent inflation from rising above 2% at any point. Through advancements in therapeutics and progress toward a vaccine, the worst of the Covid-19 virus’ economic impact is potentially in the past and there is reason to be optimistic that global economic activity can normalize over the fiscal year.

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ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

Fund Insights

The Fund entered the year with an elevated cash position and a bias towards higher-quality liquid structured credit securities, anchored by an allocation to Agency MBS and AAA CLOs. The Fund’s refrain from large exposures in junior securities provided resiliency during the spring’s historic market disruption, driven by the forced and swift unwind of many levered investment vehicles and structures. While the Fund sustained some negative mark to market performance in late March, the Fund’s ultimate staying power was affirmed as prices rebounded throughout the year for higher quality, senior securities with durable underlying assets. The Fund’s defensive posture and cash allocation placed it in a favorable position to capitalize on the wide-scale dislocation across many credit sectors including ABS, CMBS, CLOs and corporate debt. Security selection in the Non-Agency RMBS and ABS sectors were the primary drivers of fiscal year performance. The Fund’s duration posture and income generation were also material positive performance drivers.

Looking Forward

We continue to manage the portfolio with a focus on delivering strong relative and absolute returns across a variety of interest rate and economic environments while effectively managing credit, prepayment, and duration risks. The increased volatility in markets has allowed us to identify and purchase securities that fit the Fund’s long-term investment profile of asymmetric upside with robust downside protection. The Fund’s fiscal year performance supports momentum in the Fund’s growth as fixed-income investors facing historically low yields and significant duration risk seek alternatives to traditional core bond allocations. Our investment philosophy and process remain unchanged. We continue to believe that our research process, security level analysis, size, and experience in the structured product markets position us favorably in managing the Fund’s future prospects.

Disclaimer

Any investment in the Fund involves significant risk, including the risk of loss of all or a portion of your investment. The results indicated herein include both realized and unrealized gains and losses, and actual results when realized may differ materially from those set forth herein. Total returns include reinvestment of dividends and distributions. Current performance may be lower or higher than the performance data presented. Investment returns and principal value will fluctuate with market conditions. The value of an investment in the Fund, when redeemed, may be worth more or less than its original purchase cost. You should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing.

Certain information contained herein constitutes “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of an individual investment, an asset class or the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is not indicative of future results.

Certain Investment Risks

It is important to note that the Fund is not guaranteed by the U.S. Government. Fixed income investments involve interest rate risk, issuer credit risk and risk of default, prepayment risk, duration, risk and price volatility risk. Funds investing in bonds can lose their value as interest rates rise, and investors participating in such Funds can suffer a partial or total loss of their principal.

Mortgage-backed and other asset-backed securities involve risks that are different from or more acute than risks associated with other types of debt instruments. For example, rising interest rates tend to extend the duration of fixed-rate MBS, making them more sensitive to changes in interest rates and causing funds investing in such securities (such as the Fund) to exhibit additional volatility. Conversely, declining interest rates may cause borrowers to pay off their mortgages sooner than expected, thereby reducing returns

4

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

PORTFOLIO COMMENTARY

September 30, 2020 (Unaudited)

because the Fund may be required to reinvest the return of borrower principal at the lower prevailing interest rate. MBS related to floating rate loans may exhibit greater price volatility than a fixed rate obligation of similar credit quality. With respect to non-agency MBS, there are no direct or indirect government or agency guarantees of payments in pools created by non-governmental issuers. Non-agency MBS also are not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.

For a more complete list of Fund risks, please see the Prospectus.

5

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets			Shares		Value
COMMON STOCKS		3.0	%
AGNC Investment Corp.
					362,951	$	5,048,648
TOTAL COMMON STOCKS (Cost $5,046,992)							5,048,648
	Percentage of Net Assets			Principal       Amount		Value
MORTGAGE-BACKED SECURITIES		119.0	%
PRIVATE(a)		63.8	%
Home Equity		63.8	%
Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-W5 (Floating, ICE LIBOR USD 1M + 0.46%, 0.46% Floor)(b)
0.61%, 01/25/36				$	3,550,000	$	3,384,891
Bella Vista Mortgage Trust Series 2004-1 (Floating, ICE LIBOR USD 1M + 0.70%, 0.35% Floor, 11.25% Cap)(b)
0.86%, 11/20/34					344,605		347,045
Boeing (The) Co.
5.81%, 05/01/50					5,500,000		6,653,791
Boeing (The) Co.
5.93%, 05/01/60					1,475,000		1,825,518
Business Jet Securities LLC Series 2018-1(c)
7.75%, 02/15/33					1,859,301		1,871,953
Business Jet Securities LLC Series 2018-2(c)
6.66%, 06/15/33					1,835,416		1,838,300
Business Jet Securities LLC Series 2019-1(c)
4.21%, 07/15/34					1,804,866		1,809,195
Business Jet Securities LLC Series 2019-1(c)
5.19%, 07/15/34					809,297		809,998
Chase Funding Trust Series 2003-3 (Floating, ICE LIBOR USD 1M + 0.54%, 0.27% Floor)(b)
0.69%, 04/25/33					280,355		267,895
Chase Funding Trust Series 2004-2 (Floating, ICE LIBOR USD 1M + 0.50%, 0.25% Floor)(b)
0.65%, 02/26/35					1,531,944		1,464,139
CHL GMSR Issuer Trust Series 2018-GT1 (Floating, ICE LIBOR USD 1M + 2.75%)(b)(c)
2.90%, 05/25/23					1,975,000		1,895,918
Clear Channel Worldwide Holdings, Inc.(c)
5.13%, 08/15/27					5,265,000		5,055,716
Countrywide Asset-Backed Certificates Series 2006-S3 (Step to 6.61% on 11/25/20)(d)
6.53%, 06/25/21					3,482		409,674
CSMC Trust Series 2020-LOTS (Floating, ICE LIBOR USD 1M + 3.97%, 4.73% Floor)(b)(c)
4.72%, 07/15/22					6,825,000		6,868,514
CWHEQ Home Equity Loan Trust Series 2006-S2
5.84%, 07/25/27					275,234		165,168
CWHEQ Home Equity Loan Trust Series 2006-S5
5.75%, 06/25/35					6,977		1,260,584

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Principal     Amount		Value
Genworth Mortgage Holdings, Inc.(c)
6.50%, 08/15/25		$	4,000,000	$	4,178,800
GE-WMC Asset-Backed Pass Through Certificates Series 2005-1 (Floating, ICE LIBOR USD 1M + 0.69%, 0.46% Floor)(b)
0.84%, 10/25/35			315,244		274,032
GS Mortgage-Backed Securities Corp. Trust 2019-PJ3(c)(e)(f)(g)
0.22%, 03/25/50			172,927,721		311,270
Hertz Vehicle Financing II LP Series 2015-3A(c)
2.67%, 09/25/21			763,404		766,389
Hertz Vehicle Financing II LP Series 2015-3A(c)
3.71%, 09/25/21			3,000,000		3,008,755
Hertz Vehicle Financing II LP Series 2016-2A(c)
3.94%, 03/25/22			3,000,000		3,019,657
Hertz Vehicle Financing II LP Series 2017-1A(c)
2.96%, 10/25/21			488,035		490,457
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A (Floating, ICE LIBOR USD 1M + 0.45%, 0.45% Floor)(b)
0.60%, 04/25/37			10,000,000		4,313,018
Home Equity Mortgage Trust Series 2005-3 (Floating, ICE LIBOR USD 1M + 1.08%, 0.72% Floor)(b)
1.23%, 11/25/35			52,786		52,726
Horizon Aircraft Finance I Ltd. Series 2018-1(c)
4.46%, 12/15/38			3,550,537		3,354,143
Indymac Residential Mortgage-Backed Trust Series 2005-L3 (Floating, ICE LIBOR USD 1M + 0.44%, 0.22% Floor)(b)
0.59%, 12/25/38			1,298,959		896,282
Jamestown CLO XI Ltd. Series 2018-11A (Floating, ICE LIBOR USD 3M + 1.70%)(b)(c)
1.97%, 07/14/31			3,000,000		2,939,745
JP Morgan Mortgage Acquisition Trust Series 2007-CH1(h)
4.85%, 11/25/36			357,475		281,560
JP Morgan Resecuritization Trust Series 2009-7(c)(f)(g)
7.00%, 09/27/37			9,698,142		6,291,369
LCM XXIII Ltd. Series 23A (Floating, ICE LIBOR USD 3M + 3.30%, 3.30% Floor)(b)(c)
3.57%, 10/20/29			1,110,000		1,008,962
Lehman Mortgage Trust Series 2008-4 (Floating, ICE LIBOR USD 1M + 0.38%, 0.38% Floor, 7.00% Cap)(b)
0.53%, 01/25/37			568,521		125,960
Midocean Credit CLO IX Series 2018-9A (Floating, ICE LIBOR USD 3M + 1.75%, 1.75% Floor)(b)(c)
2.02%, 07/20/31			2,500,000		2,446,229
Mileage Plus Holdings LLC(c)
6.50%, 06/20/27			5,000,000		5,206,250
Morgan Stanley ABS Capital I, Inc. Series 2002-HE3 (Floating, ICE LIBOR USD 1M + 1.08%, 0.54% Floor)(b)
1.23%, 03/25/33			49,094		48,188
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE9 (Floating, ICE LIBOR USD 1M + 0.89%, 0.59% Floor)(b)
1.03%, 11/25/34			1,952,999		1,847,484

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets			Principal     Amount		Value
Nationstar HECM Loan Trust Series 2020-1A(c)(f)(g)
2.82%, 09/25/30				$	1,000,000	$	1,000,000
New Residential Investment Corp.(c)
6.25%, 10/15/25					7,000,000		6,898,360
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2007-1(h)
5.82%, 03/25/47					860,176		895,329
NP SPE II LLC Series 2019-2A(c)
6.44%, 11/19/49					2,842,420		2,836,910
Residential Asset Securitization Trust Series 2006-A6 (Floating, 5.90% - ICE LIBOR USD 1M, 5.90% Cap)(b)(e)
5.75%, 07/25/36					11,992,146		2,790,638
Start Ltd. Series 2018-1(c)
4.09%, 05/15/43					2,179,951		2,015,253
TBW Mortgage-Backed Trust Series 2006-5
6.20%, 11/25/36					9,215,000		2,234,300
Venture 32 CLO Ltd. Series 2018-32A (Floating, ICE LIBOR USD 3M + 1.10%, 1.10% Floor)(b)(c)
1.37%, 07/18/31					2,000,000		1,977,662
Venture XXVII CLO Ltd. Series 2017-27A (Floating, ICE LIBOR USD 3M + 1.30%)(b)(c)
1.57%, 07/20/30					3,145,000		3,120,344
Vericrest Opportunity Loan Trust Series 2019-NPL2 (Step to 6.97% on 03/25/22)(c)(d)
3.97%, 02/25/49					1,526,625		1,527,701
Vibrant CLO VI Ltd. Series 2017-6A (Floating, ICE LIBOR USD 3M + 1.24%)(b)(c)
1.47%, 06/20/29					3,000,000		2,981,611
WaMu Mortgage Pass-Through Certificates Trust Series 2005-AR2 (Floating, ICE LIBOR USD 1M + 0.35%, 0.35% Floor, 10.50% Cap)(b)
0.50%, 01/25/45					148,931		142,210
Wellfleet CLO Ltd. Series 2018-2 (Floating, ICE LIBOR USD 3M + 1.20%, 1.20% Floor)(b)(c)
1.47%, 10/20/31					1,000,000		989,980
							106,199,873
U.S. GOVERNMENT AGENCIES		55.2	%
Fannie Mae REMICS Series 2017-4(e)
3.50%, 05/25/41					3,707,388		143,588
Freddie Mac REMICS(e)
3.50%, 05/15/40					4,754,668		131,210
Freddie Mac REMICS(e)
4.00%, 07/15/47					13,996,075		1,436,036
Freddie Mac REMICS (Floating, 6.15% - ICE LIBOR USD 1M, 6.15% Cap)(b)(e)
6.00%, 12/15/38					5,769,149		97,954
Government National Mortgage Association Pool TBA
3.50%, 10/01/50					57,100,000		60,122,285
Government National Mortgage Association Series 2016-116(e)
3.50%, 11/20/44					15,243,688		1,556,990
Government National Mortgage Association Series 2016-60(e)
3.50%, 05/20/46					6,774,122		1,017,871

See Notes to Financial Statements.

8

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets	Principal     Amount		Value
Government National Mortgage Association Series 2017-117 (Floating, 6.20% - ICE LIBOR USD 1M, 6.20% Cap)(b)(e)
6.04%, 08/20/47		$	4,336,499	$	892,745
Government National Mortgage Association Series 2017-68 (Floating, 6.15% - ICE LIBOR USD 1M, 6.15% Cap)(b)(e)
5.99%, 05/20/47			13,938,485		2,851,479
Government National Mortgage Association Series 2019-112(e)
3.50%, 04/20/49			829,182		51,791
Government National Mortgage Association Series 2019-112(e)
3.50%, 09/20/49			2,548,905		176,104
Government National Mortgage Association Series 2019-121 (Floating, 6.05% - ICE LIBOR USD 1M, 6.05% Cap)(b)(e)
5.89%, 10/20/49			14,303,277		2,073,523
Government National Mortgage Association Series 2019-128(e)
4.00%, 10/20/49			23,761,119		2,369,841
Government National Mortgage Association Series 2019-145(e)
3.50%, 08/20/49			20,611,947		904,452
Government National Mortgage Association Series 2019-151(e)
3.00%, 12/20/49			20,470,640		2,221,034
Government National Mortgage Association Series 2019-156(e)(f)(g)
0.78%, 11/16/61			13,190,386		962,926
Government National Mortgage Association Series 2019-81(e)(f)(g)
0.94%, 02/16/61			32,400,051		2,632,138
Government National Mortgage Association Series 2020-104(e)
3.00%, 07/20/50			11,065,335		1,300,913
Government National Mortgage Association Series 2020-105(e)(f)(g)
0.98%, 03/16/62			42,895,322		3,529,950
Government National Mortgage Association Series 2020-107(e)
3.00%, 07/20/50			3,582,956		473,038
Government National Mortgage Association Series 2020-123(e)
2.50%, 08/20/50			28,542,572		3,620,728
Government National Mortgage Association Series 2020-133(e)
2.50%, 09/20/50			11,296,926		1,412,116
Government National Mortgage Association Series 2020-47(e)
3.50%, 04/20/50			11,812,317		443,666
Government National Mortgage Association Series 2020-62 (Floating, 6.15% - ICE LIBOR USD 1M, 6.15% Cap)(b)(e)
5.99%, 05/20/50			5,084,029		1,102,033
Government National Mortgage Association Series 2020-93(e)
3.00%, 04/20/50			4,952,166		240,449
					91,764,860
TOTAL MORTGAGE-BACKED SECURITIES (Cost $200,291,965)					197,964,733

See Notes to Financial Statements.

9

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage     of Net     Assets			Principal     Amount			Value
MUNICIPAL BONDS		7.5	%
GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue Bond(i)
7.50%, (41% PIK), 08/20/40				$	10,027,397		$	6,893,836
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Capital Appreciation Restructured Series
0.00%, 07/01/51					27,409,000			5,601,577
TOTAL MUNICIPAL BONDS (Cost $12,491,532)								12,495,413
	Percentage     of Net     Assets			Shares			Value
SHORT-TERM INVESTMENTS(a)		6.3	%
Northern Institutional Treasury Portfolio (Premier Class), 0.00%(j)					10,380,526			10,380,526
TOTAL SHORT-TERM INVESTMENTS (Cost $10,380,526)								10,380,526
TOTAL INVESTMENTS (Cost $228,211,015)		135.8	%					225,889,320
	Percentage     of Net     Assets			Principal Amount			Value
TBA SALE COMMITMENTS		(29.4	%)
Fannie Mae TBA
2.50%, 10/01/50					(46,650,000	)		(48,933,299	)
TOTAL TBA SALE COMMITMENTS (Cost $(49,002,545))								(48,933,299	)
NET OTHER ASSETS (LIABILITIES)		(6.4	%)					(10,653,778	)
NET ASSETS		100.0	%				$	166,302,243

^(a)All or a portion of this security is designated as collateral for the TBA security at September 30, 2020.

^(b)Floating rate security. The rate presented is the rate in effect at September 30, 2020, and the related index and spread are shown parenthetically for each security.

^(c)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(d)Step coupon bond. Rate as of September 30, 2020 is disclosed.

^(e)Interest only security.

^(f)Variable rate security. Rate as of September 30, 2020 is disclosed.

^(g)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

^(h)The interest rate on this certificate may increase 0.50% per annum after the first possible optional termination date.

⁽ⁱ⁾Security is a payment in-kind (PIK) bond and may pay all of or a portion of its coupon interest in-kind in lieu of cash. The percentage disclosed above represents the most recent PIK percentage relative to total interest paid.

^(j)7-day current yield as of September 30, 2020 is disclosed.

Abbreviations:

CLO – Collateralized Loan Obligation

TBA – To be announced

See Notes to Financial Statements.

10

ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

September 30, 2020

	River Canyon     Total Return Bond Fund
Assets:
Investments, at value (Cost: $228,211,015)	$	225,889,320
Collateral due from broker		230,000
Receivable for interest		1,289,281
Receivable for dividends		43,584
Receivable for investments sold		49,044,660
Receivable for capital shares sold		602,435
Receivable from Investment Adviser		9,853
Prepaid expenses		4,730
Total Assets		277,113,863
Liabilities:
Securities purchased payable		61,725,706
TBA sale commitments, at value (Cost: $49,002,545)		48,933,299
Capital shares redeemed payable		2,826
Accounting and Administration fees payable		74,794
Regulatory and Compliance fees payable		10,160
Accrued expenses and other payables		64,835
Total Liabilities		110,811,620
Net Assets	$	166,302,243
Institutional Shares:
Net assets	$	166,302,243
Shares of common stock outstanding		15,227,890
Net asset value per share	$	10.92
Net Assets:
Paid in capital	$	165,272,324
Distributable earnings (loss)		1,029,919
Net Assets	$	166,302,243

See Notes to Financial Statements.

11

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the year ended September 30, 2020

	River Canyon     Total Return Bond Fund
Investment Income:
Dividend income	$	26,362
Interest income		4,893,618
Non-cash interest income		141,510
Total investment income		5,061,490
Operating expenses:
Investment advisory		898,289
Accounting and Administration		178,841
Regulatory and Compliance		125,394
Trustees		52,830
Other		212,227
Total expenses before reductions		1,467,581
Expenses reduced by Adviser		(569,246	)
Net expenses		898,335
Net investment income		4,163,155
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains from investment transactions		4,063,845
Net realized gains on investments sold short		728,674
Change in unrealized appreciation (depreciation) on investments		(5,566,667	)
Change in unrealized appreciation (depreciation) on investments sold short		69,246
Net realized and unrealized losses from investment activities		(704,902	)
Change in Net Assets Resulting from Operations	$	3,458,253

See Notes to Financial Statements.

12

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	River Canyon Total Return Bond Fund
	2020			2019
Increase (decrease) in net assets:
Operations:
Net investment income	$	4,163,155		$	1,443,726
Net realized gains (losses) from investment transactions		4,792,519			1,953,013
Change in unrealized appreciation (depreciation) on investments		(5,497,421	)		1,890,037
Change in net assets resulting from operations		3,458,253			5,286,776
Dividends paid to shareholders:
From distributable earnings		(7,517,436	)		(1,539,441	)
Total dividends paid to shareholders		(7,517,436	)		(1,539,441	)
Capital Transactions:
Proceeds from sale of shares		144,873,311			91,985,857
Value of shares issued to shareholders in reinvestment of dividends		5,734,465			1,249,510
Value of shares redeemed		(95,432,695	)		(8,074,617	)
Change in net assets from capital transactions		55,175,081			85,160,750
Change in net assets		51,115,898			88,908,085
Net assets:
Beginning of year		115,186,345			26,278,260
End of year	$	166,302,243		$	115,186,345
Share Transactions:
Sold		13,412,142			8,400,510
Reinvested		529,424			115,344
Redeemed		(9,021,402	)		(731,990	)
Change		4,920,164			7,783,864

See Notes to Financial Statements.

13

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the years indicated

	River Canyon Total Return Bond Fund
	Year Ended     September 30,     2020			Year Ended     September 30,     2019			Year Ended     September 30,     2018			Year Ended     September 30,     2017			Year Ended     September 30,     2016
Net asset value, beginning of year	$	11.17		$	10.41		$	10.35		$	10.23		$	10.04
Income (loss) from operations:
Net investment income		0.33			0.24			0.46			0.38			0.29
Net realized and unrealized gains from investments		0.02			0.79			0.05			0.25			0.16
Total from investment operations		0.35			1.03			0.51			0.63			0.45
Less distributions paid:
From net investment income		(0.35	)		(0.27	)		(0.45	)		(0.39	)		(0.26	)
From net realized gains on investments		(0.25	)		—			—			(0.12	)		—
Total distributions paid		(0.60	)		(0.27	)		(0.45	)		(0.51	)		(0.26	)
Change in net asset value		(0.25	)		0.76			0.06			0.12			0.19
Net asset value, end of year	$	10.92		$	11.17		$	10.41		$	10.35		$	10.23
Total return		3.20	%		10.16	%		5.00	%		6.41	%		4.55	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	166,302		$	115,186		$	26,278		$	28,635		$	26,898
Ratio of net expenses to average net assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets		3.02	%		2.60	%		4.39	%		3.81	%		2.90	%
Ratio of gross expenses to average net assets(a)		1.06	%		1.48	%		2.43	%		1.98	%		1.81	%
Portfolio turnover rate		44.82	%		30.46	%		46.78	%		47.85	%		18.57	%

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

See Notes to Financial Statements.

14

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018. 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 River Canyon Total Return Bond Fund (the “Fund”) is a series of the Trust, and the Fund’s Institutional Shares class commenced operations on December 30, 2014. Prior to April 6, 2015 shares of the Fund were not registered under the Securities Act of 1933, as amended (the “1933 Act”). During that time, investments in the Fund were made only by individuals or entities that were “accredited investors” within the meaning of Regulation D under the 1933 Act, and shares were issued solely in private placement transactions that did not involve any “public offering” within the meaning of Section 4(a)(2) of the 1933 Act. Effective April 6, 2015, the Fund became publicly available for investment.

The Fund is a non-diversified fund, meaning it may invest in a smaller number of companies than a diversified fund. The investment objective of the Fund is to seek to maximize total 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 related to Investments 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 independent third party pricing service approved by the Trustees 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.

Debt and other fixed income securities are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. 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.

15

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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 a Level 1 in the fair value hierarchy.

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), the Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees.

In the fair value situations as 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, 2020 in valuing the Fund’s investments based upon the three fair value levels defined above:

	Level 1 -       Quoted Prices		Level 2 -   Other Significant   Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Assets:
Investments in Securities:
Common Stocks	$	5,048,648	$	—		$	—	$	5,048,648
Mortgage-Backed Securities*		—		197,964,733			—		197,964,733
Municipal Bonds		—		12,495,413			—		12,495,413
Short-Term Investments		10,380,526		—			—		10,380,526
Total Assets - Investment in Securities	$	15,429,174	$	210,460,146		$	—	$	225,889,320
Liabilities:
Investments in Securities:
TBA Sale Commitments	$	—	$	(48,933,299	)	$	—	$	(48,933,299	)
Total Investments	$	15,429,174	$	161,526,847		$	—	$	176,956,021

* See additional categories in the Schedule of Investments.

As of September 30, 2020, 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, 2020.

FORWARD COMMITMENTS

The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transaction”) consistent with the Fund’s ability to manage its investment portfolio. No interest will be earned by the Fund on such purchases until the securities are delivered, however the market value may change prior to delivery. When the Fund makes a commitment to purchase a security on a forward commitment basis, cash or liquid securities equal to the amount of such Fund’s commitments will be reserved for payment of the commitment.

The Fund may enter into TBA sale commitments to help manage portfolio duration, hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction.

16

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Unsettled TBA sale (purchase) commitments are valued at the current market value of the underlying securities. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered.

INVESTMENT TRANSACTIONS AND INCOME

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

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 a monthly 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. Prior to July 2019, the income dividends were made on a quarterly basis.

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

FEDERAL INCOME TAX INFORMATION

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

As of September 30, 2020, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s Federal tax returns for the tax years ended September 30, 2017, 2018, 2019 and 2020 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.

17

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

B. Fees and Transactions with Affiliates and Other Parties

River Canyon Fund Management LLC (the “Adviser” or “River Canyon”) serves as the investment adviser to the Fund. Under the terms of the Trust’s Investment Advisory Agreement (the “Agreement”) with the Adviser, the Fund paid the Adviser a fee computed and accrued daily and paid monthly at the annual rate of 0.65% of average daily net assets. Total fees incurred pursuant to the Agreement are reflected as “Investment advisory” fees on the Statement of Operations.

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 $25,000 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 a tiered basis-point fee based on the Fund’s daily net assets, subject to a minimum annual fee of $150,000 relating to these services, 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 asset-based fee, a basis-point fee based on the Fund’s daily net assets, subject to an overall annual minimum fee of $125,000 for these services, 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.

Certain officers and Trustees of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2020, the Trust paid each Independent Trustee compensation for their services based on an annual retainer of $120,000 and reimbursement for certain expenses. Effective April 1, 2020 the Trust pays an annual retainer of $125,000 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, 2020, the aggregate Trustee compensation paid by the Trust was $367,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” expenses on the Statement of Operations.

The Adviser has contractually agreed to waive fees or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividends, expenses on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.65% of the average daily net assets of the Fund until January 28, 2021. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date in which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage costs, interest, taxes, dividends, expenses on short positions, litigation and indemnification expenses) to exceed the applicable expense limitation in effect at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

For the year ended September 30, 2020, the Fund incurred advisory fees payable to River Canyon, expense waivers/reimbursements from River Canyon, and paid expense recoupments to River Canyon as follows:

18

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Fund	Advisory Fee to     River Canyon		Expenses Reduced     by River Canyon		Advisory Fees Recouped     by River Canyon
River Canyon Total Return Bond Fund	$	898,289	$	569,246	$	—

The balances of recoverable expenses to River Canyon by the Fund at September 30, 2020 were as follows:

For the:	Expiring	River Canyon
Year Ended September 30 , 2018	September 30, 2021	$	472,932
Year Ended September 30, 2019	September 30, 2022		451,131
Year ended September 30, 2020	September 30, 2023		569,246
Balances of Recoverable Expenses to the Adviser		$	1,493,309

C. Investment Transactions

For the year ended September 30, 2020, 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
River Canyon Total Return Bond Fund	$	134,947,132	$	47,933,979

D. Federal Income Tax

As of September 30, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Tax Cost		Tax     Unrealized     Appreciation		Tax Unrealized     (Depreciation)			Net Unrealized     Appreciation (Depreciation)
River Canyon Total Return Bond Fund	$	179,679,853	$	6,892,450	$	(9,616,282	)	$	(2,723,832	)

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2020 and September 30, 2019 for the Fund was as follows:

River Canyon Total Return Bond Fund	Ordinary Income		Net Long     Term Gains		Total Taxable     Distributions		Tax Return     of Capital		Total Distributions Paid
2020	$	4,996,188	$	2,521,248	$	7,517,436	$	—	$	7,517,436
2019		1,539,441		—		1,539,441		—		1,539,441

As of the tax year ended September 30, 2020, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized (Depreciation)			Total Accumulated Earnings
River Canyon Total Return Bond Fund		$1,781,914		$1,971,837		$3,753,751		$ —		$ —		$(2,723,832	)	$1,029,919

19

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

E. Concentration of Ownership

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.

F. Other Risks

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact on the Fund’s operations and performance.

The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, or investment value. The Fund’s investments may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. The Fund may also obtain financing at floating rates based on LIBOR. In 2017, the head of the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Fund may have investments linked to other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), which may also cease to be published. Various financial industry groups have begun planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increase volatility and illiquidity in markets for instruments whose terms currently include LIBOR. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectivenss of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. All of the aforementioned may adversely affect the Fund’s performance or NAV.

20

Deloitte & Touche LLP     111 South Wacker Drive Chicago, IL 60606-4301 USA   Tel:+1 312 486 1000 Fax:+1 312 486 1486 www.deloitte.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders of the River Canyon Total Return Bond Fund and the Board of Trustees of Advisers Investment Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the River Canyon Total Return Bond Fund (the “Fund”), one of the portfolios constituting Advisers Investment Trust (the “Trust”), as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the River Canyon Total Return Bond Fund of the Trust as of September 30, 2020, and the results of its operations, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the

21

custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

November 20, 2020

We have served as the auditor of one or more River Canyon Fund Management LLC investment companies since 2015.

22

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

A. Security Allocation as of September 30, 2020

Market Exposure
Securities	% of Net Assets
Home Equity	63.8%
U.S. Government Agencies	25.8
Municipal Bonds	7.5
Real Estate Investment Trust	3.0
Total	100.2%

5 Largest Security Positions
Issuer	% of Net Assets
Government National Mortgage Association Pool TBA
3.50%, 10/1/50	36.2%
Fannie Mae TBA
2.50%, 10/1/50	29.4
New Residential Investment Corp.
6.25%, 10/15/25	4.2
GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue Bond
7.50%, 8/20/40	4.2
CSMC Trust Series 2020-LOTS
4.72%, 7/15/22	4.1
Total	78.1%

B. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at April 1, 2020 and held for the entire period through September 30, 2020.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense Ratio	Beginning Account Value 4/1/2020		Ending Account   Value 9/30/2020		*Expenses Paid     4/1/20–9/30/20
Actual	0.65%	$	1,000.00	$	1,089.50	$	3.40
Hypothetical	0.65%	$	1,000.00	$	1,021.75	$	3.29

* Expenses are calculated using each Portfolio’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

23

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

C. Other Information

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 800-245-0371 (toll free) or 312-557-0164. Information about how the Fund voted proxies relating to portfolio securities for each 12 month period ending June 30 is available without charge, upon request, by calling the Trust at 800-245-0371 (toll free) or 312-557-0164 and on the SEC website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (or on Form N-PORT’s predecessor form, Form N-Q). The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 800-245-0371 (toll free).

D. Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
D’Ray Moore Year of Birth: 1959	Trustee	Indefinite/July 2011 to present	Independent Trustee, Diamond Hill Funds 2007 to present; Chairperson, Diamond Hill Funds 2014 to present.	12	Diamond Hill Funds
Steven R. Sutermeister Year of Birth: 1954	Trustee	Indefinite/July 2011 to present	President, Vadar Capital LLC, 2008 to 2017.	12	None
Michael M. Van Buskirk Year of Birth: 1947	Trustee	Indefinite/July 2011 to present	Independent Trustee, Boston Trust Walden Funds 1992 to present.	12	Boston Trust Walden Funds

¹ The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, Illinois 60603.

24

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940Act, and each officer of the Trust.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
David M. Whitaker Year of Birth: 19712	Trustee	Indefinite/ July 2017 to present	President, Foreside Financial Group, LLC, 2011 to present; Director, Portland Air Freight, 2011 to present; Director, National Investment Company Service Association (NICSA) 2018 to present.	12	PAF Transportation
Daniel P. Houlihan Year of Birth: 19663	Trustee	Indefinite/ March 2016 to present	Executive Vice President, The Northern Trust Company, 2008 to present; Chairman, National Investment Company Service Association (NICSA) 2017 to present; Vice Chairman, National Investment Company Service Association (NICSA) 2014 to 2017.	12	None
Barbara J. Nelligan Year of Birth: 1969	President	Indefinite/ August 2017 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017.	N/A	N/A
Rodney Ruehle Year of Birth: 1968	Chief Compliance Officer and AML Officer	Indefinite/March 2019 to present	Director, Foreside Financial Group, LLC (formerly Foreside Compliance Services, LLC) (financial services), 2016 to present; Director, Beacon Hill Fund Services, LLC, April 2008 to July 2016.	N/A	N/A
Troy Sheets Year of Birth: 1971	Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2009 to 2016.	N/A	N/A
Trent Statczar Year of Birth: 1971	Assistant Treasurer	Indefinite/July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2008 to 2016.	N/A	N/A

25

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Toni M. Bugni Year of Birth: 1973	Secretary	Indefinite/ March 2018 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present.	N/A	N/A
Deanna Y. Pellack Year of Birth: 1987	Assistant Secretary	Indefinite/March 2018 to present	Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2019 to present; Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2014 to 2019.	N/A	N/A

¹The mailing address of Messrs. Whitaker, Ruehle, Sheets, and Statczar is 690 Taylor Road, Suite 210, Gahanna, Ohio 43230. The mailing address of Messr. Houlihan and Mses. Nelligan, Bugni, and Pellack is 50 S. LaSalle Street, Chicago, IL 60603.

² Mr. Whitaker is the President of Foreside Financial Group, LLC and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

³ Mr. Houlihan is an Executive Vice President of the Northern Trust Company and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

The Fund’s Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 800-245-0371.

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River Canyon Total Return Bond Fund

Notice of Privacy Policy & Practices

SAFEGUARDING PRIVACY

The Fund recognizes and respects the privacy concerns and expectations of our customers. We are committed to maintaining the privacy and security of the personal confidential information we collect about you. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We collect nonpublic personal information about our customers from the following sources:

• Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

• Account History, including information about the transactions and balances in a customer’s account(s); and

• Correspondences including written, telephonic or electronic between a customer and the Funds or service providers to the Funds.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

The Fund may disclose all non-public personal information we collect, as described above, to companies that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services, provided they use the information solely for these purposes and they enter into a confidentiality agreement regarding the information. The Fund also may disclose non-public personal information as otherwise permitted by law.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We require service providers to the Fund:

• to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Funds; and

• to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the Fund.

Investment Adviser

River Canyon Fund Management LLC

2000 Avenue of the Stars, 11^th Floor

Los Angeles, California, 90067

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

800-245-0371 (toll free) or 312-557-0164

NTAM TREASURY ASSETS FUND

ANNUAL REPORT

SEPTEMBER 30, 2020

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

TABLE OF CONTENTS

September 30, 2020

SCHEDULE OF INVESTMENTS	1
STATEMENT OF ASSETS & LIABILITIES	4
STATEMENT OF OPERATIONS	5
STATEMENT OF CHANGES IN NET ASSETS	6
FINANCIAL HIGHLIGHTS	7
NOTES TO FINANCIAL STATEMENTS	8
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	13
ADDITIONAL INFORMATION	15

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS		76.6%
U.S. Treasury Bills		58.4%
0.14%, 10/13/20(a)			$	10,000	$	10,000
0.15%, 10/13/20(a)				79,500		79,496
0.09%, 10/15/20(a)				246,000		245,991
0.29%, 10/15/20(a)				63,650		63,643
0.07%, 10/20/20(a)				50,000		49,998
0.15%, 10/20/20(a)				65,000		64,995
0.11%, 10/22/20(a)				19,000		18,999
0.16%, 10/22/20(a)				50,000		49,995
0.16%, 11/5/20(a)				57,000		56,991
0.11%, 11/10/20(a)				11,500		11,499
0.12%, 11/10/20(a)				73,800		73,790
0.14%, 11/12/20(a)				250,000		249,959
0.19%, 11/17/20(a)				17,000		16,996
0.10%, 11/19/20(a)				436,000		435,940
0.13%, 11/19/20(a)				202,000		201,965
0.10%, 11/24/20(a)				147,800		147,777
0.18%, 11/24/20(a)				50,000		49,986
0.16%, 12/1/20(a)				115,000		114,968
0.10%, 12/3/20(a)				398,600		398,527
0.17%, 12/3/20(a)				35,000		34,990
0.18%, 12/3/20(a)				32,000		31,990
0.15%, 12/8/20(a)				60,000		59,982
0.11%, 12/10/20(a)				161,150		161,114
0.19%, 12/10/20(a)				30,000		29,989
0.11%, 12/17/20(a)				250,000		249,941
0.19%, 12/17/20(a)				100,000		99,960
0.10%, 12/24/20(a)				6,000		5,999
0.18%, 12/24/20(a)				25,000		24,990
0.12%, 1/7/21(a)				45,000		44,985
0.16%, 1/7/21(a)				50,000		49,978
0.17%, 1/7/21(a)				50,000		49,978
0.11%, 1/12/21(a)				70,000		69,978
0.15%, 1/14/21(a)				187,000		186,920
0.13%, 1/21/21(a)				145,000		144,941
0.17%, 1/28/21(a)				50,000		49,973
0.12%, 2/16/21(a)				250,000		249,884
0.12%, 2/18/21(a)				103,500		103,452
0.13%, 3/11/21(a)				33,200		33,181
0.14%, 7/15/21(a)				25,000		24,973
0.14%, 8/12/21(a)				50,000		49,939
						4,098,652
U.S. Treasury Floating Rate Notes		13.6%
(Floating, U.S. Treasury 3M Bill MMY + 0.05%) 0.15%, 10/1/20(b)				35,000		34,997

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

	Percentage of Net Assets		Principal Amount (000s)		Value (000s)
(Floating, U.S. Treasury 3M Bill MMY + 0.06%) 0.16%, 10/1/20(b)			$	250,000	$	249,992
(Floating, U.S. Treasury 3M Bill MMY + 0.11%) 0.21%, 10/1/20(b)				150,000		149,965
(Floating, U.S. Treasury 3M Bill MMY + 0.12%) 0.22%, 10/1/20(b)				99,000		99,028
(Floating, U.S. Treasury 3M Bill MMY + 0.14%) 0.24%, 10/1/20(b)				92,000		91,954
(Floating, U.S. Treasury 3M Bill MMY + 0.15%) 0.25%, 10/1/20(b)				25,000		24,997
(Floating, U.S. Treasury 3M Bill MMY + 0.30%) 0.40%, 10/1/20(b)				300,000		300,691
						951,624
U.S. Treasury Notes		4.6%
1.75%, 11/15/20				30,000		30,004
2.75%, 11/30/20				80,000		80,140
1.88%, 12/15/20				99,500		99,547
2.00%, 2/28/21				55,000		55,142
2.38%, 3/15/21				1,000		1,009
1.63%, 6/30/21				54,500		55,106
						320,948
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,371,224)						5,371,224
REPURCHASE AGREEMENTS		22.5%
Repurchase Agreements		22.5%
BNP Paribas S.A., dated 9/30/20, repurchase price $300,001, 0.06%, 10/1/20(c)				300,000		300,000
Citigroup Global Markets, Inc., dated 9/30/20, repurchase price $300,001, 0.06%, 10/1/20(d)				300,000		300,000
Fixed Income Clearing Corp., dated 9/30/20, repurchase price $675,001, 0.07%, 10/1/20(e)				675,000		675,000
JPMorgan Securities LLC, dated 9/30/20, repurchase price $300,001, 0.06%, 10/1/20(f)				300,000		300,000
						1,575,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,575,000)						1,575,000
TOTAL INVESTMENTS (Cost $6,946,224)		99.1%				6,946,224
NET OTHER ASSETS (LIABILITIES)		0.9%				66,616
NET ASSETS		100.0%			$	7,012,840

^(a)  Discount rate at the time of purchase.

^(b)  Variable rate security. Rate as of September 30, 2020 is disclosed. Maturity date represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk.

^(c)  The nature and terms of the collateral received for the repurchase agreements are as follows:

BNP Paribas S.A.	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Bills	$	3,818		0.00%		11/17/20 — 9/9/21
U.S. Treasury Bonds	$	37,736		0.00% -2.75%		8/15/25 — 2/15/48
U.S. Treasury Notes	$	264,601		0.63% — 1.13%		2/28/25 — 1/15/26
Total	$	306,155
(d) The nature and terms of the collateral received for the repurchase agreements are as follows:
Citigroup Global Markets, Inc.	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Bonds	$	306,000		1.00% — 3.38%		11/15/47 — 2/15/49

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2020

(e) The nature and terms of the collateral received for the repurchase agreements are as follows:
Fixed Income Clearing Corp.	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Notes	$	688,500		0.38%		9/30/2027
(f) The nature and terms of the collateral received for the repurchase agreements are as follows:
JPMorgan Securities LLC	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Notes	$	306,000		0.38% — 2.75%		7/15/21 — 3/31/22
At September 30, 2020 the asset allocations for the NTAM Treasury Assets Fund were:
Asset Allocation (Unaudited)					% of Net Assets
U.S. Treasury Bills						58.4%
U.S. Treasury Floating Rate Notes						13.6
U.S. Treasury Notes						4.6
Repurchase Agreements						22.5
Total						99.1%

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

September 30, 2020

Amounts in thousands	NTAM Treasury Assets Fund
Assets:
Investments, at value (Cost: $5,371,224)	$	5,371,224
Repurchase agreements, cost equals fair value		1,575,000
Cash		916
Receivable for interest		2,240
Receivable for investments sold		64,999
Prepaid expenses		21
Total Assets		7,014,400
Liabilities:
Distributions payable to shareholders		562
Investment advisory fees payable		484
Accounting and Administration fees payable		450
Regulatory and Compliance fees payable		19
Trustee fees payable		1
Accrued expenses and other payable		44
Total Liabilities		1,560
Net Assets	$	7,012,840
Net assets	$	7,012,840
Shares of common stock outstanding		7,012,259
Net asset value per share	$	1.00
Net Assets:
Paid in capital	$	7,012,205
Distributable earnings		635
Net Assets	$	7,012,840

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the year ended September 30, 2020

Amounts in thousands	NTAM Treasury Assets Fund
Investment Income:
Interest income	$	72,976
Operating expenses:
Investment advisory		7,769
Accounting and Administration		940
Regulatory and Compliance		351
Trustees		54
Other		127
Total expenses		9,241
Expenses reduced by Adviser		(2,108	)
Net expenses		7,133
Net investment income		65,843
Realized Gains from Investment Activities:
Net realized gains from investment transactions		8,486
Net realized gains from investment activities		8,486
Change in Net Assets Resulting from Operations	$	74,329

See Notes to Financial Statements.

5

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2020 and 2019

	NTAM Treasury Assets Fund
Amounts in thousands	September 30, 2020			September 30, 2019
Increase (decrease) in net assets:
Operations:
Net investment income	$	65,843		$	176,703
Net realized gains from investment transactions		8,486			183
Change in net assets resulting from operations		74,329			176,886
Dividends paid to shareholders:
From distributable earnings		(73,936	)		(176,854	)
Total dividends paid to shareholders		(73,936	)		(176,854	)
Capital Transactions:
Proceeds from sale of shares		6,703,717			888,750
Value of shares issued to shareholders in reinvestment of dividends		87,022			175,880
Value of shares redeemed		(7,815,887	)		(956,789	)
Change in net assets from capital transactions		(1,025,148	)		107,841
Change in net assets		(1,024,755	)		107,873
Net assets:
Beginning of year		8,037,595			7,929,722
End of year	$	7,012,840		$	8,037,595
Share Transactions
Sold		6,703,717			888,750
Reinvested		87,022			175,880
Redeemed		(7,815,887	)		(956,789	)
Change		(1,025,148	)		107,841

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

	NTAM Treasury Assets Fund
	Year Ended			Year Ended			Period Ended
	September 30,			September 30,			September 30,
	2020			2019			2018(a)
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00
Income (loss) from operations:
Net investment income		0.01			0.02			0.01
Net realized gains from investments(b)		—			—			—
Total from investment operations		0.01			0.02			0.01
Less distributions paid:
From net investment income		(0.01	)		(0.02	)		(0.01	)
From net realized gains on investments		(—	)(b)		(—	)(b)		—
Total distributions paid		(0.01	)		(0.02	)		(0.01	)
Change in net asset value		—			—			—
Net asset value, end of period	$	1.00		$	1.00		$	1.00
Total return(c)		1.06	%		2.28	%		0.88	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	7,012,840		$	8,037,595		$	7,929,722
Ratio of net expenses to average net assets(d)		0.10	%		0.10	%		0.10	%
Ratio of net investment income to average net assets(d)		0.93	%		2.25	%		1.81	%
Ratio of gross expenses to average net assets(d), (e)		0.13	%		0.13	%		0.13	%

(a) For the period from April 4, 2018, commencement of operations, to September 30, 2018.

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

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

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

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated June 21, 2018. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, The Trust was converted to a Delaware Statutory Trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The NTAM Treasury Assets Fund (the “Fund”) is a series of the Trust, and commenced operations on April 4, 2018. Shares of the Fund are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Investments in the Fund may be made only by individuals or entities that were “accredited investors” within the meaning of Regulation D under the 1933 Act.

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

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

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Fund. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.

A. Significant accounting policies are as follows:

INVESTMENT VALUATION

Investments are recorded at amortized cost, which approximates fair value. Under this method, investments purchased at a discount or premium are valued by accruing or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. If amortized cost does not approximate fair value, such securities will be fair valued in good faith by the Fund’s Fair Value Committee in accordance with procedures established by and under the general supervision of the Trustees.

The following is a summary of the valuation inputs used as of September 30, 2020 in valuing the Fund’s investments based upon the three fair value levels as follows:

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

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

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

Amounts in thousands	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Investments held by the NTAM Treasury Assets Fund*	$	—	$	6,946,224	$	—	$	6,946,224

* See additional categories in the Schedule of Investments.

8

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

As of September 30, 2020, there were no Level 1 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the year ended September 30, 2020.

REPURCHASE AGREEMENTS

The Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which they purchase securities for cash from a seller and agree to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and a liquidity feature which allows the Fund to resell the security quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Fund may be delayed or limited. The Fund has entered into such repurchase agreements at September 30, 2020, as reflected in the accompanying Schedule of Investments.

Amounts in thousands	Gross Amounts not Offset in the Statement of Assets and Liabilities
Counterparty	Gross Amounts of Assets         Presented in Statements of         Assets and Liablities		Financial   Instruments*			Net Amount
BNP Paribas S.A.	$	300,000	$	(300,000	)	$	—
Citigroup Global Markets, Inc.		300,000		(300,000	)		—
Fixed Income Clearing Corp		675,000		(675,000	)		—
JPMorgan Securities LLC		300,000		(300,000	)		—
	$	1,575,000	$	(1,575,000	)	$	—

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

INVESTMENT TRANSACTIONS AND INCOME

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

EXPENSE ALLOCATIONS

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

DIVIDENDS AND DISTRIBUTIONS

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

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

9

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

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

FEDERAL INCOME TAX INFORMATION

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

As of September 30, 2020, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s Federal tax returns for the tax years ended September 30, 2020, 2019, and 2018 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

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

USE OF ESTIMATES

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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 Northern Trust Investments, Inc. (the “Adviser” or “NTI”) to provide investment management services to the Fund. Total fees incurred pursuant to the Agreement are reflected as “Investment advisory” fees on the Statement of Operations. Under the terms of the Agreement, the Fund pays the Adviser a monthly fee based on the Fund’s daily net assets at the annualized rate of 0.11%.

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

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

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

Certain officers and Trustees of the Trust are affiliated with Foreside, Northern Trust, or the Placement Agent and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2020, the Trust paid each Independent Trustee compensation for their services based on an annual retainer of $120,000 and reimbursement for certain expenses. Effective April 1, 2020,

10

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

the Trust pays an annual retainer of $125,000 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, 2020, the aggregate Trustee compensation paid by the Trust was $367,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” expenses on the Statement of Operations.

The Adviser has contractually agreed to waive fees or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of the compensation paid to each Trustee, expenses associated with each Trustee’s attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board, membership dues paid to the Investment Company Institute, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.10% of the average daily net assets of the Fund until January 28, 2021. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three fiscal years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of the compensation paid to each Trustee, expenses associated with each Trustee’s attendance at Board of Trustees meetings and other Trust related travel, expenses of third party consultants engaged by the Board, membership dues paid to the Investment Company Institute, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to exceed the applicable expense limitation in effect at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

For the year ended September 30, 2020, the Fund incurred advisory fees payable to NTI, expense waivers and/or reimbursements from NTI, and paid expense recoupments to NTI, as follows:

Amounts in thousands	Advisory Fee to NTI		Expenses Reduced by NTI		Advisory Fees     Recouped by NTI
NTAM Treasury Assets Fund	$	7,769	$	2,108	$	—

The balances of recoverable expenses to NTI by the Fund at September 30, 2020 were as follows (in thousands):

For the:	Expiring		NTAM Treasury Assets Fund
Period ended September 30, 2018		September 30, 2021		$1,178
Year ended September 30, 2019		September 30, 2022		2,246
Year ended September 30, 2020		September 30, 2023		2,108
Balances of Recoverable Expenses to the Adviser				5,532

C. Other Risks

The recent global outbreak of COVID-19 has disrupted economies and markets, and the prolonged duration and economic impact is uncertain. These events can have a significant impact on the Fund’s operations and performance.

11

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2020

D. Federal Income Tax

As of September 30, 2020, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Amounts in thousands	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized     (Depreciation)			Net Unrealized     Appreciation     (Depreciation)
NTAM Treasury Assets Fund	$	6,946,382	$	—	$	(158	)	$	(158	)

The tax character of distributions paid to shareholders during the latest tax periods ended September 30, 2020 and September 30, 2019 for the Fund were as follows:

Amounts in thousands	Ordinary Income		Net Long       Term Gains		Total Taxable   Distributions Paid		Tax Return       of Capital		Total Distributions Paid
2020	$	87,018	$	—	$	87,018	$	—	$	87,018
2019		175,874		—		175,874		—		175,874

As of the latest tax year ended September 30, 2020, the components of accumulated earnings on a tax basis were as follows:

Amounts in thousands	Undistributed Ordinary Income		Undistributed Long- Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Depreciation		Total Accumulated Earnings
NTAM Treasury Assets Fund		1,355		—		1,355		(562)		—		(158)		635

12

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of Advisers Investment Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the NTAM Treasury Assets Fund (the “Fund”), one of the portfolios constituting Advisers Investment Trust (the “Trust”), as of September 30, 2020, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years then ended, the financial highlights for each of the two years then ended and for the period April 4, 2018 (commencement of operations) through September 30, 2018, and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the NTAM Treasury Assets Fund of the Trust as of September 30, 2020, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from April 4, 2018 (commencement of operations) through September 30, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures

13

included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

November 20, 2020

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

14

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

A. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at April 1, 2020 and held for the entire period through September 30, 2020.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense Ratio		Beginning Account Value 4/1/2020		Ending Account Value 9/30/2020		Expenses Paid     4/1/20–9/30/20*
Actual		0.10%	$	1,000.00	$	1,000.90	$	0.50
Hypothetical		0.10%	$	1,000.00	$	1,024.50	$	0.51

* Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

B. Other Information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by writing to the Fund at NTAM Treasury Assets Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 855-351-4583 (toll free); and (ii) on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, by calling the Fund at 855-351-4583 (toll free); and (ii) on the SEC’s website at www.sec.gov.

For relevant periods ended December 31, 2018 and prior, the Fund filed a complete Schedule of Portfolio Holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available without charge on the SEC’s website at www.sec.gov.

15

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

C. Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
D’Ray Moore Year of Birth: 1959	Trustee	Indefinite/July 2011 to present	Independent Trustee, Diamond Hill Funds 2007 to present; Chairperson, Diamond Hill Funds 2014 to present.	12	Diamond Hill Funds
Steven R. Sutermeister Year of Birth: 1954	Trustee	Indefinite/July 2011 to present	President, Vadar Capital LLC, 2008 to 2017.	12	None
Michael M. Van Buskirk Year of Birth: 1947	Trustee	Indefinite/July 2011 to present	Independent Trustee, Boston Trust Walden Funds 1992 to present.	12	Boston Trust Walden Funds
Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
David M. Whitaker Year of Birth: 19712	Trustee	Indefinite/ July 2017 to present	President, Foreside Financial Group, LLC, 2011 to present; Director, Portland Air Freight, 2011 to present; Director, National Investment Company Service Association (NICSA) 2018 to present.	12	PAF Transportation
Daniel P. Houlihan Year of Birth: 19663	Trustee	Indefinite/ March 2016 to present	Executive Vice President, The Northern Trust Company, 2008 to present; Chairman, National Investment Company Service Association (NICSA) 2017 to present; Vice Chairman, National Investment Company Service Association (NICSA) 2014 to 2017.	12	None
Barbara J. Nelligan Year of Birth: 1969	President	Indefinite/ August 2017 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017.	N/A	N/A

16

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

ADDITIONAL INFORMATION

September 30, 2020 (Unaudited)

Name, Address and Year of Birth1	Position(s) Held with the Trust	Term of Office/ Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Rodney Ruehle Year of Birth: 1968	Chief Compliance Officer and AML Officer	Indefinite/March 2019 to present	Director, Foreside Financial Group, LLC (formerly Foreside Compliance Services, LLC) (financial services), 2016 to present; Director, Beacon Hill Fund Services, LLC, April 2008 to July 2016.	N/A	N/A
Troy Sheets Year of Birth: 1971	Treasurer	Indefinite/ July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2009 to 2016.	N/A	N/A
Trent Statczar Year of Birth: 1971	Assistant Treasurer	Indefinite/July 2011 to present	Senior Director, Foreside Financial Group, LLC, 2016 to present; Director, Beacon Hill Fund Services, Inc., 2008 to 2016.	N/A	N/A
Toni M. Bugni Year of Birth: 1973	Secretary	Indefinite/ March 2018 to present	Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2011 to present.	N/A	N/A
Deanna Y. Pellack Year of Birth: 1987	Assistant Secretary	Indefinite/March 2018 to present	Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2019 to present; Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2014 to 2019.	N/A	N/A

¹The mailing address of Messrs. Whitaker, Ruehle, Sheets, and Statczar is 690 Taylor Road, Suite 210, Gahanna, Ohio 43230. The mailing address of Messr. Houlihan and Mses. Nelligan, Bugni, and Pellack is 50 S. LaSalle Street, Chicago, IL 60603.

² Mr. Whitaker is the President of Foreside Financial Group, LLC and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

³ Mr. Houlihan is an Executive Vice President of the Northern Trust Company and is therefore deemed to be an “interested person” of the Trust, as defined in the 1940 Act.

The Fund’s Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 855-351-4583.

17

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NTAM Treasury Assets Fund

(Series of the Advisers Investment Trust)

Privacy Policy

SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Advisers Investment Trust.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

· Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

· Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

· Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into a confidentiality agreements regarding the information.

INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and every year that you are a customer of the Advisers Investment Trust or anytime we make a material change to our privacy policy.

Investment Adviser

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Placement Agent

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

855-351-4583 (toll free)

(b) Not applicable.

Item 2. Code of Ethics.

As of September 30, 2020, 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 13(a)(1) hereto. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.

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.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

Independent Franchise Partners US Equity Fund

2020 $22,000

2019 $20,000

JOHCM Funds

2020 $220,000

2019 $229,500

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.

Vontobel U.S Equity Institutional Fund

2020 $22,432

2019 $21,263

The fees paid to Ernst & Young 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.

River Canyon Total Return Bond Fund

2020 $29,800

2019 $29,800

NTAM Treasury Assets Fund

2020 $26,500

2019 $26,500

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

(b) Audit-Related Fees

Independent Franchise Partners US Equity Fund

2020 $0

2019 $0

JOHCM Funds

2020 $0

2019 $0

Vontobel U.S. Equity Institutional Fund

2020 $0

2019 $0

River Canyon Total Return Bond Fund

2020 $0

2019 $0

NTAM Treasury Assets Fund

2020 $0

2019 $0

(c) Tax Fees

Independent Franchise Partners US Equity Fund

2020 $5,525

2019 $5,300

JOHCM Funds

2020 $56,745

2019 $57,825

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. The 2019 JOHCM Funds’ amount has been updated for final billings.

Vontobel Funds

2020   $5,735

2019 $50,260

The fees to Ernst & Young LLP relate to the preparation of the registrant’s tax returns, review of annual distributions, and additional tax provision support fees. The 2019 amounts include fees paid for the final tax returns for three Vontobel Funds that reorganized out of the Trust.

River Canyon Total Return Bond Fund

2020 $6,200

2019 $6,200

NTAM Treasury Assets Fund

2020 $3,300

2019 $3,300

The fees to Deloitte & Touche LLP relate to the preparation of the registrant’s tax returns and review of annual distributions.

(d) All Other Fees

Independent Franchise Partners US Equity Fund

2020 $0

2019 $0

JOHCM Funds

2020 $0

2019 $0

Vontobel Funds

2020 $0

2019 $0

River Canyon Total Return Bond Fund

2020 $0

2019 $0

NTAM Treasury Assets Fund

2020 $0

2019 $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

2020 0%

2019 0%

JOHCM Funds

2020 0%

2019 0%

Vontobel U.S. Equity Institutional Fund

2020 0%

2019 0%

River Canyon Total Return Bond Fund

2020 0%

2019 0%

NTAM Treasury Assets Fund

2020 0%

2019 0%

(f) Not applicable.

(g) Independent Franchise Partners US Equity Fund

2020 $5,525

2019 $5,300

JOHCM Funds

2020 $56,745

2019 $57,825

Vontobel Funds

2020   $5,735

2019 $50,260

River Canyon Total Return Bond Fund

2020 $6,200

2019 $6,200

NTAM Treasury Assets Fund

2020 $3,300

2019 $3,300

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The Code of Ethics that is the subject of the disclosure required by Item 2 is filed herewith.
(a)(2)	Certifications pursuant to Rule 30a-2(a) are filed herewith.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certificationpursuant to Rule 30a-2(b) is filed herewith.

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:	December 3, 2020

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:	December 3, 2020
By:	/s/ Troy A. Sheets
	Troy A. Sheets
	Treasurer and Principal Financial Officer
Date:	December 3, 2020