N-Q 1 f15-0660.htm N-Q FILING

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22538

Advisers Investment Trust

(Exact name of registrant as specified in charter)

325 John H. McConnell Blvd, Suite 150, Columbus, OH 43215

(Address of principal executive offices) (Zip code)

Beacon Hill Fund Services, Inc., 325 John McConnell Blvd., Suite 150, Columbus, OH 43215

(Name and address of agent for service)

Registrant’s telephone number, including area code: (614) 255-5550

Date of fiscal year end:		September 30th

Date of reporting period:		June 30, 2015

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. Schedule of Investments.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		96.1	%
Beverages		3.8	%
Anheuser-Busch InBev					309,246	$	37,062,012
Computers & Peripherals		3.7	%
Apple Inc.					284,283		35,656,195
Diversified Consumer Services		7.8	%
Moody’s Corp.					276,089		29,806,568
MSCI Inc.					738,529		45,456,460
							75,263,028
Food Products		10.3	%
Mondelez International Inc. - Class A					1,699,676		69,924,671
Nestle SA - REG					399,957		28,875,445
							98,800,116
Health Care Equipment & Supplies		4.1	%
Dentsply International Inc.					400,597		20,650,776
Zimmer Biomet Holdings Inc.					174,540		19,065,004
							39,715,780
Household Products		6.9	%
Kimberly Clark Corp.					255,376		27,062,195
Procter & Gamble					499,400		39,073,056
							66,135,251
Internet Software & Services		3.5	%
eBay Inc.^(a)					556,901		33,547,716
IT Services		8.1	%
Accenture PLC - Class A					802,754		77,690,532
Media		5.7	%
McGraw Hill Financial Inc.					182,796		18,361,858
Time Warner Inc.					413,488		36,142,986
							54,504,844

See notes to Schedule of Investments.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Pharmaceuticals		24.7	%
Abbott Laboratories					754,666	$	37,039,007
GlaxoSmithKline PLC					1,981,950		41,184,487
Johnson & Johnson					625,809		60,991,345
Merck & Co. Inc.					606,763		34,543,018
Novartis AG - REG					450,176		44,369,986
Zoetis Inc.					400,339		19,304,347
							237,432,190
Software		10.5	%
Microsoft Corp.					1,469,092		64,860,412
Oracle Corp.					907,948		36,590,304
							101,450,716
Tobacco		7.0	%
Philip Morris International					839,205		67,279,065
TOTAL COMMON STOCKS (Cost $765,051,153)							924,537,445
TOTAL INVESTMENTS
(Cost $765,051,153)		96.1	%				924,537,445
NET OTHER ASSETS (LIABILITIES)		3.9	%				37,829,165
NET ASSETS		100.0	%			$	962,366,610

^(a) Non-income producing security.

At June 30, 2015, the Fund’s investments were concentrated in the following countries:

	Percentage of Net Assets
United States⁽¹⁾		84.2	%
Switzerland		7.6
United Kingdom		4.3
TOTAL		96.1	%

⁽¹⁾	The Fund invests in the Belgian line of Anheuser-Busch InBev (ABI). However, consistent with the terms set out in the prospectus, the Fund defines ABI as a US Equity as its principal place of business is in the US.

See notes to Schedule of Investments.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

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 Fund’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund 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.

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 observable 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 pm EST, 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 a Level 1 in the fair value hierarchy.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

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), 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 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 June 30, 2015 in valuing the Fund’s investments based upon the three fair value levels defined above:

Portfolio		Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
IFP US Equity Fund
Common Stocks(1)	$	924,537,445	$	—	$	—	$	924,537,445
Total Investments	$	924,537,445	$	—	$	—	$	924,537,445

(1)	See investment industries in the Schedule of Investments

As of June 30, 2015, there were no Level 2 or Level 3 securities held by the Fund. The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the period ended June 30, 2015.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

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.

FEDERAL INCOME TAX INFORMATION

As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


		Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
IFP US Equity Fund	$	769,180,208	$	170,311,531	$	(14,954,294)	$	155,357,237

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		95.2	%
Consumer Discretionary		7.2	%
Galaxy Entertainment Group Ltd.					2,313,082	$	9,220,638
Genting Malaysia Bhd.					2,005,200		2,232,134
Grupo Televisa S.A.B. - ADR					364,300		14,142,126
Matahari Department Store Tbk PT					3,640,100		4,518,557
Naspers Ltd. - Class N					174,167		27,128,593
Sands China Ltd.					5,076,143		17,091,721
Vipshop Holdings Ltd. - ADR^(a)					271,870		6,049,107
Westlife Development Ltd.^(a)					205,786		969,469
							81,352,345
Consumer Staples		32.8	%
Ambev S.A. - ADR					7,226,145		44,079,484
Amorepacific Corp.					21,285		7,976,270
British American Tobacco Malaysia Bhd.					220,532		3,623,902
British American Tobacco PLC					1,082,612		58,394,842
British American Tobacco PLC (London Exchange)					258,100		13,849,178
China Resources Enterprise Ltd.					1,043,532		3,365,559
Colgate-Palmolive India Ltd.					206,782		6,623,486
CP ALL PCL - REG					10,291,800		14,092,930
Fomento Economico Mexicano S.A.B. de C.V. - ADR					316,512		28,198,054
Hindustan Unilever Ltd.					1,482,763		21,344,988
ITC Ltd.					8,393,397		41,538,616
LG Household & Health Care Ltd.					13,410		9,305,070
Nestle India Ltd.					46,113		4,599,859
Orion Corp.					6,269		5,889,921
President Chain Store Corp.					1,229,660		8,648,211
SABMiller PLC					676,257		35,088,544
Souza Cruz S.A.					1,821,552		14,312,989
Thai Beverage PCL					18,971,900		10,775,887
Tsingtao Brewery Co. Ltd. - Class H					739,511		4,488,650
Unilever Indonesia Tbk PT					3,604,276		10,678,335
Wal-Mart de Mexico S.A.B. de C.V.					8,575,238		20,857,729
							367,732,504
Energy		0.9	%
Ultrapar Participacoes S.A.					470,344		9,939,082
Financials		23.2	%
Bangkok Bank PCL - REG					1,842,810		9,739,059
Bank Central Asia Tbk PT					18,488,743		18,721,022

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value

BB Seguridade Participacoes S.A.					906,974	$	9,947,513
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros					2,050,654		7,730,104
CETIP S.A. - Mercados Organizados					372,760		4,085,961
DBS Group Holdings Ltd.					877,451		13,479,201
Habib Bank Ltd.					3,046,988		6,421,802
HDFC Bank Ltd.					281,682		4,720,430
HDFC Bank Ltd. - ADR					761,317		46,082,518
Housing Development Finance Corp. Ltd.					2,735,802		55,697,715
Itausa - Investimentos Itau S.A.					7		19
Kasikornbank PCL - REG					1,886,700		10,557,543
Kotak Mahindra Bank Ltd.					462,029		10,054,645
Link REIT (The)					2,250,828		13,182,859
Malayan Banking Bhd.					5,327,623		12,906,036
Public Bank Bhd.					1,829,200		9,075,702
Remgro Ltd.					874,403		18,395,093
Samsung Fire & Marine Insurance Co. Ltd.					36,438		9,603,991
							260,401,213
Health Care.		4.1	%
Bangkok Dusit Medical Services PCL - REG					5,257,000		3,066,213
Cipla Ltd.					1,397,976		13,509,963
Sun Pharmaceutical Industries Ltd.					2,137,100		29,351,565
							45,927,741
Information Technology		17.5	%
Alibaba Group Holding Ltd. - ADR^(a)					241,469		19,865,655
Autohome, Inc. - ADR^(a)					59,738		3,019,158
Baidu, Inc. - ADR^(a)					164,549		32,758,415
Bitauto Holdings Ltd. - ADR^(a)					65,892		3,363,786
Cielo S.A.					2,029,215		28,599,981
HCL Technologies Ltd.					1,077,238		15,558,883
Infosys Ltd.					139,294		2,153,173
Infosys Ltd. - ADR					379,462		6,014,473
NetEase, Inc. - ADR					75,457		10,931,078
Taiwan Semiconductor Manufacturing Co. Ltd.					2,486,130		11,320,918
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR					930,608		21,134,108
Tata Consultancy Services Ltd.					382,754		15,332,700
Tencent Holdings Ltd.					1,117,225		22,296,793
Yandex N.V. - Class A^(a)					246,529		3,752,171
							196,101,292

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Materials		2.0	%
Industrias Penoles S.A.B. de C.V.					536,714	$	8,740,064
Randgold Resources Ltd.					101,702		6,847,399
Randgold Resources Ltd. - ADR					103,050		6,899,197
							22,486,660
Telecommunication Services		5.0	%
Advanced Info Service PCL - REG					1,652,100		11,739,397
Bharti Airtel Ltd.					1,625,596		10,722,858
MTN Group Ltd.					734,742		13,814,913
Telekomunikasi Indonesia Persero Tbk PT					91,920,666		20,200,829
							56,477,997
Utilities		2.5	%
Power Assets Holdings Ltd.					3,023,678		27,578,231
TOTAL COMMON STOCKS (Cost $1,054,704,157)							1,067,997,065

PREFERRED STOCKS		1.0	%
Financials		1.0	%
Itausa - Investimentos Itau S.A.					3,893,854		11,158,932
TOTAL PREFERRED STOCKS (Cost $12,886,885)							11,158,932

SHORT-TERM INVESTMENTS		4.1	%
Northern Institutional
U.S. Government Select Portfolio, 0.01%					46,103,974		46,103,974
TOTAL SHORT-TERM INVESTMENTS (Cost $46,103,974)							46,103,974
TOTAL INVESTMENTS (Cost $1,113,695,016)		100.3	%				1,125,259,971
NET OTHER ASSETS (LIABILITIES)		(0.3	)%				(3,749,297	)
NET ASSETS		100.0	%			$	1,121,510,674

^(a)	Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EMERGING MARKETS EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

At June 30, 2015, the Vontobel Global Emerging Markets Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:


CONCENTRATION BY COUNTRY	% OF NET ASSETS
India	25.3	%
Brazil	11.6
United Kingdom	9.6
China	9.2
Mexico	6.4
Thailand	5.3
South Africa	5.3
Indonesia	4.8
Hong Kong	4.8
Taiwan	3.7
South Korea	2.9
Malaysia	2.5
All other countries less than 2%	4.8
Total	96.2	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		94.4	%
Consumer Discretionary		7.8	%
Las Vegas Sands Corp.					4,456	$	234,252
Naspers Ltd. - Class N					1,150		179,126
Priceline Group (The), Inc.^(a)					335		385,709
Starbucks Corp.					2,235		119,830
TJX (The) Cos., Inc.					3,600		238,212
							1,157,129
Consumer Staples		28.5	%
Alimentation Couche-Tard, Inc. - Class B					3,980		170,257
Altria Group, Inc.					11,290		552,194
British American Tobacco PLC					13,231		709,952
Coca-Cola (The) Co.					3,141		123,221
Diageo PLC					4,950		143,187
Hershey (The) Co.					1,771		157,318
ITC Ltd.					53,885		266,675
Nestle S.A. - REG					6,139		443,214
Philip Morris International, Inc.					6,514		522,227
Reckitt Benckiser Group PLC					4,885		421,235
Reynolds American, Inc.					2,391		178,512
SABMiller PLC					2,737		142,089
Unilever N.V. - CVA					9,134		380,387
							4,210,468
Energy		1.5	%
Enbridge, Inc.					4,882		228,309
Financials		20.1	%
American Tower Corp.					2,898		270,354
Berkshire Hathaway, Inc. - Class B^(a)					2,210		300,803
Charles Schwab (The) Corp.					4,600		150,190
CME Group, Inc.					1,462		136,054
HDFC Bank Ltd. - ADR					8,520		515,716
Housing Development Finance Corp. Ltd.					28,780		585,927
JPMorgan Chase & Co.					3,881		262,977
UBS Group A.G.					7,970		169,041
Wells Fargo & Co.					10,409		585,402
							2,976,464
Health Care.		15.5	%
Abbott Laboratories					4,845		237,793

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value

Biogen, Inc.^(a)					525	$	212,068
Bristol-Myers Squibb Co.					5,215		347,006
Celgene Corp.^(a)					2,995		346,626
Medtronic PLC					1,840		136,344
Novo Nordisk A/S - Class B					4,530		246,812
Regeneron Pharmaceuticals, Inc.^(a)					165		84,171
Roche Holding A.G. (Genusschein)					1,878		526,270
Zoetis, Inc.					3,155		152,134
							2,289,224
Information Technology		19.5	%
Alibaba Group Holding Ltd. - ADR^(a)					1,713		140,928
Apple, Inc.					3,878		486,398
Baidu, Inc. - ADR^(a)					1,045		208,039
Cielo S.A.					11,657		164,295
Cognizant Technology Solutions Corp. - Class A^(a)					3,824		233,608
Facebook, Inc. - Class A^(a)					925		79,333
Google, Inc. - Class C^(a)					263		136,894
MasterCard, Inc. - Class A					8,275		773,547
Tencent Holdings Ltd.					8,085		161,355
Visa, Inc. - Class A					7,365		494,560
							2,878,957
Materials		1.5	%
Martin Marietta Materials, Inc.					1,557		220,331
TOTAL COMMON STOCKS (Cost $13,560,849)							13,960,882

SHORT-TERM INVESTMENTS		5.5	%
Northern Institutional
U.S. Government Select Portfolio, 0.01%					821,391		821,391
TOTAL SHORT-TERM INVESTMENTS (Cost $821,391)							821,391
TOTAL INVESTMENTS (Cost $14,382,240)		99.9	%				14,782,273
NET OTHER ASSETS (LIABILITIES)		0.1	%				8,760
NET ASSETS		100.0	%			$	14,791,033

^(a)	Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

At June 30, 2015, the Vontobel Global Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:


CONCENTRATION BY COUNTRY	% OF NET ASSETS
United States	54.2	%
United Kingdom	12.1
India	9.3
Switzerland	7.7
China	3.5
Canada	2.7
All other countries less than 2%	4.9
Total	94.4	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		98.8	%
Consumer Discretionary		11.2	%
Cie Financiere Richemont S.A. - REG					4,128	$	335,777
Domino’s Pizza Group PLC					21,478		262,217
Hermes International					741		276,414
Naspers Ltd. - Class N					2,418		376,632
Paddy Power PLC					2,699		231,300
Persimmon PLC^(a)					10,468		324,845
Priceline Group (The), Inc.^(a)					410		472,062
Sands China Ltd.					64,242		216,307
							2,495,554
Consumer Staples		37.4	%
Alimentation Couche Tard, Inc. - Class B					7,615		325,756
Amorepacific Corp.					263		98,556
British American Tobacco PLC					24,959		1,339,255
Chocoladefabriken Lindt & Sprungli A.G. (Participation
Certificate)					66		349,007
Diageo PLC					12,408		358,923
Imperial Tobacco Group PLC					8,854		426,676
ITC Ltd.					97,900		484,503
L’Oreal S.A.					1,786		318,579
Nestle S.A. - REG					12,537		905,126
Pernod Ricard S.A.					1,767		204,086
Philip Morris International, Inc.					11,093		889,326
Reckitt Benckiser Group PLC					10,228		881,962
SABMiller PLC					12,342		640,724
Unicharm Corp.					6,200		147,395
Unilever N.V. - CVA					23,573		981,703
							8,351,577
Energy		2.1	%
Enbridge, Inc.					10,127		473,593
Financials		17.6	%
Banco Bilbao Vizcaya Argentaria S.A.					24,408		239,241
Bank of Nova Scotia (The)					6,840		353,062
Daito Trust Construction Co. Ltd.					2,375		246,068
HDFC Bank Ltd. - ADR					15,840		958,795
Housing Development Finance Corp. Ltd.					59,300		1,207,278
Link REIT (The)					28,612		167,578

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Lloyds Banking Group PLC					219,961	$	294,601
UBS Group A.G. - REG					21,259		450,897
							3,917,520
Health Care.		18.0	%
Bayer A.G. - REG					2,067		289,317
Coloplast A/S - Class B					1,994		130,839
CSL Ltd.					6,734		449,265
Essilor International S.A.					3,353		399,976
Fresenius Medical Care A.G. & Co. KGaA					2,757		227,572
Grifols S.A.					7,962		320,706
Novo Nordisk A/S - Class B					14,345		781,570
Ramsay Health Care Ltd.					8,631		409,344
Roche Holding A.G.					3,572		1,000,978
							4,009,567
Industrials		3.7	%
Bureau Veritas S.A.					16,922		389,761
DKSH Holding A.G.^(a)					2,194		158,634
SGS S.A. - REG					148		270,055
							818,450
Information Technology		6.1	%
Alibaba Group Holding Ltd. - ADR^(a)					3,779		310,898
Baidu, Inc. - ADR^(a)					2,123		422,647
Cielo S.A.					19,504		274,892
Tencent Holdings Ltd.					17,250		344,263
							1,352,700
Materials		2.1	%
Air Liquide S.A.					2,436		308,105
Silver Wheaton Corp.					9,697		168,086
							476,191
Utilities		0.6	%
Cheung Kong Infrastructure Holdings Ltd.					18,398		142,883
TOTAL COMMON STOCKS (Cost $21,691,053)							22,038,035
SHORT-TERM INVESTMENTS		1.3	%
Northern Institutional
U.S. Government Select Portfolio					275,798		275,798
TOTAL SHORT-TERM INVESTMENTS (Cost $275,798)							275,798

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL INTERNATIONAL EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares	Value
TOTAL INVESTMENTS (Cost $21,966,851)		100.1	%		$	22,313,833
NET OTHER ASSETS (LIABILITIES)		(0.1	)%			(16,267	)
NET ASSETS		100.0	%		$	22,297,566

^(a)	Non-income producing security.

At June 30, 2015, the Vontobel International Equity Institutional Fund’s investments (excluding short-term investments) were domiciled in the following countries:


CONCENTRATION BY COUNTRY	% OF NET ASSETS
United Kingdom	24.7	%
Switzerland	15.6
India	11.9
France	8.5
United States	6.1
Canada	5.9
China	4.8
Denmark	4.1
Australia	3.9
Spain	2.5
Germany	2.3
All other countries less than 2%	8.5
Total	98.8	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust registered March 1, 2011 (the “Trust Agreement”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies”. The Trust commenced operations on December 20, 2011. 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 Global Emerging Markets Equity Institutional Fund (formally known as the AIT Global Emerging Markets Opportunity Fund), Vontobel Global Equity Institutional Fund, and Vontobel International Equity Institutional Fund, (referred to individually as a “Fund” and collectively as the “Funds” or the “Vontobel Funds”) are each a series of the Trust and commenced operations on May 22, 2013, January 2, 2015, and January 2, 2015, respectively. The Funds are authorized to issue multiple classes of shares, however, only the Class I shares are currently being offered and have commenced operations. These schedules of investments and notes only relate to the Vontobel Funds.

The Funds are each diversified funds and have an investment objective of providing capital appreciation.

Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their 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.

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 each Fund’s own assumptions in determining the fair value of investments)

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 pm EST, 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 a Level 1 in the fair value hierarchy.

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

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 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 the 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.

In the fair value situations as 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 a 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.

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing each Fund’s investments based upon the three fair value levels defined above:


Porfolio	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Global Emerging Markets Equity
Institutional Fund
Common Stocks
Consumer Discretionary	$	81,352,345	$	—	$	—	$	81,352,345
Consumer Staples		353,639,574		14,092,930		—		367,732,504
Energy		9,939,082		—		—		9,939,082
Financials		260,401,213		—		—		260,401,213
Health Care		42,861,528		3,066,213		—		45,927,741
Information Technology		196,101,292		—		—		196,101,292
Materials		22,486,660		—		—		22,486,660
Telecommunications Services		56,477,997		—		—		56,477,997
Utilities		27,578,231		—		—		27,578,231
Preferred Stock⁽¹⁾		11,158,932		—		—		11,158,932
Short-Term Investments⁽¹⁾		46,103,974		—		—		46,103,974
Total Investments	$	1,108,100,828	$	17,159,143	$	—	$	1,125,259,971
Global Equity Institutional Fund
Common Stocks
Consumer Discretionary	$	1,157,129	$	—	$	—	$	1,157,129
Consumer Staples		4,210,468		—		—		4,210,468
Energy		228,309		—		—		228,309
Financials		2,976,464		—		—		2,976,464
Health Care		2,289,224		—		—		2,289,224
Information Technology		2,878,957		—		—		2,878,957
Materials		220,331		—		—		220,331
Short-Term Investments⁽¹⁾		821,391		—		—		821,391
Total Investments	$	14,782,273	$	—	$	—	$	14,782,273

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


Porfolio	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
International Equity Institutional Fund
Common Stocks
Consumer Discretionary	$	2,495,554	$	—	$	—	$	2,495,554
Consumer Staples		8,351,577		—		—		8,351,577
Energy		473,593		—		—		473,593
Financials		3,917,520		—		—		3,917,520
Health Care		4,009,567		—		—		4,009,567
Industrials		818,450		—		—		818,450
Information Technology		1,352,700		—		—		1,352,700
Materials		476,191		—		—		476,191
Utilities		142,883		—		—		142,883
Short-Term Investments⁽¹⁾		275,798		—		—		275,798
Total Investments	$	22,313,833	$	—	$	—	$	22,313,833

⁽¹⁾	See investment industries in the Schedule of Investments

As of June 30, 2015, there were no Level 3 securities held by the Funds. The Funds disclose all transfers between levels based on valuations at the end of each reporting period. At June 30, 2015, the Funds had transfers as follows:


Transfers from Level 2 to Level 1
Portfolio		Value	Reason
Global Emerging Markets Equity
Institutional Fund
Common Stocks Financials	$	10,557,543	Last trade price was applied in current period

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 trading 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.

CURRENCY TRANSACTIONS

The Funds 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 Funds’ securities and the price of the 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.

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

FEDERAL INCOME TAX INFORMATION

As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Global Emerging Markets Equity Institutional Fund	$	1,124,991,215	$	81,016,772	$	(80,748,016	)	$	268,756
Global Equity Institutional Fund		14,386,943		559,841		(164,511	)		395,330
International Equity Institutional Fund		21,969,223		770,991		(426,381	)		344,610

ADVISERS INVESTMENT TRUST
JOHCM ASIA EX-JAPAN EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		65.1	%
China		18.6	%
AAC Technologies Holdings, Inc.					649,414	$	3,661,459
Agricultural Bank of China Ltd. - Class H					4,643,000		2,494,814
Angang Steel Co. Ltd. - Class H					2,584,590		1,778,466
Anhui Conch Cement Co. Ltd. - Class H					519,319		1,812,100
BYD Electronic International Co. Ltd.^(a)					1,616,000		2,187,881
China Life Insurance Co. Ltd. - Class H					604,000		2,607,057
Ping An Insurance Group Co. of China Ltd. - Class H					249,157		3,342,409
Sinotruk Hong Kong Ltd.					2,986,048		1,802,728
SOHO China Ltd.					2,116,218		1,378,383
Yangzijiang Shipbuilding Holdings Ltd.					1,792,900		1,883,737
							22,949,034
Hong Kong		13.9	%
Cheung Kong Property Holdings Ltd.^(a)					211,116		1,751,232
China Mobile Ltd.					487,500		6,234,712
China Traditional Chinese Medicine Co. Ltd.^(a)					1,722,000		1,415,303
CK Hutchison Holdings Ltd.					168,616		2,472,548
Johnson Electric Holdings Ltd.					683,525		2,190,099
L’Occitane International S.A.					1,099,564		3,133,540
							17,197,434
India		2.2	%
Infosys Ltd. - ADR					174,326		2,763,067
Indonesia		3.7	%
AKR Corporindo Tbk PT					5,305,964		2,337,838
Indofood CBP Sukses Makmur Tbk PT					2,330,826		2,181,138
							4,518,976
Philippines		5.0	%
Alliance Global Group, Inc.					4,096,537		1,970,157
East West Banking Corp.^(a)					449,016		193,574
Emperador, Inc.					10,180,370		1,941,158
Universal Robina Corp.					496,168		2,134,510
							6,239,399
Singapore		1.1	%
ARA Asset Management Ltd.					1,058,929		1,371,750
South Korea		4.7	%
BGF retail Co. Ltd.					6,858		983,695

See notes to financial statements.

ADVISERS INVESTMENT TRUST
JOHCM ASIA EX-JAPAN EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
KT&G Corp.					18,970	$	1,607,781
POSCO					6,825		1,353,892
Samsung Fire & Marine Insurance Co. Ltd.					6,996		1,832,188
							5,777,556
Taiwan		15.9	%
Airtac International Group					312,909		1,952,788
Delta Electronics, Inc.					549,441		2,813,062
Giant Manufacturing Co. Ltd.					388,402		3,289,277
King Slide Works Co. Ltd.					200,848		2,681,906
Makalot Industrial Co. Ltd.					254,000		2,183,663
MediaTek, Inc.					154,704		2,125,127
PChome Online, Inc.					282,000		4,655,178
							19,701,001
TOTAL COMMON STOCKS (Cost $81,784,607)							80,518,217
EQUITY-LINKED SECURITIES		28.5	%
India		28.5	%
Amara Raja Batteries Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 3/14/18^(b)					319,117		4,411,575
Asian Paints Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/31/18					367,405		4,347,031
Bajaj Auto Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/22/20					85,998		3,432,380
Dr. Reddy’s Laboratories Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20					30,956		1,721,880
Dr. Reddy’s Laboratories Ltd., Issued by Standard Chartered Bank, Maturity Date 1/3/18					21,045		1,170,596
Emami Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 5/21/20					188,021		3,413,611
Glenmark Pharmaceuticals Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/28/17					322,416		5,022,911
Indiabulls Housing Finance Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 1/30/20					340,584		3,320,698
Ramco Systems Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20^(a)					155,750		1,936,242
Ramco Systems Ltd., Issued by Deustche Bank A.G. London, Maturity Date 5/15/25^(a)					75,000		932,380

See notes to financial statements.

ADVISERS INVESTMENT TRUST
JOHCM ASIA EX-JAPAN EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Tata Motors Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 4/29/20					531,331	$	2,170,521
Zee Entertainment Enterprises Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 1/30/17^(b)					600,887		3,465,753
							35,345,578
TOTAL EQUITY-LINKED SECURITIES (Cost $32,049,160)							35,345,578
TOTAL INVESTMENTS
(Cost $113,833,767)		93.6	%				115,863,795
NET OTHER ASSETS (LIABILITIES)		6.4	%				7,873,846
NET ASSETS		100.0	%			$	123,737,641

^(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 June 30, 2015 the industry sectors for the JOHCM Asia Ex-Japan Equity Fund were:


Sector Allocation	% of Net Assets
Consumer Discretionary	14.3	%
Consumer Staples	9.9
Financials	14.8
Health Care	7.6
Industrials	17.5
Information Technology	17.0
Materials	7.5
Telecommunication Services	5.0
Total	93.6	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		86.8	%
Brazil		3.1	%
BRF S.A.					60,323	$	1,274,328
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.					70,927		1,092,729
							2,367,057
China		18.9	%
Baidu, Inc. - ADR^(a)					3,637		724,054
Biostime International Holdings Ltd.					258,085		755,057
China Construction Bank Corp. - Class H					2,820,249		2,561,968
China Life Insurance Co. Ltd. - Class H					426,712		1,841,825
China Petroleum & Chemical Corp. - ADR					749		64,197
China Petroleum & Chemical Corp. - Class H					1,523,067		1,309,506
CNOOC Ltd.					195,000		276,600
CNOOC Ltd. - ADR					9,082		1,288,918
Huaneng Power International, Inc. - Class H					1,275,309		1,685,185
Industrial & Commercial Bank of China Ltd. - Class H					2,802,990		2,216,990
Lenovo Group Ltd.					470,892		647,262
Tencent Holdings Ltd.					31,367		624,536
Xinyi Solar Holdings Ltd.					776,318		319,573
							14,315,671
Greece		0.1	%
Piraeus Bank S.A.^(a)					440,057		98,119
Hong Kong		10.4	%
China Mobile Ltd.					212,500		2,717,695
China Mobile Ltd. - ADR					20,092		1,287,697
China Overseas Land & Investment Ltd.					542,837		1,913,496
Haier Electronics Group Co. Ltd.					423,927		1,136,397
Johnson Electric Holdings Ltd.					260,808		835,661
							7,890,946
India		7.4	%
HDFC Bank Ltd. - ADR					39,811		2,409,760
ICICI Bank Ltd. - ADR					148,527		1,547,651
Tata Motors Ltd. - ADR					47,028		1,621,055
							5,578,466
Jersey		1.4	%
Randgold Resources Ltd.					16,152		1,083,701

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Russia		4.1	%
M Video OJSC					197,928	$	674,980
MMC Norilsk Nickel PJSC - ADR					91,335		1,541,652
Yandex N.V. - Class A^(a)					55,571		845,791
							3,062,423
South Africa		6.5	%
Naspers Ltd. - Class N					31,766		4,911,750
South Korea		15.2	%
Hyundai Motor Co.					3,359		408,883
LG Household & Health Care Ltd.					2,019		1,388,820
NAVER Corp.					1,471		835,496
Samsung Electronics Co. Ltd.					4,875		5,537,919
SK Hynix, Inc.					65,091		2,473,976
Youngone Corp.					16,895		837,094
							11,482,188
Taiwan		17.9	%
Cathay Financial Holding Co. Ltd.					1,326,261		2,314,000
Cleanaway Co. Ltd.					89,000		525,958
Fubon Financial Holding Co. Ltd.					550,060		1,097,950
Largan Precision Co. Ltd.					14,626		1,674,658
MediaTek, Inc.					125,670		1,726,295
Novatek Microelectronics Corp.					222,755		1,074,164
Phison Electronics Corp.					112,006		969,702
Shin Kong Financial Holding Co. Ltd.					3,597,724		1,090,991
Taiwan Semiconductor Manufacturing Co. Ltd.					355,000		1,599,583
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR					38,274		869,202
Yungtay Engineering Co. Ltd.					326,439		627,352
							13,569,855

Thailand		1.8	%
PTT Global Chemical PCL - REG					640,946		1,314,133
TOTAL COMMON STOCKS (Cost $64,518,731)							65,674,309
EQUITY-LINKED SECURITIES		6.6	%
India		6.6	%
Axis Bank Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/17/17^(a)					183,591		1,607,248

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
ITC Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/22/18					303,165	$	1,498,396
Reliance Industries Ltd., Issued by Merrill Lynch Intl. & Co., Maturity Date 5/29/18					73,618		1,154,748
Tata Consultancy Services Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 1/30/17^(b)					19,265		770,139
							5,030,531
TOTAL EQUITY-LINKED SECURITIES (Cost $5,079,118)							5,030,531
PREFERRED STOCKS		1.6	%
South Korea		1.6	%
Hyundai Motor Co. - REG - GDR					887		40,513
Hyundai Motor Co. Ltd.					12,705		1,166,943
							1,207,456
TOTAL PREFERRED STOCKS (Cost $1,627,558)							1,207,456
TOTAL INVESTMENTS
(Cost $71,225,407)		95.0	%				71,912,296
NET OTHER ASSETS (LIABILITIES)		5.0	%				3,781,468
NET ASSETS		100.0	%			$	75,693,764

^(a)

Non-income producing security.

^(b)

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2015 (Unaudited)

At June 30, 2015 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:


Sector Allocation	% of Net Assets
Consumer Discretionary	14.3	%
Consumer Staples	6.5
Energy	5.4
Financials	24.7
Industrials	4.1
Information Technology	27.3
Materials	5.2
Telecommunication Services	5.3
Utilities	2.2
Total	95.0	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		84.3	%
Argentina		0.8	%
Cresud SACIF y A - ADR^(a)					3,723	$	48,473
Brazil		2.6	%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR^(a)					6,682		34,613
International Meal Co. Alimentacao S.A.^(a)					11,900		36,323
Lojas Renner S.A.					1,900		69,055
SLC Agricola S.A.					4,600		25,596
							165,587
Canada		1.2	%
Bankers Petroleum Ltd.^(a)					17,185		42,653
Canacol Energy Ltd.^(a)					16,514		36,624
							79,277
Chile		1.5	%
Cencosud S.A.					19,159		46,099
Vina Concha y Toro S.A.					28,013		48,820
							94,919
China		11.9	%
Bank of Chongqing Co. Ltd. - Class H					82,000		77,783
BYD Electronic International Co. Ltd.^(a)					54,000		73,110
China Machinery Engineering Corp. - Class H					19,000		20,279
Fufeng Group Ltd.					110,000		81,602
Geely Automobile Holdings Ltd.					65,000		34,651
Haichang Holdings Ltd.^(a)(b)					186,000		40,751
Kingdee International Software Group Co. Ltd.					106,000		62,715
Maanshan Iron & Steel Co. Ltd. - Class H^(a)					176,000		60,399
Nanjing Sinolife United Co. Ltd. - Class H					98,000		47,427
Sinosoft Technology Group Ltd.					56,000		40,755
Sunac China Holdings Ltd.					71,000		76,823
Sunny Optical Technology Group Co. Ltd.					29,000		63,783
Xinyi Solar Holdings Ltd.					178,000		73,274
							753,352
Greece		0.3	%
Hellenic Telecommunications Organization S.A.					2,845		20,807
Hong Kong		10.0	%
China Everbright Ltd.					32,000		110,696
China Traditional Chinese Medicine Co. Ltd.^(a)					92,000		75,614

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
EVA Precision Industrial Holdings Ltd.					232,000	$	68,093
Guotai Junan International Holdings Ltd.					186,000		119,756
Shenzhen International Holdings Ltd.					36,000		62,345
Sun Hung Kai & Co. Ltd.					73,000		65,520
Wasion Group Holdings Ltd.					84,000		130,394
							632,418
Hungary		0.7	%
Magyar Telekom Telecommunications PLC^(a)					32,488		45,275
India		1.0	%
WNS Holdings Ltd. - ADR^(a)					2,465		65,939
Indonesia		1.4	%
Matahari Department Store Tbk PT					36,600		45,284
Panin Financial Tbk PT^(a)					1,888,400		40,449
							85,733
Malaysia		2.8	%
Berjaya Auto Bhd.					98,280		70,331
Karex Bhd.					100,200		81,549
Top Glove Corp. Bhd.					14,600		25,734
							177,614
Mexico		3.0	%
Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR^(a)					3,248		38,781
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.^(a)					12,055		59,341
Grupo Herdez S.A.B. de C.V.					6,940		17,768
Megacable Holdings S.A.B. de C.V. - Series CPO					16,924		71,045
							186,935
Philippines		1.6	%
Robinsons Land Corp.					92,400		59,986
Security Bank Corp.					11,470		41,246
							101,232
Poland		2.8	%
Alior Bank S.A.^(a)					1,938		46,030
AmRest Holdings S.E.^(a)					1,238		48,088
CCC S.A.					1,140		52,725
Eurocash S.A.					3,195		31,721
							178,564

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Romania		1.3	%
BRD-Groupe Societe Generale^(a)					29,879	$	80,324
South Africa		2.0	%
DataTec Ltd.					17,146		90,785
Northam Platinum Ltd.^(a)					11,603		38,270
							129,055
South Korea		16.1	%
Hanmi Pharm Co. Ltd.^(a)					303		126,960
Hyundai Development Co.-Engineering & Construction					1,528		90,372
HyVision System, Inc.					2,752		26,309
Iljin Display Co. Ltd.					4,511		34,961
i-SENS, Inc.^(a)					1,164		63,460
KC Green Holdings Co. Ltd.					2,721		24,599
Korea Aerospace Industries Ltd.					1,748		124,449
Korea Investment Holdings Co. Ltd.					885		50,031
Korea Petro Chemical Ind. Co. Ltd.					177		30,575
MDS Technology Co. Ltd.					2,725		59,120
OCI Materials Co. Ltd.					1,411		163,007
S&T Motiv Co. Ltd.					1,071		63,927
Samsung Techwin Co. Ltd.^(a)					1,840		48,248
SFA Engineering Corp.					698		30,758
Simm Tech Co. Ltd.^(a)					3,709		31,121
Woongjin Thinkbig Co. Ltd.^(a)					5,811		49,155
							1,017,052
Switzerland		1.5	%
Luxoft Holding, Inc.^(a)					1,642		92,855
Taiwan		13.8	%
China Life Insurance Co. Ltd.					77,000		78,990
Chipbond Technology Corp.					37,000		80,265
LuxNet Corp.					18,000		52,038
Macauto Industrial Co. Ltd.					9,000		34,088
Makalot Industrial Co. Ltd.					10,000		85,971
PChome Online, Inc.					4,000		66,031
Silergy Corp.					8,000		81,682
Silicon Motion Technology Corp. - ADR					3,783		130,930
Tung Thih Electronic Co. Ltd.					26,000		147,437

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
XAC Automation Corp.					31,000	$	112,864
							870,296
Thailand		2.0	%
Beauty Community PCL - REG					566,800		67,797
Srisawad Power 1979 PCL - REG					51,204		60,640
							128,437
Turkey		2.4	%
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A.S.					6,502		13,337
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. - Class D					48,523		28,224
Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret A.S.					37,326		61,547
TAV Havalimanlari Holding A.S.					5,688		48,176
							151,284
United Arab Emirates		1.7	%
Al Noor Hospitals Group PLC					2,446		36,279
NMC Health PLC					5,605		70,010
							106,289
United Kingdom		1.4	%
Genel Energy PLC^(a)					4,984		39,664
International Personal Finance PLC					6,424		46,049
							85,713
United States		0.5	%
QIWI PLC - ADR					1,205		33,800
TOTAL COMMON STOCKS (Cost $4,638,727)							5,331,230
EQUITY-LINKED SECURITIES		13.5	%
China		2.4	%
Henan Pinggao Electric Co. Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 2/18/25					9,829		35,791
Shanghai Jahwa United Co. Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 3/20/20					8,068		56,343
Sinotrans Air Transportation Development Co. Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 1/21/20					11,948		56,037
							148,171
India		5.1	%
Dish TV India Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 5/4/17^(a)					28,534		47,614

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Fortis Healthcare Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 8/7/20^(a)					33,516	$	94,132
Glenmark Pharmaceuticals Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 11/25/19					1,141		17,776
LIC Housing Finance Ltd., Issued by Standard Chartered Bank, Maturity Date 3/8/18					6,873		48,561
Prestige Estates Projects Ltd., Issued by Deutsche Bank A.G. London, Maturity Date 11/6/20					9,342		36,236
Voltas Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 5/28/20					5,826		28,754
Yes Bank Ltd., Issued by CLSA Global Markets Pte Ltd., Maturity Date 11/25/19					3,938		52,040
							325,113
Ireland		6.0	%
Aisino Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19					5,754		60,155
Beiqi Foton Motor Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19					29,701		42,208
Fuyao Glass Industry Group Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 11/25/15					27,971		64,370
Glenmark Pharmaceuticals Ltd., Issued by Standard Chartered Bank, Maturity Date 7/13/19					4,961		77,287
Huangshan Tourism Development Co. Ltd., Issued by Standard Chartered Bank, Maturity Date 12/9/19					19,807		70,766
SKS Microfinance Ltd., Issued by Standard Chartered Bank, Maturity Date 12/19/19^(a)					8,717		63,743
							378,529
TOTAL EQUITY-LINKED SECURITIES (Cost $700,743)							851,813
PREFERRED STOCKS		1.0	%
Brazil		1.0	%
Suzano Papel e Celulose S.A. - Class A					12,424		66,094
TOTAL PREFERRED STOCKS (Cost $52,613)							66,094

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares	Value
TOTAL INVESTMENTS (Cost $5,392,083)		98.8	%		$	6,249,137
NET OTHER ASSETS (LIABILITIES)		1.2	%			75,379
NET ASSETS		100.0	%		$	6,324,516

^(a)		Non-income producing security.

^(b)

At June 30, 2015 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were:


Sector Allocation	% of Net Assets
Consumer Discretionary		19.0	%
Consumer Staples		5.6
Energy		1.9
Financials		19.0
Health Care		9.3
Industrials		11.2
Information Technology		23.8
Materials		7.4
Telecommunication Services		1.0
Utilities		0.6
Total		98.8	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		92.4	%
Australia		2.9	%
Newcrest Mining Ltd.^(a)					709,040	$	7,167,841
China		5.4	%
Great Wall Motor Co. Ltd. - Class H					1,291,862		6,333,025
Tencent Holdings Ltd.					362,835		7,224,262
							13,557,287
Hong Kong		3.0	%
China Mobile Ltd.					587,496		7,513,577
India		1.1	%
Tata Motors Ltd. - ADR					76,975		2,653,328
Ireland		9.3	%
Endo International PLC^(a)					100,211		7,981,806
Jazz Pharmaceuticals PLC^(a)					43,195		7,605,344
Shire PLC					95,129		7,646,771
							23,233,921
Japan		12.3	%
FANUC Corp.					39,788		8,122,557
Japan Exchange Group, Inc.					254,765		8,263,528
Omron Corp.					171,108		7,431,748
Sony Corp.^(a)					245,976		6,980,131
							30,797,964
Netherlands		3.0	%
NXP Semiconductors N.V.^(a)					76,139		7,476,850
Singapore		2.9	%
Avago Technologies Ltd.					55,381		7,361,796
South Korea		1.2	%
SK Hynix, Inc.					81,162		3,084,802
Switzerland		3.0	%
Actelion Ltd. - REG^(a)					52,040		7,631,330
Taiwan		1.4	%
Inotera Memories, Inc.^(a)					4,418,269		3,471,294

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
United Kingdom		5.7	%
Fiat Chrysler Automobiles N.V.^(a)					481,691	$	6,998,970
Reckitt Benckiser Group PLC					86,052		7,430,388
							14,429,358
United States		41.2	%
Allergan PLC^(a)					25,858		7,846,869
Biogen, Inc.^(a)					19,870		8,026,288
Celgene Corp.^(a)					69,460		8,038,953
Energizer Holdings, Inc.					55,419		7,290,369
Facebook, Inc. - Class A^(a)					97,978		8,403,083
Gilead Sciences, Inc.					69,884		8,182,019
Google, Inc. - Class C^(a)					14,271		7,428,198
Mallinckrodt PLC^(a)					65,514		7,712,308
Qorvo, Inc.^(a)					95,149		7,637,610
Twenty-First Century Fox, Inc. - Class A					237,657		7,734,547
Valeant Pharmaceuticals International, Inc.^(a)					35,494		7,884,992
Valero Energy Corp.					140,353		8,786,098
Walgreens Boots Alliance, Inc.					97,991		8,274,360
							103,245,694
TOTAL COMMON STOCKS (Cost $215,907,991)							231,625,042
MASTER LIMITED PARTNERSHIPS		3.1	%
United States		3.1	%
Blackstone Group (The) L.P.					192,877		7,882,883
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $6,602,845)							7,882,883
TOTAL INVESTMENTS (Cost $222,510,836)		95.5	%				239,507,925
NET OTHER ASSETS (LIABILITIES)		4.5	%				11,302,583
NET ASSETS		100.0	%			$	250,810,508

^(a) Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


At June 30, 2015 the industry sectors for the JOHCM Global Equity Fund were:

Sector Allocation	% of Net Assets
Consumer Discretionary		12.3	%
Consumer Staples		9.2
Energy		3.5
Financials		6.4
Health Care		31.3
Industrials		3.2
Information Technology		23.7
Materials		2.9
Telecommunication Services		3.0
Total		95.5	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		94.5	%
Australia		3.2	%
Newcrest Mining Ltd.^(a)					10,002,817	$	101,120,678
Canada		3.1	%
Valeant Pharmaceuticals International, Inc.^(a)					438,244		97,217,186
China		5.7	%
Great Wall Motor Co. Ltd. - Class H					16,886,578		82,782,149
Tencent Holdings Ltd.					4,823,993		96,048,589
							178,830,738
France		3.1	%
L’Oreal S.A.					548,386		97,767,448
Germany		9.5	%
GEA Group A.G.					2,239,731		99,876,858
Henkel A.G. & Co. KGaA					1,056,013		100,922,514
Symrise A.G.					1,608,848		99,819,706
							300,619,078
Hong Kong		2.9	%
China Mobile Ltd.					7,226,208		92,417,083
Ireland		9.5	%
Endo International PLC^(a)					1,247,035		99,326,338
Jazz Pharmaceuticals PLC^(a)					571,855		100,686,510
Shire PLC					1,222,740		98,287,721
							298,300,569
Italy		3.2	%
EXOR S.p.A.					2,080,999		99,255,351
Japan		23.8	%
CyberAgent, Inc.					1,149,906		54,448,204
Daiwa Securities Group, Inc.					13,245,508		98,939,521
FANUC Corp.					495,136		101,079,981
Japan Exchange Group, Inc.					3,124,465		101,344,781
Omron Corp.					2,296,420		99,740,599
Sony Corp.^(a)					3,266,922		92,706,379
Sysmex Corp.					1,697,764		101,060,445
Yaskawa Electric Corp.					7,851,079		100,308,203
							749,628,113

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Netherlands		3.1	%
NXP Semiconductors N.V.^(a)					996,809	$	97,886,644
Singapore		3.1	%
Avago Technologies Ltd.					732,934		97,428,916
South Korea		1.2	%
SK Hynix, Inc.					982,334		37,336,511
Switzerland		9.5	%
Actelion Ltd. - REG^(a)					686,734		100,705,107
Novartis A.G. - REG					1,012,571		100,014,508
Roche Holding A.G. (Genusschein)					356,000		99,948,238
							300,667,853
Taiwan		1.0	%
Inotera Memories, Inc.^(a)					42,123,647		33,095,219
United Kingdom		9.4	%
3i Group PLC					12,130,969		98,357,882
ITV PLC					23,797,611		98,330,144
Reckitt Benckiser Group PLC					1,144,912		98,860,456
							295,548,482
United States		3.2	%
Mallinckrodt PLC^(a)					850,788		100,154,763
TOTAL COMMON STOCKS (Cost $2,767,580,656)							2,977,274,632
TOTAL INVESTMENTS (Cost $2,767,580,656)		94.5	%				2,977,274,632
NET OTHER ASSETS (LIABILITIES)		5.5	%				173,076,478
NET ASSETS		100.0	%			$	3,150,351,110

^(a) Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


At June 30, 2015 the industry sectors for the JOHCM International Select Fund were:
Sector Allocation	% of Net Assets
Consumer Discretionary		10.4	%
Consumer Staples		9.5
Financials		12.6
Health Care		28.5
Industrials		6.4
Information Technology		17.8
Materials		6.4
Telecommunication Services		2.9
Total		94.5	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		95.3	%
Australia		2.0	%
Bradken Ltd.					801,813	$	886,217
SAI Global Ltd.					527,379		1,694,332
							2,580,549
Austria		1.4	%
Semperit A.G. Holding					42,110		1,735,185
Brazil		1.3	%
Fleury S.A.					275,243		1,620,951
Canada		4.6	%
Heroux-Devtek, Inc.^(a)					256,919		2,279,153
Laurentian Bank of Canada					40,583		1,564,184
Stella-Jones, Inc.					59,445		1,976,106
							5,819,443
China		2.7	%
Dalian Refrigeration Co. Ltd. - Class B					1,470,786		1,891,333
Dongyue Group Ltd.					4,272,000		1,538,081
							3,429,414
Finland.		1.4	%
Vaisala OYJ - Class A					68,052		1,780,805
France		7.4	%
Coface S.A.					148,700		1,728,354
Rubis S.C.A.					27,204		1,862,424
Saft Groupe S.A.					42,134		1,643,665
Stallergenes S.A.					25,785		1,574,122
Touax S.A.					46,488		769,642
Virbac S.A.					8,888		1,901,808
							9,480,015
Germany		5.1	%
Carl Zeiss Meditec A.G. - Bearer					55,270		1,412,273
Drillisch A.G.					34,983		1,558,899
Gerresheimer A.G.					32,062		1,998,005
KWS Saat S.E.					4,736		1,575,407
							6,544,584

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Hong Kong		10.0	%
Mandarin Oriental International Ltd.					1,242,850	$	1,945,433
Pico Far East Holdings Ltd.					6,378,000		2,041,947
SmarTone Telecommunications Holdings Ltd.					704,500		1,227,866
Vinda International Holdings Ltd.					1,085,000		2,272,666
Vitasoy International Holdings Ltd.					1,173,000		1,998,501
Wasion Group Holdings Ltd.					1,317,000		2,044,391
Yip’s Chemical Holdings Ltd.					2,177,000		1,185,333
							12,716,137
Indonesia		1.7	%
Bank Bukopin Tbk PT					29,720,109		1,470,528
Wijaya Karya Persero Tbk PT					4,038,100		757,255
							2,227,783
Ireland		2.7	%
FBD Holdings PLC					173,777		1,754,594
Grafton Group PLC					144,003		1,754,708
							3,509,302
Italy		4.0	%
Banca IFIS S.p.A.					83,804		1,819,394
Cembre S.p.A.					118,279		1,818,397
MARR S.p.A.					83,925		1,486,162
							5,123,953
Japan		15.1	%
Ariake Japan Co. Ltd.					59,700		2,440,989
CKD Corp.					160,100		1,833,215
Daiseki Co. Ltd.					110,700		2,138,706
GMO internet, Inc.					139,200		1,866,119
Kintetsu World Express, Inc.					39,800		1,786,499
Lintec Corp.					64,100		1,463,943
Mani, Inc.					25,700		1,705,395
Optex Co. Ltd.					88,600		1,826,740
Seria Co. Ltd.					56,000		2,126,035
Transcosmos, Inc.					78,200		2,079,773
							19,267,414
Malaysia		1.2	%
Coastal Contracts Bhd.					2,154,900		1,564,956

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Netherlands		2.4	%
Corbion N.V.					82,020	$	1,625,983
KAS Bank N.V. - CVA					121,245		1,468,037
							3,094,020
Norway		1.4	%
Borregaard ASA					249,558		1,766,254
Singapore		2.0	%
Super Group Ltd.					1,701,100		1,400,867
Tat Hong Holdings Ltd.					2,931,300		1,105,916
							2,506,783
South Korea		5.9	%
Bioland Ltd.					77,889		2,790,854
Choong Ang Vaccine Laboratory					119,396		1,663,918
Han Kuk Carbon Co. Ltd.					219,604		1,371,756
Lotte Food Co. Ltd.					2,065		1,671,156
							7,497,684
Spain		1.1	%
Construcciones y Auxiliar de Ferrocarriles S.A.					4,933		1,467,410
Sweden		6.2	%
Avanza Bank Holding AB					38,062		1,381,572
BioGaia AB - Class B					59,500		1,765,229
Industrial & Financial Systems - Class B					49,461		1,598,322
Kabe Husvagnar AB - Class B					113,019		1,373,170
Mekonomen AB					72,781		1,776,876
							7,895,169
Switzerland		2.6	%
LEM Holding S.A. - REG					2,007		1,542,101
Valiant Holding A.G. - REG					18,356		1,787,266
							3,329,367
Taiwan		3.5	%
Nak Sealing Technologies Corp.					478,000		1,437,667
Sinmag Equipment Corp.					309,660		1,712,521
Youngtek Electronics Corp.					718,305		1,340,027
							4,490,215

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Thailand		0.8	%
Khon Kaen Sugar Industry PCL - REG					7,717,200	$	1,023,613
United Kingdom.		8.8	%
A.G. Barr PLC					191,114		1,846,438
BBA Aviation PLC					307,851		1,458,034
Dart Group PLC					324,200		2,013,161
Gooch & Housego PLC					145,557		2,070,052
PayPoint PLC					130,231		2,026,899
Porvair PLC					360,000		1,754,304
							11,168,888
TOTAL COMMON STOCKS (Cost $119,791,472)							121,639,894
PREFERRED STOCKS		2.8	%
Brazil		1.2	%
Alpargatas S.A.					590,060		1,567,623
Germany		1.6	%
Draegerwerk A.G. & Co. KGaA					18,738		2,006,938
TOTAL PREFERRED STOCKS (Cost $4,101,534)							3,574,561
TOTAL INVESTMENTS
(Cost $123,893,006)		98.1	%				125,214,455
NET OTHER ASSETS (LIABILITIES)		1.9	%				2,434,699
NET ASSETS		100.0	%			$	127,649,154

^(a) Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM INTERNATIONAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)



At June 30, 2015 the industry sectors for the JOHCM International Small Cap Equity Fund were:
Sector Allocation	% of Net Assets
Consumer Discretionary	8.5	%
Consumer Staples	15.8
Financials	10.2
Health Care	12.3
Industrials	27.8
Information Technology	12.6
Materials	7.3
Telecommunication Services	2.2
Utilities	1.4
Total	98.1	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM US SMALL MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		99.6	%
Ireland		1.7	%
Jazz Pharmaceuticals PLC^(a)					547	$	96,311
United States		97.9	%
Allison Transmission Holdings, Inc.					2,861		83,713
AMC Networks, Inc. - Class A^(a)					1,117		91,426
Artisan Partners Asset Management, Inc. - Class A					3,190		148,207
Bank of the Ozarks, Inc.^(a)					2,847		130,250
Barracuda Networks, Inc.					2,963		117,394
BioMarin Pharmaceutical, Inc.^(a)					656		89,728
BorgWarner, Inc.					1,175		66,787
Bottomline Technologies de, Inc.^(a)					4,663		129,678
C&J Energy Services Ltd.					3,872		51,110
Cogent Communications Holdings, Inc.					6,247		211,398
CONMED Corp.					1,507		87,813
CoStar Group, Inc.^(a)					436		87,749
Envision Healthcare Holdings, Inc.^(a)					2,239		88,396
First American Financial Corp.					4,254		158,291
First Republic Bank					3,404		214,554
FirstMerit Corp.					6,779		141,207
FMC Corp.					1,583		83,187
Fortinet, Inc.					1,500		61,995
Guidewire Software, Inc.					1,804		95,486
HD Supply Holdings, Inc.^(a)					4,848		170,553
Helmerich & Payne, Inc.					1,748		123,094
Henry Schein, Inc.^(a)					598		84,988
Hill-Rom Holdings, Inc.					1,487		80,789
Huntsman Corp.					3,736		82,453
Imperva, Inc.					961		65,060
Jacobs Engineering Group, Inc.					1,848		75,066
Jarden Corp.					2,364		122,337
Jones Lang LaSalle, Inc.					660		112,860
Lennar Corp. - Class A					2,008		102,488
Marketo, Inc.					3,884		108,985
Martin Marietta Materials, Inc.					978		138,397
Masco Corp.					5,436		144,978
Mattel, Inc.					2,986		76,710
Molina Healthcare, Inc.					1,590		111,777
Newfield Exploration Co.^(a)					1,415		51,110

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM US SMALL MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Shares		Value
Old Dominion Freight Line, Inc.^(a)					1,531	$	105,034
Orbital ATK, Inc.					1,015		74,460
Pacira Pharmaceuticals, Inc.^(a)					723		51,131
Pinnacle Foods, Inc.					3,887		177,014
Ralph Lauren Corp.					727		96,226
Raymond James Financial, Inc.					1,502		89,489
Regal Entertainment Group - Class A					2,794		58,423
Ruckus Wireless, Inc.					6,257		64,697
Sabre Corp.					4,297		102,269
Signet Jewelers Ltd.					703		90,153
Tenet Healthcare Corp.^(a)					1,087		62,916
Tiffany & Co.					1,642		150,736
WEX, Inc.^(a)					956		108,955
WhiteWave Foods (The) Co.^(a)					3,633		177,581
Woodward, Inc.					1,553		85,399
Wright Medical Group, Inc.					4,017		105,486
XPO Logistics, Inc.					1,855		83,809
							5,473,792
TOTAL COMMON STOCKS (Cost $5,197,471)							5,570,103
TOTAL INVESTMENTS
(Cost $5,197,471)		99.6	%				5,570,103
NET OTHER ASSETS (LIABILITIES)		0.4	%				22,361
NET ASSETS		100.0	%			$	5,592,464

^(a)Non-income producing security.

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM US SMALL MID CAP EQUITY FUND
SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


At June 30, 2015 the industry sectors for the JOHCM US Small Mid Cap Equity Fund were:
Sector Allocation	% of Net Assets
Consumer Discretionary		15.3	%
Consumer Staples		6.3
Energy		4.0
Financials		17.8
Health Care		15.4
Industrials		14.7
Information Technology		16.9
Materials		5.4
Telecommunication Services		3.8
Total		99.6	%

See notes to financial statements.

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated March 1, 2011 (the “Trust Agreement”). As an investment company (as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services - Investment Companies”. The Trust commenced operations on December 20, 2011. The JOHCM Asia Ex-Japan Equity Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM Global Equity Fund, JOHCM International Select Fund, JOHCM International Small Cap Equity Fund, and JOHCM US Small Mid Cap Equity Fund (referred to individually as a “Fund” and collectively as the “Funds” or the “JOHCM Funds”) are each a diversified fund and 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 JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM International Select Fund and JOHCM US Small Mid Cap Equity 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 Class I Shares and Class II Shares. The JOHCM Emerging Markets Small Mid Cap Equity Fund and JOHCM US Small Mid Cap Equity Fund are 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 fees incurred. As of June 30, 2015, the following classes were in operation:

Fund	Commencement Date	Investment Objective
JOHCM Asia Ex-Japan Equity Fund	Class I Shares: June 26, 2014	to seek long-term capital appreciation
(“Asia Ex-Japan Fund”)	Class II Shares: June 26, 2014
	Institutional Shares: March 28, 2014
JOHCM Emerging Markets Opportunities	Class I Shares: November 21, 2012	to seek long-term capital appreciation
Fund	Class II Shares: December18, 2013
(“Emerging Markets Fund”)	Institutional Shares: November 21, 2012
JOHCM Emerging Markets Small Mid	Class I Shares: December 17, 2014	to seek long-term capital appreciation
Cap Equity Fund	Institutional Shares: December 17, 2014
(“Emerging Markets Small Mid Cap
Fund”)
JOHCM Global Equity Fund	Class I Shares: March 22, 2013	to seek long-term capital appreciation
(“Global Equity Fund”)	Institutional Shares: March 22, 2013
JOHCM International Select Fund	Class I Shares: July 29, 2009	to seek long-term capital appreciation
(“International Select Fund”)	Class II Shares: March 31, 2010
JOHCM International Small Cap Equity	Class I Shares: January 2, 2014	to seek long-term capital appreciation
Fund	Class II Shares: November 18, 2013
(“International Small Cap Fund”)	Institutional Shares: October 1, 2013
JOHCM US Small Mid Cap Equity Fund	Class I: October 31, 2014	to seek long-term capital appreciation
(“US Small Mid Cap Fund”)	Institutional Shares: October 31, 2014

Prior to November 18, 2013, the Emerging Markets Fund, Global Equity Fund, and International Select Fund, operated as the JOHCM Emerging Markets Opportunities Fund, JOHCM Global Equity Fund, and JOHCM International Select Fund (the “Predecessor Funds” or “Scotia Funds”), each a separate series of Scotia Institutional Funds. The predecessor JOHCM International Select Fund was authorized to issue two classes of shares: Class I Shares and Class II Shares. The predecessor JOHCM Emerging Markets Opportunities Fund and JOHCM Global Equity Fund were authorized to issue three classes of shares: Institutional Shares, Class I Shares and Class II Shares. Each class was distinguished by the class specific shareholder servicing fees incurred. On November 18, 2013, the Scotia Funds were reorganized into their respective JOHCM Fund, pursuant to a Plan of Reorganization approved by the Predecessor Funds’ Board of Trustees on August 1, 2013 (the “Reorganization”). At the time of Reorganization, each Scotia Fund transferred all of its assets to the corresponding JOHCM Fund in exchange for shares of the corresponding JOHCM Fund and the JOHCM Fund’s assumption of all the liabilities of the Scotia Fund. Upon closing of the Reorganization, holders of each Predecessor Fund’s Institutional Shares, Class I Shares and Class II Shares received shares of the corresponding JOHCM Fund. The Reorganization was tax-free.

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

Prior to the Reorganization, the Emerging Markets Fund, Global Equity Fund, and International Select Fund had no net assets or operations in the Trust. The cost basis of the investments transferred from each Predecessor Fund was carried forward to the corresponding JOHCM Fund for accounting and tax purposes.

Under the Funds’ organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties of the Funds. In addition, in the normal course of business, the Funds enter 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 each Fund’s own assumptions in determining the fair value of investments)

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 pm EST, 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 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 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 the Funds’ net asset value are 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.

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing each Fund’s investments based upon the three fair value levels defined above:


			Level 2 -
			Other		Level 3 -
			Significant		Significant
	Level 1 -		Observable		Unobservable
Fund	Quoted Prices		Inputs		Inputs		Total
JOHCM Asia Ex-Japan Fund
Common Stocks:
Hong Kong	$	1,751,232	$	15,446,202	$	—	$	17,197,434
India		2,763,067		—		—		2,763,067
All Other Common Stocks(1)		—		60,557,716		—		60,557,716
Equity-Linked Securities (1)		—		35,345,578		—		35,345,578
Total Investments	$	4,514,299	$	111,349,496	$	—	$	115,863,795
Emerging Markets Fund
Common Stocks:
Brazil	$	2,367,057	$	—	$	—	$	2,367,057
China		2,077,169		12,238,502		—		14,315,671
Greece		—		—		98,119		98,119
Hong Kong		1,287,697		6,603,249		—		7,890,946
India		5,578,466		—		—		5,578,466
Russia		845,791		2,216,632		—		3,062,423
Taiwan		869,202		12,700,653		—		13,569,855
All Other Common Stocks(1)		—		18,791,772		—		18,791,772
Equity-Linked Securities (1)		—		5,030,531		—		5,030,531
Preferred Stocks(1)		—		1,207,456		—		1,207,456
Total Investments	$	13,025,382	$	58,788,795	$	98,119	$	71,912,296

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

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerging Markets Small Mid Cap Fund
Common Stocks:
Argentina	$	48,473	$	—	$	—	$	48,473
Brazil		165,587		—		—		165,587
Canada		79,277		—		—		79,277
Chile		94,919		—		—		94,919
Greece		—		—		20,807		20,807
India		65,939		—		—		65,939
Mexico		186,935		—		—		186,935
South Korea		—		1,017,052		—		1,017,052
Switzerlands		92,855		—		—		92,855
Taiwan		130,930		739,366		—		870,296
United States		33,800		—		—		33,800
All Other Common Stocks(1)		—		2,655,290		—		2,655,290
Equity-Linked Securities (1)		—		851,813		—		851,813
Preferred Stocks(1)		66,094		—		—		66,094
Total Investments	$	964,809	$	5,263,521	$	20,807	$	6,249,137
Global Equity Fund
Common Stocks:
China	$	—	$	13,557,287	$	—	$	13,557,287
India		2,653,328		—		—		2,653,328
Ireland		15,587,150		7,646,771		—		23,233,921
Netherlands		7,476,850		—		—		7,476,850
Singapore		7,361,796		—		—		7,361,796
United Kingdom		6,998,970		7,430,388		—		14,429,358
United States		103,245,694		—		—		103,245,694
All Other Common Stocks(1)		—		59,666,808		—		59,666,808
Master Limited Partnerships (1)		7,882,883		—		—		7,882,883
Total Investments	$	151,206,671	$	88,301,254	$	—	$	239,507,925
International Select Fund
Common Stocks:
Canada	$	97,217,186	$	—	$	—	$	97,217,186
China		—		178,830,738		—		178,830,738
Ireland		200,012,848		98,287,721		—		298,300,569
Netherlands		97,886,644		—		—		97,886,644
Singapore		97,428,916		—		—		97,428,916
United States		100,154,763		—		—		100,154,763
All Other Common Stocks(1)		—		2,107,455,816		—		2,107,455,816
Total Investments	$	592,700,357	$	2,384,574,275	$	—	$	2,977,274,632

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

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
International Small Cap Fund
Common Stocks:
Brazil	$	1,620,951	$	—	$	—	$	1,620,951
Canada		5,819,443		—		—		5,819,443
All Other Common Stocks(1)		—		114,199,500		—		114,199,500
Preferred Stocks:
Brazil		1,567,623		—		—		1,567,623
All Other Preferred Stocks(1)		—		2,006,938		—		2,006,938
Total Investments	$	9,008,017	$	116,206,438	$	—	$	125,214,455
US Small Mid Cap Fund
Common Stocks (1)	$	5,570,103	$	—	$	—	$	5,570,103
Total Investments	$	5,570,103	$	—	$	—	$	5,570,103

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:


	Emerging Markets Fund Common Stock Greece			Emerging Markets Small Mid Cap Fund Common Stock Greece
Balance as of 9/30/2014	$	—		$	—
Purchases		—			62,658
Sales		—			(28,539	)
Realized Gain/(Loss)		—			(6,515	)
Unrealized Appreciation/(Depreciation)		—			(6,797	)
Transfer into Level 3		98,119			—
Transfer out of Level 3		—			—
Balance as of 06/30/2015	$	98,119		$	20,807
Net Appreciation/(Depreciation) From Investments Still Held at 06/30/2015	$	(494,539	)	$	(6,797	)

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The Transfers into Level 3, noted above, were due to securities being fair valued by the Funds’ Fair Value Committee. The following is information on the valuation techniques and inputs used by the Funds’ Fair Value Committee to value Level 3 securities as of June 30, 2015:

Fund	Fair Value	Valuation Technique	Unobservable Inputs
Emerging Markets Fund
Common Stocks:
Greece	$98,119	Discount to last traded price	Discount Percentage (a)
Emerging Markets Small Mid
Cap Fund
Common Stocks:
Greece	$20,807	Discount to last traded price	Discount Percentage (b)

a- Represents a 50% discount to the last traded price.

b- Represents a 20% discount to the last traded price.

The unobservable inputs noted above were considered due to the unscheduled closure of the Athens Stock Exchange and imposition of capital controls in Greece announced in late June 2015. The discount rates were determined in good faith based on the issuer type, exposure to the related events announced, and reference to observable inputs for other Greek companies with securities trading in the United States. Significant changes in these inputs may significantly impact the fair value measurement. The impact would be based on the relationship between the input and the fair value measurement. An increase in the discount percentage would reduce the value of the related security, whereas a decrease in the discount percentage would increase the value of the security.

The Funds’ policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the nine months ended June 30, 2015 for the Asia Ex-Japan Fund, Emerging Markets Small Mid Cap Fund, Global Equity Fund, International Select Fund, International Small Cap Fund and US Small Mid Cap Fund. The Emerging Markets Fund had transfers between Levels 1 and 2 as follows:


Fund		Transfers from Level 1 to Level 2	Reason
Emerging Markets Fund
Common Stocks
Thailand	$	1,314,133	Foreign equity securities were valued using a similar security.

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.

ADVISERS INVESTMENT TRUST

JOHCM FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

At June 30, 2015, the Funds held equity-linked securities issued by counterparties as follows:


Fund	Counterparty	Fair Value		% of Net Assets
Asia Ex-Japan Fund	CLSA Global Markets Products Pte Ltd.	$	10,411,200	8.4	%
Asia Ex-Japan Fund	Deustche Bank A.G. London		19,416,751	15.7	%
Asia Ex-Japan Fund	Merrill Lynch Intl. & Co		4,347,031	3.5	%
Asia Ex-Japan Fund	Standard Chartered Bank		1,170,596	0.9	%
Emerging Markets Fund	Deutsche Bank A.G. London		2,377,387	3.1	%
Emerging Markets Fund	Merrill Lynch Intl. & Co.		2,653,144	3.5	%
Emerging Markets Small Mid Cap Fund	CLSA Global Markets Products Pte Ltd.		210,950	3.3	%
Emerging Markets Small Mid Cap Fund	Deustche Bank A.G. London		213,773	3.4	%
Emerging Markets Small Mid Cap Fund	Standard Chartered Bank		427,090	6.8	%

CURRENCY TRANSACTIONS

The Funds 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 Funds’ securities and the price of the Funds’ shares. 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 security markets.

FEDERAL INCOME TAX INFORMATION

As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Asia-Ex Japan Fund	$	113,833,767	$	7,964,431	$	(5,934,403	)	$	2,030,028
Emerging Markets Fund		72,251,528		6,209,265		(6,548,497	)		(339,232	)
Emerging Markets Small Mid Cap Fund		5,402,305		999,702		(152,870	)		846,832
Global Equity Fund		222,350,534		25,122,458		(7,965,067	)		17,157,391
International Select Fund		2,775,782,174		285,864,825		(84,372,367	)		201,492,458
International Small Cap Fund		124,028,169		12,259,233		(11,072,947	)		1,186,286
US Small Mid Cap Fund		5,198,203		500,659		(128,759	)		371,900

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Principal Amount/Shares		Value

MORTGAGE-BACKED SECURITIES		87.5	%
PRIVATE		64.1	%
Home Equity		55.9	%
ACE Home Equity Loan Trust Series 2006-GP1
0.45%, 2/25/31				$	2,023,587	$	1,960,190

Bella Vista Mortgage Trust Series 2004-1
0.89%, 11/20/34					961,388		855,095

Carrington Mortgage Loan Trust Series 2006-NC2
0.34%, 6/25/36					1,300,000		1,076,118

Carrington Mortgage Loan Trust Series 2006-NC5
0.30%, 1/25/37					1,126,105		844,973

Chase Funding Trust Series 2003-3
0.73%, 4/25/33					454,209		414,906

CHL Mortgage Pass-Through Trust Series 2004-HYB8
2.37%, 1/20/35					1,098,872		1,055,794

CWHEQ Home Equity Loan Trust Series 2006-S2
5.84%, 7/25/27					1,333,409		1,452,783

Home Equity Mortgage Loan Asset-Backed Trust Series
INDS-2006-2B
0.53%, 10/25/36					2,973,675		1,881,747

Home Equity Mortgage Trust Series 2005-3
1.27%, 11/25/35					1,850,749		1,758,949

Lehman XS Trust Series 2007-4N
0.32%, 3/25/47					1,283,158		1,244,649

See notes to financial statements.

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)


	Percentage of Net Assets			Principal Amount/Shares		Value
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2007-1
5.82%, 3/25/47				$	1,419,145	$	1,434,546

							13,979,750
Other		8.2	%
Invitation Homes Trust Series 2014-SFR3^(a)
5.19%, 12/17/31					2,000,000		2,040,056

U.S. GOVERNMENT AGENCIES		23.4	%
Fannie Mae REMICS
5.96%, 2/25/41					12,275,167		1,651,783

Freddie Mac REMICS
3.00%, 7/15/44					2,569,616		2,475,930

Freddie Mac Strips
5.76%, 3/15/44					7,263,753		1,724,655

							5,852,368

TOTAL MORTGAGE-BACKED SECURITIES (Cost $21,898,620)							21,872,174
SHORT-TERM INVESTMENTS		12.6	%
Northern Institutional
Treasury Portfolio, 0.01%					3,144,772		3,144,772
TOTAL SHORT-TERM INVESTMENTS (Cost $3,144,772)							3,144,772
TOTAL INVESTMENTS (Cost $25,043,392)		100.1	%				25,016,946
NET OTHER ASSETS (LIABILITIES)		(0.1	)%				(19,201	)
NET ASSETS		100.0	%			$	24,997,745

^(a)

See notes to financial statements.

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The Advisers Investment Trust (the “Trust”) is an open-end registered investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated March 1, 2011 (the “Trust Agreement”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services-Investment Companies”. The Trust commenced operations on December 20, 2011. 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 AIT River Canyon Total Return Bond Fund (the “River Canyon Total Return Bond Fund” or the “Fund”) is a series of the Trust, and the 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”). Investments in the Fund were made only by individuals or entities that are “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 investment objective of the River Canyon Total Return Bond Fund is to seek to maximize total return.

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties of the Fund. In addition, in the normal course of business, the Fund 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.

Significant accounting policies related to Investments are as follows:

INVESTMENT VALUATION

• 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)

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

The following is a summary of the valuation inputs used as of June 30, 2015 in valuing the Fund’s investments based upon the three fair value levels defined above:


Portfolio	Level 1- Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
River Canyon Total Return Bond Fund
Mortgage-Backed Securities (1)	$	—	$	21,872,174	$	—	$	21,872,174
Short-Term Investments		3,144,772		—		—		3,144,772
Total Investments	$	3,144,772	$	21,872,174	$	—	$	25,016,946

(1)	See additional classifications in the Schedule of Investments.

As of June 30, 2015, there were no Level 3 securities held by the Fund. The Fund’s policy is to disclose transfers between levels based on valuations at the end of the reporting period. There were no transfers between Levels 1, 2 or 3 during the period ended June 30, 2015.

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO SCHEDULE OF INVESTMENTS

June 30, 2015 (Unaudited)

FEDERAL INCOME TAX INFORMATION

As of June 30, 2015, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:


	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
River Canyon Total Return Bond Fund	$	25,043,392	$	183,332	$	(209,778	)	$	(26,446	)

Item 2. 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 the disclosure controls and procedures are adequately designed and are operating effectively to reasonably ensure that information required to be disclosed by the registrant on Form N-Q is (i) accumulated and communicated to the investment company’s management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) 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 that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

The certifications required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are attached hereto.

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.


(Registrant)	Advisers Investment Trust


By (Signature and Title)		/s/ Troy A. Sheets
		Troy A. Sheets, Treasurer and Principal Financial Officer

Date:	August 26, 2015

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 (Signature and Title)		/s/ Dina Tantra
		Dina A. Tantra, President and Principal Executive Officer

Date:	August 26, 2015

By (Signature and Title)		/s/ Troy A. Sheets
		Troy A. Sheets, Treasurer and Principal Financial Officer
Date:	August 26, 2015