UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
Advisers Investment Trust
(Exact name of registrant as specified in charter)
50 S. LaSalle Street
Chicago, Illinois 60603
(Address of principal executive offices)(Zip code)
The Northern Trust Company
50 S. LaSalle Street
Chicago, Illinois 60603
(Name and address of agent for service)
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Reports to Stockholders.
(a) The Reports to Shareholders are included herewith.
Vontobel U.S. Equity Institutional Fund
Class I Shares | VTUIX
ANNUAL SHAREHOLDER REPORT | September 30, 2024
This annual shareholder report contains important information about the Vontobel U.S. Equity Institutional Fund (the “Fund”) for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at am.vontobel.com/en/strategies/mutual-funds. You can also request this information by contacting us at 877-734-6278 (toll free).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Vontobel U.S. Equity Institutional Fund
(Class I Shares/VTUIX) | $73 | 0.65% |
What impacted Fund performance over the reporting period?
For the trailing one-year ended September 30, 2024 the Vontobel U.S. Equity Fund returned +25.47% vs. a +36.35% return for the S&P 500 Index. During the year, the market was narrowly focused on the artificial intelligence (AI) theme and the prospects for interest rate cuts by the US Federal Reserve. As a result, the Information Technology sector led the market higher, followed by Communication Services, Utilities and Financials. On the flip side, Energy was the lone sector to post negative returns, while more defensive sectors such as Health Care and Consumer Staples lagged in a strong rally.
Relative performance vs. the index was held back for an underweight to and stock selection within Information Technology. The strategy does not hold semiconductor companies such as Nvidia and Broadcom, which have been beneficiaries of increased spending on AI. Likewise, not owning Meta within the Communication Services sector detracted as it ramps up it’s AI spending. Our more defensive posture with overweight to Consumer Staples and Health Care also detracted from relative returns during the year.
On the positive side, the strategy’s lack of exposure to the poorly performing Energy sector added to relative returns. Stock selection within Materials contributed to performance as holdings in CRH and Sherwin-Williams saw improved earnings outlook driven by strong pricing power. Lastly, stock selection within Consumer Discretionary contributed to performance mainly to not holding poorly performing Tesla which has seen increased competition in the EV space.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Class I Shares of the Fund since its inception on March 27, 2018. It assumes a $1,000,000 initial investment at inception in an appropriate, broad-based securities market index for the same period.
GROWTH OF $1,000,000
| Average Annual Total Returns | 1 year | 5 year | Since
Inception |
| Vontobel U.S. Equity Institutional Fund (Class I Shares/VTUIX) | 25.47% | 12.89% | 13.49% |
| S&P 500 Index | 36.35% | 15.98% | 14.85% |
The performance data quoted represents past performance; past performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Fund net assets | $40,986,725 |
| Total number of portfolio holdings | 42 |
| Total advisory fees paid | $0 - Due to fee waivers |
| Portfolio turnover rate as of the end of the reporting period | 40.68% |
PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS
| Information Technology | 20.2% |
| Financials | 17.3% |
| Health Care | 17.3% |
| Consumer Staples | 15.3% |
| Consumer Discretionary | 10.1% |
| Industrials | 7.2% |
| Communication Services | 5.5% |
| Materials | 5.1% |
| Real Estate | 2.1% |
Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. On June 5, 2024, the Board of Trustees of Advisers Investment Trust approved an Agreement and Plan of Reorganization relating to the reorganization of the Fund into the Vontobel U.S. Equity Fund (the "Acquiring Vontobel Fund," a series of The Advisors' Inner Circle Fund II). The Fund's shareholders subsequently approved the reorganization, and such reorganization into the Vontobel Acquiring Fund took place on October 21, 2024. For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 1, 2025 at am.vontobel.com/en/strategies/mutual-funds or upon request at 877-734-6278.
Where can I find more information?
At am.vontobel.com/en/strategies/mutual-funds, you can find additional information about the Fund, including the Fund’s prospectus, financial information, fund holdings and proxy voting information.
You can also request this information by contacting us at 877-734-6278 (toll free).
Vontobel Global Environmental Change Fund
Class I Shares | ENVRX
ANNUAL SHAREHOLDER REPORT | September 30, 2024
This annual shareholder report contains important information about the Vontobel Global Environmental Change Fund (the “Fund”) for the period of October 3, 2023, since inception date, to September 30, 2024. You can find additional information about the Fund at am.vontobel.com/en/strategies/mutual-funds. You can also request this information by contacting us at 877-734-6278 (toll free).
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Vontobel Global Environmental Change Fund
(Class I Shares/ENVRX) | $93* | 0.80% |
* | For the period October 3, 2023, since inception date, through September 30, 2024. Expenses would be higher for a full annual reporting period. |
What impacted Fund performance over the reporting period?
The Fund returned 32.8% since inception while the MSCI AC World Net Total Return was up 34.2%.
The strongest performance delivered our Clean Energy Infrastructure pillar where grid related companies outperformed renewable energy component producers. Building Technology and Clean Water also performed strongly while Lifecycle Management was more or less in line with global equity market returns. With Resource Efficient Industry and Low Emission Transportation, two of our pillars underperformed. The latter suffered especially from sluggish EV markets.
On a more traditional sector view the underperformance of the Fund is mainly related to Information Technology as our holdings did not hold up against Mag7's performance, which were strong drivers for market returns. Moreover, automotive related exposure (semiconductors and batteries) suffered from muted demand and rising price competition in the EV space. Positive contributions resulted mainly from Industrials (across different impact pillars) and Materials.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Class I Shares of the Fund since its inception on October 3, 2023. It assumes a $10,000 initial investment at inception in an appropriate, broad-based securities market index for the same period.
GROWTH OF $10,000
| Cumulative Total Returns | Since
Inception |
| Vontobel Global Environmental Change Fund (Class I Shares/ENVRX) | 32.80% |
| MSCI All Country World Index (ACWI) (net) | 34.21% |
The performance data quoted represents past performance; past performance does not guarantee future results.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
| Fund net assets | $13,286,285 |
| Total number of portfolio holdings | 59 |
| Total advisory fees paid | $0 - Due to fee waivers |
| Portfolio turnover rate as of the end of the reporting period | 17.90% |
PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS
| Industrials | 49.6% |
| Information Technology | 24.7% |
| Utilities | 12.7% |
| Materials | 10.5% |
| All other industries less than 2% | 2.2% |
Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2023. On June 5, 2024, the Board of Trustees of Advisers Investment Trust approved an Agreement and Plan of Reorganization relating to the reorganization of the Fund into the Vontobel Global Environmental Change Fund (the "Acquiring Vontobel Fund," a series of The Advisors' Inner Circle Fund II). The Fund's shareholders subsequently approved the reorganization, and such reorganization into the Vontobel Acquiring Fund took place on October 21, 2024. For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 1, 2025 at am.vontobel.com/en/strategies/mutual-funds or upon request at 877-734-6278.
Where can I find more information?
At am.vontobel.com/en/strategies/mutual-funds, you can find additional information about the Fund, including the Fund’s prospectus, financial information, fund holdings and proxy voting information.
You can also request this information by contacting us at 877-734-6278 (toll free).
Item 2. Code of Ethics.
As of September 30, 2024, the registrant had adopted a “code of ethics” (as such term is defined in Item 2 of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. This code is filed as Exhibit 19(a)(1) hereto. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has determined the registrant has at least one “audit committee financial expert” (as such term is defined in Item 3 of Form N-CSR) serving on its Audit Committee. The “audit committee financial expert” is Mr. Steven R. Sutermeister, who is “independent” for purposes of this Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees
Vontobel Funds
2024: $60,000
2023: $29,000
The fees paid to Ernst & Young LLP relate to the audit of the registrant’s annual financial statements and letters for the filings of the registrant’s Form N-CEN and Form N-1A.
(b) Audit-Related Fees
Vontobel Funds
2024: $0
2023: $0
(c) Tax Fees
Vontobel Funds
2024: $15,800
2023: $7,150
The fees to Ernst & Young LLP relate to the preparation of the registrant’s tax returns, review of annual distributions, and additional tax provision support fees.
(d) All Other Fees
Vontobel Funds
2024: $0
2023: $0
(e)(1) Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the registrant’s audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to the registrant, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.
(e)(2) Vontobel Funds
2024: 0%
2023: 0%
(f) Not applicable
(g) Vontobel Funds
2024: $15,800
2023: $7,150
(h) The Audit Committee considered the non-audit services rendered to each of the registrant’s investment advisers and believes the services are compatible with each principal accountant’s independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) The Schedules of Investments in securities of unaffiliated issuers are included in the Financial Statements filed under Item 7 of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.
VONTOBEL FUNDS
ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION
September 30, 2024
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
TABLE OF CONTENTS
September 30, 2024
ADVISERS INVESTMENT TRUST
VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND
SCHEDULE OF INVESTMENTS
September 30, 2024
| | | | | | | | | | | | | |
| | | | |
| | | Percentage
of Net
Assets | | | Shares | | | Value | |
| | | | |
COMMON STOCKS | | | 99.6 | % | | | | | | | | |
Consumer Discretionary | | | 0.8 | % | | | | | | | | |
LKQ Corp. | | | | | | | 2,813 | | | $ | 112,295 | |
| | | | | | | | | | | | | |
Financials | | | 1.3 | % | | | | | | | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | | | 5,102 | | | | 175,866 | |
| | | | | | | | | | | | | |
Industrials | | | 49.6 | % | | | | | | | | |
A.O. Smith Corp. | | | | | | | 2,005 | | | | 180,109 | |
Alstom S.A.(a) | | | | | | | 11,378 | | | | 236,020 | |
ANDRITZ A.G. | | | | | | | 2,446 | | | | 173,304 | |
Carrier Global Corp. | | | | | | | 2,525 | | | | 203,237 | |
Cie de Saint-Gobain S.A. | | | | | | | 4,121 | | | | 374,873 | |
Clean Harbors, Inc.(a) | | | | | | | 1,054 | | | | 254,762 | |
Contemporary Amperex Technology Co. Ltd. | | | | | | | 5,500 | | | | 197,723 | |
Daifuku Co. Ltd. | | | | | | | 10,195 | | | | 195,884 | |
East Japan Railway Co. | | | | | | | 12,156 | | | | 240,921 | |
Ferguson Enterprises, Inc. | | | | | | | 1,177 | | | | 233,717 | |
Intertek Group PLC | | | | | | | 2,030 | | | | 140,043 | |
Johnson Controls International PLC | | | | | | | 3,272 | | | | 253,940 | |
KION Group A.G. | | | | | | | 2,823 | | | | 110,959 | |
MasTec, Inc.(a) | | | | | | | 2,292 | | | | 282,145 | |
nVent Electric PLC | | | | | | | 2,007 | | | | 141,012 | |
Prysmian S.p.A. | | | | | | | 6,784 | | | | 492,365 | |
Quanta Services, Inc. | | | | | | | 1,176 | | | | 350,624 | |
Regal Rexnord Corp. | | | | | | | 1,342 | | | | 222,611 | |
Schneider Electric S.E. | | | | | | | 1,028 | | | | 270,288 | |
Siemens A.G. - REG | | | | | | | 1,413 | | | | 285,226 | |
Spirax-Sarco Engineering PLC | | | | | | | 1,152 | | | | 115,744 | |
Stantec, Inc. | | | | | | | 2,631 | | | | 211,577 | |
Tetra Tech, Inc. | | | | | | | 6,155 | | | | 290,270 | |
Trane Technologies PLC | | | | | | | 738 | | | | 286,883 | |
Union Pacific Corp. | | | | | | | 867 | | | | 213,698 | |
Veralto Corp. | | | | | | | 1,534 | | | | 171,593 | |
Vestas Wind Systems A/S(a) | | | | | | | 5,777 | | | | 127,548 | |
Xylem, Inc. | | | | | | | 2,423 | | | | 327,178 | |
| | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | 6,584,254 | |
| | | | | | | | | | | | | |
Information Technology | | | 24.7 | % | | | | | | | | |
ANSYS, Inc.(a) | | | | | | | 763 | | | | 243,115 | |
Applied Materials, Inc. | | | | | | | 1,865 | | | | 376,823 | |
ASML Holding N.V. | | | | | | | 306 | | | | 253,969 | |
Cadence Design Systems, Inc.(a) | | | | | | | 629 | | | | 170,478 | |
Chroma ATE, Inc. | | | | | | | 13,145 | | | | 155,141 | |
Delta Electronics, Inc. | | | | | | | 17,000 | | | | 204,398 | |
First Solar, Inc.(a) | | | | | | | 465 | | | | 115,990 | |
Itron, Inc.(a) | | | | | | | 1,532 | | | | 163,633 | |
Murata Manufacturing Co. Ltd. | | | | | | | 10,712 | | | | 209,172 | |
See Notes to Financial Statements.
1
ADVISERS INVESTMENT TRUST
VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND
SCHEDULE OF INVESTMENTS
September 30, 2024
| | | | | | | | | | | | | |
| | | | |
| | | Percentage
of Net
Assets | | | Shares | | | Value | |
| | | | |
NXP Semiconductors N.V. | | | | | | | 1,079 | | | $ | 258,971 | |
Power Integrations, Inc. | | | | | | | 1,630 | | | | 104,516 | |
PTC, Inc.(a) | | | | | | | 702 | | | | 126,823 | |
Roper Technologies, Inc. | | | | | | | 430 | | | | 239,269 | |
Synopsys, Inc.(a) | | | | | | | 328 | | | | 166,096 | |
Trimble, Inc.(a) | | | | | | | 2,905 | | | | 180,371 | |
Universal Display Corp. | | | | | | | 733 | | | | 153,857 | |
Zebra Technologies Corp. - Class A(a) | | | | | | | 420 | | | | 155,534 | |
| | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | 3,278,156 | |
| | | | | | | | | | | | | |
Materials | | | 10.5 | % | | | | | | | | |
Air Liquide S.A. | | | | | | | 1,734 | | | | 334,427 | |
Ecolab, Inc. | | | | | | | 1,024 | | | | 261,458 | |
Linde PLC | | | | | | | 877 | | | | 418,206 | |
Smurfit WestRock PLC | | | | | | | 3,458 | | | | 172,814 | |
West Fraser Timber Co. Ltd. | | | | | | | 2,152 | | | | 209,671 | |
| | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | 1,396,576 | |
| | | | | | | | | | | | | |
Utilities | | | 12.7 | % | | | | | | | | |
American Water Works Co., Inc. | | | | | | | 1,851 | | | | 270,690 | |
EDP Renovaveis S.A. | | | | | | | 9,353 | | | | 163,562 | |
Iberdrola S.A. | | | | | | | 27,205 | | | | 420,634 | |
National Grid PLC | | | | | | | 23,834 | | | | 328,208 | |
NextEra Energy, Inc. | | | | | | | 3,504 | | | | 296,193 | |
Veolia Environnement S.A. | | | | | | | 6,117 | | | | 201,006 | |
| | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | 1,680,293 | |
| | | | | | | | | | | | | |
| | | | |
TOTAL COMMON STOCKS (Cost $9,999,818) | | | | | | | | | | | 13,227,440 | |
| | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS | | | 0.1 | % | | | | | | | | |
Northern Institutional Treasury Portfolio - Premier Class, 4.78%(b) | | | | | | | 15,482 | | | | 15,482 | |
| | | | | | | | | | | | | |
| | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $15,482) | | | | | | | | | | | 15,482 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost $10,015,300) | | | 99.7 | % | | | | | | | 13,242,922 | |
NET OTHER ASSETS (LIABILITIES) | | | 0.3 | % | | | | | | | 43,363 | |
| | | | | | | | | | | | | |
| | | | |
NET ASSETS | | | 100.0 | % | | | | | | $ | 13,286,285 | |
| | | | | | | | | | | | | |
| (a)Non-income | producing security. |
| (b)7-day | current yield as of September 30, 2024 is disclosed. |
Abbreviations:
REG – Registered
See Notes to Financial Statements.
2
ADVISERS INVESTMENT TRUST
VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND
SCHEDULE OF INVESTMENTS
September 30, 2024
At September 30, 2024, the Fund’s investments (excluding short-term investments) were domiciled in the following countries:
| | | | | |
| CONCENTRATION BY COUNTRY | | % OF NET ASSETS | |
United States | | | 45.6% | |
France | | | 10.6 | |
Ireland | | | 9.6 | |
Japan | | | 4.9 | |
Spain | | | 4.4 | |
United Kingdom | | | 4.4 | |
Netherlands | | | 3.8 | |
Italy | | | 3.7 | |
Canada | | | 3.2 | |
Germany | | | 2.9 | |
Taiwan | | | 2.7 | |
All other countries less than 2% | | | 3.8 | |
Total | | | 99.6% | |
See Notes to Financial Statements.
3
ADVISERS INVESTMENT TRUST
VONTOBEL U.S. EQUITY INSTITUTIONAL FUND
SCHEDULE OF INVESTMENTS
September 30, 2024
| | | | | | | | | | | | | |
| | | Percentage
of Net
Assets | | | Shares | | | Value | |
COMMON STOCKS | | | 98.0 | % | | | | | | | | |
Communication Services | | | 5.5 | % | | | | | | | | |
Alphabet, Inc. - Class A | | | | | | | 7,292 | | | $ | 1,209,378 | |
Alphabet, Inc. - Class C | | | | | | | 6,189 | | | | 1,034,739 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 2,244,117 | |
| | | | | | | | | | | | | |
Consumer Discretionary | | | 10.1 | % | | | | | | | | |
Amazon.com, Inc.(a) | | | | | | | 14,165 | | | | 2,639,364 | |
Booking Holdings, Inc. | | | | | | | 113 | | | | 475,970 | |
Home Depot (The), Inc. | | | | | | | 1,355 | | | | 549,046 | |
NIKE, Inc. - Class B | | | | | | | 5,395 | | | | 476,918 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 4,141,298 | |
| | | | | | | | | | | | | |
Consumer Staples | | | 15.3 | % | | | | | | | | |
Brown-Forman Corp. - Class B | | | | | | | 8,750 | | | | 430,500 | |
Casey’s General Stores, Inc. | | | | | | | 2,091 | | | | 785,609 | |
Coca-Cola (The) Co. | | | | | | | 27,736 | | | | 1,993,109 | |
Mondelez International, Inc. - Class A | | | | | | | 21,192 | | | | 1,561,215 | |
PepsiCo, Inc. | | | | | | | 6,278 | | | | 1,067,574 | |
Walmart, Inc. | | | | | | | 5,171 | | | | 417,558 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 6,255,565 | |
| | | | | | | | | | | | | |
Financials | | | 15.2 | % | | | | | | | | |
Berkshire Hathaway, Inc. - Class B(a) | | | | | | | 1,141 | | | | 525,157 | |
CME Group, Inc. | | | | | | | 6,395 | | | | 1,411,057 | |
Intercontinental Exchange, Inc. | | | | | | | 11,287 | | | | 1,813,144 | |
Mastercard, Inc. - Class A | | | | | | | 3,358 | | | | 1,658,180 | |
Progressive (The) Corp. | | | | | | | 3,228 | | | | 819,137 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 6,226,675 | |
| | | | | | | | | | | | | |
Health Care | | | 17.3 | % | | | | | | | | |
Abbott Laboratories | | | | | | | 11,702 | | | | 1,334,145 | |
Becton Dickinson and Co. | | | | | | | 5,518 | | | | 1,330,390 | |
Boston Scientific Corp.(a) | | | | | | | 9,794 | | | | 820,737 | |
IDEXX Laboratories, Inc.(a) | | | | | | | 845 | | | | 426,911 | |
Thermo Fisher Scientific, Inc. | | | | | | | 1,480 | | | | 915,484 | |
UnitedHealth Group, Inc. | | | | | | | 2,364 | | | | 1,382,183 | |
Zoetis, Inc. | | | | | | | 4,549 | | | | 888,784 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 7,098,634 | |
| | | | | | | | | | | | | |
Industrials | | | 7.2 | % | | | | | | | | |
Copart, Inc.(a) | | | | | | | 11,292 | | | | 591,701 | |
RB Global, Inc. | | | | | | | 18,173 | | | | 1,462,745 | |
Union Pacific Corp. | | | | | | | 3,649 | | | | 899,405 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 2,953,851 | |
| | | | | | | | | | | | | |
Information Technology | | | 20.2 | % | | | | | | | | |
Accenture PLC - Class A | | | | | | | 1,796 | | | | 634,850 | |
Adobe, Inc.(a) | | | | | | | 2,509 | | | | 1,299,110 | |
Amphenol Corp. - Class A | | | | | | | 7,439 | | | | 484,725 | |
Aspen Technology, Inc.(a) | | | | | | | 203 | | | | 48,481 | |
See Notes to Financial Statements.
4
ADVISERS INVESTMENT TRUST
VONTOBEL U.S. EQUITY INSTITUTIONAL FUND
SCHEDULE OF INVESTMENTS
September 30, 2024
| | | | | | | | | | | | | |
| | | Percentage
of Net
Assets | | | Shares | | | Value | |
Intuit, Inc. | | | | | | | 1,965 | | | $ | 1,220,265 | |
Keysight Technologies, Inc.(a) | | | | | | | 2,853 | | | | 453,428 | |
KLA Corp. | | | | | | | 610 | | | | 472,390 | |
Microsoft Corp. | | | | | | | 5,513 | | | | 2,372,244 | |
ServiceNow, Inc.(a) | | | | | | | 621 | | | | 555,416 | |
Synopsys, Inc.(a) | | | | | | | 1,475 | | | | 746,925 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 8,287,834 | |
| | | | | | | | | | | | | |
Materials | | | 5.1 | % | | | | | | | | |
CRH PLC | | | | | | | 10,419 | | | | 966,258 | |
Sherwin-Williams (The) Co. | | | | | | | 1,385 | | | | 528,613 | |
Vulcan Materials Co. | | | | | | | 2,392 | | | | 599,029 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | 2,093,900 | |
| | | | | | | | | | | | | |
Real Estate | | | 2.1 | % | | | | | | | | |
American Tower Corp. | | | | | | | 3,774 | | | | 877,681 | |
| | | | | | | | | | | | | |
TOTAL COMMON STOCKS (Cost $27,821,989) | | | | | | | | | | | 40,179,555 | |
| | | | | | | | | | | | | |
SHORT-TERM INVESTMENTS | | | 2.1 | % | | | | | | | | |
Northern Institutional U.S. Government Select Portfolio – Shares Class, 4.82%(b) | | | | | | | 866,476 | | | | 866,476 | |
| | | | | | | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS (Cost $866,476) | | | | | | | | | | | 866,476 | |
| | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost $28,688,465) | | | 100.1 | % | | | | | | | 41,046,031 | |
NET OTHER ASSETS (LIABILITIES) | | | (0.1 | %) | | | | | | | (59,306 | ) |
| | | | | | | | | | | | | |
NET ASSETS | | | 100.0 | % | | | | | | $ | 40,986,725 | |
| | | | | | | | | | | | | |
(a)Non-income producing security.
(b)7-day current yield as of September 30, 2024 is disclosed.
At September 30, 2024, the Fund’s investments (excluding short-term investments) were domiciled in the following countries:
| | | | | |
| CONCENTRATION BY COUNTRY | | % OF NET ASSETS | |
United States | | | 90.6% | |
Ireland | | | 3.8 | |
Canada | | | 3.6 | |
Total | | | 98.0% | |
See Notes to Financial Statements.
5
ADVISERS INVESTMENT TRUST
STATEMENTS OF ASSETS & LIABILITIES
September 30, 2024
| | | | | | | | | |
| | | Vontobel Global Environmental Change Fund | | | Vontobel U.S. Equity Institutional Fund | |
Assets: | | | | | | | | |
Investments, at value (Cost: $10,015,300 and $28,688,465, respectively) | | $ | 13,242,922 | | | $ | 41,046,031 | |
Foreign currencies (Cost: $41,709 and $0, respectively) | | | 42,315 | | | | — | |
Receivable for dividends | | | 11,446 | | | | 30,993 | |
Reclaims receivable | | | 7,912 | | | | 4,489 | |
Receivables for capital shares sold | | | — | | | | 3,685 | |
Receivable from investment adviser | | | 23,954 | | | | 35,509 | |
Prepaid expenses | | | 16,150 | | | | 10,267 | |
| | | | | | | | | |
Total Assets | | | 13,344,699 | | | | 41,130,974 | |
| | | | | | | | | |
Liabilities: | | | | | | | | |
Securities purchased payable | | | — | | | | 22,967 | |
Accounting and Administration fees payable | | | 26,818 | | | | 25,840 | |
Audit fees payable | | | 17,767 | | | | 57,233 | |
Regulatory and Compliance fees payable | | | 9,095 | | | | 28,610 | |
Trustee fees payable | | | 472 | | | | 111 | |
Other accrued expenses and payables | | | 4,262 | | | | 9,488 | |
| | | | | | | | | |
Total Liabilities | | | 58,414 | | | | 144,249 | |
| | | | | | | | | |
Net Assets | | $ | 13,286,285 | | | $ | 40,986,725 | |
| | | | | | | | | |
| | | |
Class I Shares: | | | | | | | | |
Net assets | | $ | 13,286,285 | | | $ | 40,986,725 | |
Shares of common stock outstanding | | | 1,001,018 | | | | 2,213,471 | |
| | | | | | | | | |
Net asset value per share | | $ | 13.27 | | | $ | 18.52 | |
| | | | | | | | | |
| | | |
Net Assets: | | | | | | | | |
Paid in capital | | $ | 10,009,415 | | | $ | 26,468,710 | |
Distributable earnings (loss) | | | 3,276,870 | | | | 14,518,015 | |
| | | | | | | | | |
Net Assets | | $ | 13,286,285 | | | $ | 40,986,725 | |
| | | | | | | | | |
| | | | | | | | | |
See Notes to Financial Statements.
6
ADVISERS INVESTMENT TRUST
STATEMENTS OF OPERATIONS
For the year ended September 30, 2024
| | | | | | | | | |
| | | Vontobel Global Environmental Change Fund(a) | | | Vontobel U.S. Equity Institutional Fund | |
Investment Income: | | | | | | | | |
Dividend income (Net of foreign withholding tax of $11,599, and $2,943, respectively) | | $ | 166,247 | | | $ | 491,054 | |
Non-cash dividend income | | | 17,575 | | | | — | |
| | | | | | | | | |
Total investment income | | | 183,822 | | | | 491,054 | |
| | | | | | | | | |
Operating expenses: | | | | | | | | |
Investment advisory | | | 75,616 | | | | 188,358 | |
Accounting and Administration | | | 160,437 | | | | 160,967 | |
Regulatory and Compliance | | | 35,300 | | | | 114,838 | |
Audit fees | | | 17,768 | | | | 58,453 | |
Trustees | | | 20,377 | | | | 65,627 | |
Legal | | | 10,054 | | | | 52,028 | |
Registration | | | 34,323 | | | | 24,825 | |
Offering costs | | | 65,174 | | | | — | |
Other | | | 10,861 | | | | 37,761 | |
| | | | | | | | | |
Total expenses before reductions | | | 429,910 | | | | 702,857 | |
Expenses reduced by Adviser | | | (336,845 | ) | | | (457,992 | ) |
| | | | | | | | | |
Net expenses | | | 93,065 | | | | 244,865 | |
| | | | | | | | | |
Net investment income | | | 90,757 | | | | 246,189 | |
| | | | | | | | | |
Realized and Unrealized Gains (Losses) from Investment Activities: | | | | | | | | |
Net realized gains (losses) from investment transactions | | | (30,311 | ) | | | 2,148,985 | |
Net realized losses from foreign currency transactions | | | (5,997 | ) | | | — | |
Change in unrealized appreciation (depreciation) on investments | | | 3,227,622 | | | | 6,263,006 | |
Change in unrealized appreciation (depreciation) on foreign currency | | | 794 | | | | — | |
| | | | | | | | | |
Net realized and unrealized gains from investment activities | | | 3,192,108 | | | | 8,411,991 | |
| | | | | | | | | |
Change in Net Assets Resulting from Operations | | $ | 3,282,865 | | | $ | 8,658,180 | |
| | | | | | | | | |
| | | | | | | | | |
| (a) | For the period from October 3, 2023, commencement of operations, to September 30, 2024. |
See Notes to Financial Statements.
7
ADVISERS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended September 30, 2024 and 2023
| | | | | | | | | | | | | |
| | | Vontobel Global Environmental Change Fund | | | Vontobel U.S. Equity Institutional Fund | |
| | | | |
| | | 2024(a) | | | 2024 | | | 2023 | |
Increase (decrease) in net assets: | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | |
Net investment income | | $ | 90,757 | | | $ | 246,189 | | | $ | 156,315 | |
Net realized gains (losses) from investment and foreign currency transactions | | | (36,308 | ) | | | 2,148,985 | | | | 214,841 | |
Change in unrealized appreciation (depreciation) on investments and foreign currency | | | 3,228,416 | | | | 6,263,006 | | | | 4,499,917 | |
| | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 3,282,865 | | | | 8,658,180 | | | | 4,871,073 | |
| | | | | | | | | | | | | |
Dividends paid to shareholders: | | | | | | | | | | | | |
From distributable earnings | | | (8,184 | ) | | | (370,073 | ) | | | (982,719 | ) |
| | | | | | | | | | | | | |
Total dividends paid to shareholders | | | (8,184 | ) | | | (370,073 | ) | | | (982,719 | ) |
| | | | | | | | | | | | | |
Capital Transactions (Class I Shares): | | | | | | | | | | | | |
Proceeds from sale of shares | | | 10,011,600 | | | | 6,683,514 | | | | 7,698,838 | |
Value of shares issued to shareholders in reinvestment of dividends | | | 4 | | | | 146,077 | | | | 292,582 | |
Value of shares redeemed | | | — | | | | (4,042,977 | ) | | | (1,314,528 | ) |
| | | | | | | | | | | | | |
Change in net assets from capital transactions | | | 10,011,604 | | | | 2,786,614 | | | | 6,676,892 | |
| | | | | | | | | | | | | |
Net assets: | | | | | | | | | | | | |
Beginning of year | | | — | | | | 29,912,004 | | | | 19,346,758 | |
| | | | | | | | | | | | | |
End of year | | $ | 13,286,285 | | | $ | 40,986,725 | | | $ | 29,912,004 | |
| | | | | | | | | | | | | |
Share Transactions (Class I Shares): | | | | | | | | | | | | |
Sold | | | 1,001,018 | | | | 434,681 | | | | 520,220 | |
Reinvested | | | — | (b) | | | 9,130 | | | | 22,805 | |
Redeemed | | | — | | | | (237,149 | ) | | | (98,074 | ) |
| | | | | | | | | | | | | |
Change | | | 1,001,018 | | | | 206,662 | | | | 444,951 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (a) | For the period from October 3, 2023, commencement of operations, to September 30, 2024. |
| (b) | Less than 0.500 shares. |
See Notes to Financial Statements.
8
ADVISERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
For the periods indicated
| | | | | |
| | | Class I Shares | |
| | | | | |
| Vontobel Global Environmental Change Fund | | Period Ended September 30, 2024(a) | |
| |
Net asset value, beginning of year | | $ | 10.00 | |
| | | | | |
Income (loss) from investment operations: | | | | |
Net investment income(b) | | | 0.09 | |
Net realized and unrealized gains from investments and foreign currency | | | 3.19 | |
| | | | | |
Total from investment operations | | | 3.28 | |
| | | | | |
Less distributions paid: | | | | |
From net investment income | | | (0.01 | ) |
| | | | | |
Total distributions paid | | | (0.01 | ) |
| | | | | |
Change in net asset value | | | 3.27 | |
| | | | | |
Net asset value, end of year | | $ | 13.27 | |
| | | | | |
Total return(c) | | | 32.80 | % |
Ratios/Supplemental data: | | | | |
Net assets, end of year (000’s) | | $ | 13,286 | |
Ratio of net expenses to average net assets(d) | | | 0.80 | % |
Ratio of net investment income to average net assets(d) | | | 0.78 | % |
Ratio of gross expenses to average net assets(d) | | | 3.70 | % |
Portfolio turnover rate(c) | | | 17.90 | % |
| |
| (a) | For the period from October 3, 2023, commencement of operations, to September 30, 2024. |
| (b) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (c) | Not annualized for periods less than one year. |
| (d) | Annualized for periods less than one year. |
See Notes to Financial Statements.
9
ADVISERS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
For the periods indicated
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Class I Shares | | | | | | | |
| Vontobel U.S. Equity Institutional Fund | | Year Ended September 30, 2024 | | | Year Ended September 30, 2023 | | | Year Ended September 30, 2022 | | | Year Ended September 30, 2021 | | | Year Ended September 30, 2020 | |
Net asset value, beginning of year | | $ | 14.91 | | | $ | 12.39 | | | $ | 16.24 | | | $ | 13.77 | | | $ | 12.35 | |
| | | | | | | | | | | | | | | | | | | | | |
Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.11 | | | | 0.09 | | | | 0.08 | | | | 0.05 | | | | 0.07 | |
Net realized and unrealized gains (losses) from investments and foreign currency | | | 3.67 | | | | 3.05 | | | | (2.29 | ) | | | 2.81 | | | | 1.58 | |
| | | | | | | | | | | | | | | | | | | | | |
Total from investment operations | | | 3.78 | | | | 3.14 | | | | (2.21 | ) | | | 2.86 | | | | 1.65 | |
| | | | | | | | | | | | | | | | | | | | | |
Less distributions paid: | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.09 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.09 | ) |
From net realized gains | | | (0.08 | ) | | | (0.57 | ) | | | (1.58 | ) | | | (0.35 | ) | | | (0.14 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Total distributions paid | | | (0.17 | ) | | | (0.62 | ) | | | (1.64 | ) | | | (0.39 | ) | | | (0.23 | ) |
| | | | | | | | | | | | | | | | | | | | | |
Change in net asset value | | | 3.61 | | | | 2.52 | | | | (3.85 | ) | | | 2.47 | | | | 1.42 | |
| | | | | | | | | | | | | | | | | | | | | |
Net asset value, end of year | | $ | 18.52 | | | $ | 14.91 | | | $ | 12.39 | | | $ | 16.24 | | | $ | 13.77 | |
| | | | | | | | | | | | | | | | | | | | | |
Total return | | | 25.47 | % | | | 26.15 | % | | | (15.76 | %) | | | 21.18 | % | | | 13.47 | % |
Ratios/Supplemental data: | | | | | | | | | | | | | | | | | | | | |
Net assets, end of year (000’s) | | $ | 40,987 | | | $ | 29,912 | | | $ | 19,347 | | | $ | 24,003 | | | $ | 19,816 | |
Ratio of net expenses to average net assets | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % |
Ratio of net investment income to average net assets | | | 0.65 | % | | | 0.67 | % | | | 0.51 | % | | | 0.34 | % | | | 0.54 | % |
Ratio of gross expenses to average net assets | | | 1.87 | % | | | 2.74 | % | | | 2.74 | % | | | 2.61 | % | | | 3.33 | % |
Portfolio turnover rate | | | 40.68 | % | | | 30.34 | % | | | 50.11 | % | | | 43.97 | % | | | 57.97 | % |
| | | | | | | | | | | | | | | | | | | | | |
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
See Notes to Financial Statements.
10
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Vontobel U.S. Equity Institutional Fund and the Vontobel Global Environmental Change Fund (the “Funds”) are series of the Trust which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and commenced operations on March 27, 2018, and October 3, 2023, respectively. These financial statements and notes only relate to the Funds.
The Funds are diversified funds. The investment objective of each Fund is to provide long-term capital appreciation.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.
A. Significant accounting policies are as follows:
INVESTMENT VALUATION
Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:
Level 1 —quoted prices in active markets for identical assets
Level 2 — other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including the 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 approved independent third party pricing service as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an approved independent pricing source. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
11
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
The Trustees have designated Vontobel Asset Management, Inc., as investment adviser to the Funds, as the Funds’ Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) according to policies approved by the Board. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the 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 approved independent third party pricing service to fair value its international equity securities.
In the fair value situations noted above, while the Trust’s valuation policy is intended to result in a calculation of the 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.
The following is a summary of the valuation inputs used as of September 30, 2024 in valuing the Funds’ investments based upon the three fair value levels defined above:
| | | | | | | | | | | | | | | | | |
| Fund | | Level 1 -
Quoted Prices | | | Level 2 -
Other Significant
Observable Inputs | | | Level 3 -
Significant
Unobservable
Inputs | | | Total | |
Vontobel Global Environmental Change Fund | | | | | | | | | | | | | | | | |
Common Stocks* | | $ | 13,227,440 | | | $ | — | | | $ | — | | | $ | 13,227,440 | |
Short-Term Investments | | | 15,482 | | | | — | | | | — | | | | 15,482 | |
| | | | | |
Total Investments | | $ | 13,242,922 | | | $ | — | | | $ | — | | | $ | 13,242,922 | |
| | | | | |
Vontobel U.S. Equity Institutional Fund | | | | | | | | | | | | | | | | |
Common Stocks* | | $ | 40,179,555 | | | $ | — | | | $ | — | | | $ | 40,179,555 | |
Short-Term Investments | | | 866,476 | | | | — | | | | — | | | | 866,476 | |
| | | | | |
Total Investments | | $ | 41,046,031 | | | $ | — | | | $ | — | | | $ | 41,046,031 | |
| | | | | |
*See additional categories in the Schedule of Investments.
As of September 30, 2024 there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the year ended September 30, 2024.
CURRENCY TRANSACTIONS
The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (and losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statement of Operations.
12
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Funds’ securities and the price of the Funds’ shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.
INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available.
EXPENSE ALLOCATIONS
Expenses directly attributable to a fund in the Trust are charged to that fund, while expenses that are attributable to more than one fund in the Trust are allocated among the applicable funds on a pro-rata basis to each adviser’s series of funds based on relative net assets or another reasonable basis.
DIVIDENDS AND DISTRIBUTIONS
The Funds intend to distribute substantially all of their net investment income as dividends to shareholders on an annual basis. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.
Distributions from net investment income and from net realized capital gain are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, redemption in-kind, etc.), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.
FEDERAL INCOME TAX INFORMATION
No provision is made for Federal income taxes as the Funds intend to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.
As of September 30, 2024, the Funds did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Vontobel U.S. Equity Institutional Fund’s tax return for the tax years ended September 30, 2024, 2023, 2022, and 2021, and the Vontobel Global Environmental Change Fund’s tax return for the period ended September 30, 2024, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as interest expense on the Statement of Operations.
Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
13
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
USE OF ESTIMATES
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
OTHER RISKS
The Funds are subject to market risk, which is the risk that the value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies and/or general economic conditions, disruptions to business operations and supply chains, and staffing shortages. The net asset value of the Funds will fluctuate based on changes in the value of the securities in which the Funds invest. The price of securities may rise or fall because of economic or political changes. Security prices in general may decline over short or even extended periods of time. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Continuing uncertainties about interest rates, armed conflicts, rising government debt, political events, trade tensions and economic sanctions also contribute to market volatility. Securities in the Funds’ portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics (such as COVID-19), epidemics, climate change or climate-related events, terrorism, regulatory events and governmental or quasi-governmental actions.
Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of U.S. securities. The values of non-U.S. securities are subject to economic and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies, and changes in currency exchange rates. Trade tensions and economic sanctions on individuals and companies can contribute to market volatility. Countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on PCAOB inspection, investigation, and enforcement. Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country. In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies are generally not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Certain foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk.
B. Fees and Transactions with Affiliates and Other Parties
The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the “Agreement”) with Vontobel Asset Management, Inc. (the “Adviser” or “Vontobel”), which is registered under the Investment Advisers Act of 1940, as amended, to provide investment advisory services to the Funds. Under the terms of the Agreement, the Funds pay the Adviser an annual fee based on the Funds’ daily net assets as set forth in the following table. The total fees incurred by the Funds pursuant to the Agreement is reflected as “Investment advisory” fees on the Statements of Operations. In addition, the Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) exceed the rate in the table below.
| | | | | | | | | |
| Fund | | Class | | | Advisory Fee | | Expense
Limitation |
Vontobel Global Environmental Change Fund | | | Class I | | | 0.65% | | 0.80% |
Vontobel U.S. Equity Institutional Fund | | | Class I | | | 0.50% on first $500 million | | 0.65% |
| | | | | | | 0.45% on assets over $500 million | | |
14
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
The expense limitation agreement is effective until January 28, 2025. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Funds’ registration statement, until such time as the Adviser provides written notice of non-renewal, and will terminate automatically upon termination of the Agreement.
For the year ended September 30, 2024, the Funds incurred advisory fees payable to Vontobel, expense waivers/reimbursements from Vontobel and paid expense recoupments to Vontobel as follows:
| | | | | | | | | | | | | |
| Fund* | | Advisory
Fee to
Vontobel | | | Expenses
Reduced
by Vontobel | | | Advisory Waivers
Recouped
by Vontobel | |
Vontobel Global Environmental Change Fund* | | $ | 75,616 | | | $ | 336,845 | | | $ | — | |
Vontobel U.S. Equity Institutional Fund | | | 188,358 | | | | 457,992 | | | | — | |
| * | For the period from October 3, 2023, commencement of operations, to September 30, 2024. |
The balances of recoverable expenses to Vontobel by the Funds at September 30, 2024 were as follows:
| | | | | | | | | | | |
| For the: | | Expiring | | Vontobel
Global Environmental
Change Fund | | | Vontobel
U.S. Equity
Institutional Fund | |
Year Ended September 30, 2022 | | September 30, 2025 | | | $ — | | | | $ 481,888 | |
Year Ended September 30, 2023 | | September 30, 2026 | | | — | | | | 488,025 | |
Year ended September 30, 2024 | | September 30, 2027 | | | 336,845 | * | | | 457,992 | |
| | | | | | | | | | | |
Balances of Recoverable Expenses to the Adviser | | | | | $336,845 | | | | $1,427,905 | |
| | | | | | | | | | | |
| * | For the period from October 3, 2023, commencement of operations, to September 30, 2024. |
Foreside Financial Services, LLC (the “Distributor”) provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. The Adviser, at its own expense, pays the Distributor $50,000 annually and reimburses for certain out-of-pocket expenses incurred on behalf of the Funds.
The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian, and fund accounting agent for the Funds pursuant to written agreements with the Trust, on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Funds’ daily net assets, and certain per account and transaction charges. Each Fund is subject to a minimum annual fee of $150,000 relating to these services, and reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. Total fees paid to Northern Trust pursuant to these agreements are reflected as “Accounting and Administration” fees on the Statements of Operations.
Foreside Fund Officer Services, LLC (“Foreside”, d/b/a ACA Group) provides compliance and financial control services for the Funds pursuant to a written agreement with the Trust, on behalf of the Funds, including providing certain officers to the Funds. The Funds have agreed to pay Foreside a tiered basis-point fee based on the Funds’ daily net assets, subject to an overall minimum annual fee of $150,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and Compliance” fees on the Statements of Operations.
15
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
The officers of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. Through September 30, 2024, the Trust paid each Trustee who is not an “interested person,” as that term is defined in the 1940 Act (each, an “Independent Trustee” and, collectively, the “Independent Trustees”) compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the year ended September 30, 2024, the aggregate Trustee compensation paid by the Trust was $396,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as “Trustees” fees on the Statements of Operations.
C. Investment Transactions
For the year ended September 30, 2024, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:
| | | | | | | | | |
| Fund* | | Cost of Purchases | | | Proceeds from Sales | |
| | | |
Vontobel Global Environmental Change Fund* | | $ | 12,121,604 | | | $ | 2,092,804 | |
Vontobel U.S. Equity Institutional Fund | | | 17,270,885 | | | | 15,025,590 | |
* For the period from October 3, 2023, commencement of operations, to September 30, 2024.
D. Federal Income Tax
As of September 30, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:
| | | | | | | | | | | | | | | | | |
| Fund | | Cost | | | Gross Unrealized Appreciation | | | Gross Unrealized (Depreciation) | | | Net Unrealized Appreciation (Depreciation) | |
| | | | | |
Vontobel Global Environmental Change Fund | | $ | 10,015,084 | | | $ | 3,298,198 | | | $ | (70,360 | ) | | $ | 3,227,838 | |
Vontobel U.S. Equity Institutional Fund | | | 28,831,649 | | | | 12,214,382 | | | | — | | | | 12,214,382 | |
The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals.
The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2024 and September 30, 2023, as applicable, were as follows:
| | | | | | | | | | | | | | | | | | | | | |
| | | Ordinary Income | | | Net Long Term Gains | | | Total Taxable Distributions | | | Tax Return of Capital | | | Total Distributions Paid | |
| | | | | | |
Vontobel Global Environmental
Change Fund | | | | | | | | | | | | | | | | | | | | |
2024 | | $ | 8,184 | | | $ | — | | | $ | 8,184 | | | $ | — | | | $ | 8,184 | |
Vontobel U.S. Equity Institutional
Fund | | | | | | | | | | | | | | | | | | | | |
2024 | | $ | 196,275 | | | $ | 173,798 | | | $ | 370,073 | | | $ | — | | | $ | 370,073 | |
2023 | | $ | 74,211 | | | $ | 908,508 | | | $ | 982,719 | | | $ | — | | | $ | 982,719 | |
16
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
Primarily as a result of differing book/tax treatment of non-deductible expenses, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2024, the following reclassifications were made to the Funds’ Statements of Assets and Liabilities:
| | | | | | | | | |
| Fund | | Distributable Earnings (Loss) | | | Paid in Capital | |
Vontobel Global Environmental Change Fund | | $ | 2,189 | | | $ | (2,189 | ) |
As of the latest tax year ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Undistributed Ordinary Income | | | Undistributed Long Term Capital Gains | | | Accumulated Earnings | | | Distributions Payable | | | Other Temporary Differences | | | Accumulated Capital and Other Losses | | | Unrealized Appreciation | | | Total Accumulated Earnings | |
Vontobel Global Environmental Change Fund | | | $ 83,532 | | | | $ — | | | | $ 83,532 | | | | $— | | | | $(6,482 | ) | | | $(28,812 | ) | | | $ 3,228,632 | | | | $ 3,276,870 | |
Vontobel U.S. Equity Institutional Fund | | | $154,440 | | | | $2,149,193 | | | | $2,303,633 | | | | $— | | | | $ — | | | | $ — | | | | $12,214,382 | | | | $14,518,015 | |
As of the tax year ended September 30, 2024, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:
| | | | | | | | | |
| Fund | | Short-Term Capital Loss Carry-Forward | | | Long-Term Capital Loss Carry-Forward | |
Vontobel Global Environmental Change Fund | | $ | 28,812 | | | $ | — | |
E. Concentration by Ownership
A significant portion of the Funds’ shares may be held in a limited number of shareholder accounts including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by the Funds, this could have a disruptive impact on the efficient implementation of the Funds’ investment strategy.
In addition, as of September 30, 2024, the Adviser or Adviser affiliates held outstanding shares of the Funds as follows:
| | | | | | | | | |
| Fund | | Class | | | % Ownership | |
Vontobel Global Environmental Change Fund | | | Class I Shares | | | | 99.95 | |
Vontobel U.S. Equity Institutional Fund | | | Class I Shares | | | | 72.43 | |
F. Subsequent Events
On June 5, 2024, the Board approved the Agreement and Plan of Reorganization relating to the reorganizations of the Vontobel Global Environmental Change Fund and the Vontobel U.S. Equity Institutional Fund (each, a series of the Trust, and together, the Vontobel Target Funds) into the Vontobel Global Environmental Change Fund and the Vontobel U.S. Equity Fund, respectively (each, a series of The Advisors’ Inner Circle Fund II, and together, the Vontobel Acquiring Funds). The Target Vontobel Funds’ shareholders subsequently approved the reorganizations, and such reorganizations into the Vontobel Acquiring Funds took place on October 21, 2024.
17
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Vontobel U.S. Equity Institutional Fund and Vontobel Global Environmental Change Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Vontobel U.S. Equity Institutional Fund and Vontobel Global Environmental Change Fund (the “Funds”) (two of the funds constituting Advisers Investment Trust (the “Trust”)), including the schedule of investments, as of September 30, 2024, and the related statement of operations, the statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds (two of the funds constituting Advisers Investment Trust) at September 30, 2024, the results of its operations, the changes in its net assets and its financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
| | | | | | | |
| | | | |
Individual fund constituting the
Advisers Investment Trust | | Statements of operations | | Statements of changes in net assets | | Financial highlights |
| | | | |
Vontobel US Equity
Institutional Fund | | For the year ended
September 30, 2024 | | For each of the two years in the period ended September 30, 2024 | | For each of the five years in the period ended September 30, 2024 |
| | |
Vontobel Global
Environmental Change Fund | | For the period from October 3, 2023 (commencement of operations) through September 30, 2024 |
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor on one or more investment companies in the Trust since 2013.
New York, New York
November 21, 2024
18
ADVISERS INVESTMENT TRUST
VONTOBEL FUNDS
ADDITIONAL INFORMATION
September 30, 2024 (Unaudited)
A. Other Federal Tax Information
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2024 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2024:
| | | | | |
| | | QDI Percentage | |
Vontobel Global Environmental Change Fund | | | 100 | % |
Vontobel U.S. Equity Institutional Fund | | | 100 | % |
A percentage of the dividends distributed during the fiscal year for the Fund qualifies for the Dividends-Received Deduction (“DRD”) for corporate shareholders:
| | | | | |
| | | Corporate
DRD Percentage | |
Vontobel Global Environment Change Fund | | | 50.47 | % |
Vontobel U.S. Equity Institutional Fund | | | 100 | % |
B. Foreign Tax Credit
The Funds intend to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Funds as having been paid by them. The amounts represent income from sources within, and taxes paid to, foreign countries are as follows:
| | | | | | | | | |
| Fund | | Foreign Tax Credit | | | Foreign Source
Income | |
Vontobel Global Environmental Change Fund | | $ | 11,863 | | | $ | 70,843 | |
19
ADVISERS INVESTMENT TRUST
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
September 30, 2024 (Unaudited)
Not applicable.
20
ADVISERS INVESTMENT TRUST
PROXY DISCLOSURES
September 30, 2024 (Unaudited)
Not applicable.
21
ADVISERS INVESTMENT TRUST
REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS
September 30, 2024 (Unaudited)
Included on page 16 in the Notes to Financial Statements.
22
ADVISERS INVESTMENT TRUST
STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
September 30, 2024 (Unaudited)
Not applicable.
23
Investment Adviser
Vontobel Asset Management, Inc.
1540 Broadway
38th Floor
New York, New York 10036
Custodian
The Northern Trust Company
50 South LaSalle Street
Chicago, Illinois 60603
Independent Registered
Public Accounting Firm
Ernst & Young LLP
One Manhattan West
New York, New York 10001-8604
Legal Counsel
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, Ohio 43215-6101
Distributor
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
For Additional Information, call
877-734-6278 (toll free)
VON 09/24
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Advisers Investment Trust
| | |
By: | | /s/ Troy A. Sheets |
| | Troy A. Sheets |
| | Treasurer and Principal Financial Officer |
| |
Date: | | December 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By: | | /s/ Barbara J. Nelligan |
| | Barbara J. Nelligan |
| | President and Principal Executive Officer |
| |
Date: | | December 5, 2024 |
| |
By: | | /s/ Troy A. Sheets |
| | Troy A. Sheets |
| | Treasurer and Principal Financial Officer |
| |
Date: | | December 5, 2024 |
