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)
 
 
4041 N. High St, Suite 402, Columbus, OH 43214
(Address of principal executive offices) (Zip code)
 
 
Beacon Hill Fund Services, Inc., 4041 N. High St, Suite 402, Columbus, OH 43214
(Name and address of agent for service)
 
 
Registrant’s telephone number, including area code: (614) 255-5550
 
 
Date of fiscal year end:  
September 30 th
 
 
Date of reporting period:  
December 31, 2013
 
 
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
December 31, 2013 (Unaudited)
                         
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    97.3 %            
Apparel
    2.9 %            
Coach Inc.
            330,458     $ 18,548,608  
Beverages
    7.2 %                
Anheuser-Busch InBev
            234,069       24,878,394  
PepsiCo Inc.
            247,551       20,531,880  
                      45,410,274  
Chemicals
    1.2 %                
Scotts Miracle-Gro - Class A
            122,106       7,597,435  
Computers & Peripherals
    3.7 %                
Apple Inc.
            41,521       23,297,848  
Diversified Consumer Services
    7.0 %                
Moody’s Corp.
            302,435       23,732,074  
MSCI Inc.(a)
            475,429       20,785,756  
                      44,517,830  
Food Products
    16.9 %                
General Mills Inc.
            398,387       19,883,495  
Kellogg Co.
            406,920       24,850,605  
Mondelez International Inc. - Class A
            1,125,972       39,746,812  
Nestle SA - REG
            309,803       22,678,253  
                      107,159,165  
Health Care Equipment & Supplies
    5.5 %                
Dentsply International
            305,592       14,815,100  
Zimmer Holdings Inc.
            216,019       20,130,811  
                      34,945,911  
Household Products
    11.0 %                
Colgate-Palmolive
            244,873       15,968,168  
Kimberly Clark Corp.
            194,784       20,347,137  
Procter & Gamble
            407,628       33,184,995  
                      69,500,300  
Internet Software & Services
    2.0 %                
eBay Inc.(a)
            232,046       12,737,005  
IT Services
    6.3 %                
Accenture PLC - Class A
            484,401       39,827,450  
Media
    3.5 %                
McGraw-Hill Financial Inc.
            285,572       22,331,730  
                         
 
1
 

 

 
ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                         
   
Percentage
of Net
Assets
   
Shares
   
Value
 
                     
Pharmaceuticals
    18.9 %            
Abbott Laboratories
            538,210     $ 20,629,590  
GlaxoSmithKline PLC
            1,121,426       29,925,964  
Johnson & Johnson
            324,734       29,742,387  
Novartis AG - REG
            499,068       39,833,688  
                      120,131,629  
Software
    4.5 %                
Microsoft Corp.
            766,181       28,678,155  
Tobacco
    6.7 %                
Philip Morris International
            491,151       42,793,987  
TOTAL COMMON STOCKS (Cost $513,309,113)
                    617,477,327  
TOTAL INVESTMENTS
                       
(Cost $513,309,113)
    97.3 %             617,477,327  
NET OTHER ASSETS (LIABILITIES)
    2.7 %             16,834,445  
NET ASSETS
    100.0 %           $ 634,311,772  
 
(a) Non-income producing security.
 
At December 31, 2013, the Fund’s investments were concentrated in the following countries:
         
   
Percentage
   
of Net Assets
United States(1)
    82.8 %
Switzerland
    9.8  
United Kingdom
    4.7  
TOTAL
    97.3 %
 
(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.
 
2
 

 

 
ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (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”).  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 Independent Franchise Partners US Equity Fund (the “IFP US Equity Fund” or “Fund”) is a series of the Trust. These schedule of investments and notes only relate to the IFP US Equity Fund.
 
The Fund is a non-diversified fund, meaning it may invest in a smaller number of companies than a diversified fund, and seeks to achieve an attractive long-term rate of return.
 
Under the 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.
 
3
 

 

 
ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
 
Debt and other fixed income securities are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
 
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 December 31, 2013 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)
  $ 617,477,327     $ —     $ —     $ 617,477,327  
Total Investments
  $ 617,477,327     $ —     $ —     $ 617,477,327  
 (1)   See investment industries in the Schedule of Investments
 
As of December 31, 2013, 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 December 31, 2013.
 
4
 

 

 
ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (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 December 31, 2013, 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
  $ 513,497,449     $ 104,444,840     $ (464,962 ) $     103,979,878  
 
5
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
     
 
                 
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    75.8 %            
Consumer Discretionary
    7.1 %            
Galaxy Entertainment Group Ltd.(a)
            200,420     $ 1,797,611  
Genting Malaysia Bhd.
            5,736,800       7,671,251  
Grupo Televisa S.A.B. - ADR
            343,451       10,392,827  
Kangwon Land Inc.
            166,540       4,884,079  
Samsonite International S.A.
            541,529       1,648,129  
Sands China Ltd.
            2,550,942       20,840,331  
                      47,234,228  
Consumer Staples
    30.1 %                
AMBEV S.A. - ADR
            2,676,665       19,673,488  
BIM Birlesik Magazalar A.S.
            131,500       2,655,700  
British American Tobacco Malaysia Bhd.
            179,700       3,517,742  
British American Tobacco PLC
            808,047       43,146,937  
Coca-Cola Femsa S.A.B. de C.V. - ADR
            38,350       4,669,880  
Coca-Cola Icecek A.S.
            67,915       1,635,459  
CP ALL PCL - REG
            6,661,500       8,514,394  
Dairy Farm International Holdings Ltd.
            251,100       2,385,450  
Fomento Economico Mexicano S.A.B. de C.V. - ADR
            170,902       16,726,179  
LG Household & Health Care Ltd.
            16,320       8,474,307  
Orion Corp.
            5,555       4,995,210  
SABMiller PLC
            618,086       31,390,402  
Souza Cruz S.A.(a)
            961,596       9,826,885  
Thai Beverage PCL
            14,884,800       6,369,343  
Tsingtao Brewery Co. Ltd. - Class H
            809,484       6,842,871  
Unilever Indonesia Tbk PT
            2,709,793       5,789,204  
Wal-Mart de Mexico S.A.B. de C.V. - Series V
            8,651,688       22,701,860  
                      199,315,311  
Energy
    0.7 %                
Ecopetrol S.A. - ADR
            119,652       4,600,619  
Financials
    23.2 %                
Bangkok Bank PCL - REG
            1,190,300       6,447,760  
Bank Central Asia Tbk PT
            6,537,446       5,156,901  
BB Seguridade Participacoes S.A.
            296,273       3,076,693  
BM&FBovespa S.A.
            2,965,408       13,901,627  
DBS Group Holdings Ltd.
            738,443       10,006,240  
Grupo BTG Pactual(a)
            282,080       3,268,864  
Grupo Financiero Banorte S.A.B. de C.V. - Class O
            276,536       1,935,000  
 
1
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
     
 
                 
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Grupo Financiero Santander Mexico
                 
S.A.B. de C.V. - Class B - ADR
          693,547     $ 9,459,981  
HDFC Bank Ltd. - ADR
          691,211       23,805,307  
HSBC Holdings PLC
          2,222,328       24,116,800  
Kasikornbank PCL - REG
          1,363,100       6,574,904  
Link REIT (The)
          1,664,482       8,070,944  
Malayan Banking Bhd.
          3,341,595       10,140,575  
Public Bank Bhd.
          1,654,400       9,798,614  
Remgro Ltd.
          589,536       11,679,445  
Standard Chartered PLC
          272,238       6,131,050  
                    153,570,705  
Health Care
    0.1 %                
Bangkok Dusit Medical Services PCL - REG
            256,314       916,521  
Industrials
    1.5 %                
CCR S.A.
            481,400       3,625,931  
Promotora y Operadora de Infraestructura S.A.B. de C.V.(a)
            68,112       813,911  
SM Investments Corp.
            342,585       5,488,153  
                      9,927,995  
Information Technology
    3.8 %                
Cielo S.A.(a)
            433,107       12,051,913  
NetEase, Inc. - ADR(a)
            47,500       3,733,500  
Yandex N.V. - Class A(a)
            227,260       9,806,269  
                      25,591,682  
Materials
    3.8 %                
Cia de Minas Buenaventura S.A.A. - ADR
            40,504       454,455  
Industrias Penoles S.A.B. de C.V.
            371,626       9,227,107  
Randgold Resources Ltd.
            69,036       4,332,734  
Randgold Resources Ltd. - ADR
            68,687       4,314,230  
Semen Indonesia Persero Tbk PT
            3,214,139       3,737,064  
Sociedad Quimica y Minera de Chile S.A. - ADR
            118,635       3,070,274  
                      25,135,864  
Telecommunication Services
    2.6 %                
Advanced Info Service PCL - REG
            663,800       4,030,070  
MTN Group Ltd.
            312,485       6,464,776  
Telekomunikasi Indonesia Persero Tbk PT
            38,160,797       6,741,636  
                      17,236,482  
Utilities
    2.9 %                
CPFL Energia S.A.
            31,086       251,534  
 
2
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
     
 
                 
   
Percentage
of Net
Assets
   
Shares
   
Value
 
CPFL Energia S.A. - ADR
          6,844     $ 109,573  
Power Assets Holdings Ltd.
          2,354,788       18,721,571  
                    19,082,678  
TOTAL COMMON STOCKS (Cost $538,663,378)
                  502,612,085  
PREFERRED STOCKS.
    1.2 %                
Financials
    1.2 %                
Itau Unibanco Holding S.A. - ADR
            364,867       4,951,245  
Itausa - Investimentos Itau S.A.(a)
            717,100       2,705,177  
                      7,656,422  
TOTAL PREFERRED STOCKS (Cost $7,861,074)
                    7,656,422  
EQUITY-LINKED SECURITIES
    19.1 %                
Consumer Discretionary
    0.2 %                
Westlife Development Ltd., Issued by CLSA Financial
                       
Products Ltd.(a)
            207,500       1,247,918  
Consumer Staples
    8.6 %                
Colgate-Palmolive India Ltd., Issued by CLSA Financial
                       
Products Ltd.
            126,350       2,764,462  
Hindustan Unilever Ltd., Issued by CLSA Financial Products Ltd.
            1,997,863       18,431,501  
ITC Ltd., Issued by CLSA Financial Products Ltd.
            5,305,900       27,608,179  
Nestle India Ltd., Issued by CLSA Financial Products Ltd.
            76,886       6,574,558  
United Spirits Ltd., Issued by CLSA Financial Products Ltd.
            38,600       1,627,840  
                      57,006,540  
Financials
    5.4 %                
Axis Bank Ltd., Issued by CLSA Financial Products Ltd.
            252,554       5,306,064  
Housing Development Finance Corp., Issued by CLSA Financial
                       
Products Ltd.
            1,915,850       24,612,888  
Kotak Mahindra Bank Ltd., Issued by CLSA Financial
                       
Products Ltd.
            476,800       5,613,606  
                      35,532,558  
Health Care
    3.0 %                
Cipla Ltd., Issued by CLSA Financial Products Ltd.
            1,131,511       7,331,818  
Sun Pharmaceutical Industries Ltd., Issued by CLSA Financial
                       
Products Ltd.
            1,329,182       12,193,749  
                      19,525,567  
Industrials
    0.4 %                
Havells India Ltd., Issued by CLSA Financial Products Ltd.
            220,710       2,822,076  
                         
 
3
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
     
 
                 
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Information Technology
    0.8 %            
Tata Consultancy Services Ltd., Issued by CLSA Financial
                   
Products Ltd.
            146,252     $ 5,135,667  
Materials
    0.7 %                
Asian Paints Ltd., Issued by CLSA Financial Products Ltd.
            610,317       4,834,780  
Utilities
    0.0 %                
NTPC Ltd., Issued by CLSA Financial Products Ltd.
            136,768       302,922  
TOTAL EQUITY-LINKED SECURITIES (Cost $138,633,555)
                    126,408,028  
SHORT-TERM INVESTMENTS
    5.1 %                
Northern Institutional
                       
U.S. Government Select Portfolio, 0.01%
            33,990,298       33,990,298  
TOTAL SHORT-TERM INVESTMENTS (Cost $33,990,298)
                    33,990,298  
TOTAL INVESTMENTS
                       
(Cost $719,148,305)
    101.2 %             670,666,833  
NET OTHER ASSETS (LIABILITIES)
    (1.2 )%             (7,980,088 )
NET ASSETS
    100.0 %           $ 662,686,745  
 
(a)     Non-income producing security.
 
At December 31, 2013, the AIT Global Emerging Markets Opportunity Fund’s investments (excluding short-term investments) were domiciled in the following countries:
           
CONCENTRATION BY COUNTRY
 
 
% OF NET ASSETS
India
    21.6 %
United Kingdom
    15.8  
Mexico
    11.5  
Brazil
    11.1  
Thailand
    5.0  
Malaysia
    4.7  
Hong Kong
    4.7  
Indonesia
    3.2  
Macau
    3.1  
South Korea
    2.8  
South Africa
    2.7  
All other countries less than 2%
    9.9  
Short-Term Investments and Other
    3.9  
Total
    100.0 %
 
4
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (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”). 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 Global Emerging Markets Opportunity Fund (the “Emerging Markets Fund” or the “Fund”) is a series of the Trust and commenced operations on May 22, 2013. The Fund is authorized to issue three classes of shares, however, only the Class I shares is currently being offered and has commenced operations. These schedule of investments and notes only relate to the Fund.
 
The Fund is a diversified fund and has an investment objective of providing capital appreciation.
 
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
 
Investments are recorded at fair value.  Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

●
Level 1 — quoted prices in active markets for identical assets
   
●
Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
   
●
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.
 
Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 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.
 
5
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (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 December 31, 2013 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
 
 Emerging Markets Fund
                       
Common Stocks(1)
  $ 158,955,445     $ 343,656,640     $ —     $ 502,612,085  
Preferred Stock(1)
    4,951,245       2,705,177       —       7,656,422  
Equity-Linked Securities(1)
    —       126,408,028       —       126,408,028  
Short-Term Investment(1)
    33,990,298       —       —       33,990,298  
Total Investments
  $ 197,896,988     $ 472,769,845     $ —     $ 670,666,833  
 (1)   See investment industries in the Schedule of Investments
 
6
 

 

 
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
 
The Fund discloses all transfers between levels based on valuations at the end of each reporting period. At December 31, 2013, the Fund had transfers as follows:
           
Transfers from Level 2 to Level 1
 
Value
 
Reason
 Common Stocks
  $ 48,138,864  
Foreign equity securities were valued at unadjusted quoted market prices
 
EQUITY-LINKED SECURITIES
 
The Fund may invest in equity-linked securities, also known as participation notes.  The Fund may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts.  These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.  At December 31, 2013 the Fund held equity-linked securities issued by counterparty, CLSA Financial Products Ltd, which represented 19.1% of the Fund’s net assets.
 
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. 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 December 31, 2013, 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)
 
 Emerging Markets Fund
  $ 720,535,900     $ 16,257,342     $ (66,126,409 )   $ (49,869,067 )

7
 

 


 
ADVISERS INVESTMENT TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    86.5 %            
Brazil
    2.5 %            
Localiza Rent a Car S.A.(a)
            2,405     $ 33,948  
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e
                       
Identificacao S.A
            600       8,208  
                      42,156  
China
    18.7 %                
Baidu Inc. - ADR(a)
            30       5,336  
Biostime International Holdings Ltd.
            3,279       29,254  
China Construction Bank Corp. - Class H
            70,351       53,425  
China Life Insurance Co. Ltd. - Class H
            3,482       10,981  
CNOOC Ltd. - ADR
            246       46,164  
ENN Energy Holdings Ltd.
            3,096       22,974  
Giant Interactive Group Inc. - ADR
            1,765       19,839  
Hengan International Group Co. Ltd.
            2,600       30,827  
Industrial & Commercial Bank of China Ltd. - Class H
            66,684       45,339  
Lenovo Group Ltd.
            37,000       45,167  
Xinyi Solar Holdings Ltd.(a)
            22,318       4,605  
                      313,911  
Hong Kong
    9.7 %                
China Mobile Ltd. - ADR
            985       51,506  
China Overseas Land & Investment Ltd.
            11,731       33,134  
China Resources Land Ltd.
            8,000       19,909  
Haier Electronics Group Co. Ltd.
            7,314       21,303  
Lee & Man Paper Manufacturing Ltd.
            26,477       17,498  
Xinyi Glass Holdings Ltd.
            22,318       19,776  
                      163,126  
India
    4.6 %                
HDFC Bank Ltd. - ADR
            1,212       41,741  
Tata Motors Ltd. - ADR
            1,167       35,944  
                      77,685  
Jersey
    1.1 %                
Randgold Resources Ltd.
            303       19,012  
Korea
    16.5 %                
Hana Tour Service Inc.
            296       18,174  
Hyundai Motor Co.
            26       5,890  
Hyundai Motor Co. - Reg - GDR
            662       39,062  
 
1
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
LG Household & Health Care Ltd.
          61     $ 31,764  
NAVER Corp.
          37       25,499  
NHN Entertainment Corp.(a)
          17       1,556  
Samsung Electronics Co. Ltd.
          10       13,070  
Samsung Electronics Co. Ltd. - Reg
          100       65,359  
SK Hynix Inc.(a)
          1,160       40,515  
Youngone Corp.
          860       34,771  
                    275,660  
Malaysia
    4.1 %                
AMMB Holdings Bhd.
            16,000       35,388  
Gamuda Bhd.
            22,600       33,151  
                      68,539  
Netherlands
    1.0 %                
Yandex N.V. - Class A(a)
            395       17,044  
Russia
    7.5 %                
M Video OJSC
            1,866       16,969  
Mobile Telesystems OJSC - ADR
            1,823       39,432  
Sberbank of Russia - ADR
            5,455       68,892  
                      125,293  
South Africa
    7.9 %                
MTN Group Ltd.
            1,667       34,587  
Naspers Ltd. - Class N
            930       97,240  
                      131,827  
Taiwan
    11.4 %                
Asustek Computer Inc.
            2,441       21,979  
Cathay Financial Holding Co. Ltd.
            15,313       24,802  
Cleanaway Co. Ltd.
            2,000       13,067  
Fubon Financial Holding Co. Ltd.
            22,000       32,203  
Novatek Microelectronics Corp.
            4,755       19,498  
Shin Kong Financial Holding Co. Ltd.
            73,451       25,417  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
            1,944       33,903  
Yungtay Engineering Co. Ltd.
            6,894       19,800  
                      190,669  
Thailand
    1.5 %                
PTT Global Chemical PCL - Reg
            10,400       25,003  
TOTAL COMMON STOCKS (Cost $1,312,598)
                    1,449,925  
                         
 
2
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
EQUITY-LINKED SECURITIES
    6.3 %            
India
    6.3 %            
Exide Industries Ltd., Issued by CLSA Financial Products Ltd.,
                   
Maturity Date 6/30/15
            12,312     $ 24,590  
HCL Technologies Ltd., Issued by CLSA Financial Products Ltd.,
                       
Maturity Date 5/20/15(b)
            795       16,253  
HCL Technologies Ltd., Issued by Deutsche Bank,
                       
Maturity Date 1/17/17
            591       12,083  
Petronet LNG Ltd., Issued by CLSA Financial Products Ltd.,
                       
Maturity Date 5/20/15(a)
            9,037       17,855  
Petronet LNG Ltd., Issued by Deutsche Bank,
                       
Maturity Date 8/14/18(a)(b)
            1,500       2,964  
Tata Consultancy Services Ltd., Issued by CLSA Financial
                       
Products Ltd., Maturity Date 5/26/15(b)
            709       24,943  
Tata Consultancy Services Ltd., Issued by Deutsche Bank,
                       
Maturity Date 1/30/17(a)(b)
            172       6,051  
                      104,739  
TOTAL EQUITY-LINKED SECURITIES (Cost $106,692)
                    104,739  
PREFERRED STOCKS
    3.1 %                
Korea
    3.1 %                
Samsung Electronics Co. Ltd.
            54       51,975  
TOTAL PREFERRED STOCKS (Cost $43,404)
                    51,975  
TOTAL INVESTMENTS
                       
(Cost $1,462,694)
    95.9 %             1,606,639  
NET OTHER ASSETS (LIABILITIES)
    4.1 %             68,820  
NET ASSETS
    100.0 %           $ 1,675,459  
   
(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.
 
3
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

At December 31, 2013 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:
 
       
Sector Allocation
 
% of Net Assets
Consumer Discretionary
  18.7 %
Consumer Staples
  5.4  
Energy
  4.0  
Financials
  23.4  
Industrials
  6.5  
Information Technology
  25.3  
Materials
  3.7  
Telecommunication Services
  7.5  
Utilities
  1.4  
Other
  4.1  
Total
  100.0 %
 
4
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    76.7 %            
Canada
    2.1 %            
Valeant Pharmaceuticals International Inc.(a)
            5,773     $ 677,750  
China
    3.9 %                
Baidu Inc. - ADR(a)
            3,896       693,020  
Tencent Holdings Ltd.
            8,421       541,047  
                      1,234,067  
Finland
    1.7 %                
Nokia OYJ(a)
            66,159       533,775  
Germany
    3.3 %                
Adidas A.G.
            4,136       527,266  
Hugo Boss A.G.
            3,764       536,048  
                      1,063,314  
Ireland
    2.1 %                
Jazz Pharmaceuticals PLC(a)
            5,346       676,590  
Israel
    2.1 %                
Check Point Software Technologies Ltd.(a)
            10,549       680,621  
Japan
    8.5 %                
Japan Exchange Group Inc.
            18,070       514,488  
Omron Corp.
            4,143       183,369  
SoftBank Corp.
            5,823       510,459  
Sumitomo Mitsui Trust Holdings Inc.
            97,372       514,406  
Sysmex Corp.
            8,547       504,833  
Yaskawa Electric Corp.
            30,101       477,377  
                      2,704,932  
Korea
    1.7 %                
SK Hynix Inc.(a)
            15,321       535,111  
Netherlands
    4.3 %                
Chicago Bridge & Iron Co. N.V.
            8,287       688,981  
NXP Semiconductor N.V.(a)
            14,752       677,560  
                      1,366,541  
Singapore
    2.1 %                
Avago Technologies Ltd.
            12,863       680,324  
Sweden
    1.7 %                
Hexagon AB - Class B
            16,673       528,791  
                         
 
5
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Switzerland
    4.9 %            
Actelion Ltd. - Reg(a)
            6,110     $ 517,952  
Givaudan S.A. - Reg(a)
            365       522,920  
UBS A.G. - Reg(a)
            27,819       529,961  
                      1,570,833  
Taiwan
    1.6 %                
MediaTek Inc.
            33,073       492,800  
United Kingdom
    2.2 %                
WPP PLC
            29,740       682,471  
United States
    34.5 %                
Actavis PLC(a)
            4,092       687,456  
Apollo Global Management LLC - Class A
            21,895       692,101  
Blackstone Group (The) L.P.
            21,664       682,416  
CBS Corp. - Class B - Non Voting
            10,648       678,704  
eBay Inc.(a)
            12,551       688,924  
Gilead Sciences Inc.(a)
            9,028       678,454  
Google Inc. - Class A(a)
            611       684,754  
KKR & Co. L.P.
            28,245       687,483  
LyondellBasell Industries N.V. - Class A
            8,532       684,949  
Maxim Integrated Products Inc.
            24,288       677,878  
Micron Technology Inc.(a)
            31,336       681,871  
Stanley Black & Decker Inc.
            8,343       673,197  
Starbucks Corp.
            8,630       676,506  
Twenty-First Century Fox Inc. - Class A
            19,357       680,979  
Valero Energy Corp.
            13,936       702,375  
Westlake Chemical Corp.
            5,600       683,592  
                      10,941,639  
TOTAL COMMON STOCKS (Cost $21,849,965)
                    24,369,559  
INVESTMENT COMPANIES
    2.2 %                
iShares MSCI EAFE ETF
            10,140       679,988  
TOTAL INVESTMENT COMPANIES (Cost $680,012)
                    679,988  
TOTAL INVESTMENTS
                       
(Cost $22,529,977)
    78.9 %             25,049,547  
NET OTHER ASSETS (LIABILITIES)
    21.1 %             6,709,677  
NET ASSETS
    100.0 %           $ 31,759,224  
   
(a)
Non-income producing security.
 
6
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM GLOBAL EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

At December 31, 2013 the industry sectors for the JOHCM Global Equity Fund were:
     
       
Sector Allocation
 
% of Net Assets
Consumer Discretionary
    11.9 %
Energy
    2.2  
Financials
    11.4  
Health Care
    11.8  
Industrials
    4.3  
Information Technology
    27.5  
Materials
    6.0  
Telecommunication Services
    1.6  
Short-Term Investments and Other
    23.3  
Total
    100.0 %
         
 
7
 

 

 
 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)

                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    93.2 %            
Canada
    2.5 %            
Valeant Pharmaceuticals International Inc.(a)
            172,441     $ 20,230,263  
China
    2.5 %                
Tencent Holdings Ltd.
            306,698       19,705,259  
Finland
    2.4 %                
Nokia OYJ(a)
            2,409,477       19,439,797  
Germany
    16.9 %                
Adidas A.G.
            151,726       19,342,363  
Brenntag A.G.
            105,627       19,622,549  
GEA Group A.G.
            391,816       18,653,437  
Henkel A.G. & Co. KGaA
            183,843       19,166,921  
Hugo Boss A.G.
            133,278       18,980,691  
Symrise A.G.
            413,756       19,071,160  
Wirecard A.G.
            489,822       19,374,529  
                      134,211,650  
Ireland
    2.5 %                
Jazz Pharmaceuticals PLC(a)
            158,713       20,086,717  
Israel
    2.5 %                
Check Point Software Technologies Ltd.(a)
            307,322       19,828,416  
Italy
    4.9 %                
Exor S.p.A.
            482,283       19,227,415  
Tod’s S.p.A.
            117,130       19,554,700  
                      38,782,115  
Japan
    20.1 %                
J Front Retailing Co. Ltd.
            2,484,562       18,843,114  
Japan Exchange Group Inc.
            687,298       19,568,704  
Japan Securities Finance Co. Ltd.
            2,519,145       19,638,707  
Omron Corp.
            151,878       6,722,120  
SoftBank Corp.
            214,457       18,799,860  
Sumitomo Mitsui Trust Holdings Inc.
            3,546,569       18,736,136  
Sysmex Corp.
            311,336       18,389,225  
Tokai Tokyo Financial Holdings Inc.
            2,121,918       20,579,057  
Yaskawa Electric Corp.
            1,138,389       18,053,924  
                      159,330,847  
Korea
    2.5 %                
SK Hynix Inc.(a)
            559,452       19,539,783  
                         
 
8
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                         
                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Netherlands
    5.1 %            
Chicago Bridge & Iron Co. N.V.
            238,688     $ 19,844,520  
NXP Semiconductor N.V.(a)
            440,807       20,246,266  
                      40,090,786  
Qatar
    2.3 %                
Industries Qatar QSC
            388,328       18,016,863  
Singapore
    2.5 %                
Avago Technologies Ltd.
            373,107       19,733,629  
Sweden
    2.5 %                
Hexagon AB - Class B
            621,192       19,701,341  
Switzerland
    9.7 %                
Actelion Ltd. - REG(a)
            229,733       19,474,737  
Credit Suisse Group A.G. - REG(a)
            621,404       19,078,254  
Givaudan S.A. - REG(a)
            13,598       19,481,289  
UBS A.G. - REG(a)
            1,013,288       19,303,462  
                      77,337,742  
United Kingdom
    9.3 %                
3i Group PLC
            3,033,846       19,355,639  
Intermediate Capital Group PLC
            2,153,018       14,984,551  
ITV PLC
            6,184,099       19,878,092  
Sage Group (The) PLC
            1       7  
WPP PLC
            851,891       19,549,115  
                      73,767,404  
United States
    5.0 %                
Actavis PLC(a)
            118,083       19,837,944  
LyondellBasell Industries N.V. - Class A
            245,803       19,733,065  
                      39,571,009  
TOTAL COMMON STOCKS (Cost $574,065,884)
                    739,373,621  
TOTAL INVESTMENTS
                       
(Cost $574,065,884)
    93.2 %             739,373,621  
NET OTHER ASSETS (LIABILITIES)
    6.8 %             54,181,922  
NET ASSETS
    100.0 %           $ 793,555,543  
 
(a) Non-income producing security.
 
9
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
At December 31, 2013 the industry sectors for the JOHCM International Select Fund were:
         
Sector Allocation
 
% of Net Assets
Consumer Discretionary
    14.6 %
Energy
    2.4  
Financials
    21.5  
Health Care
    12.4  
Industrials
    9.6  
Information Technology
    23.0  
Materials
    7.3  
Telecommunication Services
    2.4  
Short-Term Investments and Other
    6.8  
Total
    100.0 %
 
10
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                         
                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
COMMON STOCKS
    93.2 %            
Australia
    4.5 %            
Bradken Ltd.
            81,478     $ 438,846  
Codan Ltd.
            325,986       326,925  
SAI Global Ltd.
            114,424       397,034  
                      1,162,805  
Austria
    1.3 %                
Semperit A.G. Holding
            6,847       340,428  
Brazil
    1.3 %                
Fleury S.A.
            42,000       327,918  
Canada
    2.7 %                
Laurentian Bank of Canada
            7,982       352,568  
Stella-Jones Inc.
            13,623       349,472  
                      702,040  
China
    1.5 %                
Dalian Refrigeration Co. Ltd. - Class B
            408,000       388,213  
Finland
    4.1 %                
Amer Sports OYJ
            19,089       398,498  
Vacon PLC
            3,792       305,216  
Vaisala OYJ - Class A(a)
            10,864       347,198  
                      1,050,912  
France
    5.9 %                
Rubis S.C.A.
            6,442       408,598  
Saft Groupe S.A.
            12,358       425,073  
Touax S.A.
            11,515       300,040  
Virbac S.A.
            1,778       380,156  
                      1,513,867  
Germany
    6.5 %                
Carl Zeiss Meditec A.G. - Bearer
            9,705       323,695  
Drillisch A.G.
            12,065       349,434  
Gerresheimer A.G.
            5,063       354,283  
KWS Saat A.G.
            891       306,806  
Pfeiffer Vacuum Technology A.G.
            2,451       333,994  
                      1,668,212  
                         
 
11
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                         
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Hong Kong
    6.6 %            
Pico Far East Holdings Ltd.
            853,000     $ 298,138  
SmarTone Telecommunications Holdings Ltd.
            296,500       339,030  
Vitasoy International Holdings Ltd.
            279,000       430,289  
Wasion Group Holdings Ltd.
            503,000       308,588  
Yip’s Chemical Holdings Ltd.
            381,000       329,263  
                      1,705,308  
Indonesia
    1.9 %                
Bank Bukopin Tbk PT
            5,050,500       257,336  
Wijaya Karya Persero Tbk PT
            1,809,000       235,738  
                      493,074  
Ireland
    3.0 %                
FBD Holdings PLC
            15,994       390,552  
Grafton Group PLC
            35,842       383,846  
                      774,398  
Italy
    4.7 %                
Banca IFIS S.p.A.
            25,319       451,305  
Cembre S.p.A.
            28,415       351,480  
MARR S.p.A.
            24,772       412,386  
                      1,215,171  
Japan
    11.0 %                
Daiseki Co. Ltd.
            16,000       313,565  
GMO internet Inc.
            22,700       298,324  
Kintetsu World Express Inc.
            7,700       310,004  
Lintec Corp.
            18,100       335,525  
Nakanishi Inc.
            2,000       286,186  
Nippon Shokubai Co. Ltd.
            29,500       326,069  
Pigeon Corp.
            6,900       334,978  
Rohto Pharmaceutical Co. Ltd.
            20,000       305,217  
Seria Co. Ltd.
            8,600       346,161  
                      2,856,029  
Korea
    5.1 %                
Cheil Worldwide Inc.(a)
            12,190       318,033  
Han Kuk Carbon Co. Ltd.
            46,930       366,749  
Lotte Food Co. Ltd.
            500       353,723  
TK Corp.(a)
            13,574       284,338  
                      1,322,843  
                         
 
12
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                   
   
Percentage
of Net
Assets
   
Shares
   
Value
 
Malaysia
    2.5 %            
Coastal Contracts Bhd.
            362,000     $ 379,193  
United Plantations Bhd.
            35,300       280,383  
                      659,576  
Netherlands
    1.3 %                
KAS Bank N.V. - CVA
            24,840       333,105  
Singapore
    3.9 %                
Goodpack Ltd.
            235,000       363,688  
Super Group Ltd.
            112,000       337,787  
Tat Hong Holdings Ltd.
            432,000       308,288  
                      1,009,763  
Spain
    1.4 %                
Construcciones y Auxiliar de Ferrocarriles S.A.
            681       360,633  
Sweden
    5.4 %                
Avanza Bank Holding AB
            11,161       365,035  
Industrial & Financial Systems - Class B
            13,052       313,460  
Kabe Husvagnar AB - Class B
            17,571       315,827  
Mekonomen AB
            12,932       398,793  
                      1,393,115  
Switzerland
    2.8 %                
Kaba Holding A.G. - Class B - REG(a)
            820       398,540  
LEM Holding S.A. - REG
            407       318,438  
                      716,978  
Taiwan
    4.5 %                
Nak Sealing Technologies Corp.
            140,000       442,530  
Sinmag Equipment Corp.
            74,000       391,475  
Youngtek Electronics Corp.
            168,000       341,292  
                      1,175,297  
Thailand
    0.9 %                
Khon Kaen Sugar Industry PCL - Class F
            642,700       234,705  
                         
 
13
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
                         
   
Percentage
of Net
Assets
   
Shares
   
Value
 
United Kingdom
    10.4 %            
BBA Aviation PLC
            68,217     $ 363,124  
Britvic PLC
            36,153       415,489  
Gooch & Housego PLC
            37,246       441,601  
PayPoint PLC
            19,998       335,943  
Rathbone Brothers PLC
            13,214       353,491  
RPS Group PLC
            74,715       416,255  
Synergy Health PLC
            17,872       356,452  
                      2,682,355  
TOTAL COMMON STOCKS (Cost $23,289,839)
                    24,086,745  
PREFERRED STOCKS
    1.1 %                
Germany
    1.1 %                
Draegerwerk A.G. & Co. KGaA
            2,220       289,965  
TOTAL PREFERRED STOCKS (Cost $274,048)
                    289,965  
RIGHTS
    0.0 %                
Indonesia
    0.0 %                
Bank Bukopin Tbk PT(a)
            1,683,109       —  
TOTAL RIGHTS (Cost $ — )
                    —  
TOTAL INVESTMENTS
                       
(Cost $23,563,887)
    94.3 %             24,376,710  
NET OTHER ASSETS (LIABILITIES)
    5.7 %             1,466,386  
NET ASSETS
    100.0 %           $ 25,843,096  
(a)
Non-income producing security.
 
14
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM INTERNATIONAL SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
At December 31, 2013 the industry sectors for the JOHCM International Small Cap Equity Fund were:
         
Sector Allocation
 
% of Net Assets
Consumer Discretionary
    8.0 %
Consumer Staples
    12.0  
Financials
    9.7  
Health Care
    10.2  
Industrials
    31.7  
Information Technology
    10.4  
Materials
    8.0  
Telecommunication Services
    2.7  
Utilities
    1.6  
Short-Term Investments and Other
    5.7  
Total
    100.0 %
 
15
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM FUNDS
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (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”). 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 JOHCM Emerging Markets Opportunities Fund, JOHCM Global Equity Fund, JOHCM International Select Fund, and JOHCM International Small Cap Equity Fund, (referred to individually as a “Fund” and collectively as the “Funds” or the “JOHCM Funds”) are each a series of the Trust. These schedule of investments and notes only relate to the JOHCM Funds.
 
The JOHCM International Small Cap Equity Fund commenced operations on October 1, 2013.
 
Prior to November 18, 2013, the JOHCM Emerging Markets Opportunities Fund, JOHCM Global Equity Fund, and JOHCM International Select Fund each operated as a separate series of Scotia Institutional Funds (the “Predecessor Funds”). On November 18, 2013, the Predecessor Funds were reorganized into their respective Fund in the Trust, 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 Predecessor Fund transferred all of its assets to the corresponding Fund in exchange for shares of the corresponding Fund and the Fund’s assumption of all the liabilities of the Predecessor Fund. Upon closing of the Reorganization, holders of each Predecessor Fund’s Institutional Shares, Class I Shares and Class II Shares received the same shares of the corresponding Fund. The Reorganization was tax-free.
 
Prior to the Reorganization, the JOHCM Emerging Markets Opportunities Fund, JOHCM Global Equity Fund and JOHCM 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 Fund for accounting and tax purposes.
 
The investment objective of each JOHCM Fund is to seek long-term capital appreciation.
 
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 enters into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
 
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.)
 
16
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM FUNDS
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
 
●  Level 3   — significant unobservable inputs (including the Funds’ 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 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.
 
Debt and other fixed income securities are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
 
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 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 Funds’ 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 Funds 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.
 
17
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM FUNDS
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
 
The following is a summary of the valuation inputs used as of December 31, 2013 in valuing the Funds’ investments based upon the three fair value levels defined above:
                                 
         
Level 2 -
   
Level 3 -
       
   
Level 1 - Quoted
   
Other Significant
   
Significant
       
Portfolio
   
Prices
   
Observable Inputs
   
Unobservable Inputs
   
Total
 
  JOHCM Emerging Markets Opportunities Fund
                       
Common Stocks(1)
  $ 320,517     $ 1,129,408     $ —     $ 1,449,925  
Preferred Stocks(1)
    —       51,975       —       51,975  
Equity-Linked Securities (1)
    —       104,739       —       104,739  
Total Investments
  $ 320,517     $ 1,286,122     $ —     $ 1,606,639  
 JOHCM Global Equity Fund
                               
Common Stocks(1)
  $ 15,716,585     $ 8,653,074     $ —       24,369,659  
Investment Companies
    679,888       —       —       679,888  
Total Investments
  $ 16,396,473     $ 8,653,074     $ —     $ 25,049,547  
 JOHCM International Select Fund
                               
Common Stocks(1)
  $ 159,540,820     $ 579,832,801     $ —     $ 739,373,621  
 JOHCM International Small Cap Equity Fund
                               
Common Stocks(1)
  $ 1,327,297     $ 22,759,448     $ —       24,086,745  
Preferred Stocks(1)
    —       289,965       —       289,965  
Rights
    —       —       —       —  
Total Investments
  $ 1,327,297     $ 23,049,413     $ —     $ 24,376,710  
(1)   See investment industries in the Schedule of Investments
 
As of December 31, 2013, there were no Level 3 securities held by the Funds. 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 December 31, 2013 for the JOHCM Global Equity Fund and JOHCM International Small Cap Equity Fund.  The JOHCM Emerging Markets Opportunities Fund and the JOHCM International Equity Fund had transfers as follows:
 
           
   
Transfers from
   
Portfolio
 
 
Level 1 to Level 2
 
Reason
 JOHCM Emerging Markets Opportunities Fund
       
Common Stocks
  $ 173,313  
Fair value adjustments were applied to the last traded price of certain foreign equity or equity-linked securities.
Equity-Linked Securities
    49,533  
           
   
Transfers from
   
Portfolio
   
Level 2 to Level 1
 
Reason
 JOHCM Emerging Markets Opportunities Fund
         
Common Stocks
  $ 25,003  
Foreign equity securities were valued at unadjusted quoted market prices.
 
18
 

 

 
ADVISERS INVESTMENT TRUST
JOHCM FUNDS
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2013 (Unaudited)
 
 
EQUITY-LINKED SECURITIES
 
The Funds may invest in equity-linked securities, also known as participation notes.  The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts.  These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based foreign brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.  At December 31, 2013 the Funds held equity-linked securities issued by counterparties as follows:
                     
             
% of
 
   
Counterparty
 
Value
   
Net Assets
 
JOHCM Emerging Markets Opportunities Fund
 
CLSA Financial Products Ltd
  $ 83,641       5.0 %
   
Deutsche Bank
    21,098       1.3 %
 
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 December 31, 2013, 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)
 
JOHCM Emerging Markets Opportunities Fund
  $ 1,462,694     $ 205,731     $ (61,786 )   $ 143,945  
JOHCM Global Equity Fund
    22,529,977       2,607,887       (88,317 )     2,519,570  
JOHCM International Select Fund
    574,427,954       165,224,843       (279,176 )     164,945,667  
JOHCM International Small Cap Equity Fund
    23,563,887       942,250       (129,427 )     812,823  
 
19
 

 

 
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:  
February 26, 2014
     

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:
February 26, 2014
     
 
By (Signature and Title)
 
/s/ Troy A. Sheets
 
     
Troy Sheets, Treasurer and Principal Financial Officer
Date:   
February 26, 2014      

 

 

 
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