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
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Date of fiscal year end:
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September
30
th
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Date of reporting period:
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June 30, 2013
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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, 2013 (Unaudited)
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Percentage
of Net
Assets
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Shares
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Value
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COMMON STOCKS
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96.6
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%
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Apparel
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2.7
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%
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Coach Inc.
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233,257
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$
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13,316,642
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Beverages
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7.1
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%
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Anheuser-Busch InBev
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199,766
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17,783,138
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PepsiCo Inc.
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215,328
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17,611,677
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35,394,815
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Chemicals
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3.8
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%
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Scotts Miracle-Gro - Class A
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390,571
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18,868,485
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Computers & Peripherals
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2.8
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%
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Apple Inc.
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35,294
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13,979,248
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Diversified Consumer Services
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6.3
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%
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Moody’s Corp.
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293,367
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17,874,851
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MSCI Inc.(a)
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404,129
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13,445,372
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31,320,223
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Food Products
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15.6
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%
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General Mills Inc.
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338,614
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16,432,937
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Kellogg Co.
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338,986
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21,773,071
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Mondelez International Inc. - Class A
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896,734
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25,583,821
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Nestle SA - REG
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214,069
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14,040,098
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77,829,927
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Health Care Equipment & Supplies
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4.2
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%
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Dentsply International
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265,762
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10,885,612
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Zimmer Holdings Inc.
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132,617
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9,938,318
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20,823,930
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Household Products
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10.7
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%
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Colgate-Palmolive
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212,952
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12,200,020
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Kimberly Clark Corp.
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165,573
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16,083,761
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Procter & Gamble
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322,571
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24,834,742
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53,118,523
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Internet Software & Services
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2.1
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%
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eBay Inc.(a)
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201,804
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10,437,303
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IT Services
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5.4
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%
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Accenture PLC - Class A
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371,548
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26,736,594
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Media
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4.2
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%
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McGraw-Hill Financial Inc.
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399,338
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21,240,788
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ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2013 (Unaudited)
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Percentage
of Net
Assets
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Shares
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Value
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Pharmaceuticals
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19.6
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%
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Abbott Laboratories
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293,749
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$
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10,245,965
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GlaxoSmithKline PLC
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934,156
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23,414,859
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Johnson & Johnson
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398,828
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34,243,372
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Novartis AG - REG
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415,597
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29,523,645
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97,427,841
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Professional Services
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2.6
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%
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Verisk Analytics Inc. - Class A(a)
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215,861
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12,886,902
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Software
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3.6
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%
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Microsoft Corp.
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519,207
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17,928,218
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Tobacco
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5.9
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%
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Philip Morris International
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341,625
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29,591,557
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TOTAL COMMON STOCKS
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480,900,996
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TOTAL INVESTMENTS
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96.6
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%
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480,900,996
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NET OTHER ASSETS (LIABILITIES)
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3.4
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%
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16,816,734
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NET ASSETS
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100.0
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%
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$
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497,717,730
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(a)
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Non-income producing security.
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(b)
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Represents cost for financial reporting purposes.
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ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 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 registered March 1, 2011 (the “Trust Agreement”). The Trust commenced operations on December 20, 2011. The Independent Franchise Partners US Equity Fund (the “IFP US Equity Fund” or “Fund”) is a series of the Trust. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. These schedule of investments and notes only relate to 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.
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 are 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
ADVISERS INVESTMENT TRUST
INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 2013 (Unaudited)
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, 2013 in valuing the Fund’s investments based upon the three fair value levels defined above:
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Portfolio
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Level 1 -
Quoted
Prices
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Level 2 -
Other Significant
Observable Inputs
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Level 3 -
Significant
Unobservable Inputs
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Total
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IFP US Equity Fund
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Common Stocks(1)
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$
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480,900,996
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$
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—
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$
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—
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$
|
480,900,996
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Total Investments
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$
|
480,900,996
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$
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—
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$
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—
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$
|
480,900,996
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(1) See investment industries in the Schedule of Investments
As of June 30, 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 June 30, 2013.
FEDERAL INCOME TAX INFORMATION
As of June 30, 2013, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
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Tax Cost
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Tax Unrealized
Appreciation
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Tax Unrealized
(Depreciation)
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Net Unrealized
Appreciation
(Depreciation)
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IFP US Equity Fund
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$
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437,422,235
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$
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48,329,039
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$
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(4,850,278
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)
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$
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43,478,761
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ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2013 (Unaudited)
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Percentage
of Net
Assets
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Shares
|
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|
Value
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COMMON STOCKS
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66.7
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%
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Consumer Discretionary
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5.3
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%
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Genting Bhd.
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903,000
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|
$
|
2,983,801
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Genting Malaysia Bhd.
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4,370,200
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5,380,623
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Grupo Televisa S.A.B. - ADR
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263,851
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6,554,059
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Kangwon Land Inc.
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167,930
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4,646,546
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Sands China Ltd.
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1,762,667
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8,306,481
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27,871,510
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Consumer Staples
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26.2
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%
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|
BIM Birlesik Magazalar A.S.
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79,400
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|
1,720,807
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British American Tobacco Malaysia Bhd.
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|
168,600
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|
3,180,427
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British American Tobacco PLC
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|
|
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|
595,500
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|
|
|
30,900,179
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Coca-Cola Femsa S.A.B. de C.V. - ADR
|
|
|
|
|
|
|
29,000
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|
|
|
4,068,410
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CP ALL PCL - REG
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|
|
|
|
4,684,400
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|
|
5,777,150
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Dairy Farm International Holdings Ltd.
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|
|
190,800
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|
|
|
2,291,508
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Fomento Economico Mexicano S.A.B. de C.V. - ADR
|
|
|
|
|
|
|
125,802
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|
|
|
12,981,508
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LG Household & Health Care Ltd.
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|
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|
|
12,000
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|
|
|
5,863,141
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Orion Corp.
|
|
|
|
|
|
|
5,255
|
|
|
|
4,385,110
|
|
|
SABMiller PLC
|
|
|
|
|
|
|
492,686
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|
|
|
23,923,934
|
|
|
Souza Cruz S.A.
|
|
|
|
|
|
|
669,500
|
|
|
|
8,218,166
|
|
|
Thai Beverage PCL
|
|
|
|
|
|
|
9,578,000
|
|
|
|
4,458,398
|
|
|
Tiger Brands Ltd.
|
|
|
|
|
|
|
103,200
|
|
|
|
3,089,198
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|
|
Tsingtao Brewery Co. Ltd. - Class H
|
|
|
|
|
|
|
626,000
|
|
|
|
4,479,471
|
|
|
Unilever Indonesia Tbk PT
|
|
|
|
|
|
|
2,167,000
|
|
|
|
6,713,879
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|
|
Wal-Mart de Mexico S.A.B. de C.V. - Series V
|
|
|
|
|
|
|
6,049,400
|
|
|
|
17,031,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,082,578
|
|
|
Energy
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
Ecopetrol S.A. - ADR
|
|
|
|
|
|
|
87,400
|
|
|
|
3,676,044
|
|
|
Financials
|
|
|
24.5
|
%
|
|
|
|
|
|
|
|
|
|
Bangkok Bank PCL - REG
|
|
|
|
|
|
|
902,700
|
|
|
|
6,053,897
|
|
|
Bank Central Asia Tbk PT
|
|
|
|
|
|
|
5,078,267
|
|
|
|
5,116,642
|
|
|
BM&FBovespa S.A.
|
|
|
|
|
|
|
2,375,200
|
|
|
|
13,156,821
|
|
|
DBS Group Holdings Ltd.
|
|
|
|
|
|
|
581,600
|
|
|
|
7,112,268
|
|
|
Grupo BTG Pactual
|
|
|
|
|
|
|
160,780
|
|
|
|
1,970,705
|
|
|
Grupo Financiero Santander Mexico
S.A.B. de C.V. - Class B - ADR(a)
|
|
|
|
|
|
|
896,805
|
|
|
|
12,743,599
|
|
|
HDFC Bank Ltd. - ADR
|
|
|
|
|
|
|
556,524
|
|
|
|
20,168,430
|
|
|
HSBC Holdings PLC
|
|
|
|
|
|
|
1,735,596
|
|
|
|
18,181,571
|
|
|
Kasikornbank PCL - REG
|
|
|
|
|
|
|
1,017,700
|
|
|
|
6,431,378
|
|
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
SCHEDULE OF INVESTMENTS
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
of Net
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
Link REIT (The)
|
|
|
|
|
|
1,168,011
|
|
|
$
|
5,745,144
|
|
|
Malayan Banking Bhd.
|
|
|
|
|
|
3,550,100
|
|
|
|
11,685,722
|
|
|
Public Bank Bhd.
|
|
|
|
|
|
1,636,700
|
|
|
|
8,775,344
|
|
|
Remgro Ltd.
|
|
|
|
|
|
451,600
|
|
|
|
8,677,894
|
|
|
Standard Chartered PLC
|
|
|
|
|
|
179,000
|
|
|
|
3,885,008
|
|
|
|
|
|
|
|
|
|
|
|
|
129,704,423
|
|
|
Industrials
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
|
Promotora y Operadora de Infraestructura S.A.B. de C.V.
|
|
|
|
|
|
|
60,372
|
|
|
|
554,404
|
|
|
SM Investments Corp.
|
|
|
|
|
|
|
220,420
|
|
|
|
5,459,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,013,881
|
|
|
Information Technology
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
Cielo S.A.
|
|
|
|
|
|
|
310,000
|
|
|
|
7,780,044
|
|
|
Yandex N.V. - Class A
|
|
|
|
|
|
|
19,475
|
|
|
|
538,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,318,138
|
|
|
Materials
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
|
Cia de Minas Buenaventura S.A.A. - ADR
|
|
|
|
|
|
|
199,658
|
|
|
|
2,946,952
|
|
|
Industrias Penoles S.A.B. de C.V.
|
|
|
|
|
|
|
220,875
|
|
|
|
6,675,965
|
|
|
Randgold Resources Ltd.
|
|
|
|
|
|
|
51,039
|
|
|
|
3,171,094
|
|
|
Randgold Resources Ltd. - ADR
|
|
|
|
|
|
|
44,187
|
|
|
|
2,830,177
|
|
|
Semen Indonesia Persero Tbk PT
|
|
|
|
|
|
|
2,316,139
|
|
|
|
3,990,527
|
|
|
Sociedad Quimica y Minera de Chile S.A. - ADR
|
|
|
|
|
|
|
6,884
|
|
|
|
278,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,892,829
|
|
|
Telecommunication Services
|
|
|
0.4
|
%
|
|
|
|
|
|
|
|
|
|
Advanced Info Service PCL - REG
|
|
|
|
|
|
|
112,500
|
|
|
|
1,022,892
|
|
|
MTN Group Ltd.
|
|
|
|
|
|
|
48,610
|
|
|
|
904,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,927,717
|
|
|
Utilities
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
Power Assets Holdings Ltd.
|
|
|
|
|
|
|
1,979,979
|
|
|
|
17,078,357
|
|
|
TOTAL COMMON STOCKS (Cost $384,398,247)
|
|
|
|
|
|
|
|
|
|
|
353,565,477
|
|
|
PREFERRED STOCKS
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
Cia de Bebidas das Americas - ADR
|
|
|
|
|
|
|
405,711
|
|
|
|
15,153,306
|
|
|
TOTAL PREFERRED STOCKS (Cost $16,452,064)
|
|
|
|
|
|
|
|
|
|
|
15,153,306
|
|
|
EQUITY-LINKED SECURITIES
|
|
|
20.7
|
%
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
Bajaj Auto Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
116,700
|
|
|
|
3,781,150
|
|
|
ADVISERS INVESTMENT TRUST
|
|
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
June 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
of Net
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
|
9.6
|
%
|
|
|
|
|
|
|
Colgate-Palmolive India Ltd., Issued by CLSA Financial
Products Ltd.
|
|
|
|
|
|
|
94,800
|
|
|
$
|
2,166,284
|
|
|
Hindustan Unilever Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
1,777,000
|
|
|
|
17,511,091
|
|
|
ITC Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
4,437,300
|
|
|
|
24,237,864
|
|
|
Nestle India Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
82,700
|
|
|
|
6,760,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,675,526
|
|
|
Financials
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
Axis Bank Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
197,900
|
|
|
|
4,341,392
|
|
Housing Development Finance Corp., Issued by CLSA Financial
Products Ltd.
|
|
|
|
|
|
|
1,435,400
|
|
|
|
21,249,374
|
|
Kotak Mahindra Bank Ltd., Issued by CLSA Financial
Products Ltd.
|
|
|
|
|
|
|
427,200
|
|
|
|
5,195,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,786,501
|
|
|
Health Care
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
Cipla Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
769,600
|
|
|
|
5,079,899
|
|
Sun Pharmaceutical Industries Ltd., Issued by CLSA Financial
Products Ltd.
|
|
|
|
|
|
|
477,100
|
|
|
|
8,127,494
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,207,393
|
|
|
Industrials
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
Havells India Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
220,710
|
|
|
|
2,688,490
|
|
|
Information Technology
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
Tata Consultancy Services Ltd., Issued by CLSA Financial
Products Ltd.
|
|
|
|
|
|
|
101,432
|
|
|
|
2,593,282
|
|
|
Materials
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
|
Asian Paints Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
56,800
|
|
|
|
4,435,046
|
|
|
Utilities
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
NTPC Ltd., Issued by CLSA Financial Products Ltd.
|
|
|
|
|
|
|
625,000
|
|
|
|
1,513,000
|
|
|
TOTAL EQUITY-LINKED SECURITIES (Cost $119,560,383)
|
|
|
|
|
|
|
|
|
|
|
109,680,388
|
|
|
ADVISERS INVESTMENT TRUST
|
|
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
|
|
SCHEDULE OF INVESTMENTS
|
|
June 30, 2013 (Unaudited
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
of Net
Assets
|
|
|
Shares
|
|
|
Value
|
|
|
SHORT-TERM INVESTMENTS
|
|
|
7.7
|
%
|
|
|
|
|
|
|
|
Northern Institutional
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Select Portfolio, 0.01%
|
|
|
|
|
|
|
40,678,116
|
|
|
$
|
40,678,116
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $40,678,116)
|
|
|
|
|
|
|
|
|
|
|
40,678,116
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $561,088,810)(b)
|
|
|
97.9
|
%
|
|
|
|
|
|
|
519,077,287
|
|
|
NET OTHER ASSETS (LIABILITIES)
|
|
|
2.1
|
%
|
|
|
|
|
|
|
11,297,017
|
|
|
NET ASSETS
|
|
|
100.0
|
%
|
|
|
|
|
|
$
|
530,374,304
|
|
(a)
Non-income producing security.
(b)
Represents cost for financial reporting purposes.
At June 30, 2013, the AIT Global Emerging Markets Opportunity Fund’s investments (excluding short-term investments) were domiciled in the following countries:
|
|
|
|
|
|
|
|
CONCENTRATION
BY COUNTRY
|
|
|
%
OF INVESTMENTS
|
|
|
|
|
|
|
|
India
|
|
|
26.3
|
%
|
|
United Kingdom
|
|
|
16.1
|
|
|
Mexico
|
|
|
12.7
|
|
|
Brazil
|
|
|
9.7
|
|
|
Hong Kong
|
|
|
7.0
|
|
|
Malaysia
|
|
|
6.7
|
|
|
Thailand
|
|
|
5.0
|
|
|
Indonesia
|
|
|
3.3
|
|
|
South Korea
|
|
|
3.1
|
|
|
South Africa
|
|
|
2.6
|
|
|
All other countries less than 2%
|
|
|
7.5
|
|
|
Total
|
|
|
100.0
|
%
|
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
June 30, 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 registered March 1, 2011 (the “Trust Agreement”). The Trust commenced operations on December 20, 2011. 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 15, 2013. 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 schedule of investments and notes only relate to 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.
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
(continued)
June 30, 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 are 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, 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)
|
|
$
|
353,565,477
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
353,565,477
|
|
|
Preferred Stock(1)
|
|
|
15,153,306
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,153,306
|
|
|
Equity-Linked Securities(1)
|
|
|
—
|
|
|
|
109,680,388
|
|
|
|
—
|
|
|
|
109,680,388
|
|
|
Short-Term Investment(1)
|
|
|
40,678,116
|
|
|
|
—
|
|
|
|
—
|
|
|
|
40,678,116
|
|
|
Total Investments
|
|
$
|
409,396,899
|
|
|
$
|
109,680,388
|
|
|
$
|
—
|
|
|
$
|
519,077,287
|
|
(1)
See investment industries in the Schedule of Investments
As of June 30, 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 June 30, 2013.
ADVISERS INVESTMENT TRUST
AIT GLOBAL EMERGING MARKETS OPPORTUNITY FUND
NOTES TO SCHEDULE OF INVESTMENTS
(continued)
June 30, 2013 (Unaudited)
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 June 30, 2013 the Fund held equity-linked securities issued by counterparty, CLSA Financial Products Ltd, which represented 20.7% of the Fund’s net assets.
FEDERAL INCOME TAX INFORMATION
As of June 30, 2013, the cost, gross unrealized appreciation and gross unrealized depreciation on securities, for federal income tax purposes, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized
|
|
|
|
|
|
|
|
|
Tax Unrealized
|
|
|
Tax Unrealized
|
|
|
Appreciation
|
|
|
|
|
Tax
Cost
|
|
|
Appreciation
|
|
|
(Depreciation)
|
|
|
(Depreciation)
|
|
|
Emerging Markets Fund
|
|
$
|
561,898,318
|
|
|
$
|
222,098
|
|
|
$
|
(43,043,129
|
)
|
|
$
|
(42,821,031
|
)
|
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.
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(Registrant)
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Advisers Investment Trust
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By (Signature and Title)
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/s/ Troy A. Sheets
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Troy A. Sheets, Treasurer and Principal Financial Officer
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Date:
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August 28, 2013
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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.
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By (Signature and Title)
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/s/ Dina Tantra
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Dina A. Tantra, President and Principal Executive Officer
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Date:
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August 28, 2013
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By (Signature and Title)
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/s/ Troy A. Sheets
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Troy Sheets, Treasurer and Principal Financial Officer
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Date:
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August 28, 2013
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