Exhibit (h)(xi)

Dated as of: April 2, 2018

FIFTH AMENDED SCHEDULE A

to the

EXPENSE LIMITATION AGREEMENT

OPERATING EXPENSE LIMITS

Fund Name	Class of Shares	Maximum Operating Expense Limit1
JOHCM Emerging Markets Opportunities Fund	Institutional Class I Class II	129 basis points (bps) 139bps 154bps
JOHCM Global Equity Fund	Institutional Class I Class II	108bps 118bps 133bps
JOHCM International Select Fund	Class I Class II	105bps 130bps
JOHCM International Small Cap Equity Fund	Institutional Class I Class II	124bps 134bps 149bps
JOHCM Asia Ex-Japan	Institutional Class I Class II	129bps 139bps 154bps
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Class I Class II Class III	154bps 164bps 179bps 204bps
JOHCM US Small Mid Cap Equity Fund	Institutional Class I Class II Class III	99bps 109bps 124bps 149bps
JOHCM International Opportunities Fund	Institutional Class I Class II	89bps 99bps 114bps
JOHCM Global Income Builder Fund	Institutional Class I Class II	88bps 98bps 113bps

ADVISERS INVESTMENT TRUST		JO HAMBRO CAPITAL MANAGEMENT LIMITED		JO HAMBRO CAPITAL MANAGEMENT LIMITED
By:	/s/ Barbara J. Nelligan	By:	/s/ M. Helen Vaughan	By:	/s/ Mark Purnell
Name:	Barbara J. Nelligan	Name:	M. Helen Vaughan	Name:	Mark Purnell
Title:	President	Title:	COO	Title:	Authorized Signatory

¹  Expressed as a percentage of a Fund’s average daily net assets.