# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-000554
**Filing Date:** 2025-8
**Character Count:** 349405
**Document Hash:** f256c2159cd988f2edfd841cfa0cc08e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000554.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002066578-25-000554

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251268072

**BUSINESS ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (855) 351-4583

**MAIL ADDRESS:**
- **STREET 1:** 50 S. LASALLE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

## Series and Classes Contracts Data

### State Farm Growth Fund (Series ID: S000071157)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000225895 | State Farm Growth Fund | STFGX           |

## Nport-Ex

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (98.86%)** | **Common Stocks (98.86%)** | **Common Stocks (98.86%)** |
| **Advertising & Marketing (0.03%)** | **Advertising & Marketing (0.03%)** | **Advertising & Marketing (0.03%)** |
| Interpublic Group of Cos. Inc., The | 115900 | $2837232 |
| **Aerospace & Defense (0.24%)** | **Aerospace & Defense (0.24%)** | **Aerospace & Defense (0.24%)** |
| Axon Enterprise Inc.(a) | 5600 | 4636464 |
| General Electric Co. | 6400 | 1647296 |
| Lockheed Martin Corp. | 27700 | 12828978 |
|  |  | 19112738 |
| **Apparel & Textile Products (0.21%)** | **Apparel & Textile Products (0.21%)** | **Apparel & Textile Products (0.21%)** |
| Tapestry Inc. | 196300 | 17237103 |
| VF Corp. | 100 | 1175 |
|  |  | 17238278 |
| **Asset Management (0.53%)** | **Asset Management (0.53%)** | **Asset Management (0.53%)** |
| Ameriprise Financial Inc. | 21800 | 11635314 |
| Blackstone Inc. | 100 | 14958 |
| Charles Schwab Corp., The | 100 | 9124 |
| Franklin Resources Inc. | 100 | 2385 |
| Invesco Ltd. | 944800 | 14899496 |
| Janus Henderson Group PLC | 419700 | 16301148 |
| KKR & Co. Inc. | 100 | 13303 |
|  |  | 42875728 |
| **Automotive (0.86%)** | **Automotive (0.86%)** | **Automotive (0.86%)** |
| Tesla Inc.(a) | 220800 | 70139328 |
| **Banking (2.56%)** | **Banking (2.56%)** | **Banking (2.56%)** |
| Bank of America Corp. | 122800 | 5810896 |
| Citigroup Inc. | 163500 | 13917120 |
| Citizens Financial Group Inc. | 100 | 4475 |
| Comerica Inc. | 100 | 5965 |
| Cullen/Frost Bankers Inc. | 101500 | 13046810 |
| Fifth Third Bancorp | 12000 | 493560 |
| Huntington Bancshares Inc. | 100 | 1676 |
| JPMorgan Chase & Co. | 170900 | 49545619 |
| KeyCorp | 103600 | 1804712 |
| M&T Bank Corp. | 62000 | 12027380 |
| Prosperity Bancshares Inc. | 30200 | 2121248 |
| Regions Financial Corp. | 100 | 2352 |
| Truist Financial Corp. | 100 | 4299 |
| US Bancorp | 100 | 4525 |
| Wells Fargo & Co. | 1359500 | 108923140 |
| Zions Bancorp NA | 100 | 5194 |
|  |  | 207718971 |
| **Beverages (1.14%)** | **Beverages (1.14%)** | **Beverages (1.14%)** |
| Coca-Cola Co., The | 745000 | 52708750 |
| PepsiCo Inc. | 301000 | 39744040 |
|  |  | 92452790 |
| **Biotechnology & Pharmaceuticals (10.92%)** | **Biotechnology & Pharmaceuticals (10.92%)** | **Biotechnology & Pharmaceuticals (10.92%)** |
| AbbVie Inc. | 612600 | 113710812 |
| Amgen Inc. | 102085 | 28503153 |
| Bristol-Myers Squibb Co. | 3600 | 166644 |
| Eli Lilly & Co. | 243100 | 189503743 |
| Gilead Sciences Inc. | 170200 | 18870074 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Johnson & Johnson | 2303620 | $351877955 |
| Merck & Co. Inc. | 168750 | 13358250 |
| Pfizer Inc. | 2400732 | 58193744 |
| Zoetis Inc. | 721496 | 112517301 |
|  |  | 886701676 |
| **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** |
| Comcast Corp., Class A | 18500 | 660265 |
| **Chemicals (3.25%)** | **Chemicals (3.25%)** | **Chemicals (3.25%)** |
| Air Products and Chemicals Inc. | 724900 | 204465294 |
| Avery Dennison Corp. | 61100 | 10721217 |
| Ecolab Inc. | 29700 | 8002368 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 524541 | 38579991 |
| Linde PLC | 5100 | 2392818 |
|  |  | 264161688 |
| **Commercial Support Services (1.20%)** | **Commercial Support Services (1.20%)** | **Commercial Support Services (1.20%)** |
| Automatic Data Processing Inc. | 109900 | 33893160 |
| Cintas Corp. | 79300 | 17673591 |
| H&R Block Inc. | 639300 | 35091177 |
| Paychex Inc. | 74900 | 10894954 |
|  |  | 97552882 |
| **Computers (0.01%)** | **Computers (0.01%)** | **Computers (0.01%)** |
| Super Micro Computer Inc.(a) | 20000 | 980200 |
| **Construction Materials (2.74%)** | **Construction Materials (2.74%)** | **Construction Materials (2.74%)** |
| Vulcan Materials Co. | 853700 | 222662034 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 7100 | 1341900 |
| **Containers & Packaging (0.84%)** | **Containers & Packaging (0.84%)** | **Containers & Packaging (0.84%)** |
| AptarGroup Inc. | 425797 | 66607425 |
| Packaging Corp of America | 8700 | 1639515 |
|  |  | 68246940 |
| **Diversified Industrials (2.37%)** | **Diversified Industrials (2.37%)** | **Diversified Industrials (2.37%)** |
| 3M Co. | 91900 | 13990856 |
| Emerson Electric Co. | 126400 | 16852912 |
| Illinois Tool Works Inc. | 652300 | 161281175 |
|  |  | 192124943 |
| **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** |
| Amazon.com Inc.(a) | 811900 | 178122741 |
| eBay Inc. | 26300 | 1958298 |
| Etsy Inc.(a) | 100 | 5016 |
|  |  | 180086055 |
| **Electric Utilities (1.33%)** | **Electric Utilities (1.33%)** | **Electric Utilities (1.33%)** |
| AES Corp., The | 713600 | 7507072 |
| Brookfield Renewable Corp. | 504800 | 16547344 |
| Clearway Energy Inc., Class C | 517100 | 16547200 |
| Consolidated Edison Inc. | 126200 | 12664170 |
| Constellation Energy Corp. | 3400 | 1097384 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Duke Energy Corp. | 82800 | $9770400 |
| Evergy Inc. | 79400 | 5473042 |
| NRG Energy Inc. | 15300 | 2456874 |
| OGE Energy Corp. | 287800 | 12772564 |
| Public Service Enterprise Group Inc. | 24100 | 2028738 |
| Southern Co., The | 156800 | 14398944 |
| Vistra Corp. | 32900 | 6376349 |
|  |  | 107640081 |
| **Electrical Equipment (0.54%)** | **Electrical Equipment (0.54%)** | **Electrical Equipment (0.54%)** |
| AMETEK Inc. | 7400 | 1339104 |
| GE Vernova Inc. | 52900 | 27992035 |
| Generac Holdings Inc.(a) | 100 | 14321 |
| Rockwell Automation Inc. | 1000 | 332170 |
| Vertiv Holdings Co., Class A | 109100 | 14009531 |
|  |  | 43687161 |
| **Entertainment Content (4.27%)** | **Entertainment Content (4.27%)** | **Entertainment Content (4.27%)** |
| Electronic Arts Inc. | 4000 | 638800 |
| Netflix Inc.(a) | 68200 | 91328666 |
| Paramount Global, Class B | 100 | 1290 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 2500 | 607125 |
| Walt Disney Co., The | 2049740 | 254188257 |
| Warner Bros Discovery Inc.(a) | 100 | 1146 |
|  |  | 346765284 |
| **Food (1.05%)** | **Food (1.05%)** | **Food (1.05%)** |
| General Mills Inc. | 83000 | 4300230 |
| Ingredion Inc. | 74200 | 10063004 |
| Kellanova | 70300 | 5590959 |
| McCormick & Co. Inc. | 856600 | 64947412 |
| WK Kellogg Co. | 11250 | 179325 |
|  |  | 85080930 |
| **Gas & Water Utilities (0.40%)** | **Gas & Water Utilities (0.40%)** | **Gas & Water Utilities (0.40%)** |
| National Fuel Gas Co. | 151100 | 12799681 |
| UGI Corp. | 549500 | 20012790 |
|  |  | 32812471 |
| **Health Care Facilities & Services (0.65%)** | **Health Care Facilities & Services (0.65%)** | **Health Care Facilities & Services (0.65%)** |
| Cardinal Health Inc. | 59900 | 10063200 |
| Cencora Inc. | 6100 | 1829085 |
| Chemed Corp. | 20000 | 9738600 |
| Cigna Group, The | 3400 | 1123972 |
| Encompass Health Corp. | 24900 | 3053487 |
| McKesson Corp. | 20000 | 14655600 |
| Medpace Holdings Inc.(a) | 38200 | 11989452 |
|  |  | 52453396 |
| **Home & Office Products (0.92%)** | **Home & Office Products (0.92%)** | **Home & Office Products (0.92%)** |
| HNI Corp. | 1387200 | 68222496 |
| Scotts Miracle-Gro Co., The | 100000 | 6596000 |
|  |  | 74818496 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Household Products (2.10%)** | **Household Products (2.10%)** | **Household Products (2.10%)** |
| Colgate-Palmolive Co. | 367600 | $33414840 |
| Kenvue Inc. | 1427196 | 29871212 |
| Procter & Gamble Co., The | 674755 | 107501967 |
|  |  | 170788019 |
| **Institutional Financial Services (0.53%)** | **Institutional Financial Services (0.53%)** | **Institutional Financial Services (0.53%)** |
| Cboe Global Markets Inc. | 8900 | 2075569 |
| CME Group Inc. | 25700 | 7083434 |
| Coinbase Global Inc., Class A(a) | 1500 | 525735 |
| Goldman Sachs Group Inc., The | 4100 | 2901775 |
| Intercontinental Exchange Inc. | 49900 | 9155153 |
| Jefferies Financial Group Inc. | 86700 | 4741623 |
| Morgan Stanley | 7200 | 1014192 |
| Northern Trust Corp. | 20600 | 2611874 |
| Virtu Financial Inc., Class A, Class A | 287000 | 12854730 |
|  |  | 42964085 |
| **Insurance (1.02%)** | **Insurance (1.02%)** | **Insurance (1.02%)** |
| Allstate Corp., The | 24500 | 4932095 |
| Assurant Inc. | 65200 | 12876348 |
| Berkshire Hathaway Inc., Class B(a) | 10100 | 4906277 |
| CNA Financial Corp. | 52400 | 2438172 |
| Equitable Holdings Inc. | 245800 | 13789380 |
| Hartford Insurance Group Inc., The | 54400 | 6901728 |
| Lincoln National Corp. | 193200 | 6684720 |
| Loews Corp. | 55400 | 5077964 |
| Old Republic International Corp. | 270400 | 10394176 |
| Willis Towers Watson PLC | 47200 | 14466800 |
|  |  | 82467660 |
| **Internet Media & Services (5.62%)** | **Internet Media & Services (5.62%)** | **Internet Media & Services (5.62%)** |
| Airbnb Inc., Class A(a) | 100 | 13234 |
| Alphabet Inc., Class A | 1473100 | 259604413 |
| Alphabet Inc., Class C | 118420 | 21006524 |
| Booking Holdings Inc. | 400 | 2315696 |
| Expedia Group Inc. | 3300 | 556644 |
| GoDaddy Inc., Class A(a) | 100 | 18006 |
| Match Group Inc. | 7900 | 244031 |
| Meta Platforms Inc., Class A | 213070 | 157264836 |
| Uber Technologies Inc.(a) | 20400 | 1903320 |
| VeriSign Inc. | 46700 | 13486960 |
|  |  | 456413664 |
| **IT Services (0.36%)** | **IT Services (0.36%)** | **IT Services (0.36%)** |
| Accenture PLC, Class A | 6900 | 2062341 |
| Amdocs Ltd. | 113900 | 10392236 |
| DXC Technology Co.(a) | 100 | 1529 |
| Gartner Inc.(a) | 4300 | 1738146 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| 49000 | 14444220 |
| &nbsp;&nbsp;&nbsp; Science Applications International <br> Corp.<br>| 7500 | 844575 |
|  |  | 29483047 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Leisure Facilities & Services (0.76%)** | **Leisure Facilities & Services (0.76%)** | **Leisure Facilities & Services (0.76%)** |
| Caesars Entertainment Inc.(a) | 100 | $2839 |
| Carnival Corp.(a) | 111600 | 3138192 |
| Chipotle Mexican Grill Inc.(a) | 100 | 5615 |
| Domino's Pizza Inc. | 20700 | 9327420 |
| Las Vegas Sands Corp. | 100 | 4351 |
| McDonald's Corp. | 87300 | 25506441 |
| MGM Resorts International(a) | 100 | 3439 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2028 |
| Royal Caribbean Cruises Ltd. | 40800 | 12776112 |
| TKO Group Holdings Inc. | 39900 | 7259805 |
| Wingstop Inc. | 6000 | 2020440 |
| Wynn Resorts Ltd. | 100 | 9367 |
| Yum! Brands Inc. | 10500 | 1555890 |
|  |  | 61611939 |
| **Machinery (4.34%)** | **Machinery (4.34%)** | **Machinery (4.34%)** |
| Caterpillar Inc. | 892321 | 346407935 |
| MSA Safety Inc. | 20600 | 3451118 |
| Snap-on Inc. | 9000 | 2800620 |
|  |  | 352659673 |
| **Medical Equipment & Devices (1.57%)** | **Medical Equipment & Devices (1.57%)** | **Medical Equipment & Devices (1.57%)** |
| Abbott Laboratories | 399800 | 54376798 |
| Agilent Technologies Inc. | 548071 | 64677858 |
| Dexcom Inc.(a) | 100 | 8729 |
| Insulet Corp.(a) | 100 | 31418 |
| ResMed Inc. | 19900 | 5134200 |
| Solventum Corp.(a) | 23075 | 1750008 |
| STERIS PLC | 3700 | 888814 |
| Thermo Fisher Scientific Inc. | 1600 | 648736 |
|  |  | 127516561 |
| **Metals & Mining (0.53%)** | **Metals & Mining (0.53%)** | **Metals & Mining (0.53%)** |
| Rio Tinto PLC Sponsored ADR | 479900 | 27992567 |
| Royal Gold Inc. | 85000 | 15116400 |
|  |  | 43108967 |
| **Oil & Gas Supply Chain (2.57%)** | **Oil & Gas Supply Chain (2.57%)** | **Oil & Gas Supply Chain (2.57%)** |
| Antero Midstream Corp. | 303600 | 5753220 |
| APA Corp. | 100 | 1829 |
| Cheniere Energy Inc. | 20300 | 4943456 |
| Chevron Corp. | 930800 | 133281252 |
| Civitas Resources Inc. | 498700 | 13724224 |
| ConocoPhillips | 26673 | 2393635 |
| Devon Energy Corp. | 100 | 3181 |
| Diamondback Energy Inc. | 24200 | 3325080 |
| EOG Resources Inc. | 124600 | 14903406 |
| EQT Corp. | 100 | 5832 |
| Exxon Mobil Corp. | 67800 | 7308840 |
| Murphy USA Inc. | 2200 | 894960 |
| Occidental Petroleum Corp. | 112300 | 4717723 |
| Targa Resources Corp. | 31500 | 5483520 |
| Texas Pacific Land Corp. | 10900 | 11514651 |
|  |  | 208254809 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Baker Hughes Co. | 100 | $3834 |
| **Publishing & Broadcasting (0.12%)** | **Publishing & Broadcasting (0.12%)** | **Publishing & Broadcasting (0.12%)** |
| Nexstar Media Group Inc. | 58500 | 10117575 |
| **Real Estate Investment Trusts (1.48%)** | **Real Estate Investment Trusts (1.48%)** | **Real Estate Investment Trusts (1.48%)** |
| Alexandria Real Estate Equities Inc. | 100 | 7263 |
| American Tower Corp. | 1500 | 331530 |
| AvalonBay Communities Inc. | 57400 | 11680900 |
| CubeSmart | 295500 | 12558750 |
| Essex Property Trust Inc. | 32300 | 9153820 |
| Highwoods Properties Inc. | 309200 | 9613028 |
| Host Hotels & Resorts Inc. | 306300 | 4704768 |
| Iron Mountain Inc. | 129500 | 13282815 |
| Kilroy Realty Corp. | 296300 | 10166053 |
| Lamar Advertising Co., Class A | 63700 | 7730632 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 64700 | 9576247 |
| Prologis Inc. | 2700 | 283824 |
| Public Storage | 37300 | 10944566 |
| Simon Property Group Inc. | 125900 | 20239684 |
|  |  | 120273880 |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | 14012 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3965 |
| **Retail - Consumer Staples (3.92%)** | **Retail - Consumer Staples (3.92%)** | **Retail - Consumer Staples (3.92%)** |
| Costco Wholesale Corp. | 30100 | 29797194 |
| Walmart Inc. | 2945900 | 288050102 |
|  |  | 317847296 |
| **Retail - Discretionary (0.77%)** | **Retail - Discretionary (0.77%)** | **Retail - Discretionary (0.77%)** |
| AutoZone Inc.(a) | 4600 | 17076258 |
| Bath & Body Works Inc. | 119800 | 3589208 |
| Best Buy Co. Inc. | 10700 | 718291 |
| Dick's Sporting Goods Inc. | 7400 | 1463794 |
| Lowe's Cos. Inc. | 13500 | 2995245 |
| O'Reilly Automotive Inc.(a) | 163500 | 14736255 |
| TJX Cos. Inc., The | 9700 | 1197853 |
| Williams-Sonoma Inc. | 126300 | 20633631 |
|  |  | 62410535 |
| **Semiconductors (11.89%)** | **Semiconductors (11.89%)** | **Semiconductors (11.89%)** |
| Advanced Micro Devices Inc.(a) | 3600 | 510840 |
| Analog Devices Inc. | 30700 | 7307214 |
| Applied Materials Inc. | 6300 | 1153341 |
| ASML Holding NV NY Reg. Shares | 205333 | 164551813 |
| Broadcom Inc. | 446100 | 122967465 |
| Intel Corp. | 100 | 2240 |
| KLA Corp. | 52900 | 47384646 |
| Lam Research Corp. | 146000 | 14211640 |
| Micron Technology Inc. | 100 | 12325 |
| NVIDIA Corp. | 3661600 | 578496184 |
| QUALCOMM Inc. | 47900 | 7628554 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Skyworks Solutions Inc. | 198900 | $14822028 |
| Texas Instruments Inc. | 31726 | 6586952 |
|  |  | 965635242 |
| **Software (6.74%)** | **Software (6.74%)** | **Software (6.74%)** |
| Adobe Inc.(a) | 5916 | 2288782 |
| ANSYS Inc.(a) | 27400 | 9623428 |
| Bentley Systems Inc., Class B | 73100 | 3945207 |
| Crowdstrike Holdings Inc., Class A(a) | 23700 | 12070647 |
| Dayforce Inc.(a) | 100 | 5539 |
| Fortinet Inc.(a) | 65000 | 6871800 |
| Gen Digital Inc. | 14000 | 411600 |
| Intuit Inc. | 45800 | 36073454 |
| Microsoft Corp. | 856769 | 426165468 |
| Oracle Corp. | 1300 | 284219 |
| Palantir Technologies Inc., Class A(a) | 206100 | 28095552 |
| Palo Alto Networks Inc.(a) | 2400 | 491136 |
| Paycom Software Inc. | 21600 | 4998240 |
| PTC Inc.(a) | 100 | 17234 |
| Salesforce Inc. | 7800 | 2126982 |
| ServiceNow Inc.(a) | 500 | 514040 |
| Tyler Technologies Inc.(a) | 22400 | 13279616 |
|  |  | 547262944 |
| **Specialty Finance (1.61%)** | **Specialty Finance (1.61%)** | **Specialty Finance (1.61%)** |
| AGNC Investment Corp. | 847900 | 7792201 |
| Ally Financial Inc. | 6500 | 253175 |
| Broadridge Financial Solutions Inc. | 1700 | 413151 |
| Fair Isaac Corp.(a) | 300 | 548388 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 91700 | 7465297 |
| Fiserv Inc.(a) | 15900 | 2741319 |
| Global Payments Inc. | 100 | 8004 |
| Jack Henry & Associates Inc. | 9300 | 1675581 |
| Mastercard Inc., Class A | 1864 | 1047456 |
| MGIC Investment Corp. | 400700 | 11155488 |
| MSCI Inc. | 6300 | 3633462 |
| OneMain Holdings Inc. | 350000 | 19950000 |
| PayPal Holdings Inc.(a) | 100 | 7432 |
| Rithm Capital Corp. | 652400 | 7365596 |
| Starwood Property Trust Inc. | 820500 | 16467435 |
| UWM Holdings Corp. | 131119 | 542833 |
| Verisk Analytics Inc. | 49700 | 15481550 |
| Visa Inc., Class A | 95112 | 33769515 |
|  |  | 130317883 |
| **Steel (0.57%)** | **Steel (0.57%)** | **Steel (0.57%)** |
| Nucor Corp. | 357700 | 46336458 |
| **Technology Hardware (10.46%)** | **Technology Hardware (10.46%)** | **Technology Hardware (10.46%)** |
| Apple Inc. | 3784668 | 776500334 |
| Cisco Systems Inc. | 153700 | 10663706 |
| Corning Inc. | 859400 | 45195846 |
| Dell Technologies Inc., Class C | 100 | 12260 |
| F5 Inc.(a) | 3500 | 1030120 |
| HP Inc. | 8800 | 215248 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| Motorola Solutions Inc. | 5400 | $2270484 |
| Teledyne Technologies Inc.(a) | 26100 | 13371291 |
|  |  | 849259289 |
| **Telecommunications (0.82%)** | **Telecommunications (0.82%)** | **Telecommunications (0.82%)** |
| AT&T Inc. | 1113700 | 32230478 |
| T-Mobile US Inc. | 66400 | 15820464 |
| Verizon Communications Inc. | 421800 | 18251286 |
|  |  | 66302228 |
| **Tobacco & Cannabis (0.68%)** | **Tobacco & Cannabis (0.68%)** | **Tobacco & Cannabis (0.68%)** |
| Altria Group Inc. | 451800 | 26489034 |
| Philip Morris International Inc. | 155500 | 28321215 |
|  |  | 54810249 |
| **Transportation & Logistics (0.33%)** | **Transportation & Logistics (0.33%)** | **Transportation & Logistics (0.33%)** |
| American Airlines Group Inc.(a) | 100 | 1122 |
| Delta Air Lines Inc. | 100 | 4918 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 114000 | 13024500 |
| Landstar System Inc. | 20000 | 2780400 |
| Ryder System Inc. | 31000 | 4929000 |
| Union Pacific Corp. | 25200 | 5798016 |
| United Airlines Holdings Inc.(a) | 100 | 7963 |
|  |  | 26545919 |
| **Wholesale - Consumer Staples (1.76%)** | **Wholesale - Consumer Staples (1.76%)** | **Wholesale - Consumer Staples (1.76%)** |
| Archer-Daniels-Midland Co. | 2709954 | 143031372 |
| **Total Common Stocks** <br>(cost $2,151,424,634)<br>|  | 8025592572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.04%)** | **U.S. Treasury Obligations (0.04%)** | **U.S. Treasury Obligations (0.04%)** |
| U.S. Treasury Bill<br> 4.134%, 11/28/2025(b),(c)<br>| $3747000 | 3682583 |
| **Total U.S. Treasury Obligations** <br>(cost $3,682,462)<br>|  | 3682583 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.06%)** | **Short-term Investments (1.06%)** | **Short-term Investments (1.06%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 4.16%(d)<br>| 86253213 | $86253213 |
| **Total Short-term Investments** <br>(cost $86,253,212)<br>|  | 86253213 |
| **TOTAL INVESTMENTS (99.96%)** <br>(cost $2,241,360,308)<br>|  | 8115528368 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.04%)**<br>|  | 2914727 |
| **NET ASSETS (100.00%)** |  | $8118443095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security pledged as collateral to cover margin requirements for open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Discount rate at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rate shown is the 7-day yield as of June 30, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-Mini <br> S&P 500<br>| 192 | 9/19/2025 | USD | 60036000 | $1136135 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (69.85%)** | **Common Stocks (69.85%)** | **Common Stocks (69.85%)** |
| **Aerospace & Defense (0.18%)** | **Aerospace & Defense (0.18%)** | **Aerospace & Defense (0.18%)** |
| Axon Enterprise Inc.(a) | 2000 | $1655880 |
| General Electric Co. | 1600 | 411824 |
| Lockheed Martin Corp. | 5200 | 2408328 |
|  |  | 4476032 |
| **Apparel & Textile Products (0.24%)** | **Apparel & Textile Products (0.24%)** | **Apparel & Textile Products (0.24%)** |
| Tapestry Inc. | 67400 | 5918394 |
| **Asset Management (0.25%)** | **Asset Management (0.25%)** | **Asset Management (0.25%)** |
| Ameriprise Financial Inc. | 4800 | 2561904 |
| Blue Owl Capital Inc. | 29900 | 574379 |
| Charles Schwab Corp., The | 100 | 9124 |
| Invesco Ltd. | 128100 | 2020137 |
| Janus Henderson Group PLC | 24900 | 967116 |
| KKR & Co. Inc. | 100 | 13303 |
|  |  | 6145963 |
| **Automotive (0.55%)** | **Automotive (0.55%)** | **Automotive (0.55%)** |
| Tesla Inc.(a) | 42300 | 13437018 |
| **Banking (1.93%)** | **Banking (1.93%)** | **Banking (1.93%)** |
| Bank of America Corp. | 19700 | 932204 |
| Citigroup Inc. | 6400 | 544768 |
| Comerica Inc. | 19800 | 1181070 |
| Cullen/Frost Bankers Inc. | 18700 | 2403698 |
| JPMorgan Chase & Co. | 28000 | 8117480 |
| M&T Bank Corp. | 19000 | 3685810 |
| Wells Fargo & Co. | 381900 | 30597828 |
|  |  | 47462858 |
| **Beverages (0.67%)** | **Beverages (0.67%)** | **Beverages (0.67%)** |
| Coca-Cola Co., The | 147257 | 10418433 |
| PepsiCo Inc. | 46400 | 6126656 |
|  |  | 16545089 |
| **Biotechnology & Pharmaceuticals (8.61%)** | **Biotechnology & Pharmaceuticals (8.61%)** | **Biotechnology & Pharmaceuticals (8.61%)** |
| AbbVie Inc. | 64800 | 12028176 |
| Amgen Inc. | 51750 | 14449117 |
| Bristol-Myers Squibb Co. | 4600 | 212934 |
| Eli Lilly & Co. | 84300 | 65714379 |
| Gilead Sciences Inc. | 36400 | 4035668 |
| Johnson & Johnson | 391909 | 59864100 |
| Merck & Co. Inc. | 40100 | 3174316 |
| Moderna Inc.(a) | 100 | 2759 |
| Pfizer Inc. | 678740 | 16452658 |
| Vertex Pharmaceuticals Inc.(a) | 300 | 133560 |
| Zoetis Inc. | 229595 | 35805340 |
|  |  | 211873007 |
| **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** | **Cable & Satellite (0.01%)** |
| Comcast Corp., Class A | 7500 | 267675 |
| **Chemicals (2.78%)** | **Chemicals (2.78%)** | **Chemicals (2.78%)** |
| Air Products and Chemicals Inc. | 195500 | 55142730 |
| Avery Dennison Corp. | 13000 | 2281110 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| Ecolab Inc. | 8000 | $2155520 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 119888 | 8817762 |
|  |  | 68397122 |
| **Commercial Support Services (0.76%)** | **Commercial Support Services (0.76%)** | **Commercial Support Services (0.76%)** |
| Automatic Data Processing Inc. | 38600 | 11904240 |
| Cintas Corp. | 16400 | 3655068 |
| H&R Block Inc. | 18500 | 1015465 |
| Paychex Inc. | 15000 | 2181900 |
|  |  | 18756673 |
| **Computers (0.01%)** | **Computers (0.01%)** | **Computers (0.01%)** |
| Sandisk Corp.(a) | 33 | 1497 |
| Super Micro Computer Inc.(a) | 4500 | 220545 |
|  |  | 222042 |
| **Construction Materials (1.13%)** | **Construction Materials (1.13%)** | **Construction Materials (1.13%)** |
| Vulcan Materials Co. | 106400 | 27751248 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 2900 | 548100 |
| **Containers & Packaging (0.63%)** | **Containers & Packaging (0.63%)** | **Containers & Packaging (0.63%)** |
| AptarGroup Inc. | 97500 | 15251925 |
| Packaging Corp of America | 1100 | 207295 |
|  |  | 15459220 |
| **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** |
| Blackrock Inc. | 500 | 524625 |
| **Diversified Industrials (1.98%)** | **Diversified Industrials (1.98%)** | **Diversified Industrials (1.98%)** |
| 3M Co. | 53000 | 8068720 |
| Emerson Electric Co. | 62400 | 8319792 |
| Illinois Tool Works Inc. | 130400 | 32241400 |
|  |  | 48629912 |
| **E-Commerce Discretionary (0.95%)** | **E-Commerce Discretionary (0.95%)** | **E-Commerce Discretionary (0.95%)** |
| Amazon.com Inc.(a) | 106200 | 23299218 |
| eBay Inc. | 100 | 7446 |
| Etsy Inc.(a) | 100 | 5016 |
|  |  | 23311680 |
| **Electric Utilities (0.64%)** | **Electric Utilities (0.64%)** | **Electric Utilities (0.64%)** |
| AES Corp., The | 133100 | 1400212 |
| Clearway Energy Inc., Class C | 70200 | 2246400 |
| Consolidated Edison Inc. | 18300 | 1836405 |
| Constellation Energy Corp. | 800 | 258208 |
| Duke Energy Corp. | 20100 | 2371800 |
| Evergy Inc. | 15100 | 1040843 |
| NRG Energy Inc. | 3200 | 513856 |
| OGE Energy Corp. | 59200 | 2627296 |
| Public Service Enterprise Group Inc. | 3600 | 303048 |
| Southern Co., The | 33500 | 3076305 |
| Vistra Corp. | 100 | 19381 |
|  |  | 15693754 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electrical Equipment (0.19%)** | **Electrical Equipment (0.19%)** | **Electrical Equipment (0.19%)** |
| GE Vernova Inc. | 6600 | $3492390 |
| Generac Holdings Inc.(a) | 100 | 14321 |
| Vertiv Holdings Co., Class A | 8300 | 1065803 |
|  |  | 4572514 |
| **Entertainment Content (3.07%)** | **Entertainment Content (3.07%)** | **Entertainment Content (3.07%)** |
| Electronic Arts Inc. | 200 | 31940 |
| Netflix Inc.(a) | 3400 | 4553042 |
| Paramount Global, Class B | 100 | 1290 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 100 | 24285 |
| Walt Disney Co., The | 572395 | 70982703 |
| Warner Bros Discovery Inc.(a) | 100 | 1146 |
|  |  | 75594406 |
| **Food (0.41%)** | **Food (0.41%)** | **Food (0.41%)** |
| General Mills Inc. | 8700 | 450747 |
| Ingredion Inc. | 14800 | 2007176 |
| Kellanova | 91600 | 7284948 |
| Nestle SA Sponsored ADR | 100 | 9932 |
| WK Kellogg Co. | 24800 | 395312 |
|  |  | 10148115 |
| **Gas & Water Utilities (0.31%)** | **Gas & Water Utilities (0.31%)** | **Gas & Water Utilities (0.31%)** |
| National Fuel Gas Co. | 35700 | 3024147 |
| UGI Corp. | 123500 | 4497870 |
|  |  | 7522017 |
| **Health Care Facilities & Services (0.37%)** | **Health Care Facilities & Services (0.37%)** | **Health Care Facilities & Services (0.37%)** |
| Cencora Inc. | 800 | 239880 |
| Chemed Corp. | 4200 | 2045106 |
| Cigna Group, The | 600 | 198348 |
| Encompass Health Corp. | 6400 | 784832 |
| McKesson Corp. | 4500 | 3297510 |
| Medpace Holdings Inc.(a) | 7800 | 2448108 |
|  |  | 9013784 |
| **Home & Office Products (0.39%)** | **Home & Office Products (0.39%)** | **Home & Office Products (0.39%)** |
| HNI Corp. | 160000 | 7868800 |
| Scotts Miracle-Gro Co., The | 27900 | 1840284 |
|  |  | 9709084 |
| **Household Products (2.57%)** | **Household Products (2.57%)** | **Household Products (2.57%)** |
| Kenvue Inc. | 205557 | 4302308 |
| Procter & Gamble Co., The | 369300 | 58836876 |
|  |  | 63139184 |
| **Institutional Financial Services (0.30%)** | **Institutional Financial Services (0.30%)** | **Institutional Financial Services (0.30%)** |
| Cboe Global Markets Inc. | 2000 | 466420 |
| CME Group Inc. | 4700 | 1295414 |
| Coinbase Global Inc., Class A(a) | 400 | 140196 |
| Goldman Sachs Group Inc., The | 800 | 566200 |
| Intercontinental Exchange Inc. | 10000 | 1834700 |
| Morgan Stanley | 1700 | 239462 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Northern Trust Corp. | 3400 | $431086 |
| Virtu Financial Inc., Class A, Class A | 55100 | 2467929 |
|  |  | 7441407 |
| **Insurance (0.53%)** | **Insurance (0.53%)** | **Insurance (0.53%)** |
| Allstate Corp., The | 4000 | 805240 |
| Assurant Inc. | 14400 | 2843856 |
| Berkshire Hathaway Inc., Class B(a) | 1700 | 825809 |
| Equitable Holdings Inc. | 5900 | 330990 |
| Hanover Insurance Group Inc., The | 100 | 16987 |
| Hartford Insurance Group Inc., The | 11600 | 1471692 |
| Lincoln National Corp. | 15600 | 539760 |
| Loews Corp. | 13900 | 1274074 |
| Old Republic International Corp. | 61000 | 2344840 |
| Willis Towers Watson PLC | 8800 | 2697200 |
|  |  | 13150448 |
| **Internet Media & Services (5.27%)** | **Internet Media & Services (5.27%)** | **Internet Media & Services (5.27%)** |
| Airbnb Inc., Class A(a) | 100 | 13234 |
| Alphabet Inc., Class A | 402240 | 70886755 |
| Alphabet Inc., Class C | 71180 | 12626620 |
| DoorDash Inc., Class A(a) | 100 | 24651 |
| Expedia Group Inc. | 100 | 16868 |
| GoDaddy Inc., Class A(a) | 100 | 18006 |
| Match Group Inc. | 100 | 3089 |
| Meta Platforms Inc., Class A | 57730 | 42609936 |
| Uber Technologies Inc.(a) | 4100 | 382530 |
| VeriSign Inc. | 10500 | 3032400 |
|  |  | 129614089 |
| **IT Services (0.27%)** | **IT Services (0.27%)** | **IT Services (0.27%)** |
| Accenture PLC, Class A | 2170 | 648591 |
| Amdocs Ltd. | 27000 | 2463480 |
| DXC Technology Co.(a) | 100 | 1529 |
| Gartner Inc.(a) | 600 | 242532 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br>| 11000 | 3242580 |
|  |  | 6598712 |
| **Leisure Facilities & Services (0.37%)** | **Leisure Facilities & Services (0.37%)** | **Leisure Facilities & Services (0.37%)** |
| Caesars Entertainment Inc.(a) | 100 | 2839 |
| Carnival Corp.(a) | 100 | 2812 |
| Chipotle Mexican Grill Inc.(a) | 100 | 5615 |
| Domino's Pizza Inc. | 4600 | 2072760 |
| McDonald's Corp. | 19300 | 5638881 |
| MGM Resorts International(a) | 100 | 3439 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2028 |
| Royal Caribbean Cruises Ltd. | 100 | 31314 |
| Starbucks Corp. | 2200 | 201586 |
| Wingstop Inc. | 2400 | 808176 |
| Wynn Resorts Ltd. | 100 | 9367 |
| Yum! Brands Inc. | 1900 | 281542 |
|  |  | 9060359 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Machinery (4.71%)** | **Machinery (4.71%)** | **Machinery (4.71%)** |
| Caterpillar Inc. | 264200 | $102565082 |
| Deere & Co. | 20002 | 10170816 |
| Donaldson Co. Inc. | 36517 | 2532453 |
| MSA Safety Inc. | 4300 | 720379 |
|  |  | 115988730 |
| **Medical Equipment & Devices (1.09%)** | **Medical Equipment & Devices (1.09%)** | **Medical Equipment & Devices (1.09%)** |
| Abbott Laboratories | 53975 | 7341140 |
| Agilent Technologies Inc. | 143587 | 16944702 |
| Dexcom Inc.(a) | 100 | 8729 |
| Insulet Corp.(a) | 100 | 31418 |
| ResMed Inc. | 4700 | 1212600 |
| Solventum Corp.(a) | 13250 | 1004880 |
| STERIS PLC | 1200 | 288264 |
| Thermo Fisher Scientific Inc. | 300 | 121638 |
|  |  | 26953371 |
| **Metals & Mining (0.40%)** | **Metals & Mining (0.40%)** | **Metals & Mining (0.40%)** |
| Rio Tinto PLC Sponsored ADR | 110100 | 6422133 |
| Royal Gold Inc. | 18800 | 3343392 |
|  |  | 9765525 |
| **Oil & Gas Supply Chain (1.84%)** | **Oil & Gas Supply Chain (1.84%)** | **Oil & Gas Supply Chain (1.84%)** |
| Antero Midstream Corp. | 100 | 1895 |
| APA Corp. | 100 | 1829 |
| Cheniere Energy Inc. | 4600 | 1120192 |
| Chevron Corp. | 212400 | 30413556 |
| Civitas Resources Inc. | 110200 | 3032704 |
| EOG Resources Inc. | 21400 | 2559654 |
| Exxon Mobil Corp. | 54400 | 5864320 |
| Occidental Petroleum Corp. | 100 | 4201 |
| Targa Resources Corp. | 200 | 34816 |
| Texas Pacific Land Corp. | 2200 | 2324058 |
|  |  | 45357225 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| News Corp., Class A | 100 | 2972 |
| Nexstar Media Group Inc. | 600 | 103770 |
|  |  | 106742 |
| **Real Estate Investment Trusts (0.82%)** | **Real Estate Investment Trusts (0.82%)** | **Real Estate Investment Trusts (0.82%)** |
| AvalonBay Communities Inc. | 13200 | 2686200 |
| CubeSmart | 1900 | 80750 |
| Essex Property Trust Inc. | 9100 | 2578940 |
| Highwoods Properties Inc. | 76300 | 2372167 |
| Host Hotels & Resorts Inc. | 68100 | 1046016 |
| Iron Mountain Inc. | 100 | 10257 |
| Kilroy Realty Corp. | 42500 | 1458175 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 16800 | 2486568 |
| Prologis Inc. | 500 | 52560 |
| Public Storage | 8900 | 2611438 |
| Simon Property Group Inc. | 30300 | 4871028 |
|  |  | 20254099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | $14012 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3965 |
| First Solar Inc.(a) | 100 | 16554 |
|  |  | 20519 |
| **Retail - Consumer Staples (1.40%)** | **Retail - Consumer Staples (1.40%)** | **Retail - Consumer Staples (1.40%)** |
| Costco Wholesale Corp. | 7050 | 6979077 |
| Walgreens Boots Alliance Inc. | 100 | 1148 |
| Walmart Inc. | 281400 | 27515292 |
|  |  | 34495517 |
| **Retail - Discretionary (0.42%)** | **Retail - Discretionary (0.42%)** | **Retail - Discretionary (0.42%)** |
| AutoZone Inc.(a) | 900 | 3341007 |
| Bath & Body Works Inc. | 100 | 2996 |
| Best Buy Co. Inc. | 9500 | 637735 |
| Builders FirstSource Inc.(a) | 100 | 11669 |
| Lowe's Cos. Inc. | 3000 | 665610 |
| O'Reilly Automotive Inc.(a) | 33000 | 2974290 |
| TJX Cos. Inc., The | 2400 | 296376 |
| Williams-Sonoma Inc. | 14400 | 2352528 |
|  |  | 10282211 |
| **Semiconductors (6.80%)** | **Semiconductors (6.80%)** | **Semiconductors (6.80%)** |
| Advanced Micro Devices Inc.(a) | 100 | 14190 |
| Analog Devices Inc. | 5500 | 1309110 |
| Applied Materials Inc. | 1300 | 237991 |
| ASML Holding NV NY Reg. Shares | 12921 | 10354760 |
| Broadcom Inc. | 80700 | 22244955 |
| Intel Corp. | 100 | 2240 |
| KLA Corp. | 5000 | 4478700 |
| Lam Research Corp. | 100 | 9734 |
| Microchip Technology Inc. | 100 | 7037 |
| Micron Technology Inc. | 100 | 12325 |
| Monolithic Power Systems Inc. | 100 | 73138 |
| NVIDIA Corp. | 797900 | 126060221 |
| NXP Semiconductors NV | 100 | 21849 |
| ON Semiconductor Corp.(a) | 100 | 5241 |
| Qorvo Inc.(a) | 100 | 8491 |
| QUALCOMM Inc. | 8500 | 1353710 |
| Skyworks Solutions Inc. | 13700 | 1020924 |
|  |  | 167214616 |
| **Software (4.40%)** | **Software (4.40%)** | **Software (4.40%)** |
| ANSYS Inc.(a) | 5300 | 1861466 |
| Autodesk Inc.(a) | 100 | 30957 |
| Crowdstrike Holdings Inc., Class A(a) | 6300 | 3208653 |
| Dayforce Inc.(a) | 100 | 5539 |
| Fortinet Inc.(a) | 8000 | 845760 |
| Gen Digital Inc. | 100 | 2940 |
| Intuit Inc. | 8600 | 6773618 |
| Microsoft Corp. | 167421 | 83276880 |
| Oracle Corp. | 300 | 65589 |
| Palantir Technologies Inc., Class A(a) | 55500 | 7565760 |
| Palo Alto Networks Inc.(a) | 200 | 40928 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| Paycom Software Inc. | 5100 | $1180140 |
| Salesforce Inc. | 900 | 245421 |
| ServiceNow Inc.(a) | 100 | 102808 |
| Tyler Technologies Inc.(a) | 5000 | 2964200 |
|  |  | 108170659 |
| **Specialty Finance (1.32%)** | **Specialty Finance (1.32%)** | **Specialty Finance (1.32%)** |
| AGNC Investment Corp. | 334800 | 3076812 |
| Annaly Capital Management Inc. | 75600 | 1422792 |
| Broadridge Financial Solutions Inc. | 600 | 145818 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 5800 | 472178 |
| Fiserv Inc.(a) | 2600 | 448266 |
| GATX Corp. | 4200 | 644952 |
| Jack Henry & Associates Inc. | 1500 | 270255 |
| Mastercard Inc., Class A | 439 | 246692 |
| MGIC Investment Corp. | 86600 | 2410944 |
| MSCI Inc. | 1300 | 749762 |
| OneMain Holdings Inc. | 77800 | 4434600 |
| PayPal Holdings Inc.(a) | 100 | 7432 |
| Rithm Capital Corp. | 325900 | 3679411 |
| Starwood Property Trust Inc. | 178800 | 3588516 |
| UWM Holdings Corp. | 23170 | 95924 |
| Verisk Analytics Inc. | 10800 | 3364200 |
| Visa Inc., Class A | 20930 | 7431196 |
|  |  | 32489750 |
| **Steel (1.32%)** | **Steel (1.32%)** | **Steel (1.32%)** |
| Nucor Corp. | 251700 | 32605218 |
| **Technology Hardware (7.64%)** | **Technology Hardware (7.64%)** | **Technology Hardware (7.64%)** |
| Apple Inc. | 824804 | 169225037 |
| Corning Inc. | 279392 | 14693225 |
| Dell Technologies Inc., Class C | 100 | 12260 |
| F5 Inc.(a) | 1900 | 559208 |
| Motorola Solutions Inc. | 1100 | 462506 |
| Teledyne Technologies Inc.(a) | 5700 | 2920167 |
| Western Digital Corp. | 100 | 6399 |
|  |  | 187878802 |
| **Telecommunications (0.48%)** | **Telecommunications (0.48%)** | **Telecommunications (0.48%)** |
| AT&T Inc. | 182000 | 5267080 |
| EchoStar Corp., Class A(a) | 35 | 969 |
| T-Mobile US Inc. | 12700 | 3025902 |
| Verizon Communications Inc. | 81600 | 3530832 |
|  |  | 11824783 |
| **Tobacco & Cannabis (0.28%)** | **Tobacco & Cannabis (0.28%)** | **Tobacco & Cannabis (0.28%)** |
| Altria Group Inc. | 44800 | 2626624 |
| Philip Morris International Inc. | 23100 | 4207203 |
|  |  | 6833827 |
| **Transportation & Logistics (0.34%)** | **Transportation & Logistics (0.34%)** | **Transportation & Logistics (0.34%)** |
| American Airlines Group Inc.(a) | 100 | 1122 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 24200 | 2764850 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| Landstar System Inc. | 16500 | $2293830 |
| Union Pacific Corp. | 14566 | 3351345 |
|  |  | 8411147 |
| **Wholesale - Consumer Staples (1.18%)** | **Wholesale - Consumer Staples (1.18%)** | **Wholesale - Consumer Staples (1.18%)** |
| Archer-Daniels-Midland Co. | 550461 | 29053332 |
| **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** |
| Copart Inc.(a) | 100 | 4907 |
| **Total Common Stocks** <br>(cost $418,584,808)<br>|  | 1718709523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **Corporate Bonds (8.40%)** | **Corporate Bonds (8.40%)** | **Corporate Bonds (8.40%)** |
| **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** |
| RTX Corp.<br> 5.750%, 11/08/2026<br>| $100000 | 101846 |
| 6.000%, 03/15/2031 | 200000 | 214886 |
| 5.150%, 02/27/2033 | 250000 | 255544 |
| L3Harris Technologies Inc.<br> 5.400%, 01/15/2027<br>| 150000 | 152486 |
| 5.400%, 07/31/2033 | 100000 | 102718 |
| Boeing Co., The<br> 5.040%, 05/01/2027<br>| 150000 | 151117 |
| 6.259%, 05/01/2027 | 100000 | 102882 |
| 3.250%, 02/01/2028 | 250000 | 242484 |
| 5.150%, 05/01/2030 | 250000 | 254525 |
| 3.625%, 02/01/2031 | 150000 | 141319 |
| 6.528%, 05/01/2034 | 200000 | 217306 |
| Lockheed Martin Corp.<br> 5.100%, 11/15/2027<br>| 250000 | 256298 |
| 4.450%, 05/15/2028 | 250000 | 252861 |
| 5.250%, 01/15/2033 | 250000 | 259509 |
| 4.800%, 08/15/2034 | 100000 | 99656 |
| HEICO Corp.<br> 5.250%, 08/01/2028<br>| 150000 | 153884 |
| Northrop Grumman Corp.<br> 4.900%, 06/01/2034<br>| 100000 | 99708 |
|  |  | 3059029 |
| **Asset Management (0.19%)** | **Asset Management (0.19%)** | **Asset Management (0.19%)** |
| Charles Schwab Corp., The<br> 5.875%, 08/24/2026<br>| 100000 | 101675 |
| 2.000%, 03/20/2028 | 100000 | 94644 |
| 6.196%, 11/17/2029(b) | 100000 | 106105 |
| 4.625%, 03/22/2030 | 50000 | 50809 |
| 5.853%, 05/19/2034(b) | 150000 | 159347 |
| 6.136%, 08/24/2034(b) | 100000 | 108198 |
| Blackstone Private Credit Fund<br> 3.250%, 03/15/2027<br>| 500000 | 486159 |
| 4.000%, 01/15/2029 | 250000 | 239861 |
| 6.000%, 11/22/2034 | 100000 | 97785 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Asset Management (Cont.)** | **Asset Management (Cont.)** | **Asset Management (Cont.)** |
| Blue Owl Credit Income Corp.<br> 7.750%, 09/16/2027<br>| $250000 | $262232 |
| 7.950%, 06/13/2028 | 100000 | 106919 |
| 5.800%, 03/15/2030 | 100000 | 100163 |
| Blackstone Secured Lending Fund<br> 5.875%, 11/15/2027<br>| 150000 | 153109 |
| &nbsp;&nbsp;&nbsp; UBS AG(Variable, U.S. SOFR + <br> 0.72%)<br> 4.864%, 01/10/2028(b)<br>| 250000 | 252032 |
| 5.650%, 09/11/2028 | 200000 | 208280 |
| Brookfield Finance Inc.<br> 3.900%, 01/25/2028<br>| 100000 | 98827 |
| 5.675%, 01/15/2035 | 100000 | 102630 |
| Ares Capital Corp.<br> 5.875%, 03/01/2029<br>| 150000 | 152949 |
| 5.950%, 07/15/2029 | 150000 | 153476 |
| Blue Owl Capital Corp.<br> 5.950%, 03/15/2029<br>| 100000 | 100514 |
| 6.200%, 07/15/2030 | 50000 | 50509 |
| Ares Strategic Income Fund<br> 6.350%, 08/15/2029<br>| 100000 | 102523 |
| 5.600%, 02/15/2030 | 100000 | 99698 |
| FS K.K.R Capital Corp.<br> 6.875%, 08/15/2029<br>| 100000 | 102548 |
| Sixth Street Lending Partners<br> 5.750%, 01/15/2030<br>| 100000 | 100248 |
| BlackRock Inc.<br> 2.400%, 04/30/2030<br>| 250000 | 230077 |
| 4.750%, 05/25/2033 | 150000 | 151634 |
| Apollo Debt Solutions BDC<br> 6.700%, 07/29/2031<br>| 50000 | 51957 |
| 6.550%, 03/15/2032(c) | 100000 | 102139 |
| Ameriprise Financial Inc.<br> 4.500%, 05/13/2032<br>| 250000 | 248048 |
| 5.150%, 05/15/2033 | 100000 | 102608 |
| Brookfield Capital Finance LLC<br> 6.087%, 06/14/2033<br>| 100000 | 105791 |
|  |  | 4583494 |
| **Automotive (0.25%)** | **Automotive (0.25%)** | **Automotive (0.25%)** |
| American Honda Finance Corp.<br> 5.250%, 07/07/2026<br>| 250000 | 252099 |
| 5.125%, 07/07/2028 | 250000 | 255073 |
| 5.650%, 11/15/2028 | 100000 | 103891 |
| 4.800%, 03/05/2030 | 100000 | 100793 |
| 5.850%, 10/04/2030 | 100000 | 105661 |
| 4.900%, 01/10/2034 | 100000 | 98952 |
| Toyota Motor Corp.<br> 5.275%, 07/13/2026<br>| 250000 | 252311 |
| 5.118%, 07/13/2028 | 250000 | 256891 |
| 5.123%, 07/13/2033 | 250000 | 256657 |
| Toyota Motor Credit Corp.<br> 4.550%, 08/07/2026<br>| 200000 | 200695 |
| 4.550%, 09/20/2027 | 250000 | 252097 |
| 4.350%, 10/08/2027 | 100000 | 100415 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automotive (Cont.)** | **Automotive (Cont.)** | **Automotive (Cont.)** |
| 4.550%, 05/17/2030 | $100000 | $100605 |
| 4.800%, 01/05/2034 | 100000 | 99960 |
| Ford Motor Credit Co. LLC<br> 5.800%, 03/05/2027<br>| 200000 | 201578 |
| 6.800%, 05/12/2028 | 200000 | 206705 |
| 6.798%, 11/07/2028 | 200000 | 207209 |
| 5.875%, 11/07/2029 | 200000 | 200587 |
| 7.350%, 03/06/2030 | 200000 | 211128 |
| 7.200%, 06/10/2030 | 200000 | 210479 |
| 6.050%, 03/05/2031 | 200000 | 199589 |
| 7.122%, 11/07/2033 | 200000 | 207567 |
| General Motors Financial Co. Inc.<br> 5.000%, 04/09/2027<br>| 250000 | 251547 |
| 5.400%, 05/08/2027 | 100000 | 101452 |
| 6.000%, 01/09/2028 | 250000 | 257480 |
| 5.800%, 06/23/2028 | 250000 | 257490 |
| 5.850%, 04/06/2030 | 250000 | 258443 |
| 5.600%, 06/18/2031 | 100000 | 101994 |
| 6.400%, 01/09/2033 | 250000 | 263040 |
| 5.450%, 09/06/2034 | 100000 | 98018 |
| 5.900%, 01/07/2035 | 50000 | 50265 |
| Aptiv Swiss Holdings Ltd.<br> 3.250%, 03/01/2032<br>| 100000 | 89502 |
| General Motors Co.<br> 5.600%, 10/15/2032<br>| 100000 | 101608 |
| Magna International Inc.<br> 5.500%, 03/21/2033<br>| 200000 | 204756 |
|  |  | 6116537 |
| **Banking (1.89%)** | **Banking (1.89%)** | **Banking (1.89%)** |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group Inc.<br> 5.880%, 07/13/2026<br>| 250000 | 253776 |
| 1.402%, 09/17/2026 | 100000 | 96548 |
| 5.520%, 01/13/2028 | 250000 | 257394 |
| 5.800%, 07/13/2028 | 250000 | 260439 |
| 3.040%, 07/16/2029 | 200000 | 189570 |
| 5.710%, 01/13/2030 | 250000 | 262273 |
| 5.766%, 01/13/2033 | 250000 | 262977 |
| 5.632%, 01/15/2035 | 200000 | 206973 |
| Toronto-Dominion Bank, The<br> 5.532%, 07/17/2026<br>| 250000 | 253078 |
| 4.108%, 06/08/2027 | 150000 | 149573 |
| 4.693%, 09/15/2027 | 250000 | 252405 |
| 5.156%, 01/10/2028 | 150000 | 153063 |
| 5.523%, 07/17/2028 | 150000 | 155157 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce<br> 5.615%, 07/17/2026<br>| 150000 | 151811 |
| 3.450%, 04/07/2027 | 150000 | 148081 |
| 5.001%, 04/28/2028 | 150000 | 152931 |
| Royal Bank of Canada<br> 5.200%, 07/20/2026<br>| 250000 | 252443 |
| 4.240%, 08/03/2027 | 150000 | 150244 |
| 6.000%, 11/01/2027 | 250000 | 259801 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.900%, 01/12/2028 | $150000 | $152735 |
| 5.200%, 08/01/2028 | 150000 | 154307 |
| 5.000%, 02/01/2033 | 150000 | 152325 |
| 5.000%, 05/02/2033 | 125000 | 126589 |
| U.S. Bancorp<br> 2.375%, 07/22/2026<br>| 250000 | 245469 |
| 3.150%, 04/27/2027 | 250000 | 245581 |
| 6.787%, 10/26/2027(b) | 250000 | 257355 |
| 3.900%, 04/26/2028 | 250000 | 248395 |
| 4.548%, 07/22/2028(b) | 150000 | 150338 |
| 4.653%, 02/01/2029(b) | 150000 | 150973 |
| 5.775%, 06/12/2029(b) | 250000 | 259602 |
| 5.384%, 01/23/2030(b) | 100000 | 102962 |
| 4.839%, 02/01/2034(b) | 150000 | 148113 |
| 5.836%, 06/12/2034(b) | 250000 | 262603 |
| 5.678%, 01/23/2035(b) | 250000 | 259544 |
| Citibank N.A.<br> 4.929%, 08/06/2026<br>| 250000 | 251716 |
| 5.803%, 09/29/2028 | 250000 | 261392 |
| Wells Fargo Bank N.A.<br> 5.450%, 08/07/2026<br>| 250000 | 253187 |
| Bank of America N.A.<br> 5.526%, 08/18/2026<br>| 250000 | 253546 |
| Wells Fargo & Co.<br> 3.000%, 10/23/2026<br>| 250000 | 245715 |
| 3.196%, 06/17/2027(b) | 100000 | 98802 |
| 3.526%, 03/24/2028(b) | 250000 | 246531 |
| 5.707%, 04/22/2028(b) | 150000 | 153257 |
| 3.584%, 05/22/2028(b) | 364000 | 358394 |
| 2.393%, 06/02/2028(b) | 150000 | 144512 |
| 4.150%, 01/24/2029 | 186000 | 185295 |
| 5.574%, 07/25/2029(b) | 200000 | 206512 |
| 6.303%, 10/23/2029(b) | 100000 | 105689 |
| 5.198%, 01/23/2030(b) | 150000 | 153645 |
| 5.244%, 01/24/2031(b) | 100000 | 102584 |
| 5.150%, 04/23/2031(b) | 100000 | 102416 |
| 3.350%, 03/02/2033(b) | 500000 | 456625 |
| 4.897%, 07/25/2033(b) | 500000 | 500097 |
| 5.389%, 04/24/2034(b) | 150000 | 153487 |
| 5.557%, 07/25/2034(b) | 150000 | 154804 |
| 5.499%, 01/23/2035(b) | 250000 | 256379 |
| 5.605%, 04/23/2036(b) | 150000 | 154833 |
| JPMorgan Chase Bank N.A.<br> 5.110%, 12/08/2026<br>| 250000 | 253165 |
| HSBC U.S.A. Inc.<br> 5.294%, 03/04/2027<br>| 200000 | 203264 |
| Bank of Montreal<br> 2.650%, 03/08/2027<br>| 150000 | 146470 |
| 4.700%, 09/14/2027 | 150000 | 151365 |
| 5.203%, 02/01/2028 | 150000 | 153404 |
| 3.088%, 01/10/2037(b) | 150000 | 129540 |
| National Australia Bank Ltd.<br> 3.905%, 06/09/2027<br>| 250000 | 249512 |
| 4.944%, 01/12/2028 | 250000 | 255292 |
| 4.900%, 06/13/2028 | 250000 | 256138 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| &nbsp;&nbsp;&nbsp; Mizuho Financial Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 0.75%)<br> 1.554%, 07/09/2027(b)<br>| $200000 | $194161 |
| 5.667%, 05/27/2029(b) | 200000 | 207010 |
| 5.382%, 07/10/2030(b) | 200000 | 205750 |
| 5.739%, 05/27/2031(b) | 200000 | 208946 |
| 5.748%, 07/06/2034(b) | 200000 | 208206 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG(Variable, <br> U.S. SOFR + 2.52%)<br> 7.146%, 07/13/2027(b)<br>| 250000 | 256317 |
| 5.371%, 09/09/2027 | 250000 | 256432 |
| 2.552%, 01/07/2028(b) | 250000 | 242819 |
| 6.720%, 01/18/2029(b) | 250000 | 262618 |
| 6.819%, 11/20/2029(b) | 150000 | 159993 |
| 3.742%, 01/07/2033(b) | 250000 | 225020 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.(Variable, <br> U.S. SOFR + 0.96%)<br> 1.734%, 07/22/2027(b)<br>| 250000 | 242995 |
| 5.933%, 09/15/2027(b) | 250000 | 254364 |
| 2.551%, 02/04/2028(b) | 250000 | 242973 |
| 4.376%, 04/27/2028(b) | 250000 | 249948 |
| 4.948%, 07/22/2028(b) | 150000 | 151728 |
| 6.204%, 11/10/2028(b) | 250000 | 260170 |
| 3.419%, 12/20/2028(b) | 250000 | 244371 |
| 3.970%, 03/05/2029(b) | 250000 | 247234 |
| 5.202%, 04/25/2029(b) | 250000 | 255491 |
| 2.087%, 06/14/2029(b) | 250000 | 234333 |
| 4.271%, 07/23/2029(b) | 150000 | 149506 |
| 5.819%, 09/15/2029(b) | 100000 | 104172 |
| 3.974%, 02/07/2030(b) | 250000 | 246077 |
| 3.194%, 07/23/2030(b) | 250000 | 237973 |
| 2.572%, 10/20/2032(b) | 250000 | 220340 |
| 2.972%, 02/04/2033(b) | 500000 | 447743 |
| 4.571%, 04/27/2033(b) | 500000 | 492036 |
| 5.015%, 07/22/2033(b) | 500000 | 505854 |
| 5.288%, 04/25/2034(b) | 250000 | 255008 |
| 5.872%, 09/15/2034(b) | 175000 | 184671 |
| 5.468%, 01/23/2035(b) | 250000 | 256835 |
| 2.482%, 09/21/2036(b) | 250000 | 211837 |
| 3.846%, 03/08/2037(b) | 250000 | 228774 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., <br> The(Variable, U.S. SOFR + 0.80%)<br> 5.102%, 07/23/2027(b)<br>| 100000 | 100753 |
| 5.582%, 06/12/2029(b) | 250000 | 258905 |
| 5.492%, 05/14/2030(b) | 100000 | 103608 |
| 5.222%, 01/29/2031(b) | 100000 | 102627 |
| 4.812%, 10/21/2032(b) | 100000 | 100230 |
| 6.037%, 10/28/2033(b) | 150000 | 159517 |
| 5.939%, 08/18/2034(b) | 150000 | 158682 |
| 5.401%, 07/23/2035(b) | 100000 | 101828 |
| 5.575%, 01/29/2036(b) | 100000 | 103067 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.48%)<br> 5.985%, 08/07/2027(b)<br>| $250000 | $253790 |
| 3.750%, 03/18/2028(b) | 250000 | 246948 |
| 5.087%, 11/26/2028(b) | 200000 | 202628 |
| 5.679%, 01/05/2035(b) | 200000 | 205299 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC(Variable, <br> U.S. SOFR + 1.57%)<br> 5.887%, 08/14/2027(b)<br>| 250000 | 253566 |
| 4.755%, 06/09/2028(b) | 250000 | 250950 |
| 5.210%, 08/11/2028(b) | 250000 | 253535 |
| 7.390%, 11/03/2028(b) | 250000 | 265497 |
| 6.161%, 03/09/2029(b) | 250000 | 259955 |
| 5.402%, 08/11/2033(b) | 250000 | 256434 |
| 8.113%, 11/03/2033(b) | 250000 | 288608 |
| 6.254%, 03/09/2034(b) | 250000 | 267490 |
| 6.547%, 06/20/2034(b) | 200000 | 212468 |
| 7.399%, 11/13/2034(b) | 200000 | 223671 |
| 5.450%, 03/03/2036(b) | 200000 | 201102 |
| Banco Santander SA<br> 5.294%, 08/18/2027<br>| 200000 | 203365 |
| 5.552%, 03/14/2028(b) | 200000 | 203217 |
| 4.175%, 03/24/2028(b) | 200000 | 198831 |
| 5.588%, 08/08/2028 | 200000 | 206607 |
| 5.565%, 01/17/2030 | 200000 | 207655 |
| 6.921%, 08/08/2033 | 200000 | 216758 |
| Westpac Banking Corp.<br> 4.043%, 08/26/2027<br>| 250000 | 250034 |
| 5.457%, 11/18/2027 | 250000 | 257889 |
| 5.535%, 11/17/2028 | 100000 | 104659 |
| 5.050%, 04/16/2029 | 100000 | 103191 |
| 6.820%, 11/17/2033 | 100000 | 109962 |
| 5.618%, 11/20/2035(b) | 100000 | 100662 |
| 3.020%, 11/18/2036(b) | 100000 | 87795 |
| &nbsp;&nbsp;&nbsp; Barclays PLC(Variable, U.S. SOFR + <br> 1.88%)<br> 6.496%, 09/13/2027(b)<br>| 250000 | 255548 |
| 5.674%, 03/12/2028(b) | 200000 | 203793 |
| 6.490%, 09/13/2029(b) | 200000 | 211453 |
| 5.746%, 08/09/2033(b) | 250000 | 259137 |
| 7.437%, 11/02/2033(b) | 250000 | 283737 |
| 6.224%, 05/09/2034(b) | 250000 | 265339 |
| 7.119%, 06/27/2034(b) | 250000 | 273100 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.(Variable, <br> U.S. SOFR + 1.33%)<br> 6.070%, 10/22/2027(b)<br>| 250000 | 255429 |
| 5.040%, 01/23/2028(b) | 100000 | 100953 |
| 2.947%, 02/24/2028(b) | 250000 | 244279 |
| 5.571%, 04/22/2028(b) | 100000 | 102052 |
| 4.323%, 04/26/2028(b) | 150000 | 149856 |
| 4.851%, 07/25/2028(b) | 250000 | 252606 |
| 2.069%, 06/01/2029(b) | 250000 | 234481 |
| 4.203%, 07/23/2029(b) | 150000 | 149366 |
| 5.299%, 07/24/2029(b) | 250000 | 256678 |
| 6.087%, 10/23/2029(b) | 100000 | 105106 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.452%, 12/05/2029(b) | $150000 | $150281 |
| 5.012%, 01/23/2030(b) | 150000 | 152769 |
| 5.581%, 04/22/2030(b) | 250000 | 259589 |
| 3.702%, 05/06/2030(b) | 250000 | 243322 |
| 4.565%, 06/14/2030(b) | 250000 | 251101 |
| 4.995%, 07/22/2030(b) | 250000 | 254566 |
| 1.953%, 02/04/2032(b) | 250000 | 216802 |
| 2.580%, 04/22/2032(b) | 250000 | 223268 |
| 2.545%, 11/08/2032(b) | 250000 | 220086 |
| 2.963%, 01/25/2033(b) | 250000 | 224708 |
| 4.586%, 04/26/2033(b) | 500000 | 494872 |
| 4.912%, 07/25/2033(b) | 500000 | 502895 |
| 5.717%, 09/14/2033(b) | 250000 | 260574 |
| 5.350%, 06/01/2034(b) | 250000 | 257205 |
| 6.254%, 10/23/2034(b) | 250000 | 271710 |
| 5.336%, 01/23/2035(b) | 250000 | 255907 |
| 5.766%, 04/22/2035(b) | 100000 | 105059 |
| 4.946%, 10/22/2035(b) | 100000 | 98953 |
| 5.572%, 04/22/2036(b) | 50000 | 51817 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027<br>| 250000 | 243858 |
| KeyBank N.A.<br> 5.850%, 11/15/2027<br>| 250000 | 258108 |
| &nbsp;&nbsp;&nbsp; Santander Holdings U.S.A. <br> Inc.(Variable, U.S. SOFR + 1.25%)<br> 2.490%, 01/06/2028(b)<br>| 250000 | 242005 |
| 5.741%, 03/20/2031(b) | 100000 | 102655 |
| 6.342%, 05/31/2035(b) | 75000 | 78320 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings <br> PLC(Variable, U.S. SOFR + 1.22%)<br> 2.469%, 01/11/2028(b)<br>| 250000 | 242041 |
| 6.534%, 01/10/2029(b) | 250000 | 260930 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group Inc.(Variable, U.S. Treasury <br> Yield Curve Rate CMT 1Y + <br> 0.83%)<br> 2.341%, 01/19/2028(b)<br>| 250000 | 242078 |
| 5.017%, 07/20/2028(b) | 250000 | 253198 |
| 5.422%, 02/22/2029(b) | 200000 | 205113 |
| 5.258%, 04/17/2030(b) | 200000 | 205151 |
| 2.309%, 07/20/2032(b) | 200000 | 174239 |
| 5.441%, 02/22/2034(b) | 200000 | 205876 |
| 5.406%, 04/19/2034(b) | 200000 | 205486 |
| Manufacturers & Traders Trust Co.<br> 4.700%, 01/27/2028<br>| 250000 | 252203 |
| &nbsp;&nbsp;&nbsp; Citigroup Inc.(Variable, U.S. SOFR + <br> 1.28%)<br> 3.070%, 02/24/2028(b)<br>| 250000 | 244459 |
| 4.658%, 05/24/2028(b) | 150000 | 150552 |
| 5.174%, 02/13/2030(b) | 250000 | 255058 |
| 3.980%, 03/20/2030(b) | 150000 | 147026 |
| 4.952%, 05/07/2031(b) | 150000 | 151710 |
| 2.561%, 05/01/2032(b) | 250000 | 221480 |
| 3.057%, 01/25/2033(b) | 500000 | 446856 |
| 3.785%, 03/17/2033(b) | 500000 | 467387 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.910%, 05/24/2033(b) | $500000 | $498879 |
| 6.270%, 11/17/2033(b) | 250000 | 269193 |
| 6.174%, 05/25/2034(b) | 250000 | 261707 |
| 5.827%, 02/13/2035(b) | 250000 | 255091 |
| 5.449%, 06/11/2035(b) | 250000 | 255358 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V.(Variable, U.S. SOFR + <br> 1.83%)<br> 4.017%, 03/28/2028(b)<br>| 200000 | 198694 |
| 5.335%, 03/19/2030(b) | 200000 | 205086 |
| 5.550%, 03/19/2035(b) | 200000 | 204785 |
| Bank of Nova Scotia, The<br> 5.250%, 06/12/2028<br>| 150000 | 154511 |
| 4.850%, 02/01/2030 | 250000 | 254749 |
| 4.588%, 05/04/2037(b) | 150000 | 141965 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares Inc.(Variable, <br> U.S. SOFR + 1.97%)<br> 4.443%, 08/04/2028(b)<br>| 100000 | 99945 |
| 5.272%, 01/15/2031(b) | 200000 | 204919 |
| 5.709%, 02/02/2035(b) | 100000 | 102194 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp(Variable, <br> U.S. SOFR + 2.34%)<br> 6.339%, 07/27/2029(b)<br>| 150000 | 157995 |
| 4.772%, 07/28/2030(b) | 150000 | 150931 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 2.45%)<br> 7.161%, 10/30/2029(b)<br>| 150000 | 162253 |
| 5.435%, 01/24/2030(b) | 100000 | 102997 |
| 5.867%, 06/08/2034(b) | 150000 | 156704 |
| Citizens Financial Group Inc.<br> 5.841%, 01/23/2030(b)<br>| 100000 | 103574 |
| &nbsp;&nbsp;&nbsp; NatWest Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.91%)<br> 5.076%, 01/27/2030(b)<br>| 200000 | 202929 |
| 5.778%, 03/01/2035(b) | 200000 | 207689 |
|  |  | 46522818 |
| **Banks (0.02%)** | **Banks (0.02%)** | **Banks (0.02%)** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 1.44%)<br> 4.873%, 01/26/2029(b)<br>| 100000 | 101155 |
| 5.071%, 05/20/2031(b) | 100000 | 101520 |
| 5.153%, 08/05/2032(b) | 100000 | 101944 |
| 5.711%, 01/24/2035(b) | 100000 | 103655 |
|  |  | 408274 |
| **Beverages (0.12%)** | **Beverages (0.12%)** | **Beverages (0.12%)** |
| Constellation Brands Inc.<br> 4.350%, 05/09/2027<br>| 250000 | 250022 |
| 4.750%, 05/09/2032 | 250000 | 248260 |
| 4.900%, 05/01/2033 | 100000 | 99084 |
| Coca-Cola Co., The<br> 1.450%, 06/01/2027<br>| 100000 | 95443 |
| 1.000%, 03/15/2028 | 100000 | 92823 |
| 3.450%, 03/25/2030 | 100000 | 97116 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Beverages (Cont.)** | **Beverages (Cont.)** | **Beverages (Cont.)** |
| 2.000%, 03/05/2031 | $200000 | $177823 |
| 5.000%, 05/13/2034 | 100000 | 102973 |
| Diageo Capital PLC<br> 5.300%, 10/24/2027<br>| 250000 | 256183 |
| 5.500%, 01/24/2033 | 200000 | 208190 |
| PepsiCo Inc.<br> 3.600%, 02/18/2028<br>| 250000 | 247849 |
| 4.450%, 05/15/2028 | 250000 | 253767 |
| 3.900%, 07/18/2032 | 100000 | 96649 |
| 4.450%, 02/15/2033 | 100000 | 100062 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide Inc.<br> 3.500%, 06/01/2030<br>| 350000 | 337664 |
| Keurig Dr. Pepper Inc.<br> 4.050%, 04/15/2032<br>| 250000 | 240244 |
| Brown-Forman Corp.<br> 4.750%, 04/15/2033<br>| 100000 | 99935 |
|  |  | 3004087 |
| **Biotechnology & Pharmaceuticals (0.32%)** | **Biotechnology & Pharmaceuticals (0.32%)** | **Biotechnology & Pharmaceuticals (0.32%)** |
| Amgen Inc.<br> 2.600%, 08/19/2026<br>| 250000 | 245384 |
| 5.150%, 03/02/2028 | 250000 | 255440 |
| 3.000%, 02/22/2029 | 250000 | 238862 |
| 4.050%, 08/18/2029 | 250000 | 247101 |
| 5.250%, 03/02/2030 | 250000 | 257596 |
| 3.350%, 02/22/2032 | 150000 | 138893 |
| 4.200%, 03/01/2033 | 150000 | 143974 |
| 5.250%, 03/02/2033 | 250000 | 256006 |
| Bristol-Myers Squibb Co.<br> 4.900%, 02/22/2027<br>| 100000 | 101275 |
| 5.100%, 02/22/2031 | 300000 | 310685 |
| 2.950%, 03/15/2032 | 250000 | 226653 |
| 5.200%, 02/22/2034 | 100000 | 102414 |
| Astrazeneca Finance LLC<br> 4.800%, 02/26/2027<br>| 100000 | 101101 |
| 4.875%, 03/03/2028 | 250000 | 255294 |
| 4.900%, 03/03/2030 | 250000 | 256462 |
| 4.875%, 03/03/2033 | 150000 | 152465 |
| 5.000%, 02/26/2034 | 100000 | 101944 |
| Johnson & Johnson<br> 4.500%, 03/01/2027<br>| 100000 | 100975 |
| 0.950%, 09/01/2027 | 100000 | 94060 |
| 4.800%, 06/01/2029 | 100000 | 102751 |
| 4.850%, 03/01/2032 | 200000 | 205734 |
| AbbVie Inc.<br> 4.800%, 03/15/2027<br>| 100000 | 100962 |
| 4.650%, 03/15/2028 | 100000 | 101512 |
| 4.250%, 11/14/2028 | 100000 | 100486 |
| 3.200%, 11/21/2029 | 250000 | 239126 |
| 4.875%, 03/15/2030 | 150000 | 153600 |
| 4.950%, 03/15/2031 | 100000 | 102663 |
| 5.050%, 03/15/2034 | 100000 | 101816 |
| 5.200%, 03/15/2035 | 100000 | 102167 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| GlaxoSmithKline Capital Inc.<br> 3.875%, 05/15/2028<br>| $250000 | $248863 |
| Merck & Co. Inc.<br> 4.050%, 05/17/2028<br>| 250000 | 251149 |
| 3.400%, 03/07/2029 | 150000 | 146334 |
| 4.300%, 05/17/2030 | 50000 | 50309 |
| 4.500%, 05/17/2033 | 150000 | 149576 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. <br> Ltd.<br> 4.450%, 05/19/2028<br>| 250000 | 252003 |
| 4.650%, 05/19/2030 | 250000 | 253458 |
| 4.750%, 05/19/2033 | 250000 | 249248 |
| Sanofi SA<br> 3.625%, 06/19/2028<br>| 150000 | 148315 |
| Eli Lilly & Co.<br> 3.375%, 03/15/2029<br>| 207000 | 202511 |
| 4.700%, 02/27/2033 | 150000 | 151180 |
| 4.700%, 02/09/2034 | 100000 | 99942 |
| Pfizer Inc.<br> 3.450%, 03/15/2029<br>| 150000 | 146901 |
| Gilead Sciences Inc.<br> 1.650%, 10/01/2030<br>| 300000 | 262250 |
| Zoetis Inc.<br> 5.600%, 11/16/2032<br>| 250000 | 263952 |
| Novartis Capital Corp.<br> 4.200%, 09/18/2034<br>| 100000 | 96380 |
|  |  | 7869772 |
| **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** |
| Comcast Corp.<br> 3.300%, 04/01/2027<br>| 200000 | 196980 |
| 5.350%, 11/15/2027 | 250000 | 256582 |
| 4.550%, 01/15/2029 | 250000 | 252776 |
| 5.500%, 11/15/2032 | 250000 | 262606 |
| 4.650%, 02/15/2033 | 250000 | 248446 |
| 4.800%, 05/15/2033 | 250000 | 249505 |
| 5.300%, 05/15/2035 | 100000 | 101892 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br> LLC/Charter Communications <br> Operating Capital<br> 2.250%, 01/15/2029<br>| 250000 | 230246 |
| 4.400%, 04/01/2033 | 250000 | 235393 |
|  |  | 2034426 |
| **Chemicals (0.08%)** | **Chemicals (0.08%)** | **Chemicals (0.08%)** |
| Albemarle Corp.<br> 4.650%, 06/01/2027<br>| 150000 | 149477 |
| 5.050%, 06/01/2032 | 150000 | 144305 |
| Ecolab Inc.<br> 5.250%, 01/15/2028<br>| 150000 | 154509 |
| Sherwin-Williams Co., The<br> 4.550%, 03/01/2028<br>| 50000 | 50429 |
| 2.950%, 08/15/2029 | 70000 | 66126 |
| 4.800%, 09/01/2031 | 50000 | 50536 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| Nutrien Ltd.<br> 4.900%, 03/27/2028<br>| $150000 | $152123 |
| Air Products and Chemicals Inc.<br> 4.600%, 02/08/2029<br>| 100000 | 101435 |
| 4.800%, 03/03/2033 | 100000 | 100804 |
| 4.850%, 02/08/2034 | 100000 | 100248 |
| Cabot Corp.<br> 5.000%, 06/30/2032<br>| 150000 | 149725 |
| Eastman Chemical Co.<br> 5.750%, 03/08/2033<br>| 100000 | 103969 |
| Avery Dennison Corp.<br> 5.750%, 03/15/2033<br>| 100000 | 104558 |
| Dow Chemical Co., The<br> 6.300%, 03/15/2033<br>| 150000 | 160845 |
| 5.150%, 02/15/2034 | 100000 | 99959 |
| 5.350%, 03/15/2035 | 50000 | 49737 |
| FMC Corp.<br> 5.650%, 05/18/2033<br>| 60000 | 59306 |
| LYB International Finance III LLC<br> 5.500%, 03/01/2034<br>| 100000 | 99812 |
| 6.150%, 05/15/2035 | 50000 | 51896 |
|  |  | 1949799 |
| **Commercial Support Services (0.08%)** | **Commercial Support Services (0.08%)** | **Commercial Support Services (0.08%)** |
| GXO Logistics Inc.<br> 1.650%, 07/15/2026<br>| 250000 | 241806 |
| 2.650%, 07/15/2031 | 150000 | 130520 |
| Waste Management Inc.<br> 4.875%, 02/15/2029<br>| 150000 | 153617 |
| 4.625%, 02/15/2030 | 100000 | 101352 |
| 4.800%, 03/15/2032 | 100000 | 101505 |
| 4.150%, 04/15/2032 | 100000 | 97878 |
| 4.625%, 02/15/2033 | 100000 | 100168 |
| RELX Capital Inc.<br> 4.000%, 03/18/2029<br>| 150000 | 148860 |
| 3.000%, 05/22/2030 | 150000 | 141191 |
| Republic Services Inc.<br> 4.875%, 04/01/2029<br>| 150000 | 153191 |
| 4.750%, 07/15/2030 | 50000 | 50935 |
| 2.375%, 03/15/2033 | 100000 | 85436 |
| Waste Connections Inc.<br> 2.600%, 02/01/2030<br>| 200000 | 186092 |
| 5.000%, 03/01/2034 | 100000 | 101043 |
| Paychex Inc.<br> 5.100%, 04/15/2030<br>| 60000 | 61451 |
| 5.350%, 04/15/2032 | 60000 | 61611 |
| 5.600%, 04/15/2035 | 60000 | 62020 |
|  |  | 1978676 |
| **Construction Materials (0.02%)** | **Construction Materials (0.02%)** | **Construction Materials (0.02%)** |
| Owens Corning<br> 5.500%, 06/15/2027<br>| 100000 | 102141 |
| 3.500%, 02/15/2030 | 100000 | 95559 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Construction Materials (Cont.)** | **Construction Materials (Cont.)** | **Construction Materials (Cont.)** |
| CRH SMW Finance DAC<br> 5.125%, 01/09/2030<br>| $200000 | $205058 |
| Amrize Finance U.S. LLC<br> 5.400%, 04/07/2035(c)<br>| 130000 | 131906 |
|  |  | 534664 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| &nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College<br> 4.609%, 02/15/2035<br>| 50000 | 49426 |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University, <br> The<br> 4.679%, 03/01/2035<br>| 50000 | 49652 |
|  |  | 99078 |
| **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** |
| Berry Global Inc.<br> 5.500%, 04/15/2028<br>| 100000 | 102589 |
| WRKCo Inc.<br> 4.900%, 03/15/2029<br>| 100000 | 101266 |
| Amcor Finance U.S.A. Inc.<br> 5.625%, 05/26/2033<br>| 100000 | 103814 |
| Amcor Flexibles North America Inc.<br> 5.500%, 03/17/2035(c)<br>| 40000 | 40583 |
|  |  | 348252 |
| **Diversified Financial Services (0.01%)** | **Diversified Financial Services (0.01%)** | **Diversified Financial Services (0.01%)** |
| ORIX Corp.<br> 5.000%, 09/13/2027<br>| 50000 | 50647 |
| 4.000%, 04/13/2032 | 50000 | 47356 |
| 5.400%, 02/25/2035 | 50000 | 50612 |
|  |  | 148615 |
| **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** |
| Parker-Hannifin Corp.<br> 4.250%, 09/15/2027<br>| 150000 | 150368 |
| 4.500%, 09/15/2029 | 150000 | 151488 |
| 3M Co.<br> 2.875%, 10/15/2027<br>| 100000 | 97131 |
| 2.375%, 08/26/2029 | 100000 | 92699 |
| 4.800%, 03/15/2030 | 50000 | 50831 |
| Honeywell International Inc.<br> 4.950%, 02/15/2028<br>| 150000 | 153207 |
| 4.250%, 01/15/2029 | 150000 | 150429 |
| 5.000%, 02/15/2033 | 125000 | 127014 |
| 4.500%, 01/15/2034 | 100000 | 97959 |
| 5.000%, 03/01/2035 | 100000 | 100644 |
|  |  | 1171770 |
| **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** |
| Amazon.com Inc.<br> 3.300%, 04/13/2027<br>| 150000 | 148344 |
| 4.550%, 12/01/2027 | 250000 | 253327 |
| 3.450%, 04/13/2029 | 250000 | 245320 |
| 4.650%, 12/01/2029 | 150000 | 153295 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **E-Commerce Discretionary (Cont.)** | **E-Commerce Discretionary (Cont.)** | **E-Commerce Discretionary (Cont.)** |
| 2.100%, 05/12/2031 | $150000 | $133180 |
| 3.600%, 04/13/2032 | 250000 | 239304 |
| 4.700%, 12/01/2032 | 250000 | 254780 |
| eBay Inc.<br> 5.950%, 11/22/2027<br>| 250000 | 259675 |
| 6.300%, 11/22/2032 | 250000 | 272891 |
|  |  | 1960116 |
| **Electric Utilities (0.63%)** | **Electric Utilities (0.63%)** | **Electric Utilities (0.63%)** |
| Sempra<br> 5.400%, 08/01/2026<br>| 100000 | 100969 |
| 3.700%, 04/01/2029 | 100000 | 97469 |
| 5.500%, 08/01/2033 | 200000 | 204147 |
| 6.875%, 10/01/2054(b) | 50000 | 50422 |
| CenterPoint Energy Inc.<br> 5.250%, 08/10/2026<br>| 150000 | 151044 |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br> 4.800%, 02/05/2027<br>| 50000 | 50446 |
| 5.100%, 05/06/2027 | 50000 | 50794 |
| 4.800%, 03/15/2028 | 150000 | 152389 |
| 5.150%, 06/15/2029 | 50000 | 51462 |
| 4.950%, 02/07/2030 | 50000 | 51142 |
| 5.000%, 02/07/2031 | 100000 | 102507 |
| 2.750%, 04/15/2032 | 50000 | 44624 |
| 5.800%, 01/15/2033 | 50000 | 53134 |
| Eversource Energy<br> 2.900%, 03/01/2027<br>| 150000 | 146343 |
| 4.600%, 07/01/2027 | 150000 | 150708 |
| 5.450%, 03/01/2028 | 150000 | 153869 |
| 5.850%, 04/15/2031 | 100000 | 105192 |
| 5.125%, 05/15/2033 | 150000 | 150111 |
| 5.950%, 07/15/2034 | 100000 | 104643 |
| Exelon Corp.<br> 2.750%, 03/15/2027<br>| 150000 | 146354 |
| 5.150%, 03/15/2028 | 150000 | 153321 |
| 5.300%, 03/15/2033 | 150000 | 153710 |
| Virginia Electric and Power Co.<br> 3.750%, 05/15/2027<br>| 150000 | 148903 |
| 5.000%, 04/01/2033 | 150000 | 151542 |
| 5.300%, 08/15/2033 | 150000 | 152957 |
| 5.000%, 01/15/2034 | 100000 | 100120 |
| 5.150%, 03/15/2035 | 50000 | 50153 |
| Southern California Edison Co.<br> 4.700%, 06/01/2027<br>| 150000 | 150515 |
| 5.850%, 11/01/2027 | 150000 | 153700 |
| 5.300%, 03/01/2028 | 150000 | 151908 |
| 5.950%, 11/01/2032 | 150000 | 153930 |
| Pacific Gas and Electric Co.<br> 5.450%, 06/15/2027<br>| 150000 | 151736 |
| 4.550%, 07/01/2030 | 150000 | 146403 |
| 4.400%, 03/01/2032 | 150000 | 140401 |
| 5.900%, 06/15/2032 | 150000 | 153092 |
| 6.400%, 06/15/2033 | 150000 | 156797 |
| 6.950%, 03/15/2034 | 100000 | 107649 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.800%, 05/15/2034 | $100000 | $99980 |
| NextEra Energy Capital Holdings Inc.<br> 4.625%, 07/15/2027<br>| 150000 | 150925 |
| 4.900%, 02/28/2028 | 150000 | 152019 |
| 4.900%, 03/15/2029 | 100000 | 101603 |
| 5.000%, 02/28/2030 | 150000 | 153703 |
| 5.000%, 07/15/2032 | 150000 | 151758 |
| 5.050%, 02/28/2033 | 150000 | 151213 |
| 6.700%, 09/01/2054(b) | 50000 | 51523 |
| Southern Co., The<br> 5.113%, 08/01/2027<br>| 150000 | 152253 |
| 4.850%, 06/15/2028 | 150000 | 152577 |
| 5.500%, 03/15/2029 | 50000 | 52051 |
| 5.700%, 10/15/2032 | 150000 | 157560 |
| 5.200%, 06/15/2033 | 150000 | 152617 |
| 3.750%, 09/15/2051(b) | 100000 | 98622 |
| Alabama Power Co.<br> 3.750%, 09/01/2027<br>| 150000 | 149283 |
| WEC Energy Group Inc.<br> 5.150%, 10/01/2027<br>| 150000 | 152734 |
| 4.750%, 01/15/2028 | 150000 | 151523 |
| American Electric Power Co. Inc.<br> 5.750%, 11/01/2027<br>| 150000 | 154684 |
| 5.950%, 11/01/2032 | 150000 | 159016 |
| 7.050%, 12/15/2054(b) | 50000 | 51936 |
| Public Service Enterprise Group Inc.<br> 5.850%, 11/15/2027<br>| 150000 | 155248 |
| 5.400%, 03/15/2035 | 40000 | 40471 |
| Duke Energy Corp.<br> 5.000%, 12/08/2027<br>| 150000 | 152693 |
| 4.300%, 03/15/2028 | 150000 | 150185 |
| 4.850%, 01/05/2029 | 100000 | 101571 |
| 5.450%, 06/15/2034 | 50000 | 51354 |
| 6.450%, 09/01/2054(b) | 100000 | 102781 |
| Consumers Energy Co.<br> 4.650%, 03/01/2028<br>| 150000 | 152048 |
| 4.625%, 05/15/2033 | 150000 | 148531 |
| Constellation Energy Generation LLC<br> 5.600%, 03/01/2028<br>| 150000 | 155189 |
| Black Hills Corp.<br> 5.950%, 03/15/2028<br>| 150000 | 155377 |
| Florida Power & Light Co.<br> 5.050%, 04/01/2028<br>| 150000 | 153626 |
| 4.400%, 05/15/2028 | 150000 | 151120 |
| 5.150%, 06/15/2029 | 50000 | 51740 |
| 4.625%, 05/15/2030 | 150000 | 151968 |
| 5.100%, 04/01/2033 | 150000 | 153310 |
| 4.800%, 05/15/2033 | 150000 | 150386 |
| 5.300%, 06/15/2034 | 50000 | 51537 |
| Berkshire Hathaway Energy Co.<br> 3.250%, 04/15/2028<br>| 80000 | 78294 |
| 3.700%, 07/15/2030 | 50000 | 48512 |
| System Energy Resources Inc.<br> 6.000%, 04/15/2028<br>| 100000 | 104107 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Georgia Power Co.<br> 4.650%, 05/16/2028<br>| $150000 | $152061 |
| 4.700%, 05/15/2032 | 150000 | 149971 |
| 4.950%, 05/17/2033 | 150000 | 151162 |
| 5.250%, 03/15/2034 | 100000 | 101983 |
| DTE Energy Co.<br> 4.875%, 06/01/2028<br>| 150000 | 152205 |
| 5.100%, 03/01/2029 | 50000 | 50985 |
| 5.200%, 04/01/2030 | 100000 | 102329 |
| 5.850%, 06/01/2034 | 50000 | 52301 |
| AES Corp., The<br> 5.450%, 06/01/2028<br>| 150000 | 153284 |
| National Grid PLC<br> 5.602%, 06/12/2028<br>| 150000 | 155308 |
| 5.809%, 06/12/2033 | 150000 | 157650 |
| San Diego Gas & Electric Co.<br> 4.950%, 08/15/2028<br>| 150000 | 153150 |
| Duke Energy Carolinas LLC<br> 3.950%, 11/15/2028<br>| 90000 | 89781 |
| 4.850%, 03/15/2030 | 100000 | 102199 |
| 4.950%, 01/15/2033 | 150000 | 152624 |
| 4.850%, 01/15/2034 | 100000 | 99843 |
| 5.250%, 03/15/2035 | 50000 | 51134 |
| Duke Energy Progress LLC<br> 3.450%, 03/15/2029<br>| 100000 | 97284 |
| 5.050%, 03/15/2035 | 50000 | 50212 |
| Edison International<br> 5.450%, 06/15/2029<br>| 50000 | 49454 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Company of <br> New York, Inc.<br> 3.350%, 04/01/2030<br>| 50000 | 48053 |
| 5.500%, 03/15/2034 | 50000 | 51995 |
| 5.125%, 03/15/2035 | 50000 | 50640 |
| Tennessee Valley Authority<br> 7.125%, 05/01/2030<br>| 250000 | 285934 |
| PacifiCorp<br> 5.300%, 02/15/2031<br>| 100000 | 102981 |
| 5.450%, 02/15/2034 | 100000 | 101414 |
| 7.375%, 09/15/2055(b) | 100000 | 103956 |
| Puget Energy Inc.<br> 4.224%, 03/15/2032<br>| 150000 | 141167 |
| 5.725%, 03/15/2035(c) | 50000 | 50299 |
| AEP Texas Inc.<br> 4.700%, 05/15/2032<br>| 150000 | 147812 |
| Xcel Energy Inc.<br> 4.600%, 06/01/2032<br>| 150000 | 146681 |
| 5.450%, 08/15/2033 | 150000 | 152991 |
| Dominion Energy Inc.<br> 5.375%, 11/15/2032<br>| 150000 | 153747 |
| 6.875%, 02/01/2055(b) | 50000 | 52599 |
| Entergy Louisiana LLC<br> 4.000%, 03/15/2033<br>| 100000 | 94249 |
| 5.350%, 03/15/2034 | 100000 | 102573 |
| 5.150%, 09/15/2034 | 100000 | 100569 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston Electric <br> LLC<br> 6.950%, 03/15/2033<br>| $100000 | $112523 |
| DTE Electric Co.<br> 5.200%, 04/01/2033<br>| 50000 | 51374 |
| 5.250%, 05/15/2035 | 50000 | 50914 |
| Southwestern Electric Power Co.<br> 5.300%, 04/01/2033<br>| 100000 | 100757 |
| PPL Electric Utilities Corp.<br> 5.000%, 05/15/2033<br>| 150000 | 152275 |
| 4.850%, 02/15/2034 | 100000 | 100022 |
| Ameren Illinois Co.<br> 4.950%, 06/01/2033<br>| 150000 | 152010 |
| Public Service Electric and Gas Co.<br> 5.200%, 08/01/2033<br>| 150000 | 154574 |
| Arizona Public Service Co.<br> 5.550%, 08/01/2033<br>| 150000 | 153511 |
| 5.700%, 08/15/2034 | 100000 | 103106 |
| Oncor Electric Delivery Co. LLC<br> 5.650%, 11/15/2033<br>| 100000 | 105092 |
| 5.350%, 04/01/2035(c) | 50000 | 50935 |
| Duke Energy Florida LLC<br> 5.875%, 11/15/2033<br>| 100000 | 106576 |
| Dominion Energy South Carolina Inc.<br> 5.300%, 01/15/2035<br>| 100000 | 102233 |
| Union Electric Co.<br> 5.250%, 04/15/2035<br>| 50000 | 51059 |
| Northern States Power Co.<br> 5.050%, 05/15/2035<br>| 50000 | 50500 |
| Duke Energy Ohio Inc.<br> 5.300%, 06/15/2035<br>| 50000 | 50768 |
| AEP Transmission Co. LLC<br> 5.375%, 06/15/2035<br>| 50000 | 51088 |
| Interstate Power and Light Co.<br> 5.600%, 06/29/2035<br>| 50000 | 51394 |
| Entergy Corp.<br> 7.125%, 12/01/2054(b)<br>| 50000 | 51733 |
|  |  | 15467258 |
| **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** |
| Otis Worldwide Corp.<br> 5.250%, 08/16/2028<br>| 150000 | 154412 |
| Lennox International Inc.<br> 5.500%, 09/15/2028<br>| 100000 | 103120 |
| Amphenol Corp.<br> 5.050%, 04/05/2029<br>| 50000 | 51433 |
| 5.000%, 01/15/2035 | 50000 | 50537 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> SCA<br> 5.500%, 04/19/2029<br>| 50000 | 51855 |
| Vontier Corp.<br> 2.950%, 04/01/2031<br>| 150000 | 134071 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electrical Equipment (Cont.)** | **Electrical Equipment (Cont.)** | **Electrical Equipment (Cont.)** |
| Allegion U.S. Holding Co. Inc.<br> 5.411%, 07/01/2032<br>| $150000 | $154408 |
| Trane Technologies Financing Ltd.<br> 5.250%, 03/03/2033<br>| 100000 | 103111 |
|  |  | 802947 |
| **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** |
| Quanta Services Inc.<br> 4.750%, 08/09/2027<br>| 50000 | 50420 |
| Jacobs Engineering Group Inc.<br> 6.350%, 08/18/2028<br>| 100000 | 105079 |
| MasTec Inc.<br> 5.900%, 06/15/2029<br>| 50000 | 51720 |
|  |  | 207219 |
| **Entertainment Content (0.04%)** | **Entertainment Content (0.04%)** | **Entertainment Content (0.04%)** |
| Netflix Inc.<br> 4.375%, 11/15/2026<br>| 100000 | 100506 |
| 4.875%, 04/15/2028 | 100000 | 102095 |
| Walt Disney Co., The<br> 3.800%, 03/22/2030<br>| 150000 | 147690 |
| 6.200%, 12/15/2034 | 150000 | 167396 |
| Warnermedia Holdings Inc.<br> 4.279%, 03/15/2032<br>| 291000 | 216431 |
| AppLovin Corp.<br> 5.500%, 12/01/2034<br>| 150000 | 152294 |
|  |  | 886412 |
| **Food (0.12%)** | **Food (0.12%)** | **Food (0.12%)** |
| Conagra Brands Inc.<br> 5.300%, 10/01/2026<br>| 250000 | 252510 |
| &nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. <br> S.a.r.l.<br> 2.500%, 01/15/2027<br>| 250000 | 243179 |
| 5.125%, 02/01/2028 | 250000 | 255100 |
| 3.000%, 02/02/2029 | 250000 | 237508 |
| 5.500%, 01/15/2030 | 80000 | 81833 |
| 3.625%, 01/15/2032 | 250000 | 228597 |
| 5.750%, 04/01/2033 | 73000 | 75038 |
| Mondelez International Inc.<br> 2.625%, 03/17/2027<br>| 250000 | 243540 |
| General Mills Inc.<br> 4.875%, 01/30/2030<br>| 100000 | 101667 |
| 4.950%, 03/29/2033 | 100000 | 100136 |
| 5.250%, 01/30/2035 | 100000 | 100467 |
| Kraft Heinz Foods Co.<br> 3.750%, 04/01/2030<br>| 250000 | 242009 |
| Pilgrim's Pride Corp.<br> 4.250%, 04/15/2031<br>| 250000 | 241031 |
| 3.500%, 03/01/2032 | 250000 | 225063 |
| 6.250%, 07/01/2033 | 100000 | 105728 |
| Kellanova<br> 5.250%, 03/01/2033<br>| 100000 | 102364 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Food (Cont.)** | **Food (Cont.)** | **Food (Cont.)** |
| McCormick & Co. Inc.<br> 4.950%, 04/15/2033<br>| $100000 | $100870 |
| Hershey Co., The<br> 4.500%, 05/04/2033<br>| 100000 | 99142 |
|  |  | 3035782 |
| **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** |
| Suzano Austria GmbH<br> 6.000%, 01/15/2029<br>| 200000 | 205313 |
|  |  | 205313 |
| **Gas (0.00%)** | **Gas (0.00%)** | **Gas (0.00%)** |
| Southern California Gas Co.<br> 5.450%, 06/15/2035<br>| 50000 | 51051 |
|  |  | 51051 |
| **Gas & Water Utilities (0.04%)** | **Gas & Water Utilities (0.04%)** | **Gas & Water Utilities (0.04%)** |
| National Fuel Gas Co.<br> 5.500%, 10/01/2026<br>| 250000 | 252612 |
| Southern California Gas Co.<br> 2.950%, 04/15/2027<br>| 100000 | 97956 |
| 5.200%, 06/01/2033 | 100000 | 101357 |
| CenterPoint Energy Resources Corp.<br> 5.250%, 03/01/2028<br>| 100000 | 102415 |
| 5.400%, 03/01/2033 | 9000 | 9245 |
| NiSource Inc.<br> 5.250%, 03/30/2028<br>| 100000 | 102373 |
| 5.200%, 07/01/2029 | 50000 | 51329 |
| Southwest Gas Corp.<br> 4.050%, 03/15/2032<br>| 100000 | 94826 |
| American Water Capital Corp.<br> 4.450%, 06/01/2032<br>| 100000 | 98718 |
| Southern Co. Gas Capital Corp.<br> 4.950%, 09/15/2034<br>| 100000 | 98981 |
|  |  | 1009812 |
| **Health Care Facilities & Services (0.32%)** | **Health Care Facilities & Services (0.32%)** | **Health Care Facilities & Services (0.32%)** |
| Universal Health Services Inc.<br> 1.650%, 09/01/2026<br>| 250000 | 241364 |
| 2.650%, 10/15/2030 | 250000 | 222905 |
| HCA Inc.<br> 3.125%, 03/15/2027<br>| 150000 | 146868 |
| 5.000%, 03/01/2028 | 100000 | 101486 |
| 5.200%, 06/01/2028 | 150000 | 153252 |
| 3.375%, 03/15/2029 | 150000 | 144113 |
| 5.250%, 03/01/2030 | 100000 | 102519 |
| 5.450%, 04/01/2031 | 100000 | 103114 |
| 3.625%, 03/15/2032 | 100000 | 92239 |
| 5.500%, 06/01/2033 | 100000 | 102381 |
| 5.600%, 04/01/2034 | 100000 | 102315 |
| 5.750%, 03/01/2035 | 100000 | 102837 |
| UnitedHealth Group Inc.<br> 3.700%, 05/15/2027<br>| 250000 | 247722 |
| 5.250%, 02/15/2028 | 250000 | 256606 |
| 4.000%, 05/15/2029 | 250000 | 247164 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** |
| 5.300%, 02/15/2030 | $250000 | $258926 |
| 4.200%, 05/15/2032 | 250000 | 242004 |
| 5.350%, 02/15/2033 | 100000 | 103033 |
| 4.500%, 04/15/2033 | 100000 | 97462 |
| 5.150%, 07/15/2034 | 100000 | 101010 |
| CommonSpirit Health<br> 6.073%, 11/01/2027<br>| 150000 | 155228 |
| Cencora Inc.<br> 4.625%, 12/15/2027<br>| 100000 | 100826 |
| 5.150%, 02/15/2035 | 100000 | 100848 |
| Humana Inc.<br> 5.750%, 03/01/2028<br>| 250000 | 257961 |
| 3.700%, 03/23/2029 | 250000 | 242277 |
| 5.375%, 04/15/2031 | 100000 | 102293 |
| IQVIA Inc.<br> 5.700%, 05/15/2028<br>| 200000 | 205084 |
| 6.250%, 02/01/2029 | 100000 | 104515 |
| Centene Corp.<br> 2.450%, 07/15/2028<br>| 250000 | 232159 |
| 2.500%, 03/01/2031 | 400000 | 344395 |
| McKesson Corp.<br> 4.900%, 07/15/2028<br>| 150000 | 153158 |
| 5.100%, 07/15/2033 | 100000 | 102317 |
| CVS Health Corp.<br> 5.000%, 01/30/2029<br>| 150000 | 152282 |
| 5.125%, 02/21/2030 | 250000 | 254513 |
| 3.750%, 04/01/2030 | 100000 | 95930 |
| 5.250%, 01/30/2031 | 250000 | 255599 |
| 5.250%, 02/21/2033 | 100000 | 100668 |
| 5.300%, 06/01/2033 | 100000 | 100847 |
| 5.700%, 06/01/2034 | 100000 | 102959 |
| Cigna Group, The<br> 5.000%, 05/15/2029<br>| 300000 | 306768 |
| 5.125%, 05/15/2031 | 100000 | 102862 |
| 5.250%, 02/15/2034 | 100000 | 101589 |
| Adventist Health System<br> 5.430%, 03/01/2032<br>| 150000 | 150651 |
| Elevance Health Inc.<br> 5.500%, 10/15/2032<br>| 250000 | 260633 |
| 4.750%, 02/15/2033 | 250000 | 248432 |
| 5.375%, 06/15/2034 | 100000 | 102210 |
| Sutter Health<br> 5.164%, 08/15/2033<br>| 100000 | 101369 |
| Quest Diagnostics Inc.<br> 6.400%, 11/30/2033<br>| 100000 | 109563 |
| Cardinal Health Inc.<br> 5.350%, 11/15/2034<br>| 100000 | 101983 |
|  |  | 7919239 |
| **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** |
| Solventum Corp.<br> 5.450%, 03/13/2031<br>| 100000 | 103835 |
|  |  | 103835 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Home Construction (0.03%)** | **Home Construction (0.03%)** | **Home Construction (0.03%)** |
| D.R. Horton Inc.<br> 1.300%, 10/15/2026<br>| $100000 | $96142 |
| 1.400%, 10/15/2027 | 100000 | 94025 |
| Lennar Corp.<br> 5.200%, 07/30/2030<br>| 50000 | 50940 |
| MDC Holdings Inc.<br> 2.500%, 01/15/2031<br>| 100000 | 87569 |
| Fortune Brands Innovations Inc.<br> 4.000%, 03/25/2032<br>| 150000 | 140945 |
| 5.875%, 06/01/2033 | 100000 | 104866 |
| Meritage Homes Corp.<br> 5.650%, 03/15/2035<br>| 75000 | 75213 |
|  |  | 649700 |
| **Household Products (0.08%)** | **Household Products (0.08%)** | **Household Products (0.08%)** |
| Procter & Gamble Co., The<br> 1.900%, 02/01/2027<br>| 100000 | 96882 |
| 3.950%, 01/26/2028 | 100000 | 100533 |
| 4.150%, 10/24/2029 | 50000 | 50337 |
| 2.300%, 02/01/2032 | 100000 | 89656 |
| 4.050%, 01/26/2033 | 100000 | 98702 |
| Haleon U.S. Capital LLC<br> 3.375%, 03/24/2027<br>| 250000 | 246345 |
| 3.625%, 03/24/2032 | 250000 | 233895 |
| Colgate-Palmolive Co.<br> 3.100%, 08/15/2027<br>| 100000 | 98361 |
| 4.600%, 03/01/2028 | 100000 | 101712 |
| Kenvue Inc.<br> 5.050%, 03/22/2028<br>| 100000 | 102406 |
| 5.000%, 03/22/2030 | 100000 | 103027 |
| 4.900%, 03/22/2033 | 100000 | 101479 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030<br>| 300000 | 260364 |
| Clorox Co., The<br> 4.600%, 05/01/2032<br>| 100000 | 99783 |
| Church & Dwight Co. Inc.<br> 5.600%, 11/15/2032<br>| 100000 | 105322 |
| Estee Lauder Cos. Inc., The<br> 4.650%, 05/15/2033<br>| 100000 | 98513 |
|  |  | 1987317 |
| **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** |
| Timken Co., The<br> 4.125%, 04/01/2032<br>| 150000 | 139746 |
|  |  | 139746 |
| **Institutional Financial Services (0.55%)** | **Institutional Financial Services (0.55%)** | **Institutional Financial Services (0.55%)** |
| State Street Corp.<br> 5.272%, 08/03/2026<br>| 150000 | 151506 |
| 2.203%, 02/07/2028(b) | 150000 | 145292 |
| 4.536%, 02/28/2028 | 100000 | 101139 |
| 4.729%, 02/28/2030 | 100000 | 101517 |
| 4.834%, 04/24/2030 | 100000 | 101855 |
| 4.675%, 10/22/2032(b) | 100000 | 100040 |
| 5.159%, 05/18/2034(b) | 150000 | 153229 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 5.146%, 02/28/2036(b) | $60000 | $60701 |
| Bank of New York Mellon Corp., The<br> 2.450%, 08/17/2026<br>| 250000 | 245331 |
| 3.400%, 01/29/2028 | 250000 | 245883 |
| 3.992%, 06/13/2028(b) | 150000 | 149469 |
| 5.834%, 10/25/2033(b) | 150000 | 159092 |
| 4.706%, 02/01/2034(b) | 150000 | 148346 |
| 6.474%, 10/25/2034(b) | 250000 | 275293 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley(Variable, U.S. SOFR <br> + 0.86%)<br> 1.512%, 07/20/2027(b)<br>| 250000 | 242515 |
| 2.475%, 01/21/2028(b) | 250000 | 242663 |
| 5.652%, 04/13/2028(b) | 100000 | 102220 |
| 4.210%, 04/20/2028(b) | 250000 | 249483 |
| 3.772%, 01/24/2029(b) | 150000 | 147858 |
| 5.123%, 02/01/2029(b) | 250000 | 254364 |
| 5.164%, 04/20/2029(b) | 250000 | 254900 |
| 5.449%, 07/20/2029(b) | 250000 | 257113 |
| 6.407%, 11/01/2029(b) | 150000 | 158883 |
| 5.173%, 01/16/2030(b) | 150000 | 153142 |
| 4.431%, 01/23/2030(b) | 250000 | 249649 |
| 5.656%, 04/18/2030(b) | 250000 | 259678 |
| 5.042%, 07/19/2030(b) | 250000 | 254247 |
| 2.699%, 01/22/2031(b) | 250000 | 230529 |
| 2.239%, 07/21/2032(b) | 250000 | 216487 |
| 2.943%, 01/21/2033(b) | 250000 | 223124 |
| 4.889%, 07/20/2033(b) | 500000 | 500504 |
| 6.342%, 10/18/2033(b) | 500000 | 542854 |
| 5.250%, 04/21/2034(b) | 150000 | 152587 |
| 5.424%, 07/21/2034(b) | 150000 | 153660 |
| 6.627%, 11/01/2034(b) | 100000 | 110230 |
| 2.484%, 09/16/2036(b) | 250000 | 212434 |
| 5.297%, 04/20/2037(b) | 250000 | 249071 |
| 5.948%, 01/19/2038(b) | 250000 | 257187 |
| 5.942%, 02/07/2039(b) | 250000 | 256602 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., <br> The(Variable, U.S. SOFR + 0.82%)<br> 1.542%, 09/10/2027(b)<br>| 100000 | 96551 |
| 1.948%, 10/21/2027(b) | 200000 | 193652 |
| 2.640%, 02/24/2028(b) | 250000 | 242800 |
| 3.615%, 03/15/2028(b) | 250000 | 246509 |
| 4.482%, 08/23/2028(b) | 250000 | 250332 |
| 4.223%, 05/01/2029(b) | 150000 | 149145 |
| 6.484%, 10/24/2029(b) | 150000 | 159115 |
| 5.727%, 04/25/2030(b) | 250000 | 260239 |
| 5.049%, 07/23/2030(b) | 250000 | 254151 |
| 2.615%, 04/22/2032(b) | 250000 | 222213 |
| 2.383%, 07/21/2032(b) | 250000 | 218336 |
| 3.102%, 02/24/2033(b) | 500000 | 450023 |
| 6.561%, 10/24/2034(b) | 100000 | 110573 |
| 5.851%, 04/25/2035(b) | 100000 | 104869 |
| 5.330%, 07/23/2035(b) | 100000 | 100869 |
| 5.016%, 10/23/2035(b) | 100000 | 98790 |
| Intercontinental Exchange Inc.<br> 4.000%, 09/15/2027<br>| 250000 | 248900 |
| 4.350%, 06/15/2029 | 250000 | 250869 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 4.600%, 03/15/2033 | $250000 | $248865 |
| Nomura Holdings Inc.<br> 5.842%, 01/18/2028<br>| 500000 | 515412 |
| 6.181%, 01/18/2033 | 250000 | 266303 |
| Jefferies Financial Group Inc.<br> 5.875%, 07/21/2028<br>| 100000 | 103710 |
| 6.200%, 04/14/2034 | 100000 | 104602 |
| BGC Group Inc.<br> 6.150%, 04/02/2030(c)<br>| 50000 | 50695 |
| LPL Holdings Inc.<br> 5.150%, 06/15/2030<br>| 50000 | 50620 |
| 5.650%, 03/15/2035 | 100000 | 100542 |
| CME Group Inc.<br> 2.650%, 03/15/2032<br>| 100000 | 89536 |
| Nasdaq Inc.<br> 5.550%, 02/15/2034<br>| 88000 | 91685 |
| Goldman Sachs Capital I<br> 6.345%, 02/15/2034<br>| 100000 | 103859 |
|  |  | 13454442 |
| **Insurance (0.20%)** | **Insurance (0.20%)** | **Insurance (0.20%)** |
| Berkshire Hathaway Finance Corp.<br> 2.300%, 03/15/2027<br>| 50000 | 48745 |
| 2.875%, 03/15/2032 | 100000 | 92185 |
| Progressive Corp., The<br> 2.500%, 03/15/2027<br>| 50000 | 48694 |
| 4.950%, 06/15/2033 | 100000 | 102132 |
| Aon Corp./Aon Global Holdings PLC<br> 2.850%, 05/28/2027<br>| 150000 | 146180 |
| 5.350%, 02/28/2033 | 250000 | 257357 |
| Willis North America Inc.<br> 4.650%, 06/15/2027<br>| 250000 | 251366 |
| F&G Annuities & Life Inc.<br> 7.400%, 01/13/2028<br>| 250000 | 261806 |
| 6.500%, 06/04/2029 | 100000 | 103108 |
| Corebridge Financial Inc.<br> 3.850%, 04/05/2029<br>| 250000 | 244950 |
| 3.900%, 04/05/2032 | 250000 | 234653 |
| 6.875%, 12/15/2052(b) | 250000 | 257898 |
| Chubb INA Holdings LLC<br> 4.650%, 08/15/2029<br>| 150000 | 152557 |
| 5.000%, 03/15/2034 | 100000 | 101883 |
| Marsh & McLennan Cos. Inc.<br> 4.650%, 03/15/2030<br>| 100000 | 101128 |
| 2.250%, 11/15/2030 | 250000 | 223834 |
| MetLife Inc.<br> 4.550%, 03/23/2030<br>| 250000 | 253373 |
| Aflac Inc.<br> 3.600%, 04/01/2030<br>| 250000 | 242803 |
| Lincoln National Corp.<br> 3.400%, 01/15/2031<br>| 150000 | 139525 |
| Arthur J. Gallagher & Co.<br> 5.000%, 02/15/2032<br>| 100000 | 101348 |
| 5.150%, 02/15/2035 | 100000 | 100047 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Insurance (Cont.)** | **Insurance (Cont.)** | **Insurance (Cont.)** |
| American International Group Inc.<br> 5.125%, 03/27/2033<br>| $250000 | $254164 |
| Allstate Corp., The<br> 5.250%, 03/30/2033<br>| 250000 | 256307 |
| Fairfax Financial Holdings Ltd.<br> 6.000%, 12/07/2033<br>| 100000 | 104299 |
| Aon North America Inc.<br> 5.450%, 03/01/2034<br>| 100000 | 102719 |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 5Y + 3.16%)<br> 5.125%, 03/01/2052(b)<br>| 250000 | 241781 |
| 6.000%, 09/01/2052(b) | 250000 | 252120 |
| Athene Holding Ltd.<br> 6.625%, 10/15/2054(b)<br>| 250000 | 246100 |
|  |  | 4923062 |
| **Internet Media & Services (0.09%)** | **Internet Media & Services (0.09%)** | **Internet Media & Services (0.09%)** |
| Alphabet Inc.<br> 1.998%, 08/15/2026<br>| 150000 | 146755 |
| 4.500%, 05/15/2035 | 50000 | 49344 |
| Meta Platforms Inc.<br> 3.500%, 08/15/2027<br>| 500000 | 495217 |
| 4.600%, 05/15/2028 | 500000 | 509162 |
| 4.800%, 05/15/2030 | 100000 | 102957 |
| 3.850%, 08/15/2032 | 200000 | 192349 |
| 4.950%, 05/15/2033 | 250000 | 256347 |
| 4.750%, 08/15/2034 | 100000 | 100468 |
| Uber Technologies Inc.<br> 4.300%, 01/15/2030<br>| 100000 | 99539 |
| Expedia Group Inc.<br> 3.250%, 02/15/2030<br>| 100000 | 94333 |
| 5.400%, 02/15/2035 | 100000 | 100689 |
|  |  | 2147160 |
| **Investment Companies (0.00%)** | **Investment Companies (0.00%)** | **Investment Companies (0.00%)** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital, Inc.<br> 6.150%, 01/15/2031<br>| 50000 | 50623 |
| 6.375%, 07/01/2034 | 50000 | 50003 |
|  |  | 100626 |
| **IT Services (0.08%)** | **IT Services (0.08%)** | **IT Services (0.08%)** |
| CGI Inc.<br> 1.450%, 09/14/2026<br>| 150000 | 144876 |
| Kyndryl Holdings Inc.<br> 2.050%, 10/15/2026<br>| 150000 | 145367 |
| 2.700%, 10/15/2028 | 250000 | 236121 |
| 3.150%, 10/15/2031 | 150000 | 135466 |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br> 2.200%, 02/09/2027<br>| 150000 | 145497 |
| 4.150%, 07/27/2027 | 150000 | 149983 |
| 4.500%, 02/06/2028 | 100000 | 100883 |
| 1.950%, 05/15/2030 | 200000 | 178409 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **IT Services (Cont.)** | **IT Services (Cont.)** | **IT Services (Cont.)** |
| 4.750%, 02/06/2033 | $250000 | $250982 |
| 5.200%, 02/10/2035 | 100000 | 101484 |
| Booz Allen Hamilton Inc.<br> 5.950%, 08/04/2033<br>| 100000 | 102651 |
| IBM International Capital Pte. Ltd.<br> 4.900%, 02/05/2034<br>| 100000 | 99816 |
| Accenture Capital Inc.<br> 4.500%, 10/04/2034<br>| 100000 | 97321 |
|  |  | 1888856 |
| **Leisure Facilities & Services (0.08%)** | **Leisure Facilities & Services (0.08%)** | **Leisure Facilities & Services (0.08%)** |
| Hyatt Hotels Corp.<br> 5.750%, 01/30/2027<br>| 80000 | 81647 |
| 5.050%, 03/30/2028 | 50000 | 50544 |
| 5.750%, 03/30/2032 | 100000 | 102662 |
| Starbucks Corp.<br> 4.850%, 02/08/2027<br>| 100000 | 100876 |
| 2.250%, 03/12/2030 | 100000 | 90681 |
| 4.800%, 02/15/2033 | 100000 | 99970 |
| 5.000%, 02/15/2034 | 100000 | 100647 |
| Las Vegas Sands Corp.<br> 5.900%, 06/01/2027<br>| 100000 | 102167 |
| 6.000%, 08/15/2029 | 100000 | 102780 |
| 6.000%, 06/14/2030 | 50000 | 51584 |
| McDonald's Corp.<br> 4.800%, 08/14/2028<br>| 250000 | 254686 |
| 3.600%, 07/01/2030 | 150000 | 145104 |
| 4.950%, 08/14/2033 | 100000 | 101864 |
| Marriott International Inc.<br> 4.900%, 04/15/2029<br>| 250000 | 254448 |
| 5.100%, 04/15/2032 | 100000 | 101127 |
| 5.300%, 05/15/2034 | 100000 | 101210 |
| 5.350%, 03/15/2035 | 50000 | 50409 |
|  |  | 1892406 |
| **Leisure Products (0.00%)** | **Leisure Products (0.00%)** | **Leisure Products (0.00%)** |
| Hasbro Inc.<br> 3.900%, 11/19/2029<br>| 50000 | 48213 |
|  |  | 48213 |
| **Machinery (0.14%)** | **Machinery (0.14%)** | **Machinery (0.14%)** |
| John Deere Capital Corp.<br> 5.150%, 09/08/2026<br>| 100000 | 101201 |
| 4.500%, 01/08/2027 | 100000 | 100628 |
| 4.150%, 09/15/2027 | 100000 | 100209 |
| 4.900%, 03/03/2028 | 100000 | 102139 |
| 4.950%, 07/14/2028 | 100000 | 102454 |
| 4.850%, 10/11/2029 | 150000 | 154177 |
| 4.700%, 06/10/2030 | 150000 | 152526 |
| 4.350%, 09/15/2032 | 100000 | 98863 |
| 5.100%, 04/11/2034 | 100000 | 102247 |
| 5.050%, 06/12/2034 | 100000 | 101698 |
| Veralto Corp.<br> 5.500%, 09/18/2026<br>| 100000 | 101192 |
| 5.350%, 09/18/2028 | 100000 | 103067 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Machinery (Cont.)** | **Machinery (Cont.)** | **Machinery (Cont.)** |
| Caterpillar Financial Services Corp.<br> 4.500%, 01/08/2027<br>| $100000 | $100593 |
| 5.000%, 05/14/2027 | 50000 | 50851 |
| 3.600%, 08/12/2027 | 100000 | 99012 |
| 4.375%, 08/16/2029 | 100000 | 100759 |
| 4.800%, 01/08/2030 | 100000 | 102402 |
| Stanley Black & Decker Inc.<br> 6.000%, 03/06/2028<br>| 150000 | 156165 |
| CNH Industrial Capital LLC<br> 4.750%, 03/21/2028<br>| 100000 | 100748 |
| 4.550%, 04/10/2028 | 100000 | 100456 |
| Regal Rexnord Corp.<br> 6.050%, 04/15/2028<br>| 150000 | 154572 |
| 6.300%, 02/15/2030 | 150000 | 157129 |
| 6.400%, 04/15/2033 | 250000 | 263951 |
| Eaton Corp.<br> 4.350%, 05/18/2028<br>| 150000 | 151206 |
| 4.150%, 03/15/2033 | 100000 | 96964 |
| Ingersoll Rand Inc.<br> 5.400%, 08/14/2028<br>| 150000 | 154615 |
| 5.176%, 06/15/2029 | 50000 | 51328 |
| 5.700%, 08/14/2033 | 100000 | 104720 |
| 5.450%, 06/15/2034 | 100000 | 102837 |
| Pentair Finance S.a.r.l.<br> 5.900%, 07/15/2032<br>| 100000 | 104474 |
| AGCO Corp.<br> 5.800%, 03/21/2034<br>| 100000 | 101491 |
|  |  | 3574674 |
| **Medical Equipment & Devices (0.11%)** | **Medical Equipment & Devices (0.11%)** | **Medical Equipment & Devices (0.11%)** |
| Thermo Fisher Scientific Inc.<br> 4.953%, 08/10/2026<br>| 250000 | 251918 |
| 4.800%, 11/21/2027 | 150000 | 152405 |
| 4.977%, 08/10/2030 | 250000 | 257284 |
| 5.086%, 08/10/2033 | 100000 | 102356 |
| Baxter International Inc.<br> 1.915%, 02/01/2027<br>| 150000 | 144407 |
| 2.539%, 02/01/2032 | 100000 | 87158 |
| Bio-Rad Laboratories Inc.<br> 3.300%, 03/15/2027<br>| 150000 | 147110 |
| GE HealthCare Technologies Inc.<br> 5.650%, 11/15/2027<br>| 150000 | 154541 |
| 5.857%, 03/15/2030 | 250000 | 264033 |
| 5.905%, 11/22/2032 | 250000 | 265750 |
| Illumina Inc.<br> 5.750%, 12/13/2027<br>| 150000 | 153684 |
| Stryker Corp.<br> 4.700%, 02/10/2028<br>| 100000 | 101356 |
| 4.850%, 02/10/2030 | 100000 | 102025 |
| 5.200%, 02/10/2035 | 100000 | 101903 |
| Becton Dickinson & Co.<br> 4.693%, 02/13/2028<br>| 150000 | 151466 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Medical Equipment & Devices (Cont.)** | **Medical Equipment & Devices (Cont.)** | **Medical Equipment & Devices (Cont.)** |
| Medtronic Global Holdings SCA<br> 4.250%, 03/30/2028<br>| $150000 | $150769 |
| 4.500%, 03/30/2033 | 100000 | 98984 |
|  |  | 2687149 |
| **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** |
| Rio Tinto Finance U.S.A. PLC<br> 4.375%, 03/12/2027<br>| 100000 | 100527 |
| 4.500%, 03/14/2028 | 100000 | 100788 |
| 4.875%, 03/14/2030 | 100000 | 101912 |
| 5.000%, 03/09/2033 | 100000 | 101415 |
| 5.250%, 03/14/2035 | 100000 | 101749 |
| BHP Billiton Finance U.S.A. Ltd.<br> 4.750%, 02/28/2028<br>| 150000 | 152333 |
| 5.100%, 09/08/2028 | 100000 | 102551 |
| 4.900%, 02/28/2033 | 100000 | 100387 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance <br> Pty Ltd.<br> 3.250%, 05/13/2030<br>| 100000 | 95263 |
| 5.350%, 03/15/2034 | 50000 | 51292 |
| Vale Overseas Ltd.<br> 3.750%, 07/08/2030<br>| 100000 | 94137 |
| 6.125%, 06/12/2033 | 100000 | 104728 |
| Freeport-McMoRan Inc.<br> 4.625%, 08/01/2030<br>| 100000 | 98966 |
| Yamana Gold Inc.<br> 2.630%, 08/15/2031<br>| 150000 | 132550 |
| Newmont Corp.<br> 5.875%, 04/01/2035<br>| 50000 | 53440 |
|  |  | 1492038 |
| **Oil & Gas Supply Chain (0.49%)** | **Oil & Gas Supply Chain (0.49%)** | **Oil & Gas Supply Chain (0.49%)** |
| Phillips 66 Co.<br> 3.550%, 10/01/2026<br>| 250000 | 247405 |
| 4.950%, 12/01/2027 | 125000 | 126948 |
| 3.750%, 03/01/2028 | 100000 | 98250 |
| 3.150%, 12/15/2029 | 150000 | 142125 |
| 5.300%, 06/30/2033 | 150000 | 151539 |
| ONEOK Inc.<br> 5.550%, 11/01/2026<br>| 250000 | 253439 |
| 5.650%, 11/01/2028 | 250000 | 258989 |
| 5.800%, 11/01/2030 | 250000 | 261699 |
| 6.100%, 11/15/2032 | 150000 | 158631 |
| 5.050%, 11/01/2034 | 100000 | 97315 |
| Kinder Morgan Inc.<br> 1.750%, 11/15/2026<br>| 250000 | 241452 |
| 5.200%, 06/01/2033 | 100000 | 100475 |
| 5.400%, 02/01/2034 | 100000 | 101268 |
| Enbridge Inc.<br> 5.900%, 11/15/2026<br>| 100000 | 101778 |
| 6.000%, 11/15/2028 | 100000 | 104980 |
| 5.300%, 04/05/2029 | 100000 | 102713 |
| 5.700%, 03/08/2033 | 150000 | 155518 |
| Energy Transfer L.P.<br> 6.050%, 12/01/2026<br>| 100000 | 102106 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 5.550%, 02/15/2028 | $250000 | $257211 |
| 5.750%, 02/15/2033 | 100000 | 103799 |
| 6.550%, 12/01/2033 | 100000 | 108496 |
| 5.550%, 05/15/2034 | 100000 | 101237 |
| 5.600%, 09/01/2034 | 100000 | 101561 |
| 5.700%, 04/01/2035 | 100000 | 101859 |
| Enterprise Products Operating LLC<br> 4.600%, 01/11/2027<br>| 100000 | 100577 |
| 3.125%, 07/31/2029 | 150000 | 143390 |
| 5.350%, 01/31/2033 | 100000 | 103639 |
| 4.950%, 02/15/2035 | 100000 | 99652 |
| Sabine Pass Liquefaction LLC<br> 5.000%, 03/15/2027<br>| 100000 | 100600 |
| 4.200%, 03/15/2028 | 100000 | 99470 |
| 4.500%, 05/15/2030 | 100000 | 99833 |
| Exxon Mobil Corp.<br> 3.294%, 03/19/2027<br>| 250000 | 248041 |
| 2.610%, 10/15/2030 | 250000 | 231363 |
| Coterra Energy Inc.<br> 3.900%, 05/15/2027<br>| 250000 | 246867 |
| 4.375%, 03/15/2029 | 250000 | 247582 |
| Targa Resources Corp.<br> 5.200%, 07/01/2027<br>| 250000 | 253352 |
| 6.150%, 03/01/2029 | 100000 | 105165 |
| 6.125%, 03/15/2033 | 100000 | 105390 |
| Chevron U.S.A. Inc.<br> 1.018%, 08/12/2027<br>| 250000 | 235031 |
| 3.850%, 01/15/2028 | 250000 | 249434 |
| 3.250%, 10/15/2029 | 250000 | 242483 |
| MPLX L.P.<br> 4.000%, 03/15/2028<br>| 100000 | 99019 |
| 2.650%, 08/15/2030 | 100000 | 90505 |
| 5.000%, 03/01/2033 | 100000 | 98609 |
| 5.500%, 06/01/2034 | 100000 | 100407 |
| EQT Corp.<br> 5.700%, 04/01/2028<br>| 250000 | 257155 |
| TransCanada PipeLines Ltd.<br> 4.250%, 05/15/2028<br>| 150000 | 149531 |
| Ovintiv Inc.<br> 5.650%, 05/15/2028<br>| 250000 | 257000 |
| 6.250%, 07/15/2033 | 250000 | 258110 |
| Williams Cos. Inc., The<br> 5.300%, 08/15/2028<br>| 250000 | 256794 |
| 2.600%, 03/15/2031 | 250000 | 223980 |
| 5.650%, 03/15/2033 | 100000 | 103919 |
| Occidental Petroleum Corp.<br> 6.375%, 09/01/2028<br>| 100000 | 103910 |
| 8.875%, 07/15/2030 | 100000 | 114269 |
| 5.550%, 10/01/2034 | 100000 | 98122 |
| Cheniere Energy Inc.<br> 4.625%, 10/15/2028<br>| 250000 | 249655 |
| BP Capital Markets America Inc.<br> 4.970%, 10/17/2029<br>| 100000 | 102579 |
| 2.721%, 01/12/2032 | 250000 | 223515 |
| 4.812%, 02/13/2033 | 250000 | 249666 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 4.893%, 09/11/2033 | $100000 | $100238 |
| 4.989%, 04/10/2034 | 100000 | 100630 |
| 5.227%, 11/17/2034 | 100000 | 101745 |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & <br> Storage Inc.<br> 3.000%, 11/15/2029<br>| 150000 | 141685 |
| &nbsp;&nbsp;&nbsp; Cheniere Corp.us Christi Holdings <br> LLC<br> 3.700%, 11/15/2029<br>| 250000 | 241175 |
| Canadian Natural Resources Ltd.<br> 5.000%, 12/15/2029(c)<br>| 100000 | 100901 |
| 5.400%, 12/15/2034(c) | 100000 | 99352 |
| Diamondback Energy Inc.<br> 5.150%, 01/30/2030<br>| 100000 | 102282 |
| 6.250%, 03/15/2033 | 250000 | 266254 |
| 5.400%, 04/18/2034 | 100000 | 100296 |
| Chevron Corp.<br> 2.236%, 05/11/2030<br>| 250000 | 228288 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp.<br> 4.000%, 01/15/2032<br>| 250000 | 232997 |
| Western Midstream Operating L.P.<br> 6.150%, 04/01/2033<br>| 250000 | 260177 |
| Cheniere Energy Partners L.P.<br> 5.950%, 06/30/2033<br>| 100000 | 104384 |
| TotalEnergies Capital SA<br> 4.724%, 09/10/2034<br>| 100000 | 99354 |
| ConocoPhillips Co.<br> 5.000%, 01/15/2035<br>| 150000 | 149890 |
| Woodside Finance Ltd.<br> 6.000%, 05/19/2035<br>| 100000 | 102074 |
|  |  | 12061129 |
| **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** |
| Schlumberger Investment SA<br> 2.650%, 06/26/2030<br>| 100000 | 92020 |
| Helmerich & Payne Inc.<br> 2.900%, 09/29/2031<br>| 100000 | 83616 |
|  |  | 175636 |
| **Packaging & Containers (0.01%)** | **Packaging & Containers (0.01%)** | **Packaging & Containers (0.01%)** |
| Sonoco Products Co.<br> 4.450%, 09/01/2026<br>| 100000 | 99900 |
| 4.600%, 09/01/2029 | 100000 | 99769 |
|  |  | 199669 |
| **Real Estate Investment Trusts (0.44%)** | **Real Estate Investment Trusts (0.44%)** | **Real Estate Investment Trusts (0.44%)** |
| Extra Space Storage L.P.<br> 3.500%, 07/01/2026<br>| 250000 | 247479 |
| 5.700%, 04/01/2028 | 250000 | 258223 |
| 3.900%, 04/01/2029 | 250000 | 244802 |
| 4.000%, 06/15/2029 | 50000 | 49034 |
| 5.500%, 07/01/2030 | 250000 | 259316 |
| 2.200%, 10/15/2030 | 100000 | 88453 |
| 2.400%, 10/15/2031 | 100000 | 86886 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Crown Castle Inc.<br> 1.050%, 07/15/2026<br>| $100000 | $96311 |
| 4.000%, 03/01/2027 | 100000 | 99407 |
| 2.900%, 03/15/2027 | 100000 | 97285 |
| 3.650%, 09/01/2027 | 100000 | 98278 |
| 5.000%, 01/11/2028 | 100000 | 100985 |
| 2.250%, 01/15/2031 | 100000 | 86997 |
| 2.100%, 04/01/2031 | 100000 | 85797 |
| 2.500%, 07/15/2031 | 100000 | 87258 |
| 5.100%, 05/01/2033 | 250000 | 248972 |
| 5.800%, 03/01/2034 | 100000 | 103538 |
| Camden Property Trust<br> 5.850%, 11/03/2026<br>| 50000 | 50993 |
| Public Storage Operating Co.<br> 1.500%, 11/09/2026<br>| 250000 | 241369 |
| 5.125%, 01/15/2029 | 50000 | 51568 |
| Boston Properties L.P.<br> 6.750%, 12/01/2027<br>| 250000 | 262523 |
| Prologis L.P.<br> 3.375%, 12/15/2027<br>| 250000 | 245618 |
| 4.000%, 09/15/2028 | 250000 | 248609 |
| 2.875%, 11/15/2029 | 250000 | 235655 |
| 1.750%, 07/01/2030 | 250000 | 219802 |
| 4.750%, 06/15/2033 | 250000 | 249168 |
| 5.000%, 03/15/2034 | 100000 | 100254 |
| 5.250%, 05/15/2035 | 100000 | 101375 |
| Digital Realty Trust L.P.<br> 5.550%, 01/15/2028<br>| 250000 | 256416 |
| VICI Properties L.P.<br> 4.750%, 02/15/2028<br>| 250000 | 251371 |
| 5.125%, 05/15/2032 | 250000 | 249080 |
| 5.625%, 04/01/2035 | 100000 | 100919 |
| ERP Operating L.P.<br> 3.500%, 03/01/2028<br>| 50000 | 49176 |
| 3.000%, 07/01/2029 | 50000 | 47573 |
| 4.950%, 06/15/2032 | 50000 | 50571 |
| 4.650%, 09/15/2034 | 50000 | 48519 |
| American Tower Corp.<br> 5.500%, 03/15/2028<br>| 500000 | 513896 |
| 5.250%, 07/15/2028 | 500000 | 512573 |
| 5.650%, 03/15/2033 | 500000 | 521107 |
| Rexford Industrial Realty L.P.<br> 5.000%, 06/15/2028<br>| 250000 | 252142 |
| Realty Income Corp.<br> 4.700%, 12/15/2028<br>| 250000 | 253530 |
| 4.850%, 03/15/2030 | 250000 | 254468 |
| 5.625%, 10/13/2032 | 250000 | 261581 |
| 1.800%, 03/15/2033 | 100000 | 80679 |
| Ventas Realty L.P.<br> 4.400%, 01/15/2029<br>| 100000 | 99664 |
| 5.000%, 01/15/2035 | 100000 | 98289 |
| Alexandria Real Estate Equities Inc.<br> 2.750%, 12/15/2029<br>| 50000 | 46171 |
| 4.900%, 12/15/2030 | 50000 | 50357 |
| 2.000%, 05/18/2032 | 50000 | 41512 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| 1.875%, 02/01/2033 | $50000 | $39976 |
| 4.750%, 04/15/2035 | 50000 | 47833 |
| Omega Healthcare Investors Inc.<br> 5.200%, 07/01/2030<br>| 50000 | 50281 |
| Simon Property Group L.P.<br> 2.650%, 07/15/2030<br>| 50000 | 46124 |
| 5.500%, 03/08/2033 | 250000 | 260948 |
| 4.750%, 09/26/2034 | 100000 | 97359 |
| AvalonBay Communities Inc.<br> 2.450%, 01/15/2031<br>| 250000 | 224448 |
| CubeSmart L.P.<br> 2.000%, 02/15/2031<br>| 150000 | 129938 |
| Kimco Realty OP LLC<br> 3.200%, 04/01/2032<br>| 250000 | 227940 |
| American Homes 4 Rent L.P.<br> 3.625%, 04/15/2032<br>| 250000 | 230675 |
| Equinix Inc.<br> 3.900%, 04/15/2032<br>| 150000 | 142068 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating <br> Partnership L.P.<br> 4.150%, 04/15/2032<br>| 250000 | 236651 |
| Welltower OP LLC<br> 3.850%, 06/15/2032<br>| 250000 | 237027 |
| Healthpeak OP LLC<br> 5.250%, 12/15/2032<br>| 250000 | 254414 |
| Weyerhaeuser Co.<br> 3.375%, 03/09/2033<br>| 100000 | 89560 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. <br> LLC<br> 5.500%, 06/15/2034<br>| 50000 | 51206 |
| Brixmor Operating Partnership L.P.<br> 5.750%, 02/15/2035<br>| 100000 | 102752 |
|  |  | 10854749 |
| **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** |
| Target Corp.<br> 1.950%, 01/15/2027<br>| 250000 | 242149 |
| 6.350%, 11/01/2032 | 100000 | 110989 |
| 4.400%, 01/15/2033 | 250000 | 245757 |
| Walmart Inc.<br> 3.950%, 09/09/2027<br>| 150000 | 150131 |
| 3.900%, 04/15/2028 | 250000 | 250280 |
| 4.000%, 04/15/2030 | 250000 | 250210 |
| 4.150%, 09/09/2032 | 250000 | 246953 |
| 4.100%, 04/15/2033 | 250000 | 244193 |
| Dollar General Corp.<br> 5.200%, 07/05/2028<br>| 250000 | 254935 |
| Kroger Co., The<br> 1.700%, 01/15/2031<br>| 250000 | 215823 |
|  |  | 2211420 |
| **Retail - Discretionary (0.09%)** | **Retail - Discretionary (0.09%)** | **Retail - Discretionary (0.09%)** |
| AutoZone Inc.<br> 5.050%, 07/15/2026<br>| 150000 | 150947 |
| 4.500%, 02/01/2028 | 150000 | 151151 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Retail - Discretionary (Cont.)** | **Retail - Discretionary (Cont.)** | **Retail - Discretionary (Cont.)** |
| 6.250%, 11/01/2028 | $100000 | $105908 |
| Lowe's Cos. Inc.<br> 3.350%, 04/01/2027<br>| 150000 | 147766 |
| 1.300%, 04/15/2028 | 150000 | 138777 |
| 3.750%, 04/01/2032 | 150000 | 141469 |
| 5.150%, 07/01/2033 | 250000 | 255120 |
| Home Depot Inc., The<br> 2.875%, 04/15/2027<br>| 150000 | 147066 |
| 4.900%, 04/15/2029 | 100000 | 102596 |
| 2.950%, 06/15/2029 | 100000 | 95693 |
| 4.750%, 06/25/2029 | 100000 | 102073 |
| 2.700%, 04/15/2030 | 50000 | 46691 |
| 4.500%, 09/15/2032 | 250000 | 251192 |
| 4.950%, 06/25/2034 | 100000 | 101205 |
| Genuine Parts Co.<br> 6.500%, 11/01/2028<br>| 50000 | 53110 |
| AutoNation Inc.<br> 3.850%, 03/01/2032<br>| 150000 | 138183 |
| O'Reilly Automotive Inc.<br> 4.700%, 06/15/2032<br>| 150000 | 148941 |
|  |  | 2277888 |
| **Semiconductors (0.21%)** | **Semiconductors (0.21%)** | **Semiconductors (0.21%)** |
| Texas Instruments Inc.<br> 1.125%, 09/15/2026<br>| 150000 | 144917 |
| 2.900%, 11/03/2027 | 150000 | 146375 |
| 4.900%, 03/14/2033 | 250000 | 256095 |
| 5.100%, 05/23/2035 | 50000 | 50940 |
| TSMC Arizona Corp.<br> 1.750%, 10/25/2026<br>| 200000 | 193522 |
| 3.875%, 04/22/2027 | 200000 | 198939 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A. Inc.<br> 3.150%, 05/01/2027<br>| 150000 | 146762 |
| 3.400%, 05/01/2030 | 150000 | 141976 |
| 2.500%, 05/11/2031 | 100000 | 88316 |
| QUALCOMM Inc.<br> 3.250%, 05/20/2027<br>| 150000 | 148105 |
| 5.400%, 05/20/2033 | 250000 | 263574 |
| 5.000%, 05/20/2035 | 50000 | 50346 |
| Broadcom Inc.<br> 5.050%, 07/12/2027<br>| 200000 | 202829 |
| 4.150%, 02/15/2028 | 100000 | 99709 |
| 4.000%, 04/15/2029(c) | 150000 | 147953 |
| 5.050%, 07/12/2029 | 100000 | 102402 |
| 4.350%, 02/15/2030 | 100000 | 99629 |
| 2.450%, 02/15/2031(c) | 150000 | 134129 |
| 5.150%, 11/15/2031 | 100000 | 102878 |
| 4.550%, 02/15/2032 | 100000 | 99075 |
| 4.150%, 04/15/2032(c) | 150000 | 144501 |
| 2.600%, 02/15/2033(c) | 100000 | 85534 |
| 3.419%, 04/15/2033(c) | 100000 | 90693 |
| 3.469%, 04/15/2034(c) | 100000 | 89329 |
| 4.800%, 10/15/2034 | 100000 | 98792 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Intel Corp.<br> 3.750%, 08/05/2027<br>| $150000 | $148030 |
| 4.875%, 02/10/2028 | 100000 | 101263 |
| 1.600%, 08/12/2028 | 250000 | 229714 |
| 4.000%, 08/05/2029 | 150000 | 146869 |
| 5.125%, 02/10/2030 | 150000 | 153380 |
| 5.200%, 02/10/2033 | 250000 | 252113 |
| Micron Technology Inc.<br> 5.375%, 04/15/2028<br>| 250000 | 257034 |
| 6.750%, 11/01/2029 | 150000 | 162136 |
| 5.875%, 02/09/2033 | 250000 | 260711 |
| NVIDIA Corp.<br> 1.550%, 06/15/2028<br>| 50000 | 46780 |
| 2.850%, 04/01/2030 | 50000 | 47419 |
| 2.000%, 06/15/2031 | 50000 | 44357 |
| Marvell Technology Inc.<br> 5.750%, 02/15/2029<br>| 50000 | 52057 |
| 5.950%, 09/15/2033 | 50000 | 52802 |
|  |  | 5281985 |
| **Software (0.15%)** | **Software (0.15%)** | **Software (0.15%)** |
| Oracle Corp.<br> 2.650%, 07/15/2026<br>| 150000 | 147296 |
| 3.250%, 11/15/2027 | 150000 | 146624 |
| 4.500%, 05/06/2028 | 250000 | 251524 |
| 6.150%, 11/09/2029 | 150000 | 160050 |
| 4.650%, 05/06/2030 | 150000 | 151368 |
| 2.875%, 03/25/2031 | 100000 | 91202 |
| 6.250%, 11/09/2032 | 250000 | 270539 |
| 4.900%, 02/06/2033 | 250000 | 250669 |
| Concentrix Corp.<br> 6.650%, 08/02/2026<br>| 150000 | 152707 |
| Microsoft Corp.<br> 2.400%, 08/08/2026<br>| 250000 | 245741 |
| 3.400%, 09/15/2026 | 100000 | 99370 |
| 3.300%, 02/06/2027 | 250000 | 247444 |
| VMware LLC<br> 1.400%, 08/15/2026<br>| 150000 | 145077 |
| Intuit Inc.<br> 5.250%, 09/15/2026<br>| 100000 | 101139 |
| Workday Inc.<br> 3.500%, 04/01/2027<br>| 150000 | 148059 |
| 3.800%, 04/01/2032 | 150000 | 140948 |
| Synopsys Inc.<br> 4.550%, 04/01/2027<br>| 40000 | 40199 |
| 4.650%, 04/01/2028 | 45000 | 45458 |
| 4.850%, 04/01/2030 | 90000 | 91248 |
| 5.000%, 04/01/2032 | 65000 | 65841 |
| Adobe Inc.<br> 4.850%, 04/04/2027<br>| 100000 | 101442 |
| 4.950%, 01/17/2030 | 100000 | 103283 |
| 5.300%, 01/17/2035 | 100000 | 104531 |
| Roper Technologies Inc.<br> 4.500%, 10/15/2029<br>| 100000 | 100199 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| 4.750%, 02/15/2032 | $100000 | $100175 |
| 4.900%, 10/15/2034 | 100000 | 98616 |
|  |  | 3600749 |
| **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust<br> 2.450%, 10/29/2026<br>| 500000 | 487138 |
| 6.450%, 04/15/2027 | 150000 | 154887 |
| 3.000%, 10/29/2028 | 150000 | 142901 |
| 3.300%, 01/30/2032 | 500000 | 452995 |
| Mastercard Inc.<br> 2.950%, 11/21/2026<br>| 150000 | 147864 |
| 4.875%, 03/09/2028 | 250000 | 255649 |
| 4.850%, 03/09/2033 | 250000 | 254750 |
| 4.875%, 05/09/2034 | 50000 | 50599 |
| Global Payments Inc.<br> 2.150%, 01/15/2027<br>| 150000 | 145095 |
| 5.400%, 08/15/2032 | 150000 | 153111 |
| S&P Global Inc.<br> 2.450%, 03/01/2027<br>| 150000 | 145967 |
| 4.250%, 05/01/2029 | 150000 | 149916 |
| 2.500%, 12/01/2029 | 150000 | 139465 |
| 1.250%, 08/15/2030 | 250000 | 215229 |
| FactSet Research Systems Inc.<br> 2.900%, 03/01/2027<br>| 150000 | 146163 |
| American Express Co.<br> 2.550%, 03/04/2027<br>| 150000 | 146048 |
| 5.389%, 07/28/2027(b) | 250000 | 252487 |
| 5.850%, 11/05/2027 | 150000 | 155475 |
| 5.282%, 07/27/2029(b) | 150000 | 154232 |
| 5.085%, 01/30/2031(b) | 100000 | 102347 |
| 5.016%, 04/25/2031(b) | 100000 | 102111 |
| 5.043%, 05/01/2034(b) | 150000 | 151421 |
| 5.284%, 07/26/2035(b) | 100000 | 101236 |
| 5.442%, 01/30/2036(b) | 60000 | 61248 |
| 5.667%, 04/25/2036(b) | 60000 | 62132 |
| PayPal Holdings Inc.<br> 3.900%, 06/01/2027<br>| 100000 | 99640 |
| 4.400%, 06/01/2032 | 150000 | 148234 |
| 5.150%, 06/01/2034 | 50000 | 50786 |
| Ally Financial Inc.<br> 4.750%, 06/09/2027<br>| 100000 | 100537 |
| 6.848%, 01/03/2030(b) | 150000 | 158367 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp.(Variable, <br> U.S. SOFR + 2.44%)<br> 7.149%, 10/29/2027(b)<br>| 150000 | 154985 |
| 4.927%, 05/10/2028(b) | 150000 | 151098 |
| 5.468%, 02/01/2029(b) | 150000 | 153597 |
| 6.312%, 06/08/2029(b) | 100000 | 104970 |
| 5.247%, 07/26/2030(b) | 150000 | 153341 |
| 7.624%, 10/30/2031(b) | 100000 | 112985 |
| 6.377%, 06/08/2034(b) | 150000 | 159691 |
| 5.884%, 07/26/2035(b) | 100000 | 103100 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| Synchrony Financial<br> 3.950%, 12/01/2027<br>| $150000 | $147499 |
| Air Lease Corp.<br> 5.300%, 02/01/2028<br>| 250000 | 255486 |
| 3.125%, 12/01/2030 | 200000 | 184817 |
| Fiserv Inc.<br> 5.450%, 03/02/2028<br>| 250000 | 256900 |
| 5.600%, 03/02/2033 | 250000 | 259226 |
| Equifax Inc.<br> 5.100%, 06/01/2028<br>| 250000 | 254773 |
| Visa Inc.<br> 1.100%, 02/15/2031<br>| 250000 | 213258 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br> 5.100%, 07/15/2032<br>| 150000 | 152752 |
| GATX Corp.<br> 5.450%, 09/15/2033<br>| 100000 | 102058 |
| 6.900%, 05/01/2034 | 125000 | 138369 |
|  |  | 7946935 |
| **Steel (0.03%)** | **Steel (0.03%)** | **Steel (0.03%)** |
| Nucor Corp.<br> 4.300%, 05/23/2027<br>| 150000 | 150511 |
| 3.125%, 04/01/2032 | 150000 | 136592 |
| ArcelorMittal SA<br> 6.550%, 11/29/2027<br>| 150000 | 156358 |
| 6.800%, 11/29/2032 | 150000 | 164875 |
| Steel Dynamics Inc.<br> 3.250%, 01/15/2031<br>| 50000 | 46639 |
| 5.250%, 05/15/2035 | 50000 | 50053 |
|  |  | 705028 |
| **Technology Hardware (0.20%)** | **Technology Hardware (0.20%)** | **Technology Hardware (0.20%)** |
| TD SYNNEX Corp.<br> 1.750%, 08/09/2026<br>| 150000 | 145029 |
| Apple Inc.<br> 2.050%, 09/11/2026<br>| 200000 | 195414 |
| 1.200%, 02/08/2028 | 100000 | 93261 |
| 4.000%, 05/10/2028 | 250000 | 250882 |
| 4.000%, 05/12/2028 | 100000 | 100190 |
| 1.400%, 08/05/2028 | 250000 | 231647 |
| 3.250%, 08/08/2029 | 150000 | 145684 |
| 4.150%, 05/10/2030 | 150000 | 151565 |
| 1.650%, 02/08/2031 | 150000 | 130945 |
| 4.300%, 05/10/2033 | 250000 | 250755 |
| Hewlett Packard Enterprise Co.<br> 4.450%, 09/25/2026<br>| 100000 | 100157 |
| 4.400%, 09/25/2027 | 100000 | 100087 |
| 4.550%, 10/15/2029 | 100000 | 99500 |
| 5.000%, 10/15/2034 | 100000 | 97002 |
| Dell International LLC/EMC Corp.<br> 4.900%, 10/01/2026<br>| 150000 | 150669 |
| 5.250%, 02/01/2028 | 100000 | 102380 |
| 5.300%, 10/01/2029 | 150000 | 154374 |
| 6.200%, 07/15/2030 | 150000 | 160515 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| 5.750%, 02/01/2033 | $250000 | $262432 |
| 5.400%, 04/15/2034 | 50000 | 50921 |
| CDW LLC/CDW Finance Corp.<br> 2.670%, 12/01/2026<br>| 150000 | 146211 |
| Cisco Systems Inc.<br> 4.800%, 02/26/2027<br>| 100000 | 101213 |
| 4.550%, 02/24/2028 | 100000 | 101322 |
| 4.850%, 02/26/2029 | 100000 | 102477 |
| 4.950%, 02/26/2031 | 100000 | 102866 |
| 5.050%, 02/26/2034 | 100000 | 102355 |
| 5.100%, 02/24/2035 | 100000 | 102360 |
| Jabil Inc.<br> 4.250%, 05/15/2027<br>| 150000 | 149588 |
| 5.450%, 02/01/2029 | 250000 | 256355 |
| Teledyne Technologies Inc.<br> 2.750%, 04/01/2031<br>| 250000 | 226795 |
| HP Inc.<br> 2.650%, 06/17/2031<br>| 150000 | 132748 |
| 4.200%, 04/15/2032 | 150000 | 143341 |
| Motorola Solutions Inc.<br> 5.600%, 06/01/2032<br>| 150000 | 156257 |
| 5.400%, 04/15/2034 | 100000 | 101985 |
|  |  | 4899282 |
| **Telecommunications (0.20%)** | **Telecommunications (0.20%)** | **Telecommunications (0.20%)** |
| Verizon Communications Inc.<br> 3.000%, 03/22/2027<br>| 200000 | 196002 |
| 2.100%, 03/22/2028 | 100000 | 94749 |
| 3.875%, 02/08/2029 | 500000 | 493756 |
| 1.750%, 01/20/2031 | 100000 | 86168 |
| 2.550%, 03/21/2031 | 150000 | 134533 |
| 2.355%, 03/15/2032 | 150000 | 129300 |
| 5.050%, 05/09/2033 | 250000 | 253502 |
| 4.780%, 02/15/2035 | 165000 | 160743 |
| AT&T Inc.<br> 1.650%, 02/01/2028<br>| 200000 | 187625 |
| 4.100%, 02/15/2028 | 100000 | 99583 |
| 4.350%, 03/01/2029 | 500000 | 501049 |
| 4.300%, 02/15/2030 | 135000 | 134561 |
| 2.750%, 06/01/2031 | 150000 | 136006 |
| 2.250%, 02/01/2032 | 100000 | 86065 |
| T-Mobile U.S.A. Inc.<br> 4.950%, 03/15/2028<br>| 100000 | 101688 |
| 4.800%, 07/15/2028 | 100000 | 101340 |
| 2.400%, 03/15/2029 | 300000 | 279337 |
| 3.875%, 04/15/2030 | 300000 | 291365 |
| 2.550%, 02/15/2031 | 100000 | 89523 |
| 3.500%, 04/15/2031 | 100000 | 93891 |
| 2.700%, 03/15/2032 | 500000 | 440655 |
| 5.050%, 07/15/2033 | 250000 | 251694 |
| British Telecommunications PLC<br> 5.125%, 12/04/2028<br>| 200000 | 204417 |
| Rogers Communications Inc.<br> 5.000%, 02/15/2029<br>| 100000 | 101417 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Telecommunications (Cont.)** | **Telecommunications (Cont.)** | **Telecommunications (Cont.)** |
| 3.800%, 03/15/2032 | $75000 | $69694 |
| 5.300%, 02/15/2034 | 100000 | 100106 |
|  |  | 4818769 |
| **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** |
| Philip Morris International Inc.<br> 4.750%, 02/12/2027<br>| 100000 | 100891 |
| 5.125%, 11/17/2027 | 150000 | 153001 |
| 4.875%, 02/15/2028 | 150000 | 152526 |
| 5.250%, 09/07/2028 | 100000 | 102855 |
| 5.625%, 11/17/2029 | 150000 | 157505 |
| 5.125%, 02/15/2030 | 150000 | 154324 |
| 5.125%, 02/13/2031 | 100000 | 102995 |
| 5.750%, 11/17/2032 | 150000 | 158580 |
| 5.375%, 02/15/2033 | 150000 | 154907 |
| 4.875%, 04/30/2035 | 100000 | 98657 |
| BAT International Finance PLC<br> 4.448%, 03/16/2028<br>| 150000 | 150240 |
| 5.931%, 02/02/2029 | 150000 | 157412 |
| Altria Group Inc.<br> 6.200%, 11/01/2028<br>| 100000 | 105558 |
| BAT Capital Corp.<br> 6.343%, 08/02/2030<br>| 150000 | 161637 |
| 5.834%, 02/20/2031 | 100000 | 105230 |
| 6.421%, 08/02/2033 | 150000 | 162903 |
|  |  | 2179221 |
| **Transportation & Logistics (0.09%)** | **Transportation & Logistics (0.09%)** | **Transportation & Logistics (0.09%)** |
| Canadian Pacific Railway Co.<br> 1.750%, 12/02/2026<br>| 150000 | 144754 |
| 2.875%, 11/15/2029 | 150000 | 140916 |
| 2.450%, 12/02/2031 | 100000 | 87782 |
| Ryder System Inc.<br> 2.850%, 03/01/2027<br>| 150000 | 146104 |
| 4.300%, 06/15/2027 | 150000 | 150102 |
| 5.250%, 06/01/2028 | 150000 | 153897 |
| &nbsp;&nbsp;&nbsp; United Airlines 2020-1 Class A Pass <br> Through Trust<br> 5.875%, 10/15/2027<br>| 39750 | 40560 |
| Union Pacific Corp.<br> 3.700%, 03/01/2029<br>| 250000 | 245819 |
| 2.800%, 02/14/2032 | 100000 | 90142 |
| 4.500%, 01/20/2033 | 100000 | 99391 |
| United Parcel Service Inc.<br> 2.500%, 09/01/2029<br>| 150000 | 140023 |
| 4.875%, 03/03/2033 | 100000 | 101719 |
| 5.250%, 05/14/2035 | 50000 | 50989 |
| Norfolk Southern Corp.<br> 5.050%, 08/01/2030<br>| 150000 | 154941 |
| 3.000%, 03/15/2032 | 100000 | 90700 |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-1 Class AA <br> Pass Through Trust<br> 4.150%, 08/25/2031<br>| 65758 | 62977 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA <br> Pass Through Trust<br> 3.150%, 02/15/2032<br>| $72871 | $66917 |
| Canadian National Railway Co.<br> 3.850%, 08/05/2032<br>| 100000 | 95118 |
| CSX Corp.<br> 4.100%, 11/15/2032<br>| 100000 | 97005 |
| &nbsp;&nbsp;&nbsp; American Airlines 2021-1 Class A <br> Pass Through Trust<br> 2.875%, 07/11/2034<br>| 86594 | 76230 |
|  |  | 2236086 |
| **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** |
| PACCAR Financial Corp.<br> 4.450%, 08/06/2027<br>| 100000 | 101156 |
| 4.000%, 09/26/2029 | 100000 | 99467 |
| 5.000%, 03/22/2034 | 50000 | 50830 |
| Cummins Inc.<br> 4.900%, 02/20/2029<br>| 100000 | 102252 |
| 4.700%, 02/15/2031 | 100000 | 100909 |
|  |  | 454614 |
| **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** |
| Sysco Corp.<br> 5.750%, 01/17/2029<br>| 100000 | 104260 |
| 5.100%, 09/23/2030 | 100000 | 102453 |
| 5.400%, 03/23/2035 | 50000 | 50857 |
| Archer-Daniels-Midland Co.<br> 4.500%, 08/15/2033<br>| 100000 | 97966 |
|  |  | 355536 |
| **Total Corporate Bonds** <br>(cost $201,302,957)<br>|  | 206722360 |
| **Foreign Government Bonds (1.39%)** | **Foreign Government Bonds (1.39%)** | **Foreign Government Bonds (1.39%)** |
| **Austria (0.01%)** | **Austria (0.01%)** | **Austria (0.01%)** |
| Oesterreichische Kontrollbank AG<br> 4.750%, 05/21/2027<br>| 100000 | 101619 |
| 3.625%, 09/09/2027 | 250000 | 249190 |
|  |  | 350809 |
| **Canada (0.16%)** | **Canada (0.16%)** | **Canada (0.16%)** |
| Province of British Columbia Canada<br> 0.900%, 07/20/2026<br>| 250000 | 241956 |
| 4.800%, 11/15/2028 | 100000 | 102714 |
| 4.900%, 04/24/2029 | 150000 | 155069 |
| 4.200%, 07/06/2033 | 100000 | 98119 |
| Province of Quebec Canada<br> 2.750%, 04/12/2027<br>| 100000 | 97994 |
| 3.625%, 04/13/2028 | 175000 | 173917 |
| 4.500%, 04/03/2029 | 150000 | 153029 |
| 1.350%, 05/28/2030 | 250000 | 220609 |
| 4.500%, 09/08/2033 | 100000 | 100110 |
| 4.250%, 09/05/2034 | 200000 | 195441 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Canada (Cont.)** | **Canada (Cont.)** | **Canada (Cont.)** |
| Province of Ontario Canada<br> 3.100%, 05/19/2027<br>| $250000 | $246326 |
| 1.050%, 05/21/2027 | 100000 | 94823 |
| 4.200%, 01/18/2029 | 100000 | 100984 |
| 1.125%, 10/07/2030 | 100000 | 86234 |
| 1.600%, 02/25/2031 | 100000 | 87457 |
| 1.800%, 10/14/2031 | 50000 | 43354 |
| 2.125%, 01/21/2032 | 50000 | 43883 |
| 5.050%, 04/24/2034 | 100000 | 103701 |
| Province of Saskatchewan Canada<br> 3.250%, 06/08/2027<br>| 100000 | 98743 |
| Export Development Canada<br> 3.875%, 02/14/2028<br>| 150000 | 150380 |
| 4.125%, 02/13/2029 | 200000 | 202172 |
| Province of Alberta Canada<br> 3.300%, 03/15/2028<br>| 250000 | 246200 |
| 4.500%, 06/26/2029 | 100000 | 102063 |
| 1.300%, 07/22/2030 | 250000 | 219105 |
| 4.500%, 01/24/2034 | 100000 | 99663 |
| &nbsp;&nbsp;&nbsp; Canada Government International <br> Bond<br> 3.750%, 04/26/2028<br>| 175000 | 175055 |
| 4.000%, 03/18/2030 | 200000 | 201532 |
| Province of Manitoba Canada<br> 1.500%, 10/25/2028<br>| 100000 | 92536 |
| 4.300%, 07/27/2033 | 50000 | 49285 |
|  |  | 3982454 |
| **Chile (0.02%)** | **Chile (0.02%)** | **Chile (0.02%)** |
| Chile Government International Bond<br> 2.750%, 01/31/2027<br>| 250000 | 243175 |
| 3.240%, 02/06/2028 | 250000 | 243148 |
|  |  | 486323 |
| **Germany (0.19%)** | **Germany (0.19%)** | **Germany (0.19%)** |
| Kreditanstalt fuer Wiederaufbau<br> 4.625%, 08/07/2026<br>| 500000 | 503653 |
| 1.000%, 10/01/2026 | 250000 | 241188 |
| 4.375%, 03/01/2027 | 200000 | 201776 |
| 3.000%, 05/20/2027 | 250000 | 246402 |
| 3.750%, 02/15/2028 | 200000 | 200313 |
| 2.875%, 04/03/2028 | 500000 | 489273 |
| 3.875%, 06/15/2028 | 100000 | 100460 |
| 4.000%, 03/15/2029 | 350000 | 352906 |
| 1.750%, 09/14/2029 | 250000 | 230579 |
| 4.625%, 03/18/2030 | 180000 | 186307 |
| 3.750%, 07/15/2030 | 650000 | 647822 |
| 0.750%, 09/30/2030 | 175000 | 149504 |
| 4.750%, 10/29/2030 | 200000 | 208379 |
| 4.125%, 07/15/2033 | 200000 | 199499 |
| 4.375%, 02/28/2034 | 200000 | 202176 |
| Landwirtschaftliche Rentenbank<br> 3.875%, 09/28/2027<br>| 250000 | 250659 |
| 0.875%, 09/03/2030 | 250000 | 215360 |
|  |  | 4626256 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Indonesia (0.04%)** | **Indonesia (0.04%)** | **Indonesia (0.04%)** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond<br> 4.550%, 01/11/2028<br>| $250000 | $251955 |
| 4.100%, 04/24/2028 | 250000 | 249790 |
| 4.750%, 02/11/2029 | 250000 | 254374 |
| 4.850%, 01/11/2033 | 250000 | 250810 |
|  |  | 1006929 |
| **Israel (0.02%)** | **Israel (0.02%)** | **Israel (0.02%)** |
| &nbsp;&nbsp;&nbsp; Israel Government International <br> Bond<br> 2.750%, 07/03/2030<br>| 250000 | 226254 |
| 5.500%, 03/12/2034 | 200000 | 202382 |
| 5.625%, 02/19/2035 | 200000 | 203250 |
|  |  | 631886 |
| **Italy (0.01%)** | **Italy (0.01%)** | **Italy (0.01%)** |
| &nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond<br> 2.875%, 10/17/2029<br>| 250000 | 234415 |
|  |  | 234415 |
| **Japan (0.04%)** | **Japan (0.04%)** | **Japan (0.04%)** |
| &nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation<br> 4.625%, 07/22/2027<br>| 200000 | 202693 |
| 4.625%, 07/19/2028 | 250000 | 255174 |
| 3.250%, 07/20/2028 | 250000 | 245293 |
| 1.875%, 04/15/2031 | 200000 | 177118 |
|  |  | 880278 |
| **Mexico (0.08%)** | **Mexico (0.08%)** | **Mexico (0.08%)** |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond<br> 4.150%, 03/28/2027<br>| 250000 | 248252 |
| 5.400%, 02/09/2028 | 250000 | 255125 |
| 4.500%, 04/22/2029 | 250000 | 246013 |
| 2.659%, 05/24/2031 | 1000000 | 865000 |
| 4.750%, 04/27/2032 | 200000 | 189982 |
| 4.875%, 05/19/2033 | 200000 | 188640 |
|  |  | 1993012 |
| **Panama (0.02%)** | **Panama (0.02%)** | **Panama (0.02%)** |
| &nbsp;&nbsp;&nbsp; Panama Government International <br> Bond<br> 7.500%, 03/01/2031<br>| 200000 | 212808 |
| 3.298%, 01/19/2033 | 250000 | 203584 |
|  |  | 416392 |
| **Peru (0.01%)** | **Peru (0.01%)** | **Peru (0.01%)** |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond<br> 3.000%, 01/15/2034<br>| 300000 | 252480 |
|  |  | 252480 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Philippines (0.03%)** | **Philippines (0.03%)** | **Philippines (0.03%)** |
| &nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond<br> 5.170%, 10/13/2027<br>| $250000 | $254608 |
| 3.750%, 01/14/2029 | 250000 | 245320 |
| 5.609%, 04/13/2033 | 250000 | 261835 |
|  |  | 761763 |
| **Poland (0.03%)** | **Poland (0.03%)** | **Poland (0.03%)** |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond<br> 5.750%, 11/16/2032<br>| 250000 | 263783 |
| 4.875%, 10/04/2033 | 200000 | 198820 |
| 5.375%, 02/12/2035 | 200000 | 203638 |
|  |  | 666241 |
| **South Korea (0.03%)** | **South Korea (0.03%)** | **South Korea (0.03%)** |
| Export-Import Bank of Korea<br> 4.250%, 09/15/2027<br>| 250000 | 250620 |
| 5.000%, 01/11/2028 | 250000 | 255210 |
| 5.125%, 01/11/2033 | 250000 | 258079 |
|  |  | 763909 |
| **Supranational (0.68%)** | **Supranational (0.68%)** | **Supranational (0.68%)** |
| &nbsp;&nbsp;&nbsp; International Bank for <br> Reconstruction & Development<br> 0.875%, 07/15/2026<br>| 250000 | 242178 |
| 4.000%, 08/27/2026 | 250000 | 250113 |
| 3.125%, 06/15/2027 | 250000 | 246750 |
| 0.750%, 11/24/2027 | 250000 | 232910 |
| 1.375%, 04/20/2028 | 200000 | 187458 |
| 3.500%, 07/12/2028 | 250000 | 248139 |
| 1.125%, 09/13/2028 | 200000 | 184143 |
| 3.875%, 10/16/2029 | 200000 | 200470 |
| 1.750%, 10/23/2029 | 250000 | 229609 |
| 3.875%, 02/14/2030 | 250000 | 250394 |
| 4.125%, 03/20/2030 | 250000 | 253063 |
| 0.875%, 05/14/2030 | 250000 | 217303 |
| 4.000%, 07/25/2030 | 250000 | 251567 |
| 4.000%, 01/10/2031 | 250000 | 250980 |
| 1.250%, 02/10/2031 | 250000 | 216525 |
| 4.500%, 04/10/2031 | 150000 | 154335 |
| 1.625%, 11/03/2031 | 250000 | 216713 |
| 4.625%, 01/15/2032 | 250000 | 258536 |
| 4.750%, 11/14/2033 | 100000 | 103957 |
| 5.750%, 05/02/2034 | 100000 | 100817 |
| 3.875%, 08/28/2034 | 250000 | 242865 |
| African Development Bank<br> 0.875%, 07/22/2026<br>| 250000 | 241991 |
| 4.375%, 11/03/2027 | 250000 | 253329 |
| &nbsp;&nbsp;&nbsp; Council of Europe Development <br> Bank<br> 0.875%, 09/22/2026<br>| 250000 | 240931 |
| 3.625%, 01/26/2028 | 250000 | 249070 |
| International Finance Corp.<br> 0.750%, 10/08/2026<br>| 250000 | 240329 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 0.750%, 08/27/2030 | $250000 | $213758 |
| European Investment Bank<br> 0.750%, 10/26/2026<br>| 250000 | 239971 |
| 1.375%, 03/15/2027 | 200000 | 192006 |
| 4.375%, 03/19/2027 | 150000 | 151370 |
| 0.625%, 10/21/2027 | 250000 | 232995 |
| 3.875%, 03/15/2028 | 225000 | 225847 |
| 3.875%, 06/15/2028 | 180000 | 180786 |
| 4.500%, 10/16/2028 | 500000 | 511632 |
| 4.000%, 02/15/2029 | 225000 | 226750 |
| 1.750%, 03/15/2029 | 100000 | 93083 |
| 4.750%, 06/15/2029 | 225000 | 232953 |
| 1.625%, 10/09/2029 | 250000 | 228828 |
| 3.750%, 11/15/2029 | 300000 | 299385 |
| 4.500%, 03/14/2030 | 300000 | 308702 |
| 3.625%, 07/15/2030 | 250000 | 247386 |
| 1.250%, 02/14/2031 | 250000 | 216895 |
| 4.375%, 10/10/2031 | 250000 | 255404 |
| 4.250%, 08/16/2032 | 500000 | 506707 |
| 3.750%, 02/14/2033 | 200000 | 195947 |
| 4.125%, 02/13/2034 | 150000 | 149058 |
| 4.625%, 02/12/2035 | 150000 | 154311 |
| Asian Development Bank<br> 4.125%, 01/12/2027<br>| 100000 | 100378 |
| 1.500%, 01/20/2027 | 250000 | 241135 |
| 3.125%, 08/20/2027 | 200000 | 197409 |
| 1.250%, 06/09/2028 | 250000 | 232703 |
| 4.500%, 08/25/2028 | 250000 | 255432 |
| 3.125%, 09/26/2028 | 250000 | 245131 |
| 4.375%, 03/06/2029 | 100000 | 102003 |
| 1.875%, 03/15/2029 | 250000 | 233562 |
| 1.750%, 09/19/2029 | 250000 | 230079 |
| 1.875%, 01/24/2030 | 250000 | 229607 |
| 4.125%, 05/30/2030 | 200000 | 202479 |
| 3.125%, 04/27/2032 | 250000 | 236228 |
| 4.125%, 01/12/2034 | 100000 | 99281 |
| Inter-American Development Bank<br> 1.500%, 01/13/2027<br>| 250000 | 241201 |
| 2.375%, 07/07/2027 | 250000 | 243251 |
| 0.625%, 09/16/2027 | 250000 | 233511 |
| 4.000%, 01/12/2028 | 250000 | 251453 |
| 1.125%, 07/20/2028 | 250000 | 231090 |
| 4.125%, 02/15/2029 | 150000 | 151644 |
| 2.250%, 06/18/2029 | 250000 | 235721 |
| 3.500%, 09/14/2029 | 250000 | 247000 |
| 1.125%, 01/13/2031 | 500000 | 431037 |
| 3.500%, 04/12/2033 | 100000 | 95714 |
| 4.500%, 09/13/2033 | 100000 | 101965 |
| 4.375%, 07/17/2034 | 150000 | 151276 |
| Nordic Investment Bank<br> 3.375%, 09/08/2027<br>| 250000 | 247948 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction & <br> Development<br> 4.125%, 01/25/2029<br>| 150000 | 151611 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 4.250%, 03/13/2034 | $100000 | $99896 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment <br> Bank, The<br> 4.250%, 03/13/2034<br>| 100000 | 100198 |
|  |  | 16648192 |
| **Sweden (0.01%)** | **Sweden (0.01%)** | **Sweden (0.01%)** |
| Svensk Exportkredit AB<br> 4.875%, 09/14/2026<br>| 200000 | 202000 |
|  |  | 202000 |
| **Uruguay (0.01%)** | **Uruguay (0.01%)** | **Uruguay (0.01%)** |
| &nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond<br> 4.375%, 01/23/2031<br>| 200000 | 199602 |
|  |  | 199602 |
| **Total Foreign Government Bonds** <br>(cost $33,395,191)<br>|  | 34102941 |
| **Agency Securities (d) (0.29%)** | **Agency Securities (d) (0.29%)** | **Agency Securities (d) (0.29%)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |
| 4.500%, 08/14/2026 | 850000 | 854683 |
| 1.300%, 03/30/2027 | 300000 | 286933 |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 0.900%, 02/26/2027 | 250000 | 237943 |
| 4.000%, 06/30/2028 | 1000000 | 1008916 |
| 4.625%, 11/17/2026 | 500000 | 504367 |
| 4.125%, 01/15/2027 | 2125000 | 2135487 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 6.750%, 03/15/2031 | 250000 | 286040 |
| 6.250%, 07/15/2032 | 250000 | 283451 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 7.125%, 01/15/2030 | 250000 | 284319 |
| 6.625%, 11/15/2030 | 250000 | 282855 |
| 7.250%, 05/15/2030 | 250000 | 287920 |
| 1.875%, 09/24/2026 | 250000 | 243648 |
| 0.750%, 10/08/2027 | 500000 | 467773 |
| **Total Agency Securities** <br>(cost $7,042,236)<br>|  | 7164335 |
| **U.S. Treasury Obligations (18.52%)** | **U.S. Treasury Obligations (18.52%)** | **U.S. Treasury Obligations (18.52%)** |
| U.S. Treasury Bill<br> 4.132%, 11/28/2025(e),(f)<br>| 973000 | 956273 |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 0.625%, 07/31/2026 | 10000000 | 9647266 |
| 4.375%, 07/31/2026 | 5000000 | 5019922 |
| 4.375%, 08/15/2026 | 2000000 | 2008672 |
| 3.750%, 08/31/2026 | 4000000 | 3990469 |
| 3.500%, 09/30/2026 | 5000000 | 4974219 |
| 1.125%, 10/31/2026 | 5000000 | 4821680 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.250%, 11/30/2026 | $5000000 | $5025781 |
| 1.250%, 11/30/2026 | 2500000 | 2410547 |
| 1.625%, 11/30/2026 | 1000000 | 969531 |
| 4.250%, 12/31/2026 | 6000000 | 6034922 |
| 1.250%, 12/31/2026 | 2500000 | 2406543 |
| 1.750%, 12/31/2026 | 1000000 | 969844 |
| 4.000%, 01/15/2027 | 2000000 | 2004766 |
| 1.500%, 01/31/2027 | 2000000 | 1929141 |
| 4.125%, 01/31/2027 | 1000000 | 1004570 |
| 4.125%, 02/15/2027 | 1000000 | 1004805 |
| 1.125%, 02/28/2027 | 10000000 | 9571484 |
| 4.125%, 02/28/2027 | 5000000 | 5025977 |
| 0.625%, 03/31/2027 | 10000000 | 9472656 |
| 3.875%, 03/31/2027 | 7000000 | 7010937 |
| 4.500%, 04/15/2027 | 1000000 | 1012461 |
| 0.500%, 04/30/2027 | 10000000 | 9429297 |
| 3.750%, 04/30/2027 | 5000000 | 4999219 |
| 2.750%, 04/30/2027 | 2000000 | 1964531 |
| 4.500%, 05/15/2027 | 3000000 | 3039492 |
| 3.875%, 05/31/2027 | 5000000 | 5011719 |
| 2.625%, 05/31/2027 | 5000000 | 4896680 |
| 4.625%, 06/15/2027 | 1000000 | 1016562 |
| 3.750%, 06/30/2027 | 5000000 | 5003125 |
| 0.375%, 09/30/2027 | 10000000 | 9285156 |
| 4.125%, 09/30/2027 | 2000000 | 2018203 |
| 2.250%, 11/15/2027 | 2000000 | 1933984 |
| 0.625%, 11/30/2027 | 5000000 | 4647852 |
| 0.625%, 12/31/2027 | 5000000 | 4635547 |
| 3.500%, 01/31/2028 | 5000000 | 4974609 |
| 0.750%, 01/31/2028 | 5000000 | 4638867 |
| 2.750%, 02/15/2028 | 5000000 | 4881055 |
| 1.250%, 03/31/2028 | 5000000 | 4681836 |
| 3.500%, 04/30/2028 | 5000000 | 4972852 |
| 2.875%, 05/15/2028 | 3500000 | 3421934 |
| 1.250%, 06/30/2028 | 5000000 | 4654883 |
| 2.875%, 08/15/2028 | 5000000 | 4876953 |
| 4.375%, 08/31/2028 | 7000000 | 7138086 |
| 1.250%, 09/30/2028 | 3000000 | 2775586 |
| 4.625%, 09/30/2028 | 2000000 | 2055391 |
| 4.875%, 10/31/2028 | 2000000 | 2071875 |
| 3.125%, 11/15/2028 | 5000000 | 4906641 |
| 4.375%, 11/30/2028 | 3000000 | 3062461 |
| 1.375%, 12/31/2028 | 4000000 | 3695312 |
| 4.000%, 01/31/2029 | 4000000 | 4036094 |
| 2.625%, 02/15/2029 | 4000000 | 3852031 |
| 4.250%, 02/28/2029 | 5000000 | 5088086 |
| 4.125%, 03/31/2029 | 3400000 | 3445953 |
| 2.875%, 04/30/2029 | 10000000 | 9694922 |
| 4.625%, 04/30/2029 | 3000000 | 3093750 |
| 2.375%, 05/15/2029 | 5000000 | 4756250 |
| 2.750%, 05/31/2029 | 5000000 | 4821484 |
| 4.500%, 05/31/2029 | 4000000 | 4109062 |
| 4.250%, 06/30/2029 | 2000000 | 2037187 |
| 2.625%, 07/31/2029 | 8000000 | 7662812 |
| 1.625%, 08/15/2029 | 5000000 | 4604297 |
| 3.625%, 08/31/2029 | 5000000 | 4975195 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 3.500%, 09/30/2029 | $5000000 | $4949609 |
| 4.125%, 10/31/2029 | 2000000 | 2028594 |
| 1.750%, 11/15/2029 | 6000000 | 5525156 |
| 4.125%, 11/30/2029 | 5000000 | 5073437 |
| 4.375%, 12/31/2029 | 7000000 | 7173633 |
| 3.875%, 12/31/2029 | 2000000 | 2008516 |
| 4.250%, 01/31/2030 | 3850000 | 3925947 |
| 1.500%, 02/15/2030 | 15000000 | 13573828 |
| 4.000%, 02/28/2030 | 4000000 | 4038906 |
| 4.000%, 03/31/2030 | 5500000 | 5551133 |
| 3.875%, 04/30/2030 | 4500000 | 4517578 |
| 4.000%, 05/31/2030 | 3750000 | 3786328 |
| 3.875%, 06/30/2030 | 4500000 | 4517227 |
| 4.875%, 10/31/2030 | 3000000 | 3149180 |
| 0.875%, 11/15/2030 | 20000000 | 17155469 |
| 4.000%, 01/31/2031 | 2000000 | 2014141 |
| 4.250%, 02/28/2031 | 2000000 | 2038594 |
| 4.625%, 04/30/2031 | 1000000 | 1038281 |
| 1.625%, 05/15/2031 | 12000000 | 10583437 |
| 1.250%, 08/15/2031 | 8000000 | 6843750 |
| 1.375%, 11/15/2031 | 7000000 | 5989102 |
| 1.875%, 02/15/2032 | 11500000 | 10102031 |
| 4.000%, 04/30/2032 | 750000 | 750937 |
| 4.125%, 05/31/2032 | 750000 | 756328 |
| 2.750%, 08/15/2032 | 2000000 | 1845000 |
| 4.125%, 11/15/2032 | 4000000 | 4027656 |
| 3.500%, 02/15/2033 | 2000000 | 1927969 |
| 3.375%, 05/15/2033 | 2000000 | 1906484 |
| 3.875%, 08/15/2033 | 7000000 | 6893359 |
| 4.500%, 11/15/2033 | 5000000 | 5135937 |
| 4.000%, 02/15/2034 | 5000000 | 4947852 |
| 4.375%, 05/15/2034 | 5500000 | 5585723 |
| 3.875%, 08/15/2034 | 6500000 | 6346387 |
| 4.250%, 11/15/2034 | 7500000 | 7524609 |
| 4.625%, 02/15/2035 | 7750000 | 7995820 |
| 4.250%, 05/15/2035 | 4250000 | 4256641 |
| **Total U.S. Treasury Obligations** <br>(cost $448,000,095)<br>|  | 455623876 |
| **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** |
| **California (0.04%)** | **California (0.04%)** | **California (0.04%)** |
| &nbsp;&nbsp;&nbsp; State of California Taxable Various <br> Purpose, General Obligation <br> Bonds<br> 6.000%, 03/01/2033<br>| 250000 | 271693 |
| &nbsp;&nbsp;&nbsp; University of California Regents <br> Medical Center Pooled Taxable <br> Revenue Bonds<br> 4.132%, 05/15/2032<br>| 250000 | 245172 |
| &nbsp;&nbsp;&nbsp; State of California Taxable, General <br> Obligation Bonds<br> 4.875%, 09/01/2030<br>| 500000 | 517181 |
|  |  | 1034046 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** |
| **Louisiana (0.01%)** | **Louisiana (0.01%)** | **Louisiana (0.01%)** |
| &nbsp;&nbsp;&nbsp; Louisiana State Local Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable Revenue Bonds<br> 4.145%, 02/01/2033<br>| $250000 | $247330 |
|  |  | 247330 |
| **Total Long-term Municipal Bonds** <br>(cost $1,242,841)<br>|  | 1281376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.32%)** | **Short-term Investments (1.32%)** | **Short-term Investments (1.32%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 4.16%(g)<br>| 32378918 | 32378918 |
| **Total Short-term Investments** <br>(cost $32,378,918)<br>|  | 32378918 |
| **TOTAL INVESTMENTS (99.82%)** <br>(cost $1,141,947,046)<br>|  | 2455983329 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.18%)**<br>|  | 4424029 |
| **NET ASSETS (100.00%)** |  | $2460407358 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Floating rate security. The rate presented is the rate in effect at June 30, 2025, and the related index and spread are shown parenthetically for each security, when applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $1,318,949 or 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of these U.S. Government-sponsored entities are neither issued nor guaranteed by the United States Treasury. On September 6, 2008, the Federal Housing Finance Agency placed the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corp. ("Freddie Mac") into conservatorship. The United States Treasury has put in place a set of financing agreements to help ensure that these entities continue to meet their obligations to holders of bonds they have issued or guaranteed.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security pledged as collateral to cover margin requirements for open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Discount rate at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate shown is the 7-day yield as of June 30, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

At June 30, 2025, the Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-Mini <br> S&P 500<br>| 61 | 9/19/2025 | USD | 19073938 | $266379 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (98.91%)** | **U.S. Treasury Obligations (98.91%)** | **U.S. Treasury Obligations (98.91%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.375%, 07/31/2026 | $2650000 | $2660559 |
| 0.625%, 07/31/2026 | 500000 | 482363 |
| 1.875%, 07/31/2026 | 288000 | 281610 |
| 4.375%, 08/15/2026 | 1000000 | 1004336 |
| 1.500%, 08/15/2026 | 500000 | 486582 |
| 0.750%, 08/31/2026 | 2862000 | 2758364 |
| 1.375%, 08/31/2026 | 1150000 | 1116488 |
| 3.750%, 08/31/2026 | 1000000 | 997617 |
| 4.625%, 09/15/2026 | 2300000 | 2318508 |
| 3.500%, 09/30/2026 | 3000000 | 2984531 |
| 0.875%, 09/30/2026 | 2500000 | 2408203 |
| 1.625%, 09/30/2026 | 1314000 | 1277762 |
| 4.625%, 10/15/2026 | 2000000 | 2017812 |
| 4.125%, 10/31/2026 | 4150000 | 4161510 |
| 1.125%, 10/31/2026 | 3357000 | 3237276 |
| 1.625%, 10/31/2026 | 1275000 | 1237896 |
| 4.625%, 11/15/2026 | 3500000 | 3533906 |
| 2.000%, 11/15/2026 | 400000 | 390016 |
| 1.250%, 11/30/2026 | 3585000 | 3456724 |
| 4.250%, 11/30/2026 | 2400000 | 2412375 |
| 4.375%, 12/15/2026 | 750000 | 755596 |
| 4.250%, 12/31/2026 | 3000000 | 3017461 |
| 1.250%, 12/31/2026 | 2330000 | 2242898 |
| 4.000%, 01/15/2027 | 2000000 | 2004766 |
| 1.500%, 01/31/2027 | 3696000 | 3565052 |
| 4.125%, 01/31/2027 | 2000000 | 2009141 |
| 4.125%, 02/15/2027 | 2000000 | 2009609 |
| 2.250%, 02/15/2027 | 1600000 | 1561000 |
| 4.125%, 02/28/2027 | 4050000 | 4071041 |
| 1.875%, 02/28/2027 | 2722000 | 2638320 |
| 4.250%, 03/15/2027 | 2500000 | 2518945 |
| 3.875%, 03/31/2027 | 4700000 | 4707344 |
| 2.500%, 03/31/2027 | 3011000 | 2946663 |
| 4.500%, 04/15/2027 | 2600000 | 2632398 |
| 3.750%, 04/30/2027 | 3850000 | 3849398 |
| 2.750%, 04/30/2027 | 1951000 | 1916400 |
| 0.500%, 04/30/2027 | 1000000 | 942930 |
| 2.375%, 05/15/2027 | 2000000 | 1950547 |
| 4.500%, 05/15/2027 | 1250000 | 1266455 |
| 2.625%, 05/31/2027 | 2892000 | 2832240 |
| 3.875%, 05/31/2027 | 2350000 | 2355508 |
| 4.625%, 06/15/2027 | 750000 | 762422 |
| 3.750%, 06/30/2027 | 2500000 | 2501562 |
| 3.250%, 06/30/2027 | 1675000 | 1660017 |
| 4.375%, 07/15/2027 | 2400000 | 2429906 |
| 2.750%, 07/31/2027 | 3500000 | 3431777 |
| 3.750%, 08/15/2027 | 3000000 | 3001406 |
| 3.125%, 08/31/2027 | 3400000 | 3358164 |
| 3.375%, 09/15/2027 | 3000000 | 2979258 |
| 4.125%, 09/30/2027 | 3312000 | 3342144 |
| 3.875%, 10/15/2027 | 4000000 | 4013906 |
| 4.125%, 10/31/2027 | 3000000 | 3027422 |
| 4.125%, 11/15/2027 | 1000000 | 1009258 |
| 3.875%, 11/30/2027 | 3500000 | 3513399 |
| 4.000%, 12/15/2027 | 2800000 | 2819906 |
| 3.875%, 12/31/2027 | 4150000 | 4167508 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.250%, 01/15/2028 | $2500000 | $2532324 |
| 3.500%, 01/31/2028 | 4400000 | 4377656 |
| 4.250%, 02/15/2028 | 3400000 | 3445953 |
| 2.750%, 02/15/2028 | 400000 | 390484 |
| 4.000%, 02/29/2028 | 3400000 | 3425766 |
| 3.875%, 03/15/2028 | 4500000 | 4521621 |
| 3.625%, 03/31/2028 | 3750000 | 3743555 |
| 3.750%, 04/15/2028 | 2950000 | 2953687 |
| 3.500%, 04/30/2028 | 3400000 | 3381539 |
| 2.875%, 05/15/2028 | 4000000 | 3910781 |
| 3.750%, 05/15/2028 | 1750000 | 1752598 |
| 3.625%, 05/31/2028 | 2900000 | 2893883 |
| 3.875%, 06/15/2028 | 2000000 | 2010625 |
| 4.000%, 06/30/2028 | 3250000 | 3277930 |
| 4.125%, 07/31/2028 | 3550000 | 3592850 |
| 2.875%, 08/15/2028 | 3125000 | 3048096 |
| 4.375%, 08/31/2028 | 2500000 | 2549316 |
| 4.625%, 09/30/2028 | 4250000 | 4367705 |
| 4.875%, 10/31/2028 | 4000000 | 4143750 |
| 1.375%, 10/31/2028 | 3250000 | 3013486 |
| 3.125%, 11/15/2028 | 600000 | 588797 |
| 4.375%, 11/30/2028 | 4000000 | 4083281 |
| 1.500%, 11/30/2028 | 2750000 | 2555889 |
| 3.750%, 12/31/2028 | 3000000 | 3002695 |
| 1.375%, 12/31/2028 | 600000 | 554297 |
| 4.000%, 01/31/2029 | 3500000 | 3531582 |
| 1.750%, 01/31/2029 | 2000000 | 1868438 |
| 2.625%, 02/15/2029 | 500000 | 481504 |
| 4.250%, 02/28/2029 | 4500000 | 4579277 |
| 4.125%, 03/31/2029 | 2500000 | 2533789 |
| 2.375%, 03/31/2029 | 2000000 | 1905625 |
| 4.625%, 04/30/2029 | 3000000 | 3093750 |
| 2.875%, 04/30/2029 | 1000000 | 969492 |
| 4.500%, 05/31/2029 | 6000000 | 6163594 |
| 4.250%, 06/30/2029 | 3800000 | 3870656 |
| 3.250%, 06/30/2029 | 1000000 | 981719 |
| 4.000%, 07/31/2029 | 3500000 | 3532676 |
| 2.625%, 07/31/2029 | 1000000 | 957852 |
| 3.625%, 08/31/2029 | 4900000 | 4875691 |
| 3.500%, 09/30/2029 | 4825000 | 4776373 |
| 4.125%, 10/31/2029 | 4500000 | 4564336 |
| 4.000%, 10/31/2029 | 250000 | 252383 |
| 4.125%, 11/30/2029 | 4750000 | 4819766 |
| 4.375%, 12/31/2029 | 4000000 | 4099219 |
| 4.250%, 01/31/2030 | 3750000 | 3823975 |
| 4.000%, 02/28/2030 | 6225000 | 6285548 |
| 4.000%, 03/31/2030 | 4775000 | 4819393 |
| 3.875%, 04/30/2030 | 4650000 | 4668164 |
| 4.000%, 05/31/2030 | 6125000 | 6184336 |
| 3.875%, 06/30/2030 | 4000000 | 4015312 |
| **Total U.S. Treasury Obligations** <br>(cost $293,466,912)<br>|  | 294809219 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.42%)** | **Short-term Investments (0.42%)** | **Short-term Investments (0.42%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio <br> (Premier Class), 4.16%(a)<br>| 1248189 | $1248189 |
| **Total Short-term Investments** <br>(cost $1,248,189)<br>|  | 1248189 |
| **TOTAL INVESTMENTS (99.33%)** <br>(cost $294,715,101)<br>|  | 296057408 |
| **OTHER ASSETS, NET OF LIABILITIES** <br>**(0.67%)**<br>|  | 2006279 |
| **NET ASSETS (100.00%)** |  | $298063687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 7-day yield as of June 30, 2025.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** | **Long-term Municipal Bond (98.47%)** |
| **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** | **Alabama (2.42%)** |
| City of Athens, Alabama, Electric Revenue Warrants | 3.500% | 06/01/2026 | $220000 | $220057 |
| City of Athens, Alabama, Electric Revenue Warrants | 3.750% | 06/01/2027 | 645000 | 645200 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.000% | 05/01/2028 | 980000 | 965299 |
| City of Athens, Alabama, Electric Revenue Warrants | 4.000% | 06/01/2028 | 665000 | 665287 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.125% | 05/01/2029 | 1010000 | 990880 |
| Black Belt Energy Gas District Revenue Bonds, Series C-1(a) | 5.250% | 06/01/2029 | 1000000 | 1051613 |
| Black Belt Energy Gas District Revenue Bonds, Series B(b) | 5.250% | 12/01/2030 | 2000000 | 2143394 |
| Black Belt Energy Gas District Revenue Bonds, Series D(c) | 5.000% | 11/01/2034 | 1740000 | 1840934 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2035 | 215000 | 216046 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2036 | 310000 | 310569 |
| Mobile County Board of School Commissioners Special Tax Warrants, Series B | 5.000% | 03/01/2037 | 1000000 | 1064178 |
| County of Jefferson, Alabama, Revenue Refunding Warrants | 5.000% | 10/01/2038 | 1000000 | 1053296 |
| City of Huntsville, Alabama, Electric System Revenue Warrants | 5.000% | 12/01/2042 | 1000000 | 1049362 |
|  |  |  |  | 12216115 |
| **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** | **Alaska (1.75%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.250% | 09/01/2028 | 1095000 | 1098279 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.250% | 09/01/2028 | 1050000 | 1053144 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2029 | 1390000 | 1396325 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2029 | 1090000 | 1094960 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2030 | 1440000 | 1445594 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2030 | 1125000 | 1129371 |
| Alaska State Municipal Bank Authority Master Resolution Revenue Bonds, Series A | 5.500% | 10/01/2042 | 1560000 | 1599884 |
|  |  |  |  | 8817557 |
| **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** |
| County of Pima, Arizona, General Obligation Bonds, Series A | 4.000% | 07/01/2026 | 2000000 | 2001756 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2026 | 555000 | 555839 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2027 | 400000 | 400610 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District Electric System Revenue <br> Refunding Bonds, Series A<br>| 4.000% | 01/01/2038 | 1000000 | 992546 |
|  |  |  |  | 3950751 |
| **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** | **Arkansas (0.88%)** |
| State of Arkansas, General Obligation Refunding Bonds | 4.000% | 06/01/2027 | 3000000 | 3001214 |
| Rogers School District No. 30, General Obligation Refunding Bonds | 3.000% | 02/01/2033 | 1500000 | 1428433 |
|  |  |  |  | 4429647 |
| **California (4.69%)** | **California (4.69%)** | **California (4.69%)** | **California (4.69%)** | **California (4.69%)** |
| East Side Union High School District, General Obligation Refunding Bonds | 3.500% | 08/01/2027 | 1000000 | 1000491 |
| Southern California Public Power Authority Revenue Refunding Bonds, Series A | 5.000% | 07/01/2028 | 755000 | 794608 |
| Santee School District, General Obligation Refunding Bonds(d) | 3.500% | 08/01/2028 | 1565000 | 1565527 |
| Santee School District, General Obligation Refunding Bonds(d) | 3.500% | 08/01/2029 | 1725000 | 1725581 |
| &nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority Kaiser Permanente Revenue Bonds, <br> Series 2009C(e)<br>| 5.000% | 11/01/2029 | 2500000 | 2716843 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2030 | 540000 | 544960 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2031 | 400000 | 402184 |
| &nbsp;&nbsp;&nbsp; Redondo Beach Unified School District, General Obligation Refunding Bonds, Election of 2008, <br> Series D<br>| 3.000% | 08/01/2031 | 750000 | 743814 |
| Los Angeles Unified School District, General Obligation Refunding Bonds, Series A | 5.000% | 07/01/2032 | 2000000 | 2272577 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2032 | 500000 | 501048 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2034 | 200000 | 200327 |
| Peralta Community College District, General Obligation Refunding Bonds | 5.000% | 08/01/2034 | 1250000 | 1438127 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **California (Cont.)** | **California (Cont.)** | **California (Cont.)** | **California (Cont.)** | **California (Cont.)** |
| Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B | 5.000% | 07/01/2035 | $1340000 | $1380063 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2035 | 1150000 | 1064088 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2035 | 300000 | 280879 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2035 | 1000000 | 930976 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2035 | 355000 | 355581 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2036 | 600000 | 540553 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2036 | 1000000 | 907877 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B(d) | 5.000% | 08/01/2036 | 400000 | 400654 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2037 | 755000 | 663758 |
| University of California Revenue Bonds, Series CA | 5.000% | 05/15/2039 | 3000000 | 3278013 |
|  |  |  |  | 23708529 |
| **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** | **Colorado (3.45%)** |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation <br> Refunding Bonds, Series B<br>| 2.500% | 12/15/2027 | 3000000 | 2976225 |
| Eagle River Water & Sanitation District, General Obligation Bonds | 4.000% | 12/01/2030 | 465000 | 470917 |
| Regional Transportation District Sales Tax Revenue Refunding Bonds, Series B | 5.000% | 11/01/2034 | 1465000 | 1517661 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | 5.000% | 12/15/2034 | 2000000 | 2043301 |
| &nbsp;&nbsp;&nbsp; Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, <br> Series A<br>| 4.000% | 11/01/2035 | 980000 | 965352 |
| Regional Transportation District, Refunding Certificate of Participation | 5.000% | 06/01/2036 | 1075000 | 1191308 |
| Colorado Bridge & Tunnel Enterprise Revenue Refunding Bonds, Series B | 5.000% | 12/01/2036 | 855000 | 956765 |
| Westminster Public Schools General Obligation Bonds, Series A | 5.000% | 12/01/2037 | 3895000 | 4310974 |
| Rangeview Library District, Certificate of Participation, Series A | 5.000% | 12/15/2037 | 650000 | 692169 |
| Adams & Arapahoe Counties Joint School District No.28J Aurora, General Obligation Bonds | 5.500% | 12/01/2040 | 1300000 | 1475706 |
| Fremont County School District RE-1 Canon City, General Obligation Bonds | 5.000% | 12/01/2041 | 790000 | 829235 |
|  |  |  |  | 17429613 |
| **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** | **Connecticut (0.94%)** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, <br> Series A(f)<br>| 2.000% | 07/01/2026 | 3500000 | 3445970 |
| State of Connecticut Special Tax Obligation Revenue Bonds, Series A | 4.000% | 09/01/2035 | 1300000 | 1298225 |
|  |  |  |  | 4744195 |
| **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** | **Florida (3.79%)** |
| City of Pembroke Pines, Florida, General Obligation Refunding Bonds | 5.000% | 09/01/2031 | 2100000 | 2107782 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.000% | 08/01/2032 | 520000 | 496491 |
| Collier County Water-Sewer District Revenue Bonds | 3.000% | 07/01/2033 | 5080000 | 4862767 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.250% | 08/01/2033 | 535000 | 516174 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2033 | 750000 | 781084 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 4.000% | 08/01/2034 | 555000 | 565198 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2034 | 750000 | 779092 |
| Florida Department of Management Services, Certificate of Participation, Series A | 3.000% | 11/01/2035 | 1000000 | 906649 |
| Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A | 5.000% | 10/01/2037 | 540000 | 554982 |
| Miami-Dade County Water & Sewer System Revenue Refunding Bonds, Series B | 4.000% | 10/01/2038 | 2000000 | 1987555 |
| County of Sarasota Utility System Revenue Bonds | 5.250% | 10/01/2039 | 1000000 | 1082880 |
| Florida State Atlantic University Finance Corporation Capital Improvement Revenue Bonds | 5.000% | 07/01/2040 | 500000 | 523724 |
| Saint Johns County School Board, Certificate of Participation, Series A | 5.000% | 07/01/2041 | 1425000 | 1481898 |
| South Miami Health Facilities Authority Revenue Refunding Bonds | 5.000% | 08/15/2042 | 2500000 | 2511658 |
|  |  |  |  | 19157934 |
| **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** | **Georgia (1.93%)** |
| Bartow County Development Authority Revenue Refunding Bonds | 1.800% | 09/01/2029 | 1000000 | 891493 |
| Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series C(g) | 5.000% | 12/01/2031 | 5000000 | 5252721 |
| Harris County School District, General Obligation Bonds | 3.000% | 03/01/2035 | 250000 | 230032 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** | **Georgia (Cont.)** |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2036 | $900000 | $1025722 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2038 | 1250000 | 1419907 |
| Liberty County Public Facilities Authority Revenue Bonds | 5.000% | 09/01/2041 | 875000 | 935856 |
|  |  |  |  | 9755731 |
| **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** | **Hawaii (0.50%)** |
| City & County of Honolulu, Hawaii, General Obligation Bonds, Series B | 5.000% | 07/01/2030 | 890000 | 982706 |
| State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds | 5.000% | 07/01/2036 | 1405000 | 1556573 |
|  |  |  |  | 2539279 |
| **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** | **Idaho (1.22%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | 4.000% | 09/15/2031 | 2880000 | 2917813 |
| Boise State University Revenue Bonds, Series A | 4.000% | 04/01/2032 | 445000 | 453689 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2033 | 545000 | 517210 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2033 | 180000 | 181826 |
| Idaho Health Facilities Authority Revenue Refunding Bonds | 4.000% | 03/01/2034 | 400000 | 410236 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2034 | 240000 | 250333 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2034 | 255000 | 256167 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2035 | 250000 | 260047 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2035 | 300000 | 275545 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2035 | 175000 | 175046 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2036 | 200000 | 197913 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2037 | 310000 | 272940 |
|  |  |  |  | 6168765 |
| **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** | **Illinois (5.69%)** |
| Illinois State Sales Tax Revenue Bonds, Series A | 5.000% | 06/15/2032 | 3010000 | 3300490 |
| &nbsp;&nbsp;&nbsp; DeWitt Ford & Livingston Etc. Counties Community College District No. 540 Heartland, General <br> Obligation Refunding Bonds<br>| 3.000% | 12/01/2032 | 1500000 | 1433977 |
| County of Sangamon, Illinois, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 800000 | 752836 |
| Village of Schaumburg, Illinois, General Obligation Refunding Bonds | 4.000% | 12/01/2034 | 2500000 | 2568028 |
| Sangamon County School District No. 186 Springfield, General Obligation Bonds | 3.000% | 02/01/2035 | 1000000 | 921970 |
| Illinois General Obligation Bonds, Series B | 5.000% | 05/01/2037 | 5680000 | 6003002 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series C | 5.000% | 01/01/2038 | 1050000 | 1053537 |
| Illinois Finance Authority Revenue Refunding Bonds | 4.000% | 08/01/2038 | 1000000 | 925550 |
| &nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical <br> Center<br>| 5.000% | 11/15/2038 | 2645000 | 2644905 |
| Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds | 5.000% | 12/01/2039 | 1000000 | 1041988 |
| Village of Mundelein, Illinois, General Obligation Bonds | 4.000% | 12/15/2039 | 1355000 | 1262852 |
| Illinois State Toll Highway Authority Revenue Bonds, Series B | 5.000% | 01/01/2040 | 3000000 | 2985159 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2041 | 1590000 | 1630944 |
| Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A | 5.000% | 01/01/2041 | 1200000 | 1237373 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D | 5.250% | 01/01/2042 | 1000000 | 1007079 |
|  |  |  |  | 28769690 |
| **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** | **Indiana (3.41%)** |
| East Noble School Building Corporation Revenue Bonds | 2.000% | 01/15/2027 | 1205000 | 1177093 |
| &nbsp;&nbsp;&nbsp; City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @ <br> 100)(d)<br>| 4.000% | 07/01/2027 | 1760000 | 1805328 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G(d) | 4.500% | 07/15/2028 | 500000 | 500259 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 3.750% | 07/01/2029 | 220000 | 220828 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | 5.000% | 07/15/2029 | 3000000 | 3038533 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 4.000% | 07/01/2030 | 750000 | 752899 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** | **Indiana (Cont.)** |
| Munster School Building Corporation Revenue Bonds | 3.375% | 01/15/2031 | $1095000 | $1102595 |
| Carmel Redevelopment Authority Revenue Bonds, Series B | 5.000% | 01/15/2033 | 2485000 | 2760349 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2033 | 650000 | 606806 |
| Borden-Henryville Multi-School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 1270000 | 1376224 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 335000 | 349061 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2034 | 675000 | 622721 |
| Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E | 5.000% | 02/01/2035 | 900000 | 978629 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2035 | 700000 | 636067 |
| Sunman-Dearborn High School Building Corporation Revenue Bonds | 5.000% | 07/15/2039 | 1220000 | 1288445 |
|  |  |  |  | 17215837 |
| **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** | **Iowa (1.67%)** |
| &nbsp;&nbsp;&nbsp; Des Moines Metropolitan Wastewater Reclamation Authority Revenue Refunding Bonds, <br> Series E<br>| 3.000% | 06/01/2027 | 1610000 | 1610078 |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | 2.000% | 06/01/2027 | 2100000 | 2032421 |
| City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D | 3.000% | 06/01/2029 | 950000 | 936051 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A | 3.000% | 06/01/2029 | 1050000 | 1046205 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | 3.000% | 06/01/2031 | 1770000 | 1732592 |
| Cedar Rapids, General Obligation Bonds, Series A | 5.000% | 06/01/2040 | 1055000 | 1102782 |
|  |  |  |  | 8460129 |
| **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, General Obligation <br> Refunding Bonds, Series A<br>| 3.000% | 10/01/2027 | 1000000 | 999644 |
| Wyandotte County/Kansas City Unified Government, General Obligation Bonds, Series A | 5.000% | 08/01/2028 | 1410000 | 1501907 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | 5.000% | 09/01/2033 | 5000000 | 5178581 |
|  |  |  |  | 7680132 |
| **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** | **Kentucky (4.42%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | 4.000% | 02/01/2028 | 1110000 | 1110619 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.250% | 09/15/2029 | 1735000 | 1731181 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.000% | 10/01/2029 | 1060000 | 1036930 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.375% | 09/15/2030 | 1800000 | 1800037 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.125% | 10/01/2030 | 1095000 | 1080434 |
| Northern Kentucky Water District Revenue Refunding Bonds | 3.000% | 02/01/2031 | 3660000 | 3563913 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 12/01/2031 | 1565000 | 1360136 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 02/01/2032 | 1770000 | 1533990 |
| Kentucky State Public Energy Authority Gas Supply Revenue Refunding Bonds, Series B(h) | 5.000% | 08/01/2032 | 3330000 | 3518297 |
| Kentucky State Property & Buildings Commission Revenue Refunding Bonds, Series B | 5.000% | 04/01/2033 | 730000 | 819609 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | 3.000% | 06/01/2033 | 3115000 | 2900535 |
| Kentucky State Municipal Energy Agency Power System Revenue Bonds | 5.000% | 01/01/2039 | 785000 | 836314 |
| Woodford County School District Finance Corporation Revenue Bonds, Series A | 5.000% | 08/01/2039 | 1000000 | 1043259 |
|  |  |  |  | 22335254 |
| **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** | **Louisiana (1.23%)** |
| State of Louisiana General Obligation Bonds, Series E | 5.000% | 09/01/2032 | 2000000 | 2244076 |
| St. John the Baptist Parish School District No. 1, General Obligation Bonds | 5.250% | 03/01/2037 | 1500000 | 1581324 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority <br> Revenue Bonds<br>| 5.000% | 08/15/2037 | 1000000 | 1015056 |
| City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A | 5.000% | 12/01/2039 | 830000 | 857328 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority Revenue Bonds, Department of Public Safety Crime (AGC <br> Insured)<br>| 5.000% | 08/01/2041 | 485000 | 507980 |
|  |  |  |  | 6205764 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** | **Maryland (0.78%)** |
| County of Caroline, Maryland, General Obligation Refunding Bonds | 3.000% | 01/15/2032 | $1150000 | $1104632 |
| City of Baltimore, Massachusetts, Revenue Bonds, Series A | 5.000% | 07/01/2035 | 1000000 | 1098479 |
| County of Baltimore, General Obligation Bonds | 4.000% | 03/01/2038 | 1750000 | 1750306 |
|  |  |  |  | 3953417 |
| **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** | **Massachusetts (2.55%)** |
| Massachusetts State Development Finance Agency Variable Revenue Bonds, Series A-1(i) | 5.000% | 05/13/2032 | 4260000 | 4727084 |
| &nbsp;&nbsp;&nbsp; Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners <br> Healthcare System<br>| 5.000% | 07/01/2035 | 1400000 | 1416562 |
| Massachusetts State Development Finance Agency Variable Revenue Bonds(j) | 5.000% | 11/01/2035 | 2000000 | 2266248 |
| Massachusetts State, General Obligation Bonds, Series A | 5.000% | 01/01/2037 | 1810000 | 1892553 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series J | 5.000% | 12/01/2038 | 1000000 | 1012517 |
| Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B | 5.000% | 05/01/2039 | 1480000 | 1591436 |
|  |  |  |  | 12906400 |
| **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** | **Michigan (3.15%)** |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2027 | 500000 | 500592 |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2028 | 300000 | 300329 |
| Utica Community Schools, General Obligation Bonds | 5.000% | 05/01/2031 | 1100000 | 1222273 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2032 | 595000 | 608281 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2034 | 670000 | 682049 |
| Rockford Public Schools, General Obligation Bonds, Series I | 4.000% | 05/01/2035 | 1755000 | 1772139 |
| Van Buren Public Schools, General Obligation Refunding Bonds | 4.000% | 11/01/2035 | 1000000 | 1007621 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | 5.000% | 05/01/2036 | 1635000 | 1716107 |
| Lowell Area Schools, General Obligation Bonds | 4.000% | 05/01/2036 | 865000 | 870727 |
| West Bloomfield School District, General Obligation Bonds | 3.000% | 05/01/2036 | 3825000 | 3426779 |
| Dundee Community Schools, General Obligation Bonds | 5.000% | 05/01/2037 | 1000000 | 1076936 |
| Fowlerville Community Schools, General Obligation Refunding Bonds | 4.000% | 05/01/2038 | 1470000 | 1446343 |
| Grand Rapids Public Schools, General Obligation Bonds | 5.000% | 05/01/2041 | 1220000 | 1276638 |
|  |  |  |  | 15906814 |
| **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** | **Minnesota (3.66%)** |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | 3.250% | 02/01/2032 | 1245000 | 1246284 |
| Metropolitan Council, General Obligation Bonds, Series C | 3.750% | 03/01/2032 | 5500000 | 5502109 |
| Big Lake Independent School District No. 727, General Obligation Bonds, Series A | 3.000% | 02/01/2033 | 570000 | 542930 |
| White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A | 5.000% | 02/01/2033 | 4750000 | 5302229 |
| &nbsp;&nbsp;&nbsp; North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation <br> Bonds, Series B<br>| 3.000% | 02/01/2034 | 3300000 | 3106067 |
| Red Rock Central Independent School District No. 2884, General Obligation Bonds, Series A | 3.000% | 02/01/2034 | 1000000 | 954206 |
| City of Minneapolis, Minnesota, General Obligation Bonds | 3.000% | 12/01/2035 | 2000000 | 1831666 |
|  |  |  |  | 18485491 |
| **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** |
| State of Mississippi, General Obligation Bonds, Series F | 3.000% | 11/01/2026 | 3000000 | 3001102 |
| **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** | **Missouri (2.51%)** |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2033 | 1000000 | 1002603 |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2034 | 2500000 | 2503626 |
| Jackson County School District No. R-5 Grain Valley, General Obligation Bonds, Series A | 5.000% | 03/01/2035 | 2000000 | 2080627 |
| City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B | 3.000% | 10/01/2035 | 2520000 | 2313969 |
| Cape Girardeau County School District No. R-2, General Obligation Refunding Bonds | 4.000% | 03/01/2036 | 645000 | 657111 |
| Platte County School District Park Hill, General Obligation Bonds | 3.350% | 03/01/2036 | 1000000 | 912515 |
| Nixa Public Schools General Obligation Bonds | 5.000% | 03/01/2039 | 1170000 | 1259553 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** | **Missouri (Cont.)** |
| Willard No. R-2, General Obligation Bonds | 5.000% | 03/01/2039 | $860000 | $911749 |
| Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds | 5.000% | 03/01/2040 | 1000000 | 1042440 |
|  |  |  |  | 12684193 |
| **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** | **Montana (2.80%)** |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2032 | 945000 | 974084 |
| Missoula High School District No. 1, General Obligation Bonds | 4.000% | 07/01/2032 | 1010000 | 1014983 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2033 | 1005000 | 1034585 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2034 | 505000 | 519191 |
| Cascade County High School District A Great Falls, General Obligation Bonds | 5.000% | 07/01/2034 | 725000 | 754071 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2034 | 1000000 | 1023283 |
| Hellgate School District No. 4, General Obligation Bonds | 5.250% | 06/15/2035 | 880000 | 912239 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2035 | 845000 | 852687 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2035 | 750000 | 760975 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | 5.000% | 07/01/2035 | 1925000 | 1993403 |
| Montana State Board of Regents Revenue Refunding Bonds | 3.000% | 11/15/2035 | 3660000 | 3329915 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2036 | 585000 | 588565 |
| Broadwater County K-12 School District No. 1 Townsend, General Obligation Bonds | 3.000% | 07/01/2037 | 465000 | 407061 |
|  |  |  |  | 14165042 |
| **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** | **Nebraska (0.93%)** |
| Gretna Public Schools, General Obligation Refunding Bonds | 4.000% | 12/15/2025 | 180000 | 180648 |
| &nbsp;&nbsp;&nbsp; Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ <br> 100)(d)<br>| 5.000% | 12/15/2025 | 510000 | 514950 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2028 | 150000 | 152558 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2029 | 250000 | 253672 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2030 | 325000 | 329224 |
| City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds | 3.000% | 06/15/2034 | 1105000 | 1033230 |
| City of Kearney, Nebraska, General Obligation Bonds | 4.000% | 05/15/2035 | 500000 | 496532 |
| County of Sarpy, Nebraska, General Obligation Bonds | 3.500% | 06/01/2037 | 1000000 | 938436 |
| City of La Vista, Nebraska, General Obligation Bonds | 3.000% | 09/15/2041 | 1000000 | 793258 |
|  |  |  |  | 4692508 |
| **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | 4.000% | 07/01/2030 | 3045000 | 3067556 |
| Clark County School District, General Obligation Refunding Bonds, Series C | 4.000% | 06/15/2037 | 2000000 | 1966124 |
|  |  |  |  | 5033680 |
| **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** | **New Jersey (1.93%)** |
| Hopewell Valley Regional School District, General Obligation Bonds | 3.500% | 01/15/2027 | 3330000 | 3334628 |
| New Jersey Educational Facilities Authority Revenue Refunding Bonds, Series A | 5.000% | 05/15/2028 | 3000000 | 3164855 |
| New Jersey State Educational Facilities Authority Variable Revenue Bonds, Series A(k) | 5.000% | 07/01/2031 | 2000000 | 2198416 |
| &nbsp;&nbsp;&nbsp; New Jersey State Health Care Facilities Financing Authority Department of Human Services <br> Revenue Refunding Bonds<br>| 5.000% | 09/15/2031 | 25000 | 27416 |
| Hopewell Valley Regional School District, General Obligation Bonds | 4.000% | 01/15/2032 | 1000000 | 1002791 |
|  |  |  |  | 9728106 |
| **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** | **New Mexico (2.92%)** |
| County of Bernalillo, New Mexico, General Obligation Bonds | 3.000% | 08/15/2025 | 1235000 | 1234400 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2026 | 225000 | 225161 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2027 | 700000 | 700524 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | 3.000% | 08/01/2027 | 1515000 | 1509383 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2028 | 725000 | 725494 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | 3.500% | 08/01/2028 | 900000 | 900337 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2029 | 750000 | 750453 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** | **New Mexico (Cont.)** |
| Santa Fe Public School District, General Obligation Bonds | 3.625% | 08/01/2029 | $3075000 | $3095036 |
| Santa Fe Public School District, General Obligation Bonds | 4.000% | 08/01/2030 | 1000000 | 1011229 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2034 | 1800000 | 1878703 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2035 | 2600000 | 2699867 |
|  |  |  |  | 14730587 |
| **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** | **New York (2.34%)** |
| New York State Housing Finance Agency Variable Revenue Bonds, Series J(l) | 1.100% | 05/01/2027 | 970000 | 924955 |
| New York State Dormitory Authority Revenue Bonds(m) | 5.000% | 10/01/2028 | 965000 | 1035109 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding <br> Bonds<br>| 5.000% | 11/01/2031 | 2020000 | 2263224 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | 2.400% | 10/01/2034 | 1000000 | 851714 |
| New York State Urban Development Corporation Revenue Refunding Bonds, Series A | 5.000% | 03/15/2035 | 2000000 | 2005876 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> Bonds, Series BB, Subseries BB-2<br>| 5.000% | 06/15/2036 | 2725000 | 3098032 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, <br> Series B-1<br>| 5.250% | 11/01/2036 | 1500000 | 1648837 |
|  |  |  |  | 11827747 |
| **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** | **North Carolina (0.76%)** |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | 4.000% | 07/01/2027 | 1210000 | 1210600 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2028 | 700000 | 701103 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2029 | 265000 | 265405 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | 5.000% | 02/01/2035 | 1000000 | 1066776 |
| County of Pender, North Carolina, Limited Obligation Revenue Bonds, Series A | 5.000% | 04/01/2041 | 575000 | 613427 |
|  |  |  |  | 3857311 |
| **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** | **North Dakota (1.28%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.125% | 05/01/2028 | 845000 | 844980 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.250% | 05/01/2029 | 835000 | 834970 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2031 | 1015000 | 1004867 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2032 | 1060000 | 1033662 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2033 | 1350000 | 1291333 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2034 | 1550000 | 1451514 |
|  |  |  |  | 6461326 |
| **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** | **Ohio (3.17%)** |
| Lake Local School District/Stark County, General Obligation Bonds | 3.000% | 12/01/2025 | 190000 | 189849 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | 5.000% | 12/01/2027 | 175000 | 175264 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | 4.000% | 12/01/2030 | 365000 | 365154 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2031 | 350000 | 352264 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2032 | 220000 | 222928 |
| Northeast Ohio Regional Sewer District Revenue Refunding Bonds | 5.000% | 11/15/2032 | 1140000 | 1293700 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2032 | 315000 | 315058 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2032 | 1750000 | 1758626 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2032 | 375000 | 376882 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2033 | 370000 | 373786 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2033 | 235000 | 235077 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 500000 | 509424 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2033 | 400000 | 401435 |
| City of Toledo, Ohio, General Obligation Bonds | 5.250% | 12/01/2034 | 1000000 | 1107179 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2034 | 1000000 | 1002253 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2034 | 500000 | 507252 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2034 | 875000 | 877285 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2035 | 1870000 | 1870191 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** |
| Worthington City School District, General Obligation Bonds | 4.000% | 12/01/2035 | $475000 | $479314 |
| &nbsp;&nbsp;&nbsp; Ohio State Water Development Authority Water Pollution Control Sustainable Revenue Bonds, <br> Series D<br>| 5.000% | 12/01/2038 | 3295000 | 3618362 |
|  |  |  |  | 16031283 |
| **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** | **Oklahoma (2.10%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | 3.000% | 04/01/2028 | 3000000 | 2999916 |
| &nbsp;&nbsp;&nbsp; Oklahoma County Independent School District No. 52 Midwest City, General Obligation <br> Bonds(m)<br>| 4.000% | 07/01/2028 | 1000000 | 1022322 |
| Edmond Public Works Authority Revenue Bonds | 5.000% | 07/01/2032 | 1500000 | 1552808 |
| &nbsp;&nbsp;&nbsp; Oklahoma State Capitol Improvement Authority State Facilities Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2032 | 1150000 | 1292752 |
| Oklahoma County Finance Authority Revenue Bonds | 5.000% | 09/01/2036 | 2500000 | 2674388 |
| Oklahoma State Turnpike Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2042 | 1000000 | 1054648 |
|  |  |  |  | 10596834 |
| **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** | **Oregon (0.72%)** |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation <br> Bonds<br>| 3.000% | 06/15/2035 | 2865000 | 2649868 |
| State of Oregon Housing & Community Services Department Mortgage Revenue Bonds | 4.750% | 07/01/2040 | 1000000 | 1000049 |
|  |  |  |  | 3649917 |
| **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** | **Pennsylvania (2.07%)** |
| Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2029 | 305000 | 308076 |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | 2.200% | 04/01/2033 | 2785000 | 2383345 |
| Allegheny County Hospital Development Authority Revenue Refunding Bonds | 5.000% | 07/15/2033 | 1220000 | 1281358 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 400000 | 379660 |
| Delaware River Port Authority Revenue Bonds | 5.000% | 01/01/2037 | 1000000 | 1000308 |
| Philadelphia Redevelopment Authority Sustainable Revenue Bonds, Series B | 5.000% | 09/01/2041 | 1345000 | 1393976 |
| County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B | 5.000% | 11/15/2043 | 3620000 | 3720833 |
|  |  |  |  | 10467556 |
| **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** | **Rhode Island (1.23%)** |
| Rhode Island State Health & Educational Building Corporation Revenue Bonds, Series C | 5.000% | 05/15/2032 | 1065000 | 1185139 |
| Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A | 2.200% | 10/01/2033 | 780000 | 660500 |
| Rhode Island State Health & Educational Building Corp. Revenue Bonds | 5.000% | 05/15/2041 | 1735000 | 1799415 |
| Rhode Island State Health & Educational Building Corporation Revenue Bonds, Series D | 5.250% | 05/15/2042 | 2445000 | 2586493 |
|  |  |  |  | 6231547 |
| **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 3.500% | 12/01/2027 | 380000 | 379997 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 4.000% | 12/01/2028 | 520000 | 520164 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 4.000% | 12/01/2030 | 535000 | 535081 |
|  |  |  |  | 1435242 |
| **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** | **Tennessee (0.89%)** |
| County of Washington, Tennessee, General Obligation Bonds, Series B | 3.000% | 06/01/2030 | 850000 | 841974 |
| County of Knox, Tennessee, General Obligation Refunding Bonds, Series B | 3.000% | 06/01/2032 | 1105000 | 1074117 |
| City of Memphis, Tennessee, Electric System Revenue Bonds, Series A | 3.000% | 12/01/2035 | 1000000 | 915137 |
| City of Knoxville, Tennessee, Electric Revenue Bonds, Series QQ | 5.000% | 07/01/2042 | 1615000 | 1667727 |
|  |  |  |  | 4498955 |
| **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** | **Texas (7.79%)** |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(n) | 5.000% | 05/15/2026 | 1000000 | 1012042 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to <br> 02-15-2027 @ 100)(d)<br>| 4.000% | 02/15/2027 | $235000 | $239610 |
| Clifton Higher Education Finance Corp. Revenue Refunding Bonds | 5.000% | 08/15/2028 | 1600000 | 1697855 |
| Bell County Water Control & Improvement District No. 1 Revenue Bonds | 5.000% | 07/10/2031 | 535000 | 589928 |
| Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds | 3.000% | 08/15/2031 | 1000000 | 985252 |
| Aldine Independent School District, General Obligation Refunding Bonds | 4.000% | 02/15/2033 | 1000000 | 1005112 |
| Arlington Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 920000 | 1037236 |
| Humble Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 690000 | 777927 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded <br> Balance<br>| 4.000% | 02/15/2033 | 765000 | 768910 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 5.000% | 03/01/2033 | 200000 | 208569 |
| Texas Water Development Board Revenue Bonds, Series A | 5.000% | 04/15/2033 | 3405000 | 3855503 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2034 | 280000 | 283816 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2035 | 200000 | 202069 |
| Texas State Technical College Revenue Bonds | 5.250% | 08/01/2035 | 1000000 | 1108557 |
| State of Texas Transportation Commission Mobility Fund, General Obligation Refunding Bonds | 4.000% | 10/01/2035 | 2655000 | 2656614 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2036 | 1745000 | 1802741 |
| Richardson Independent School District, General Obligation Bonds, Series A | 5.000% | 02/15/2036 | 1000000 | 1093687 |
| Texas A&M University Revenue Bonds | 5.250% | 05/15/2036 | 1000000 | 1103875 |
| Trinity River Authority Central Regional Wastewater System Revenue Bonds | 3.500% | 08/01/2036 | 1000000 | 969926 |
| Leander Independent School District, General Obligation Refunding Bonds, Series A | 5.000% | 08/15/2036 | 1000000 | 1118788 |
| Texas Water Development Board Revenue Bonds | 4.450% | 10/15/2036 | 1000000 | 1030700 |
| Texas Water Development Board Revenue Bonds | 4.000% | 10/15/2036 | 1000000 | 990452 |
| City of Cedar Park, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1064233 |
| Waller Consolidated Independent School District, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1080623 |
| North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A | 4.125% | 01/01/2039 | 1375000 | 1368222 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2039 | 1000000 | 1037770 |
| County of Smith, General Obligation Bonds | 5.000% | 08/15/2039 | 1000000 | 1049365 |
| Harlandale Independent School District, General Obligation Bonds, Series A | 5.250% | 08/15/2039 | 1000000 | 1084985 |
| Northside Independent School District, General Obligation Refunding Bonds | 5.000% | 08/15/2039 | 1105000 | 1126684 |
| City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series D | 5.000% | 11/15/2039 | 1725000 | 1726782 |
| Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A | 5.000% | 07/01/2040 | 1750000 | 1868189 |
| Austin Community College District, General Obligation Bonds | 4.000% | 08/01/2040 | 1050000 | 983273 |
| City of San Antonio, Texas, General Obligation Bonds | 5.000% | 02/01/2041 | 2275000 | 2409961 |
|  |  |  |  | 39339256 |
| **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** | **Utah (0.90%)** |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | 4.000% | 10/01/2033 | 2500000 | 2520513 |
| Wasatch County School District Local Building Authority Revenue Bonds | 5.000% | 06/01/2034 | 750000 | 822582 |
| Duchesne County School District Revenue Bonds | 5.000% | 06/01/2036 | 1150000 | 1194151 |
|  |  |  |  | 4537246 |
| **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2032 | 175000 | 185762 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2033 | 190000 | 200650 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2034 | 255000 | 267996 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2034 | 410000 | 430896 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2035 | 265000 | 277051 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2035 | 435000 | 454782 |
|  |  |  |  | 1817137 |
| **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** | **Virginia (0.55%)** |
| County of Stafford, Virginia, General Obligation Bonds | 4.000% | 07/01/2030 | 1205000 | 1205365 |
| City of Danville, Virginia, General Obligation Bonds | 4.000% | 09/01/2039 | 1625000 | 1596249 |
|  |  |  |  | 2801614 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** | **Washington (5.06%)** |
| Clark County School District No. 98 Hockinson, General Obligation Bonds(d) | 4.000% | 12/01/2027 | $1090000 | $1090768 |
| City of Camas, Washington, Water & Sewer Revenue Refunding Bonds | 4.000% | 12/01/2028 | 1050000 | 1054542 |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | 3.250% | 12/01/2028 | 350000 | 350269 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2029 | 1000000 | 1000873 |
| Energy Northwest Revenue Refunding Bonds(d) | 5.000% | 07/01/2030 | 5000000 | 5000000 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2030 | 2100000 | 2101786 |
| King County School District No 414 Lake Washington, General Obligation Bonds | 4.000% | 12/01/2033 | 5000000 | 5055083 |
| King County School District No. 405 Bellevue, General Obligation Bonds | 3.000% | 12/01/2033 | 5095000 | 4849138 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 840000 | 849566 |
| Clark County Public Utility District No. 1 Revenue Refunding Bonds | 5.000% | 01/01/2034 | 1010000 | 1033469 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | 4.375% | 12/01/2034 | 1040000 | 1067474 |
| Lakehaven Water & Sewer District Revenue Bonds | 3.000% | 10/01/2035 | 700000 | 642777 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | 4.000% | 12/01/2035 | 500000 | 503289 |
| City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds | 4.000% | 05/01/2036 | 1000000 | 976689 |
|  |  |  |  | 25575723 |
| **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** |
| Braxton County Board of Education, General Obligation Refunding Bonds | 4.000% | 05/01/2026 | 250000 | 252137 |
| Braxton County Board of Education, General Obligation Refunding Bonds | 2.250% | 05/01/2026 | 125000 | 123874 |
|  |  |  |  | 376011 |
| **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** | **Wisconsin (5.78%)** |
| Wisconsin-Dells School District, General Obligation Bonds | 3.125% | 03/01/2030 | 1595000 | 1580880 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | 2.000% | 03/01/2031 | 895000 | 799086 |
| Burlington Area School District, General Obligation Bonds | 3.125% | 04/01/2031 | 1000000 | 985055 |
| Poynette School District, General Obligation Bonds | 3.000% | 04/01/2031 | 850000 | 827111 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2031 | 300000 | 304433 |
| Burlington Area School District, General Obligation Bonds | 3.250% | 04/01/2032 | 1120000 | 1103702 |
| Hamilton School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 2000000 | 1999526 |
| Poynette School District, General Obligation Bonds | 3.125% | 04/01/2032 | 1520000 | 1485016 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | 3.000% | 04/01/2032 | 2240000 | 2221882 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2032 | 675000 | 682933 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2034 | 1390000 | 1398715 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2035 | 1405000 | 1285547 |
| New Richmond School District, General Obligation Bonds | 4.000% | 04/01/2035 | 4170000 | 4236085 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2036 | 1535000 | 1377312 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 07/01/2038 | 1000000 | 1007040 |
| Two Rivers Public School District, General Obligation Refunding Bonds | 4.000% | 03/01/2039 | 1000000 | 981871 |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds | 4.000% | 04/01/2039 | 1000000 | 938455 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 11/15/2039 | 3025000 | 3033029 |
| Wisconsin State Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 04/01/2040 | 2810000 | 2977851 |
|  |  |  |  | 29225529 |
| **Total Long-term Municipal Bond** <br>(cost $509,999,111)<br>|  |  |  | 497602496 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.95%)** | **Short-term Investments (0.95%)** | **Short-term Investments (0.95%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 4.16%(o) | 4799653 | $4799653 |
| **Total Short-term Investments** <br>(cost $4,799,653)<br>|  | 4799653 |
| **TOTAL INVESTMENTS (99.42%)** <br>(cost $514,798,764)<br>|  | 502402149 |
| **OTHER ASSETS, NET OF LIABILITIES (0.58%)** |  | 2934539 |
| **NET ASSETS (100.00%)** |  | $505336688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is fixed until mandatory tender date of June 1, 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown is fixed until mandatory tender date of December 1, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rate shown is fixed until mandatory tender date of November 1, 2034.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Advanced Refunded Bonds are backed by an escrow or trust containing U.S. Government,
 U.S. Government Agency or other securities to support the timely payment of principal and interest.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is fixed until mandatory tender date of November 1, 2029.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Rate shown is fixed until mandatory tender date of July 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rate shown is fixed until mandatory tender date of December 1, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Rate shown is fixed until mandatory tender date of August 1, 2032.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Rate shown is fixed until mandatory tender date of May 13, 2032

&nbsp;&nbsp;&nbsp;&nbsp;(j) Rate shown is fixed until mandatory tender date of November 1, 2035.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Rate shown is fixed until mandatory tender date of July 1, 2031.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Rate shown is fixed until mandatory tender date of May 1, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Security purchased on a "when-issued" basis.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Rate shown is fixed until mandatory tender date of May 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Rate shown is the 7-day yield as of June 30, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Advisers Investment Trust

- **b. Investment Company Act file number:** 811-22538

- **c. CIK number of Registrant:** 0001516523

- **d. LEI of Registrant:** 549300BG52TB5QPLYE22

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 50 S. LaSalle Street

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

  - **Telephone number:** 312-557-4100

**Item A.2. Information about the Series.**

- **a. Name of Series:** State Farm Growth Fund

- **b. EDGAR series identifier (if any):** S000071157

- **c. LEI of Series:** 549300TI3KK34JQJ3N54

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $8122453466.25

**Total Liabilities:** $2961438.61

**Net Assets:** $8119492027.64

**Cash Not Reported:** $0.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225895 | -1.32%               | 5.00%                | 4.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7374073.04              | $-116461708.53                             |
| Month 2  | $-1089424.92             | $356863587.46                              |
| Month 3  | $12562828.85             | $311769664.54                              |

### Schedule of Portfolio Investments

| Name                                         | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brookfield Renewable Corporation             | Brookfield Renewable Corporation CL A EX SUB VTG               | CUSIP: 11285B108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    504800 | NS      | $16547344.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                        | Comerica Incorporated COM USD5                                 | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |       100 | NS      | $5965.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | eBay Inc. COM USD0.001                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       100 | NS      | $7446.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                          | Fifth Third Bancorp COM NPV                                    | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     12000 | NS      | $493560.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                               | Public Storage COM USD0.10                                     | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37300 | NS      | $10944566.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     47000 | NS      | $2755610.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                    | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     25200 | NS      | $5798016.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                             | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    168750 | NS      | $13358250.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                             | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     82800 | NS      | $9770400.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     16100 | NS      | $2510795.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       100 | NS      | $17739.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                | Assurant Inc. COM USD0.01                                      | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     65200 | NS      | $12876348.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                           | Chemed Corporation CAP USD1                                    | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     20000 | NS      | $9738600.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                      | PTC Inc COM USD0.01                                            | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       100 | NS      | $17234.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain Inc. COM USD0.01                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |       100 | NS      | $10257.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                  | Warner Bros. Discovery Inc. COM SER A                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |       100 | NS      | $1146.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                    | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    183800 | NS      | $58385908.00  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      6300 | NS      | $536256.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                  | American Airlines Group Inc COM USD0.01                        | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $1122.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                         | Paypal Holdings Inc. COM USD0.0001                             | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |       100 | NS      | $7432.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                                  | Vistra Corp COM USD0.01                                        | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     32900 | NS      | $6376349.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                         | Delta Air Lines Inc. COM USD0.0001                             | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |       100 | NS      | $4918.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corporation                          | Insulet Corporation COM STK USD0.001                           | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       100 | NS      | $31418.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                            | Expedia Group Inc COM USD0.001                                 | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      3300 | NS      | $556644.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                 | Citizens Financial Group Inc COM USD0.01                       | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |       100 | NS      | $4475.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                              | Solventum Corp. COM SHS                                        | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |       100 | NS      | $7584.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                  | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |       100 | NS      | $1577.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corporation                              | EQT Corporation COM NPV                                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |       100 | NS      | $5832.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc.                        | Generac Holdings Inc. COM USD0.01                              | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |       100 | NS      | $14321.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    505500 | NS      | $110901645.00 | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                    | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |       100 | NS      | $1052.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                  | Advanced Micro Devices Inc. COM USD0.01                        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3600 | NS      | $510840.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities, Inc.        | Alexandria Real Estate Equities, Inc. COM USD0.01              | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       100 | NS      | $7263.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                              | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    186464 | NS      | $29168563.52  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2381007 | NS      | $488511206.19 | 6.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co.                   | Archer-Daniels-Midland Co. COM NPV                             | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |   2709954 | NS      | $143031372.12 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                     | Devon Energy Corporation COM USD0.10                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |       100 | NS      | $3181.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                | Rio Tinto PLC ADR EACH REP 1 ORD                               | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    120839 | NS      | $7048538.87   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                         | Wynn Resorts Limited COM USD0.01                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       100 | NS      | $9367.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    628429 | NS      | $98003502.55  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                          | Cheniere Energy Inc COM USD0.003                               | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     20300 | NS      | $4943456.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                     | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    505408 | NS      | $24855965.44  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                             | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       100 | NS      | $16058.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                              | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1500 | NS      | $409035.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc.                              | Salesforce Inc. COM USD0.001                                   | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      6300 | NS      | $1717947.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corporation                | Regions Financial Corporation COM STK USD0.01                  | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |       100 | NS      | $2352.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                           | Dominos Pizza Inc. COM USD0.01                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     20600 | NS      | $9282360.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp                         | Las Vegas Sands Corp COM USD0.001                              | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |       100 | NS      | $4351.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                 | Fortinet Inc COM USD0.001                                      | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     65000 | NS      | $6871800.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc                 | United Airlines Holdings Inc COM USD0.01                       | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       100 | NS      | $7963.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                               | Servicenow Inc COM USD0.001                                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       500 | NS      | $514040.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial, Inc.                   | Ameriprise Financial, Inc. COM USD0.01                         | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |     21800 | NS      | $11635314.00  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    838800 | NS      | $24274872.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                   | DexCom Inc COM USD0.001                                        | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       100 | NS      | $8729.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc                   | Chipotle Mexican Grill Inc COM USD0.01                         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $5615.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                   | Grand Canyon Education Inc COM USD0.01                         | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |      7100 | NS      | $1341900.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                     | O'Reilly Automotive Inc. USD0.01                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |    163500 | NS      | $14736255.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                | Prologis Inc. COM USD0.01                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      2700 | NS      | $283824.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-Mobile US Inc COM USD0.00001                                 | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     66400 | NS      | $15820464.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                   | Constellation Energy Corp. COM                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       100 | NS      | $32276.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | MasterCard Incorporated COM USD0.0001 CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1864 | NS      | $1047456.16   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp.                            | Exxon Mobil Corp. COM NPV                                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     67800 | NS      | $7308840.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc.                      | Franklin Resources Inc. COM USD0.10                            | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |       100 | NS      | $2385.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                          | Global Payments Inc COM NPV                                    | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |       100 | NS      | $8004.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     68000 | NS      | $50190120.00  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                           | Enphase Energy Inc COM USD0.00001                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       100 | NS      | $3965.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                       | Palo Alto Networks Inc COM USD0.0001                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2400 | NS      | $491136.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc                       | Diamondback Energy Inc COM USD0.01                             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     24200 | NS      | $3325080.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                    | AES Corp. COM USD0.01                                          | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    713500 | NS      | $7506020.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.      | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |     16073 | NS      | $1182169.15   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     33000 | NS      | $29559420.00  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                    | Kellanova COM USD0.25                                          | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     45000 | NS      | $3578850.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corporation                    | Kilroy Realty Corporation COM STK USD0.01                      | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |    296300 | NS      | $10166053.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                       | Lincoln National Corp. COM NPV                                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |    193100 | NS      | $6681260.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    996700 | NS      | $79855604.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                            | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    164495 | NS      | $21308682.30  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                  | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    113900 | NS      | $15039356.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    709485 | NS      | $17197916.40  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                   | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     91900 | NS      | $13990856.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4100 | NS      | $652966.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                | Rio Tinto PLC ADR EACH REP 1 ORD                               | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    359061 | NS      | $20944028.13  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                    | Rockwell Automation, Inc. COM USD1                             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      1000 | NS      | $332170.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                     | Simon Property Group Inc COM USD0.0001                         | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    125900 | NS      | $20239684.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods, Inc.                  | Dick's Sporting Goods, Inc. COM USD0.01                        | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      7400 | NS      | $1463794.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated               | Texas Instruments Incorporated COM USD1.00                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     31726 | NS      | $6586952.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                     | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    175700 | NS      | $45826074.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc.                         | Williams-Sonoma Inc. COM USD0.01                               | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |    126300 | NS      | $20633631.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |    171873 | NS      | $137737303.47 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd           | Norwegian Cruise Line Holdings Ltd COM USD0.001                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |       100 | NS      | $2028.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.           | Take-Two Interactive Software Inc. COM USD0.01                 | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      2500 | NS      | $607125.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated           | Huntington Bancshares Incorporated COM USD0.01                 | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |       100 | NS      | $1676.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corporation                            | Intel Corporation COM USD0.001                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |       100 | NS      | $2240.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.      | International Flavors & Fragrances Inc. COM USD0.125           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |    508468 | NS      | $37397821.40  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   1723361 | NS      | $263243392.75 | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                      | KeyCorp COM USD1.00                                            | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    103600 | NS      | $1804712.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    228905 | NS      | $178438314.65 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    445831 | NS      | $63838540.89  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                    | MGM Resorts International COM USD0.01                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |       100 | NS      | $3439.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated            | McCormick & Company, Incorporated COM NPV                      | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    856600 | NS      | $64947412.00  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    218150 | NS      | $108509991.50 | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                       | Micron Technology Inc. COM USD0.10                             | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       100 | NS      | $12325.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                   | Northern Trust Corporation COM USD1.666                        | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     20600 | NS      | $2611874.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    307000 | NS      | $24596840.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                            | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    193205 | NS      | $25027775.70  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp.                   | Occidental Petroleum Corp. COM USD0.20                         | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    112300 | NS      | $4717723.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     61400 | NS      | $82222582.00  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Group                        | Royal Caribbean Group COM USD0.01                              | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     40800 | NS      | $12776112.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                            | UWM Holdings Corp COM CL A                                     | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131119 | NS      | $542832.66    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation               | Texas Pacific Land Corporation COM                             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10900 | NS      | $11514651.00  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                  | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |    944700 | NS      | $14897919.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    132200 | NS      | $24077586.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                            | ASML Holding N.V. NY REGISTRY SHS                              | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     33460 | NS      | $26814509.40  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Incorporated                 | Bentley Systems Incorporated COM CL B                          | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     73100 | NS      | $3945207.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust, Inc.                | Starwood Property Trust, Inc. COM USD0.01                      | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    820500 | NS      | $16467435.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Godaddy Inc                                  | Godaddy Inc COM USD0.001 CLASS A                               | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       100 | NS      | $18006.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    554640 | NS      | $97744207.20  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                              | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      6500 | NS      | $3439475.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc.                              | CBRE Group Inc. COM USD0.01 CLASS A                            | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       100 | NS      | $14012.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                     | Etsy Inc USD0.001                                              | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       100 | NS      | $5016.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc.                                  | Kenvue Inc. COM                                                | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |   1427196 | NS      | $29871212.28  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                       | Verisk Analytics, Inc. COM USD0.001                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     49700 | NS      | $15481550.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                      | Cboe Global Markets Inc COM USD0.01                            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      8900 | NS      | $2075569.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                 | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2472870 | NS      | $2472869.70   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corp. COM USD0.20              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     49000 | NS      | $14444220.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    657900 | NS      | $103941621.00 | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | Morgan Stanley COM USD0.01                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      7200 | NS      | $1014192.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc.                                  | Fiserv Inc. COM USD0.01                                        | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     15900 | NS      | $2741319.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    182511 | NS      | $33877691.82  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                 | Tapestry Inc COM USD0.01                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    196300 | NS      | $17237103.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                          | Clearway Energy Inc COM USD0.01 CLASS C                        | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    517100 | NS      | $16547200.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                              | Match Group Inc COM                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      7800 | NS      | $240942.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                    | Janus Henderson Group PLC ORD USD1.50                          | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | JE        |    419700 | NS      | $16301148.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                | Jefferies Financial Group Inc COM USD1.00                      | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |     86700 | NS      | $4741623.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                           | Vertiv Holdings Co COM CL A                                    | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |    109100 | NS      | $14009531.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                 | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  80762405 | NS      | $80762405.43  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.               | Air Products & Chemicals, Inc. COM USD1                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    724900 | NS      | $204465294.00 | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1927000 | NS      | $304446730.00 | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                    | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |    461125 | NS      | $54417361.25  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    714437 | NS      | $277351587.77 | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     33250 | NS      | $9639507.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                          | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   1912387 | NS      | $237155111.87 | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                           | EOG Resources Inc. COM USD0.01                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       100 | NS      | $11961.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corporation                       | Fair Isaac Corporation COM USD0.01                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       300 | NS      | $548388.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bancorp.                                | U.S. Bancorp. COM USD0.01                                      | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |       100 | NS      | $4525.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                     | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    358526 | NS      | $88645553.50  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                       | Lincoln National Corp. COM NPV                                 | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |       100 | NS      | $3460.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       100 | NS      | $21863.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1351610 | NS      | $32763026.40  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                     | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    170101 | NS      | $27100491.32  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                     | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    319682 | NS      | $50931736.24  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | The Charles Schwab Corporation COM USD0.01                     | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |       100 | NS      | $9124.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company               | The Scotts Miracle-Gro Company CLASS'A'COM NPV                 | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |    100000 | NS      | $6596000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                               | ConocoPhillips COM USD0.01                                     | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     26673 | NS      | $2393635.02   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| V.F. Corp                                    | V.F. Corp COM NPV                                              | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |       100 | NS      | $1175.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                     | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    678000 | NS      | $176835960.00 | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                  | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |   2945900 | NS      | $288050102.00 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                         | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |    111600 | NS      | $3138192.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank   | Zions Bancorporation Natl Assn Global Bank COM USD0.001        | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |       100 | NS      | $5194.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                                 | Wingstop Inc COM USD0.01                                       | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      6000 | NS      | $2020440.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP USD0.001 CL C                                | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    118320 | NS      | $20988784.80  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc.                        | OneMain Holdings Inc. USD0.01                                  | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    350000 | NS      | $19950000.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    178300 | NS      | $49148395.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                        | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |       100 | NS      | $2996.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                 | B 0 11/28/25                                                   | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3747000 | PA      | $3682582.81   | 0.05%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Inc.                               | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    143200 | NS      | $12189184.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                     | Lam Research Corporation COM NEW                               | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    146000 | NS      | $14211640.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    602560 | NS      | $106189148.80 | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation                 | Antero Midstream Corporation COM USD1.00                       | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303600 | NS      | $5753220.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc                          | Axon Enterprise Inc COM USD0.00001                             | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      5600 | NS      | $4636464.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                       | Equitable Holdings Inc COM                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    245800 | NS      | $13789380.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc.                              | GE Vernova Inc. COM                                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     46400 | NS      | $24552560.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp.                       | Truist Financial Corp. COM                                     | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |       100 | NS      | $4299.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                              | Match Group Inc COM                                            | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |       100 | NS      | $3089.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                          | Virtu Financial Inc COM CL A USD0.00001                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |    287000 | NS      | $12854730.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                       | HP Inc COM USD0.01                                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      8800 | NS      | $215248.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc.                   | Caesars Entertainment Inc. COM                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       100 | NS      | $2839.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                    | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       100 | NS      | $1829.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Computer Inc.                    | Super Micro Computer Inc. COM NEW                              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     20000 | NS      | $980200.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    224300 | NS      | $61828295.00  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & Co Inc. COM USD0.01                                      | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |       100 | NS      | $13303.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Company                         | Baker Hughes Company COM USD0.0001 CL A                        | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $3834.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc                        | Dell Technologies Inc COM USD0.01 CL C                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       100 | NS      | $12260.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                               | Blackstone Inc COM USD0.00001 CLASS A                          | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       100 | NS      | $14958.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc                    | Palantir Technologies Inc CL A                                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    206100 | NS      | $28095552.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                   | Airbnb Inc COM CL A                                            | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       100 | NS      | $13234.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp.                          | Rithm Capital Corp. COM NPV                                    | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    652400 | NS      | $7365596.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                    | Lamar Advertising Company COM USD0.001 CL A                    | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     63700 | NS      | $7730632.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                          | Ally Financial Inc. COM USD0.01                                | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      6500 | NS      | $253175.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                 | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1076700 | NS      | $170107833.00 | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                              | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    223033 | NS      | $34889052.19  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    974450 | NS      | $199927906.50 | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     47800 | NS      | $14741520.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc.                             | Best Buy Co Inc. COM USD0.10                                   | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     10700 | NS      | $718291.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                                | Block(H&R)Inc COM NPV                                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |    547700 | NS      | $30063253.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                        | Cardinal Health, Inc. COM NPV                                  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     59900 | NS      | $10063200.00  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc.                    | Agilent Technologies Inc. COM USD0.01                          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     86946 | NS      | $10260497.46  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    163063 | NS      | $63302687.23  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     64800 | NS      | $18786168.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc. COM USD0.001                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    108700 | NS      | $7541606.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                           | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    640000 | NS      | $45280000.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                        | Colgate-Palmolive Co. COM USD1.00                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    367600 | NS      | $33414840.00  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                         | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    859400 | NS      | $45195846.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                          | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    137353 | NS      | $17033145.53  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc.                                    | eBay Inc. COM USD0.001                                         | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     26200 | NS      | $1950852.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co.                         | Emerson Electric Co. COM USD0.50                               | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |    126400 | NS      | $16852912.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                         | M&T Bank Corporation COM USD0.50                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     62000 | NS      | $12027380.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                   | Highwoods Properties, Inc. COM USD0.01                         | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |    309200 | NS      | $9613028.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                     | Illinois Tool Works Inc. COM USD0.01                           | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |    293774 | NS      | $72635621.50  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     25000 | NS      | $19690750.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      4600 | NS      | $3585838.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    342069 | NS      | $48980860.11  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                          | Paycom Software Inc COM USD0.01                                | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     21600 | NS      | $4998240.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     43500 | NS      | $11990775.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                   | Evergy Inc COM NPV                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     79400 | NS      | $5473042.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc.                           | Iron Mountain Inc. COM USD0.01                                 | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    129400 | NS      | $13272558.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                         | Booking Holdings Inc COM USD0.008                              | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       400 | NS      | $2315696.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     84775 | NS      | $62571579.75  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation                 | Encompass Health Corporation COM USD0.01                       | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     24900 | NS      | $3053487.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    430089 | NS      | $79833120.18  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc.                      | Berkshire Hathaway Inc. COM USD0.0033 CLASS'B'                 | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     10100 | NS      | $4906277.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                              | MSA Safety Inc. COM NPV                                        | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     20600 | NS      | $3451118.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                 | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3017938 | NS      | $3017937.52   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     95600 | NS      | $20973684.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    330117 | NS      | $44899213.17  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                   | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     83829 | NS      | $23405895.09  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                  | Ecolab Inc. COM USD1                                           | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     29700 | NS      | $8002368.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The Interpublic Group of Companies, Inc.     | The Interpublic Group of Companies, Inc. COM USD0.10           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |    115900 | NS      | $2837232.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    363390 | NS      | $55507822.50  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                    | Host Hotels & Resorts Inc COM STK USD0.01                      | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    306300 | NS      | $4704768.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    392030 | NS      | $194999642.30 | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System, Inc.                           | Ryder System, Inc. COM USD0.50                                 | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     31000 | NS      | $4929000.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions, Inc.                     | Skyworks Solutions, Inc. COM USD0.25                           | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    198900 | NS      | $14822028.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                                     | UGI Corp COM NPV                                               | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |    549500 | NS      | $20012790.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                           | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    404800 | NS      | $23733424.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp.                        | Targa Resources Corp. COM USD0.001                             | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     31500 | NS      | $5483520.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc.                                  | Zoetis Inc. COM USD0.01 CL 'A'                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     76967 | NS      | $12003003.65  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | Intercontinental Exchange Inc COM USD0.01                      | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     49900 | NS      | $9155153.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc.                        | Medpace Holdings Inc. COM USD0.01                              | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     38200 | NS      | $11989452.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Cigna Group                              | The Cigna Group COM USD0.01                                    | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      3400 | NS      | $1123972.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                        | Uber Technologies Inc COM USD0.00001                           | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     20400 | NS      | $1903320.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                        | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |    119700 | NS      | $3586212.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                    | Linde PLC COM EUR0.001                                         | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      5100 | NS      | $2392818.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WK Kellogg Co                                | WK Kellogg Co COM SHS                                          | CUSIP: 92942W107<br>LEI: 529900SWC935GFWUJ804 | Long             | EC               | CORP              | US        |     11250 | NS      | $179325.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                      | Nexstar Media Group Inc COM USD0.01 CL'A'                      | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     58500 | NS      | $10117575.00  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                     | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    881792 | NS      | $43366530.56  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                             | NRG Energy, Inc. COM USD0.01                                   | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     15200 | NS      | $2440816.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                           | Dominos Pizza Inc. COM USD0.01                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       100 | NS      | $45060.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                     | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    274900 | NS      | $7955606.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc   | Fidelity National Information Services Inc COM USD0.01         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |     91700 | NS      | $7465297.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                         | CubeSmart (Maryland) COM USD0.01                               | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295500 | NS      | $12558750.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc.                              | Murphy USA Inc. COM USD0.01                                    | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |      2200 | NS      | $894960.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson Public Limited Company  | Willis Towers Watson Public Limited Company COM USD0.000304635 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |     47200 | NS      | $14466800.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Steris PLC                                   | Steris PLC ORD USD0.001                                        | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      3700 | NS      | $888814.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp.                   | Constellation Energy Corp. COM                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      3300 | NS      | $1065108.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                    | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     37000 | NS      | $11753420.00  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     14000 | NS      | $1191680.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                                 | GE Aerospace COM NEW                                           | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      6400 | NS      | $1647296.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                        | Civitas Resources Inc COM NEW                                  | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |    498700 | NS      | $13724224.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc.          | Broadridge Financial Solutions Inc. COM USD0.01                | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1700 | NS      | $413151.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc.                               | CME Group Inc. COM USD0.01                                     | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     25700 | NS      | $7083434.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                       | Motorola Solutions Inc COM USD0.01                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      5400 | NS      | $2270484.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corp.     | Science Applications International Corp. USD0.0001             | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      7500 | NS      | $844575.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                         | Agnc Investment Corp COM USD0.01                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |    847900 | NS      | $7792201.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc.                      | TKO Group Holdings Inc. CL A                                   | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39900 | NS      | $7259805.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                              | Solventum Corp. COM SHS                                        | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     22975 | NS      | $1742424.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc.                                    | MSCI Inc. COM USD0.01                                          | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      6300 | NS      | $3633462.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.             | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     23300 | NS      | $4243629.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                     | Visa Inc COM STK USD0.0001                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     95112 | NS      | $33769515.60  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Incorporated                       | Ingredion Incorporated COM USD0.01                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     74200 | NS      | $10063004.00  | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc COM USD0.000006 CL 'A'                      | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     60295 | NS      | $44503136.55  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    315900 | NS      | $55671057.00  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                       | DXC Technology Company COM USD0.01                             | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |       100 | NS      | $1529.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                                 | Dayforce Inc COM USD0.01                                       | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       100 | NS      | $5539.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                     | Crowdstrike Holdings Inc COM USD0.0005 CL A                    | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     23700 | NS      | $12070647.00  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                              | Gen Digital Inc COM                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     14000 | NS      | $411600.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global                             | Paramount Global CLASS B COM                                   | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |       100 | NS      | $1290.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                          | Coinbase Global Inc COM CL A                                   | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      1500 | NS      | $525735.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                              | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     14821 | NS      | $5753660.41   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     72850 | NS      | $21119943.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc.                           | EOG Resources Inc. COM USD0.01                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    124500 | NS      | $14891445.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc.                                  | ResMed Inc. COM USD0.004                                       | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     19900 | NS      | $5134200.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                          | General Mills, Inc. COM USD0.10                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     83000 | NS      | $4300230.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                         | Gilead Sciences Inc. COM USD0.001                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    170200 | NS      | $18870074.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner Inc.                                 | Gartner Inc. COM USD0.0005                                     | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      4300 | NS      | $1738146.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      9595 | NS      | $7479590.35   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corporation                            | Loews Corporation COM USD0.01                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     55400 | NS      | $5077964.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                        | Lowes Companies, Inc. COM USD0.50                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     13500 | NS      | $2995245.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp.                                | Chevron Corp. COM USD0.75                                      | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142900 | NS      | $20461851.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corporation                       | OGE Energy Corporation COM USD0.01                             | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    287800 | NS      | $12772564.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                     | The Procter & Gamble Co. COM NPV                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    184972 | NS      | $29469739.04  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | Comcast Corporation COM USD0.01 CL A                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     18500 | NS      | $660265.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific Inc COM USD1                          | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      1600 | NS      | $648736.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                    | Teledyne Technologies Inc COM USD0.01                          | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     26100 | NS      | $13371291.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                           | Coca-Cola Co (The) COM USD0.25                                 | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    105000 | NS      | $7428750.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc. COM USD0.01                         | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |    101500 | NS      | $13046810.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International Of Washington Inc.  | Expeditors International Of Washington Inc. COM USD0.01        | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |    114000 | NS      | $13024500.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit Inc COM USD0.01                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     20800 | NS      | $16382704.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    216869 | NS      | $33126739.75  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Insurance Group Inc.            | The Hartford Insurance Group Inc. COM USD0.01                  | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     54400 | NS      | $6901728.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                    | KLA Corp. COM USD0.001                                         | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     19900 | NS      | $17825226.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                                    | Kellanova COM USD0.25                                          | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     25300 | NS      | $2012109.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                         | Landstar System Inc. COM USD0.01                               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     20000 | NS      | $2780400.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                  | Lockheed Martin Corporation COM USD1.00                        | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     27700 | NS      | $12828978.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                                  | Cencora Inc COM USD0.01                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      6100 | NS      | $1829085.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                        | MGIC Investment Corp. COM USD1.00                              | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    400700 | NS      | $11155488.00  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corp. COM USD0.01                                   | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     87300 | NS      | $25506441.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corp. COM USD0.00000625                              | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    246589 | NS      | $122655834.49 | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities, Inc.      | Mid-America Apartment Communities, Inc. COM USD0.01            | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     64700 | NS      | $9576247.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Company                    | National Fuel Gas Company COM USD1                             | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    151100 | NS      | $12799681.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Co. COM USD1.666                                 | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     55800 | NS      | $4470696.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corporation       | Old Republic International Corporation COM USD1                | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    270400 | NS      | $10394176.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp. COM USD0.01                                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      1200 | NS      | $262356.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                  | Paychex Inc COM USD0.01                                        | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     74900 | NS      | $10894954.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                  | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    187100 | NS      | $24704684.00  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    339637 | NS      | $8232800.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corporation                 | Costco Wholesale Corporation COM USD0.01                       | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     30100 | NS      | $29797194.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated | Public Service Enterprise Group Incorporated COM NPV           | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |     24100 | NS      | $2028738.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     43800 | NS      | $6975588.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc.                             | Yum! Brands Inc. COM NPV                                       | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     10500 | NS      | $1555890.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      6800 | NS      | $9106084.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                             | Royal Gold, Inc. COM USD0.01                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     85000 | NS      | $15116400.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                         | Snap-On Incorporated COM USD1                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      9000 | NS      | $2800620.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                 | Southern Co. COM USD5                                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    156800 | NS      | $14398944.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                    | Prosperity Bancshares Inc COM USD1                             | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30200 | NS      | $2121248.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                       | The TJX Companies Inc. COM USD1                                | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      9700 | NS      | $1197853.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                | Accenture PLC CLS'A'USD0.0000225                               | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      6900 | NS      | $2062341.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                   | American Tower Corporation COM USD0.01                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      1500 | NS      | $331530.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    210800 | NS      | $46247412.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                          | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     69683 | NS      | $9477584.83   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                    | Adobe Inc COM USD0.0001                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      5916 | NS      | $2288782.08   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                     | The Allstate Corporation COM USD0.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     24500 | NS      | $4932095.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                   | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     18256 | NS      | $5097257.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc.                          | Analog Devices Inc. COM USD0.16 2/3                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     30700 | NS      | $7307214.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                              | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     16300 | NS      | $2549809.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                    | Ansys Inc COM USD0.01                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     27400 | NS      | $9623428.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                               | Mckesson Corp. COM USD0.01                                     | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     20000 | NS      | $14655600.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    429211 | NS      | $88061220.87  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                       | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      6300 | NS      | $1153341.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.                 | Henry Jack & Associates Inc. COM USD0.01                       | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      9300 | NS      | $1675581.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                               | Amdocs Limited ORD GBP0.01                                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |    113900 | NS      | $10392236.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing, Inc.              | Automatic Data Processing, Inc. COM USD0.10                    | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     62100 | NS      | $19151640.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                               | Autozone, Inc. COM USD0.01                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      4600 | NS      | $17076258.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                   | Avery Dennison Corporation COM USD1                            | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     61100 | NS      | $10721217.00  | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group, Inc.                    | Goldman Sachs Group, Inc. COM USD0.01                          | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      4100 | NS      | $2901775.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                 | Ametek, Inc. COM USD0.01                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      7400 | NS      | $1339104.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                  | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    421800 | NS      | $18251286.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Block(H&R)Inc                                | Block(H&R)Inc COM NPV                                          | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     91600 | NS      | $5027924.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Company                 | Bristol-Myers Squibb Company COM USD0.10                       | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3600 | NS      | $166644.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc. COM USD0.01                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     57400 | NS      | $11680900.00  | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisign, Inc.                               | Verisign, Inc. COM USD0.001                                    | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |     46700 | NS      | $13486960.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc.                      | Tyler Technologies Inc. COM USD0.01                            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     22400 | NS      | $13279616.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                           | Cintas Corporation COM NPV                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79300 | NS      | $17673591.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc. COM USD0.001                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     45000 | NS      | $3122100.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CNA Financial Corporation                    | CNA Financial Corporation COM USD2.50                          | CUSIP: 126117100<br>LEI: 549300YX2GSZD7YG1R84 | Long             | EC               | CORP              | US        |     52400 | NS      | $2438172.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America             | Packaging Corporation of America COM USD0.01                   | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      8700 | NS      | $1639515.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                    | Consolidated Edison, Inc. COM USD0.10                          | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |    126200 | NS      | $12664170.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                       | F5 Inc COM STK NPV                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |      3500 | NS      | $1030120.00   | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corp. COM USD0.01                              | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    122800 | NS      | $5810896.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                         | Electronic Arts Inc. COM USD0.01                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      4000 | NS      | $638800.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust, Inc.                   | Essex Property Trust, Inc. COM USD0.0001                       | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     32300 | NS      | $9153820.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| International Monetary Market                | FUT. EMINI S&P SEP25                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       170 | NC      | $53156875.00  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer