# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001145549-23-011299
**Filing Date:** 2023-2
**Character Count:** 312845
**Document Hash:** 521b93c9e588fdf78a89fc97464eeee8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-011299.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-011299

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523
- **IRS NUMBER:** 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:** 23674088

**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

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (99.58%)** | **Common Stocks (99.58%)** | **Common Stocks (99.58%)** |
| **Banking (2.32%)** | **Banking (2.32%)** | **Banking (2.32%)** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175200 | $7794648 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;&nbsp;&nbsp;10878645 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78100 | &nbsp;&nbsp;&nbsp;&nbsp;11994598 |
| New York Community Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096454 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292742 |
| Umpqua Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp;13314080 |
| Wells Fargo & Co. | 2408800 | &nbsp;&nbsp;&nbsp;&nbsp;115574224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;167945391 |
| **Consumer Discretionary Products (1.95%)** | **Consumer Discretionary Products (1.95%)** | **Consumer Discretionary Products (1.95%)** |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;530200 | &nbsp;&nbsp;&nbsp;&nbsp;11012254 |
| HNI Corp. | 1439200 | &nbsp;&nbsp;&nbsp;&nbsp;60518360 |
| Newell Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;782300 | &nbsp;&nbsp;&nbsp;&nbsp;17085432 |
| Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290100 | &nbsp;&nbsp;&nbsp;&nbsp;11778060 |
| Tesla Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp;&nbsp;39840606 |
| Thor Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;140909217 |
| **Consumer Discretionary Services (0.91%)** | **Consumer Discretionary Services (0.91%)** | **Consumer Discretionary Services (0.91%)** |
| Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;12415260 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377682 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;155500 | &nbsp;&nbsp;&nbsp;&nbsp;11038945 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311600 | &nbsp;&nbsp;&nbsp;&nbsp;36447852 |
| Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;65779219 |
| **Consumer Staple Products (5.91%)** | **Consumer Staple Products (5.91%)** | **Consumer Staple Products (5.91%)** |
| Altria Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300900 | &nbsp;&nbsp;&nbsp;&nbsp;14259651 |
| Coca-Cola Co., The | &nbsp;&nbsp;&nbsp;&nbsp;884100 | &nbsp;&nbsp;&nbsp;&nbsp;52347561 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;466300 | &nbsp;&nbsp;&nbsp;&nbsp;39794042 |
| Hershey Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9673500 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;179400 | &nbsp;&nbsp;&nbsp;&nbsp;11556948 |
| McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;857200 | &nbsp;&nbsp;&nbsp;&nbsp;82814092 |
| PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496000 | &nbsp;&nbsp;&nbsp;&nbsp;86160160 |
| Procter & Gamble Co., The | &nbsp;&nbsp;&nbsp;&nbsp;801555 | &nbsp;&nbsp;&nbsp;&nbsp;131118367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;427724321 |
| **Financial Services (1.04%)** | **Financial Services (1.04%)** | **Financial Services (1.04%)** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95900 | &nbsp;&nbsp;&nbsp;&nbsp;15689240 |
| BlackRock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232924 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542460 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103200 | &nbsp;&nbsp;&nbsp;&nbsp;14114664 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463966 |
| OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296200 | &nbsp;&nbsp;&nbsp;&nbsp;14821848 |
| Virtu Financial Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;607100 | &nbsp;&nbsp;&nbsp;&nbsp;17502693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;75367795 |
| **Health Care (19.63%)** | **Health Care (19.63%)** | **Health Care (19.63%)** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;858800 | &nbsp;&nbsp;&nbsp;&nbsp;120867512 |
| AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;612600 | &nbsp;&nbsp;&nbsp;&nbsp;82946040 |
| Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;548071 | &nbsp;&nbsp;&nbsp;&nbsp;87499535 |
| Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176485 | &nbsp;&nbsp;&nbsp;&nbsp;39703830 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172180 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22300 | &nbsp;&nbsp;&nbsp;&nbsp;11797592 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;948900 | &nbsp;&nbsp;&nbsp;&nbsp;262105158 |
| IDEXX Laboratories Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699686 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Health Care (Cont.)** | **Health Care (Cont.)** | **Health Care (Cont.)** |
| IQVIA Holdings Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46200 | $13034868 |
| Johnson & Johnson | 2481600 | &nbsp;&nbsp;&nbsp;&nbsp;424527312 |
| Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384568 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860974 |
| Pfizer Inc. | 2313331 | &nbsp;&nbsp;&nbsp;&nbsp;136602196 |
| QIAGEN NV(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656724 |
| Regeneron Pharmaceuticals Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;12188336 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469648 |
| UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;23600580 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp;13835795 |
| Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;705696 | &nbsp;&nbsp;&nbsp;&nbsp;172210995 |
|  |  | 1421163529 |
| **Industrial Products (5.42%)** | **Industrial Products (5.42%)** | **Industrial Products (5.42%)** |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;23980050 |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125156 |
| Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;892521 | &nbsp;&nbsp;&nbsp;&nbsp;184519792 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994381 |
| Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945992 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;126400 | &nbsp;&nbsp;&nbsp;&nbsp;11751408 |
| Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;652500 | &nbsp;&nbsp;&nbsp;&nbsp;161037000 |
| MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222776 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;392618411 |
| **Industrial Services (1.59%)** | **Industrial Services (1.59%)** | **Industrial Services (1.59%)** |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797421 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7002086 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81700 | &nbsp;&nbsp;&nbsp;&nbsp;10971493 |
| H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;549700 | &nbsp;&nbsp;&nbsp;&nbsp;12950932 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64400 | &nbsp;&nbsp;&nbsp;&nbsp;13163360 |
| Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293968 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;15159474 |
| Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667535 |
| Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132792 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842743 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;129700 | &nbsp;&nbsp;&nbsp;&nbsp;27799898 |
| Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;114954202 |
| **Insurance (0.78%)** | **Insurance (0.78%)** | **Insurance (0.78%)** |
| Alleghany Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp;11349030 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;14877720 |
| Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278052 |
| Berkshire Hathaway Inc., Class B(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152800 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926600 |
| Hanover Insurance Group Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960560 |
| Travelers Cos. Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66700 | &nbsp;&nbsp;&nbsp;&nbsp;10433881 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548932 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;56265105 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM GROWTH FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Materials (10.83%)** | **Materials (10.83%)** | **Materials (10.83%)** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;830000 | $252535800 |
| AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438205 | &nbsp;&nbsp;&nbsp;&nbsp;53671348 |
| Chemours Co., The | &nbsp;&nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;21746880 |
| Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294290 |
| Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488560 |
| DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510020 |
| Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378096 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;544941 | &nbsp;&nbsp;&nbsp;&nbsp;82095362 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;145100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8999102 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;531200 | &nbsp;&nbsp;&nbsp;&nbsp;60636480 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140592 |
| Rio Tinto PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;822000 | &nbsp;&nbsp;&nbsp;&nbsp;55024680 |
| Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;&nbsp;&nbsp;10363185 |
| Sherwin-Williams Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916288 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;117000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773130 |
| Vulcan Materials Co. | 1039200 | &nbsp;&nbsp;&nbsp;&nbsp;215717136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;784290949 |
| **Media (10.40%)** | **Media (10.40%)** | **Media (10.40%)** |
| Alphabet Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74935 | &nbsp;&nbsp;&nbsp;&nbsp;217089692 |
| Alphabet Inc., Class C(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;17118479 |
| Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997865 |
| Charter Communications Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9583959 |
| Interpublic Group of Cos. Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;372500 | &nbsp;&nbsp;&nbsp;&nbsp;13950125 |
| Meta Platforms Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;156570 | &nbsp;&nbsp;&nbsp;&nbsp;52662319 |
| Netflix Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060496 |
| Nexstar Media Group Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503706 |
| Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;741200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706620 |
| Take-Two Interactive Software Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132640 |
| VeriSign Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp;10279710 |
| Walt Disney Co., The(a) | 2609840 | &nbsp;&nbsp;&nbsp;&nbsp;404238118 |
| World Wrestling Entertainment Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;109800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;752741261 |
| **Oil & Gas (2.81%)** | **Oil & Gas (2.81%)** | **Oil & Gas (2.81%)** |
| Antero Midstream Corp. | 1931200 | &nbsp;&nbsp;&nbsp;&nbsp;18694016 |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376768 |
| Chevron Corp. | 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;124391000 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546025 |
| Diamondback Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642325 |
| EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017570 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70897 |
| Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748730 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290365 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042744 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705 | &nbsp;&nbsp;&nbsp;&nbsp;20862373 |
| Williams Cos. Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;418500 | &nbsp;&nbsp;&nbsp;&nbsp;10897740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;203580553 |
| **Real Estate (1.18%)** | **Real Estate (1.18%)** | **Real Estate (1.18%)** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9564750 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036952 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Real Estate (Cont.)** | **Real Estate (Cont.)** | **Real Estate (Cont.)** |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88200 | $5019462 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024270 |
| Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp;14283990 |
| Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;359300 | &nbsp;&nbsp;&nbsp;&nbsp;18802169 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;120800 | &nbsp;&nbsp;&nbsp;&nbsp;14653040 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969312 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37200 | &nbsp;&nbsp;&nbsp;&nbsp;13933632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;85287577 |
| **Renewable Energy (0.05%)** | **Renewable Energy (0.05%)** | **Renewable Energy (0.05%)** |
| Enphase Energy Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366096 |
| **Retail & Wholesale - Discretionary (2.40%)** | **Retail & Wholesale - Discretionary (2.40%)** | **Retail & Wholesale - Discretionary (2.40%)** |
| Amazon.com Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030 | &nbsp;&nbsp;&nbsp;&nbsp;36777770 |
| AutoZone Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;11949423 |
| Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288079 |
| Copart Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607864 |
| Etsy Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131364 |
| Home Depot Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;148747 | &nbsp;&nbsp;&nbsp;&nbsp;61731493 |
| Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739888 |
| O'Reilly Automotive Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;13771485 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp;15282000 |
| Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131300 | &nbsp;&nbsp;&nbsp;&nbsp;22206769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;173486135 |
| **Retail & Wholesale - Staples (6.33%)** | **Retail & Wholesale - Staples (6.33%)** | **Retail & Wholesale - Staples (6.33%)** |
| Archer-Daniels-Midland Co. | 3291354 | &nbsp;&nbsp;&nbsp;&nbsp;222462617 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52200 | &nbsp;&nbsp;&nbsp;&nbsp;29633940 |
| Kroger Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715600 |
| Ollie's Bargain Outlet Holdings Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750432 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp;17751448 |
| Walmart Inc. | 1248700 | &nbsp;&nbsp;&nbsp;&nbsp;180674403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;457988440 |
| **Software & Services (6.23%)** | **Software & Services (6.23%)** | **Software & Services (6.23%)** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 | &nbsp;&nbsp;&nbsp;&nbsp;21888240 |
| Adobe Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45616 | &nbsp;&nbsp;&nbsp;&nbsp;25867009 |
| Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109900 | &nbsp;&nbsp;&nbsp;&nbsp;27099142 |
| CDK Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554488 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8846496 |
| Citrix Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206601 |
| EPAM Systems Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19500 | &nbsp;&nbsp;&nbsp;&nbsp;13034775 |
| Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp;26307698 |
| Mastercard Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75064 | &nbsp;&nbsp;&nbsp;&nbsp;26971996 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;709369 | &nbsp;&nbsp;&nbsp;&nbsp;238574982 |
| NortonLifeLock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600598 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985473 |
| Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93400 | &nbsp;&nbsp;&nbsp;&nbsp;12749100 |
| Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49900 | &nbsp;&nbsp;&nbsp;&nbsp;11413627 |
| Visa Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;133412 | &nbsp;&nbsp;&nbsp;&nbsp;28911715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;451011940 |
| **Technology Hardware & Semiconductors (18.75%)** | **Technology Hardware & Semiconductors (18.75%)** | **Technology Hardware & Semiconductors (18.75%)** |
| Advanced Micro Devices Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94700 | &nbsp;&nbsp;&nbsp;&nbsp;13627330 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM GROWTH FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Technology Hardware & Semiconductors (Cont.)** | **Technology Hardware & Semiconductors (Cont.)** | **Technology Hardware & Semiconductors (Cont.)** |
| Apple Inc. | 5078868 | $901854591 |
| Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660912 |
| ASML Holding NV NY Reg. Shares | &nbsp;&nbsp;&nbsp;&nbsp;334733 | &nbsp;&nbsp;&nbsp;&nbsp;266494331 |
| Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp;22291235 |
| Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192602 |
| Corning Inc. | 1284600 | &nbsp;&nbsp;&nbsp;&nbsp;47825658 |
| HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456100 | &nbsp;&nbsp;&nbsp;&nbsp;17181287 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173300 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44500 | &nbsp;&nbsp;&nbsp;&nbsp;19139895 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;28822780 |
| QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852772 |
| Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171207 | &nbsp;&nbsp;&nbsp;&nbsp;32267383 |
|  |  | 1357384076 |
| **Telecommunications (0.18%)** | **Telecommunications (0.18%)** | **Telecommunications (0.18%)** |
| Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252500 | &nbsp;&nbsp;&nbsp;&nbsp;13119900 |
| **Utilities (0.87%)** | **Utilities (0.87%)** | **Utilities (0.87%)** |
| American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7037527 |
| American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64300 | &nbsp;&nbsp;&nbsp;&nbsp;12143698 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133366 | &nbsp;&nbsp;&nbsp;&nbsp;13990093 |
| IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103900 | &nbsp;&nbsp;&nbsp;&nbsp;11772909 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023819 |
| Southern Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747004 |
| WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;63072777 |
| **Total Common Stocks<br> (cost $2,037,183,772)** |  | 7208056894 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **U.S. Treasury Obligations (0.03%)** | **U.S. Treasury Obligations (0.03%)** | **U.S. Treasury Obligations (0.03%)** |
| U.S. Treasury Bill<br> 0.040%, 01/27/2022(b),(c) | $2410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409956 |
| **Total U.S. Treasury Obligations<br> (cost $2,409,930)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409956 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Short-term Investments (0.37%)** | **Short-term Investments (0.37%)** | **Short-term Investments (0.37%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(d) | 26695560 | $26695560 |
| **Total Short-term Investments<br> (cost $26,695,560)** |  | &nbsp;&nbsp;&nbsp;&nbsp;26695560 |
| **TOTAL INVESTMENTS (99.98%)<br> (cost $2,066,289,262)** |  | 7237162410 |
| **OTHER ASSETS, NET OF LIABILITIES<br> (0.02%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673429 |
| **NET ASSETS (100.00%)** |  | $7238835839 |

---

(a) Non-income producing security.

(b) Security pledged related to the Fund's investments in futures contracts during the period. As of December 31, 2021, the Fund did not hold any open futures contracts.

(c) Discount rate at the time of purchase.

(d) Rate shown is the 7-day yield as of December 31, 2021.

PLC – Public Limited Company <br> ADR – American Depositary Receipt

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (71.73%)** | **Common Stocks (71.73%)** | **Common Stocks (71.73%)** |
| **Banking (1.82%)** | **Banking (1.82%)** | **Banking (1.82%)** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | $1419231 |
| Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483120 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327745 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731994 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800142 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;765300 | &nbsp;&nbsp;&nbsp;&nbsp;36719094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45481326 |
| **Consumer Discretionary Products (0.49%)** | **Consumer Discretionary Products (0.49%)** | **Consumer Discretionary Products (0.49%)** |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6728000 |
| Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931320 |
| Tesla Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536272 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12195592 |
| **Consumer Discretionary Services (0.51%)** | **Consumer Discretionary Services (0.51%)** | **Consumer Discretionary Services (0.51%)** |
| Domino's Pizza Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103815 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509333 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754412 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778318 |
| Yum! Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12784634 |
| **Consumer Staple Products (4.97%)** | **Consumer Staple Products (4.97%)** | **Consumer Staple Products (4.97%)** |
| Coca-Cola Co., The | &nbsp;&nbsp;&nbsp;&nbsp;177257 | &nbsp;&nbsp;&nbsp;&nbsp;10495387 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329782 |
| Hershey Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224905 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;132500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8535650 |
| Nestle SA Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;15159960 |
| PepsiCo Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8060144 |
| Procter & Gamble Co., The | &nbsp;&nbsp;&nbsp;&nbsp;473400 | &nbsp;&nbsp;&nbsp;&nbsp;77438772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;124244600 |
| **Financial Services (0.60%)** | **Financial Services (0.60%)** | **Financial Services (0.60%)** |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942760 |
| BlackRock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556452 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031481 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514989 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621972 |
| Virtu Financial Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;151700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15041165 |
| **Health Care (12.86%)** | **Health Care (12.86%)** | **Health Care (12.86%)** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;143875 | &nbsp;&nbsp;&nbsp;&nbsp;20248967 |
| AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770000 |
| Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143787 | &nbsp;&nbsp;&nbsp;&nbsp;22955595 |
| Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70750 | &nbsp;&nbsp;&nbsp;&nbsp;15916627 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143405 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856816 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;212000 | &nbsp;&nbsp;&nbsp;&nbsp;58558640 |
| IDEXX Laboratories Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460922 |
| IQVIA Holdings Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244610 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;417700 | &nbsp;&nbsp;&nbsp;&nbsp;71455939 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217245 |
| Merck & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5816976 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314244 |
| Pfizer Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728140 | &nbsp;&nbsp;&nbsp;&nbsp;42996667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Health Care (Cont.)** | **Health Care (Cont.)** | **Health Care (Cont.)** |
| QIAGEN NV(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | $405734 |
| Regeneron Pharmaceuticals Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031296 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600516 |
| UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824824 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470674 |
| Zoetis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229495 | &nbsp;&nbsp;&nbsp;&nbsp;56003665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;321293362 |
| **Industrial Products (4.89%)** | **Industrial Products (4.89%)** | **Industrial Products (4.89%)** |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62100 | &nbsp;&nbsp;&nbsp;&nbsp;11030823 |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830870 |
| Caterpillar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262400 | &nbsp;&nbsp;&nbsp;&nbsp;54248576 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41002 | &nbsp;&nbsp;&nbsp;&nbsp;14059176 |
| Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922526 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665949 |
| Illinois Tool Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130600 | &nbsp;&nbsp;&nbsp;&nbsp;32232080 |
| MSA Safety Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166056 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;122218322 |
| **Industrial Services (1.09%)** | **Industrial Services (1.09%)** | **Industrial Services (1.09%)** |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452046 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462461 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470936 |
| H&R Block Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3149972 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270400 |
| Landstar System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823492 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798828 |
| Republic Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976150 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039787 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923182 |
| Waste Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;27318584 |
| **Insurance (0.55%)** | **Insurance (0.55%)** | **Insurance (0.55%)** |
| Alleghany Corp.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870637 |
| Allstate Corp., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764725 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696888 |
| Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218204 |
| Berkshire Hathaway Inc., Class B(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59800 |
| Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462384 |
| Hanover Insurance Group Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463928 |
| Travelers Cos. Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2753168 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387233 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13778357 |
| **Materials (8.61%)** | **Materials (8.61%)** | **Materials (8.61%)** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230000 | &nbsp;&nbsp;&nbsp;&nbsp;69979800 |
| AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107000 | &nbsp;&nbsp;&nbsp;&nbsp;13105360 |
| Chemours Co., The | &nbsp;&nbsp;&nbsp;&nbsp;161300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413228 |
| Corteva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237440 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Materials (Cont.)** | **Materials (Cont.)** | **Materials (Cont.)** |
| Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39352 | $2232045 |
| DuPont de Nemours Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502048 |
| Ecolab Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680311 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120888 | &nbsp;&nbsp;&nbsp;&nbsp;18211777 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214114 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;436800 | &nbsp;&nbsp;&nbsp;&nbsp;49860720 |
| Rio Tinto PLC Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;13388000 |
| Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482956 |
| Sherwin-Williams Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479072 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002994 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;160200 | &nbsp;&nbsp;&nbsp;&nbsp;33254316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;215044181 |
| **Media (11.20%)** | **Media (11.20%)** | **Media (11.20%)** |
| Alphabet Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31587 | &nbsp;&nbsp;&nbsp;&nbsp;91508802 |
| Alphabet Inc., Class C(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3559 | &nbsp;&nbsp;&nbsp;&nbsp;10298287 |
| Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705380 |
| Charter Communications Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281895 |
| Meta Platforms Inc., Class A(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65930 | &nbsp;&nbsp;&nbsp;&nbsp;22175555 |
| Netflix Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506100 |
| Nexstar Media Group Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872152 |
| Sirius XM Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539115 |
| Take-Two Interactive Software Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515388 |
| VeriSign Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588964 |
| Walt Disney Co., The(a) | &nbsp;&nbsp;&nbsp;&nbsp;941595 | &nbsp;&nbsp;&nbsp;&nbsp;145843650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;279835288 |
| **Oil & Gas (2.38%)** | **Oil & Gas (2.38%)** | **Oil & Gas (2.38%)** |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284536 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;&nbsp;&nbsp;33796800 |
| Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143851 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274000 | &nbsp;&nbsp;&nbsp;&nbsp;16766060 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621723 |
| Williams Cos. Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;59368066 |
| **Real Estate (0.94%)** | **Real Estate (0.94%)** | **Real Estate (0.94%)** |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457000 |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607512 |
| Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569790 |
| Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400950 |
| Gaming and Leisure Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980388 |
| Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699234 |
| Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639000 |
| Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147200 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23572466 |
| **Retail & Wholesale - Discretionary (1.39%)** | **Retail & Wholesale - Discretionary (1.39%)** | **Retail & Wholesale - Discretionary (1.39%)** |
| Amazon.com Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8969375 |
| AutoZone Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3354224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Retail & Wholesale - Discretionary (Cont.)** | **Retail & Wholesale - Discretionary (Cont.)** | **Retail & Wholesale - Discretionary (Cont.)** |
| Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22500 | $1570275 |
| Copart Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742938 |
| Home Depot Inc., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29660 | &nbsp;&nbsp;&nbsp;&nbsp;12309196 |
| Lowe's Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413568 |
| O'Reilly Automotive Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743019 |
| Williams-Sonoma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34637412 |
| **Retail & Wholesale - Staples (3.76%)** | **Retail & Wholesale - Staples (3.76%)** | **Retail & Wholesale - Staples (3.76%)** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;882861 | &nbsp;&nbsp;&nbsp;&nbsp;59672575 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7266560 |
| Kroger Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678900 |
| Ollie's Bargain Outlet Holdings Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162013 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258496 |
| Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144043 | &nbsp;&nbsp;&nbsp;&nbsp;20841582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;93880126 |
| **Software & Services (4.64%)** | **Software & Services (4.64%)** | **Software & Services (4.64%)** |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098965 |
| Adobe Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748014 |
| Automatic Data Processing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517988 |
| CDK Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721448 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068278 |
| Citrix Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567540 |
| EPAM Systems Inc.(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141715 |
| Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367878 |
| Mastercard Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589569 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;179321 | &nbsp;&nbsp;&nbsp;&nbsp;60309239 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34884 |
| Paychex Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921100 |
| Verisk Analytics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584649 |
| Visa Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;115807527 |
| **Technology Hardware & Semiconductors (10.30%)** | **Technology Hardware & Semiconductors (10.30%)** | **Technology Hardware & Semiconductors (10.30%)** |
| Apple Inc. | 1194804 | &nbsp;&nbsp;&nbsp;&nbsp;212161346 |
| Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204568 |
| ASML Holding NV NY Reg. Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14821 | &nbsp;&nbsp;&nbsp;&nbsp;11799591 |
| Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855608 |
| Cisco Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38022 |
| Corning Inc. | &nbsp;&nbsp;&nbsp;&nbsp;372300 | &nbsp;&nbsp;&nbsp;&nbsp;13860729 |
| HP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294380 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494400 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147029 |
| QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640045 |
| Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;257275550 |
| **Telecommunications (0.13%)** | **Telecommunications (0.13%)** | **Telecommunications (0.13%)** |
| Verizon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272960 |
| **Utilities (0.60%)** | **Utilities (0.60%)** | **Utilities (0.60%)** |
| American Electric Power Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800730 |
| American Water Works Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229506 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884762 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Utilities (Cont.)** | **Utilities (Cont.)** | **Utilities (Cont.)** |
| IDACORP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25900 | $2934729 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007623 |
| Southern Co., The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330452 |
| WEC Energy Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15061253 |
| **Total Common Stocks<br> (cost $461,937,411)** |  | 1792110771 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (11.67%)** | **Corporate Bonds (11.67%)** | **Corporate Bonds (11.67%)** |
| **Aerospace & Defense (0.49%)** | **Aerospace & Defense (0.49%)** | **Aerospace & Defense (0.49%)** |
| Boeing (The) Co.<br> 2.850%, 10/30/2024 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035928 |
| General Dynamics Corp.<br> 2.375%, 11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518847 |
| Raytheon Technologies Corp.<br> 3.150%, 12/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049848 |
| Northrop Grumman Corp.<br> 2.930%, 01/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042071 |
| Lockheed Martin Corp.<br> 2.900%, 03/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047747 |
| Precision Castparts Corp.<br> 3.250%, 06/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060537 |
| Boeing (The) Co.<br> 2.250%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500956 |
| General Dynamics Corp.<br> 2.125%, 08/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514766 |
| Raytheon Technologies Corp.<br> 3.125%, 05/04/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062264 |
| General Dynamics Corp.<br> 2.625%, 11/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524747 |
| Northrop Grumman Corp.<br> 3.250%, 01/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071028 |
| General Dynamics Corp.<br> 3.750%, 05/15/2028 | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326642 |
| Raytheon Technologies Corp.<br> 2.250%, 07/01/2030 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12252703 |
| **Apparel & Textile Products (0.06%)** | **Apparel & Textile Products (0.06%)** | **Apparel & Textile Products (0.06%)** |
| NIKE, Inc.<br> 2.250%, 05/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509196 |
| 2.375%, 11/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554633 |
| **Automobiles Manufacturing (0.21%)** | **Automobiles Manufacturing (0.21%)** | **Automobiles Manufacturing (0.21%)** |
| Toyota Motor Credit Corp.<br> 2.900%, 04/17/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041363 |
| American Honda Finance Corp.<br> 2.300%, 09/09/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033932 |
| Toyota Motor Credit Corp.<br> 3.050%, 01/11/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073501 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automobiles Manufacturing (Cont.)** | **Automobiles Manufacturing (Cont.)** | **Automobiles Manufacturing (Cont.)** |
| American Honda Finance Corp.<br> 3.500%, 02/15/2028 | $1000000 | $1092513 |
| Toyota Motor Credit Corp.<br> 3.650%, 01/08/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5354300 |
| **Banks (0.36%)** | **Banks (0.36%)** | **Banks (0.36%)** |
| U.S. Bancorp<br> 3.700%, 01/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527934 |
| PNC Bank N.A.<br> 3.250%, 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531557 |
| Wells Fargo & Co.<br> 3.000%, 04/22/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050970 |
| U.S. Bancorp<br> 2.375%, 07/22/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038257 |
| Wells Fargo & Co.<br> 3.000%, 10/23/2026 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576817 |
| U.S. Bancorp<br> 3.150%, 04/27/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071385 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070567 |
| U.S. Bancorp<br> 3.900%, 04/26/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120483 |
| Wells Fargo & Co.<br> 4.150%, 01/24/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108300 |
| **Biotechnology (0.13%)** | **Biotechnology (0.13%)** | **Biotechnology (0.13%)** |
| Amgen, Inc.<br> 3.625%, 05/22/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053369 |
| 2.600%, 08/19/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043024 |
| 3.200%, 11/02/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174756 |
| **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** |
| Comcast Corp.<br> 2.350%, 01/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036274 |
| 1.500%, 02/15/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981309 |
| **Chemicals (0.39%)** | **Chemicals (0.39%)** | **Chemicals (0.39%)** |
| Linde, Inc.<br> 2.700%, 02/21/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017375 |
| 3.200%, 01/30/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064850 |
| Ecolab, Inc.<br> 2.700%, 11/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050604 |
| 3.250%, 12/01/2027 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628891 |
| PPG Industries, Inc.<br> 3.750%, 03/15/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207512 |
| E.I. du Pont de Nemours and Co.<br> 2.300%, 07/15/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004760 |
| Ecolab, Inc.<br> 1.300%, 01/30/2031 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850874 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Communications Equipment (0.17%)** | **Communications Equipment (0.17%)** | **Communications Equipment (0.17%)** |
| Apple, Inc.<br> 3.000%, 02/09/2024 | $2000000 | $2083957 |
| Cisco Systems, Inc.<br> 3.625%, 03/04/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061060 |
| 3.500%, 06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538971 |
| 2.950%, 02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215614 |
| **Consumer Finance (0.10%)** | **Consumer Finance (0.10%)** | **Consumer Finance (0.10%)** |
| Visa, Inc.<br> 3.150%, 12/14/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066315 |
| Mastercard, Inc.<br> 2.950%, 11/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532242 |
| Visa, Inc.<br> 1.100%, 02/15/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934673 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533230 |
| **Consumer Products (0.48%)** | **Consumer Products (0.48%)** | **Consumer Products (0.48%)** |
| Colgate-Palmolive Co.<br> 2.100%, 05/01/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037801 |
| Unilever Capital Corp.<br> 3.100%, 07/30/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060907 |
| Kimberly-Clark Corp.<br> 3.050%, 08/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062517 |
| Procter & Gamble (The) Co.<br> 2.700%, 02/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528394 |
| Kimberly-Clark Corp.<br> 2.750%, 02/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057744 |
| Unilever Capital Corp.<br> 2.000%, 07/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511517 |
| 2.900%, 05/05/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530341 |
| Clorox (The) Co.<br> 3.100%, 10/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530983 |
| Unilever Capital Corp.<br> 3.500%, 03/22/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092818 |
| Clorox (The) Co.<br> 3.900%, 05/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121427 |
| Estee Lauder (The) Cos., Inc.<br> 2.375%, 12/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020886 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474614 |
| Estee Lauder (The) Cos., Inc.<br> 1.950%, 03/15/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12016147 |
| **Diversified Banks (0.20%)** | **Diversified Banks (0.20%)** | **Diversified Banks (0.20%)** |
| JPMorgan Chase & Co.<br> 3.200%, 01/25/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027186 |
| Bank of Nova Scotia (The)<br> 3.400%, 02/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262347 |
| JPMorgan Chase & Co.<br> 3.625%, 05/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529158 |
| 3.125%, 01/23/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050399 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Diversified Banks (Cont.)** | **Diversified Banks (Cont.)** | **Diversified Banks (Cont.)** |
| 3.300%, 04/01/2026 | $1000000 | $1066418 |
| Bank of America Corp.(b)<br> 3.974%, 02/07/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037987 |
| **Electrical Equipment Manufacturing (0.09%)** | **Electrical Equipment Manufacturing (0.09%)** | **Electrical Equipment Manufacturing (0.09%)** |
| ABB Finance U.S.A., Inc.<br> 3.800%, 04/03/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118952 |
| Rockwell Automation, Inc.<br> 3.500%, 03/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215981 |
| **Financial Services (0.28%)** | **Financial Services (0.28%)** | **Financial Services (0.28%)** |
| Bank of New York Mellon (The) Corp.<br> 3.650%, 02/04/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052606 |
| State Street Corp.<br> 3.300%, 12/16/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064734 |
| 3.550%, 08/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538884 |
| Bank of New York Mellon (The) Corp.<br> 2.800%, 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524132 |
| State Street Corp.<br> 2.650%, 05/19/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054624 |
| Bank of New York Mellon (The) Corp.<br> 2.450%, 08/17/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519020 |
| 3.400%, 01/29/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926266 |
| **Food & Beverage (1.03%)** | **Food & Beverage (1.03%)** | **Food & Beverage (1.03%)** |
| General Mills, Inc.<br> 3.650%, 02/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048008 |
| PepsiCo, Inc.<br> 3.600%, 03/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053994 |
| J.M. Smucker (The) Co.<br> 3.500%, 03/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066040 |
| PepsiCo, Inc.<br> 3.500%, 07/17/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073810 |
| Hershey (The) Co.<br> 3.200%, 08/21/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060973 |
| PepsiCo, Inc.<br> 2.850%, 02/24/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053986 |
| Hershey (The) Co.<br> 2.300%, 08/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036484 |
| General Mills, Inc.<br> 3.200%, 02/10/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063091 |
| Coca-Cola (The) Co.<br> 2.900%, 05/25/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532621 |
| PepsiCo, Inc.<br> 3.000%, 10/15/2027 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608960 |
| Kellogg Co.<br> 3.400%, 11/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078065 |
| J.M. Smucker (The) Co.<br> 3.375%, 12/15/2027 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603877 |
| Campbell Soup Co.<br> 4.150%, 03/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111346 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Food & Beverage (Cont.)** | **Food & Beverage (Cont.)** | **Food & Beverage (Cont.)** |
| General Mills, Inc.<br> 4.200%, 04/17/2028 | $1000000 | $1117549 |
| Mondelez International, Inc.<br> 4.125%, 05/07/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280539 |
| Kellogg Co.<br> 4.300%, 05/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132603 |
| Coca-Cola (The) Co.<br> 2.125%, 09/06/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017532 |
| Kellogg Co.<br> 2.100%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490239 |
| PepsiCo, Inc.<br> 1.400%, 02/25/2031 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432146 |
| Coca-Cola (The) Co.<br> 2.000%, 03/05/2031 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993403 |
| 1.375%, 03/15/2031 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;25799580 |
| **Industrial Other (0.38%)** | **Industrial Other (0.38%)** | **Industrial Other (0.38%)** |
| Emerson Electric Co.<br> 2.625%, 02/15/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016284 |
| 3.150%, 06/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054263 |
| 3M Co.<br> 3.000%, 08/07/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059053 |
| Dover Corp.<br> 3.150%, 11/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056787 |
| 3M Co.<br> 2.250%, 09/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512998 |
| Honeywell International, Inc.<br> 2.500%, 11/01/2026 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094998 |
| 3M Co.<br> 3.375%, 03/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085477 |
| Honeywell International, Inc.<br> 1.950%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497634 |
| Emerson Electric Co.<br> 1.950%, 10/15/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9364898 |
| **Integrated Oils (0.51%)** | **Integrated Oils (0.51%)** | **Integrated Oils (0.51%)** |
| TotalEnergies Capital International S.A.<br> 2.700%, 01/25/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020537 |
| Chevron Corp.<br> 3.191%, 06/24/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029695 |
| TotalEnergies Capital Canada Ltd.<br> 2.750%, 07/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513769 |
| Exxon Mobil Corp.<br> 3.176%, 03/15/2024 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090315 |
| 2.709%, 03/06/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040159 |
| Shell International Finance B.V.<br> 3.250%, 05/11/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064699 |
| Chevron Corp.<br> 3.326%, 11/17/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067639 |
| Shell International Finance B.V.<br> 2.875%, 05/10/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061276 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Integrated Oils (Cont.)** | **Integrated Oils (Cont.)** | **Integrated Oils (Cont.)** |
| TotalEnergies Capital International S.A.<br> 3.455%, 02/19/2029 | $1000000 | $1084215 |
| Exxon Mobil Corp.<br> 3.482%, 03/19/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096174 |
| Shell International Finance B.V.<br> 2.750%, 04/06/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045538 |
| Equinor ASA<br> 2.375%, 05/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12622486 |
| **Internet Media (0.08%)** | **Internet Media (0.08%)** | **Internet Media (0.08%)** |
| Alphabet, Inc.<br> 3.375%, 02/25/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053792 |
| 1.998%, 08/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084817 |
| **Machinery & Manufacturing (0.36%)** | **Machinery & Manufacturing (0.36%)** | **Machinery & Manufacturing (0.36%)** |
| Caterpillar Financial Services Corp.<br> 2.625%, 03/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021782 |
| Caterpillar, Inc.<br> 3.400%, 05/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049745 |
| John Deere Capital Corp.<br> 3.350%, 06/12/2024 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583906 |
| Caterpillar Financial Services Corp.<br> 3.250%, 12/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061394 |
| Eaton Corp.<br> 3.103%, 09/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064581 |
| John Deere Capital Corp.<br> 3.050%, 01/06/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069864 |
| Caterpillar, Inc.<br> 2.600%, 09/19/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046752 |
| John Deere Capital Corp.<br> 2.450%, 01/09/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8929032 |
| **Mass Merchants (0.23%)** | **Mass Merchants (0.23%)** | **Mass Merchants (0.23%)** |
| Walmart, Inc.<br> 2.550%, 04/11/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022025 |
| 3.300%, 04/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524198 |
| Costco Wholesale Corp.<br> 2.750%, 05/18/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039013 |
| Target Corp.<br> 3.500%, 07/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060487 |
| 2.500%, 04/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047104 |
| Costco Wholesale Corp.<br> 3.000%, 05/18/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764732 |
| **Medical Equipment & Devices Manufacturing (0.21%)** | **Medical Equipment & Devices Manufacturing (0.21%)** | **Medical Equipment & Devices Manufacturing (0.21%)** |
| Stryker Corp.<br> 3.375%, 05/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049656 |
| Abbott Laboratories<br> 2.950%, 03/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050327 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Medical Equipment & Devices Manufacturing (Cont.)** | **Medical Equipment & Devices Manufacturing (Cont.)** | **Medical Equipment & Devices Manufacturing (Cont.)** |
| Stryker Corp.<br> 3.500%, 03/15/2026 | $1000000 | $1072141 |
| 3.650%, 03/07/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092284 |
| Thermo Fisher Scientific, Inc.<br> 2.600%, 10/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304715 |
| **Oil & Gas Services & Equipment (0.13%)** | **Oil & Gas Services & Equipment (0.13%)** | **Oil & Gas Services & Equipment (0.13%)** |
| Schlumberger Investment S.A.<br> 3.650%, 12/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044585 |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.<br> 3.337%, 12/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066607 |
| Schlumberger Investment S.A.<br> 2.650%, 06/26/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136930 |
| **Pharmaceuticals (0.99%)** | **Pharmaceuticals (0.99%)** | **Pharmaceuticals (0.99%)** |
| GlaxoSmithKline Capital, Inc.<br> 2.800%, 03/18/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024375 |
| Merck & Co., Inc.<br> 2.800%, 05/18/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058995 |
| Novartis Capital Corp.<br> 3.400%, 05/06/2024 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582794 |
| Pfizer, Inc.<br> 3.400%, 05/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059357 |
| Eli Lilly & Co.<br> 2.750%, 06/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492382 |
| AstraZeneca PLC<br> 3.375%, 11/16/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073651 |
| Novartis Capital Corp.<br> 3.000%, 11/20/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060193 |
| Johnson & Johnson<br> 2.450%, 03/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521681 |
| Eli Lilly & Co.<br> 3.100%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533643 |
| AstraZeneca PLC<br> 3.125%, 06/12/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072426 |
| Johnson & Johnson<br> 2.900%, 01/15/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134066 |
| GlaxoSmithKline Capital, Inc.<br> 3.875%, 05/15/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239837 |
| Sanofi<br> 3.625%, 06/19/2028 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686176 |
| Merck & Co., Inc.<br> 3.400%, 03/07/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088805 |
| Eli Lilly & Co.<br> 3.375%, 03/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449082 |
| Pfizer, Inc.<br> 3.450%, 03/15/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101412 |
| Bristol-Myers Squibb Co.<br> 3.400%, 07/26/2029 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192069 |
| Merck & Co., Inc.<br> 1.450%, 06/24/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479285 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Pharmaceuticals (Cont.)** | **Pharmaceuticals (Cont.)** | **Pharmaceuticals (Cont.)** |
| AstraZeneca PLC<br> 1.375%, 08/06/2030 | $1000000 | $945114 |
| Johnson & Johnson<br> 1.300%, 09/01/2030 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24724487 |
| **Pipeline (0.09%)** | **Pipeline (0.09%)** | **Pipeline (0.09%)** |
| TransCanada PipeLines Ltd.<br> 4.875%, 01/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114236 |
| 4.250%, 05/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230206 |
| **Railroad (0.46%)** | **Railroad (0.46%)** | **Railroad (0.46%)** |
| Burlington Northern Santa Fe LLC<br> 3.000%, 03/15/2023 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530028 |
| Union Pacific Corp.<br> 2.750%, 04/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509354 |
| Norfolk Southern Corp.<br> 3.850%, 01/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047812 |
| Burlington Northern Santa Fe LLC<br> 3.750%, 04/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052128 |
| Union Pacific Corp.<br> 3.250%, 08/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530854 |
| Canadian National Railway Co.<br> 2.750%, 03/01/2026 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090619 |
| Union Pacific Corp.<br> 2.750%, 03/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048105 |
| Norfolk Southern Corp.<br> 2.900%, 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527745 |
| Union Pacific Corp.<br> 3.000%, 04/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061346 |
| Norfolk Southern Corp.<br> 3.150%, 06/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530323 |
| Union Pacific Corp.<br> 3.950%, 09/10/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121801 |
| 3.700%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11603375 |
| **Restaurants (0.09%)** | **Restaurants (0.09%)** | **Restaurants (0.09%)** |
| McDonald's Corp.<br> 3.250%, 06/10/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050955 |
| 3.800%, 04/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150448 |
| **Retail - Consumer Discretionary (0.25%)** | **Retail - Consumer Discretionary (0.25%)** | **Retail - Consumer Discretionary (0.25%)** |
| Home Depot (The), Inc.<br> 3.350%, 09/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068003 |
| Lowe's Cos., Inc.<br> 3.375%, 09/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064721 |
| Home Depot (The), Inc.<br> 3.000%, 04/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062952 |
| Lowe's Cos., Inc.<br> 2.500%, 04/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041450 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Retail - Consumer Discretionary (Cont.)** | **Retail - Consumer Discretionary (Cont.)** | **Retail - Consumer Discretionary (Cont.)** |
| TJX (The) Cos., Inc.<br> 2.250%, 09/15/2026 | $1000000 | $1032951 |
| Amazon.com, Inc.<br> 3.150%, 08/22/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350806 |
| **Retail - Consumer Staples (0.06%)** | **Retail - Consumer Staples (0.06%)** | **Retail - Consumer Staples (0.06%)** |
| Sysco Corp.<br> 3.300%, 07/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065564 |
| 3.250%, 07/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597594 |
| **Semiconductors (0.27%)** | **Semiconductors (0.27%)** | **Semiconductors (0.27%)** |
| Texas Instruments, Inc.<br> 2.250%, 05/01/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041683 |
| Intel Corp.<br> 3.700%, 07/29/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079483 |
| 2.600%, 05/19/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052380 |
| QUALCOMM, Inc.<br> 3.250%, 05/20/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079714 |
| Texas Instruments, Inc.<br> 2.900%, 11/03/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787123 |
| **Software & Services (0.34%)** | **Software & Services (0.34%)** | **Software & Services (0.34%)** |
| Automatic Data Processing, Inc.<br> 3.375%, 09/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072718 |
| Oracle Corp.<br> 2.650%, 07/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028236 |
| Microsoft Corp.<br> 2.400%, 08/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523523 |
| 3.300%, 02/06/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545204 |
| Oracle Corp.<br> 3.250%, 11/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053640 |
| RELX Capital, Inc.<br> 4.000%, 03/18/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110066 |
| S&P Global, Inc.<br> 2.500%, 12/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033696 |
| International Business Machines Corp.<br> 1.950%, 05/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587177 |
| RELX Capital, Inc.<br> 3.000%, 05/22/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524700 |
| S&P Global, Inc.<br> 1.250%, 08/15/2030 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8413016 |
| **Transportation & Logistics (0.15%)** | **Transportation & Logistics (0.15%)** | **Transportation & Logistics (0.15%)** |
| United Parcel Service, Inc.<br> 2.400%, 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518322 |
| 3.050%, 11/15/2027 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136663 |
| 2.500%, 09/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689216 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Utilities (2.76%)** | **Utilities (2.76%)** | **Utilities (2.76%)** |
| Virginia Electric and Power Co.<br> 2.750%, 03/15/2023 | $1000000 | $1017168 |
| Public Service Electric and Gas Co.<br> 2.375%, 05/15/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035173 |
| Florida Power & Light Co.<br> 2.750%, 06/01/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035144 |
| PacifiCorp<br> 2.950%, 06/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023734 |
| Pacific Gas and Electric Co.<br> 3.250%, 06/15/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018230 |
| Consumers Energy Co.<br> 3.375%, 08/15/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033715 |
| San Diego Gas & Electric Co.<br> 3.600%, 09/01/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070261 |
| Duke Energy Ohio, Inc.<br> 3.800%, 09/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039708 |
| Public Service Co. of New Hampshire<br> 3.500%, 11/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520562 |
| Delmarva Power & Light Co.<br> 3.500%, 11/15/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040480 |
| Alabama Power Co.<br> 3.550%, 12/01/2023 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047319 |
| Virginia Electric and Power Co.<br> 3.450%, 02/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042202 |
| Potomac Electric Power Co.<br> 3.600%, 03/15/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046132 |
| DTE Electric Co.<br> 3.650%, 03/15/2024 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094326 |
| Florida Power & Light Co.<br> 3.250%, 06/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042084 |
| Interstate Power and Light Co.<br> 3.250%, 12/01/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049974 |
| DTE Electric Co.<br> 3.375%, 03/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053797 |
| Arizona Public Service Co.<br> 3.150%, 05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520402 |
| Southern California Gas Co.<br> 3.200%, 06/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524262 |
| Pacific Gas and Electric Co.<br> 3.500%, 06/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037908 |
| 3.450%, 07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518388 |
| Duke Energy Progress LLC<br> 3.250%, 08/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058862 |
| Louisville Gas and Electric Co.<br> 3.300%, 10/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057508 |
| PECO Energy Co.<br> 3.150%, 10/15/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060089 |
| Florida Power & Light Co.<br> 3.125%, 12/01/2025 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057619 |
| Virginia Electric and Power Co.<br> 3.150%, 01/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057671 |
| Georgia Power Co.<br> 3.250%, 04/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056156 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Utilities (Cont.)** | **Utilities (Cont.)** | **Utilities (Cont.)** |
| San Diego Gas & Electric Co.<br> 2.500%, 05/15/2026 | $1000000 | $1034486 |
| NSTAR Electric Co.<br> 2.700%, 06/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029360 |
| Commonwealth Edison Co.<br> 2.550%, 06/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045745 |
| Southern California Gas Co.<br> 2.600%, 06/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038820 |
| Evergy Kansas Central, Inc.<br> 2.550%, 07/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037105 |
| CenterPoint Energy Houston Electric LLC<br> 2.400%, 09/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515175 |
| Public Service Electric and Gas Co.<br> 2.250%, 09/15/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027931 |
| Consolidated Edison Co. of New York, Inc.<br> 2.900%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517076 |
| Duke Energy Carolinas LLC<br> 2.950%, 12/01/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055180 |
| AEP Transmission Co. LLC<br> 3.100%, 12/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527777 |
| Evergy Kansas Central, Inc.<br> 3.100%, 04/01/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055424 |
| Public Service Electric and Gas Co.<br> 3.000%, 05/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529074 |
| NSTAR Electric Co.<br> 3.200%, 05/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067707 |
| Appalachian Power Co.<br> 3.300%, 06/01/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067347 |
| Union Electric Co.<br> 2.950%, 06/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052523 |
| Atmos Energy Corp.<br> 3.000%, 06/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058276 |
| Commonwealth Edison Co.<br> 2.950%, 08/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527441 |
| Wisconsin Power and Light Co.<br> 3.050%, 10/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050560 |
| Consolidated Edison Co. of New York, Inc.<br> 3.125%, 11/15/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052576 |
| Pacific Gas and Electric Co.<br> 3.300%, 12/01/2027 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016282 |
| Southern California Edison Co.<br> 3.650%, 03/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080395 |
| Southwest Gas Corp.<br> 3.700%, 04/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079116 |
| Virginia Electric and Power Co.<br> 3.800%, 04/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095271 |
| Public Service Electric and Gas Co.<br> 3.700%, 05/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103564 |
| Ameren Illinois Co.<br> 3.800%, 05/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103171 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Utilities (Cont.)** | **Utilities (Cont.)** | **Utilities (Cont.)** |
| Consolidated Edison Co. of New York, Inc.<br> 3.800%, 05/15/2028 | $1000000 | $1093692 |
| Indiana Michigan Power Co.<br> 3.850%, 05/15/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099459 |
| AEP Texas, Inc.<br> 3.950%, 06/01/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095736 |
| Pacific Gas and Electric Co.<br> 3.750%, 07/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519912 |
| Duke Energy Ohio, Inc.<br> 3.650%, 02/01/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081955 |
| Union Electric Co.<br> 3.500%, 03/15/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081330 |
| MidAmerican Energy Co.<br> 3.650%, 04/15/2029 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205799 |
| Atmos Energy Corp.<br> 2.625%, 09/15/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029061 |
| Evergy Metro, Inc.<br> 2.250%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497668 |
| Interstate Power and Light Co.<br> 2.300%, 06/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497698 |
| Southwest Gas Corp.<br> 2.200%, 06/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485296 |
| Alabama Power Co.<br> 1.450%, 09/15/2030 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403429 |
| Public Service Co. of Colorado<br> 1.875%, 06/15/2031 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;68936934 |
| **Wireless Telecommunications Services (0.24%)** | **Wireless Telecommunications Services (0.24%)** | **Wireless Telecommunications Services (0.24%)** |
| AT&T, Inc.<br> 1.650%, 02/01/2028 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959258 |
| Vodafone Group PLC<br> 4.375%, 05/30/2028 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126061 |
| Verizon Communications, Inc.<br> 4.329%, 09/21/2028 | 1012000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150521 |
| 3.875%, 02/08/2029 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109099 |
| AT&T, Inc.<br> 4.350%, 03/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907043 |
| **Total Corporate Bonds<br> (cost $277,740,685)** |  | &nbsp;&nbsp;&nbsp;&nbsp;291619538 |
| **Foreign Government Bonds (0.08%)** | **Foreign Government Bonds (0.08%)** | **Foreign Government Bonds (0.08%)** |
| Province of Quebec Canada<br> 2.500%,04/20/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048172 |
| Province of Ontario Canada<br> 2.500%,04/27/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045768 |
| **Total Foreign Government Bonds<br> (cost $1,996,914)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093940 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **Agency Securities (c) (0.70%)** | **Agency Securities (c) (0.70%)** | **Agency Securities (c) (0.70%)** |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 2.875%, 09/13/2024 | $5000000 | $5255256 |
| 1.000%, 06/26/2026 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958275 |
| 0.400%, 06/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252463 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 0.250%, 05/22/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979389 |
| 0.250%, 07/10/2023 | 2526000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512462 |
| 0.875%, 08/05/2030 | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415593 |
| **Total Agency Securities<br> (cost $17,538,462)** |  | &nbsp;&nbsp;&nbsp;&nbsp;17373438 |
| **U.S. Treasury Obligations (14.99%)** | **U.S. Treasury Obligations (14.99%)** | **U.S. Treasury Obligations (14.99%)** |
| U.S. Treasury Bill<br> 0.040%, 01/27/2022(d),(e) | 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009982 |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 1.500%, 01/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5054492 |
| 0.125%, 01/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982813 |
| 2.000%, 02/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086328 |
| 0.125%, 02/28/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979492 |
| 0.500%, 03/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001953 |
| 0.125%, 03/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977148 |
| 0.250%, 04/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983398 |
| 0.125%, 04/30/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973438 |
| 0.125%, 05/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971484 |
| 0.125%, 05/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969141 |
| 0.125%, 06/30/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966406 |
| 0.125%, 07/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961133 |
| 2.500%, 08/15/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090000 |
| 0.125%, 08/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4956445 |
| 0.125%, 09/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954688 |
| 0.125%, 10/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950586 |
| 0.375%, 10/31/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971094 |
| 2.750%, 11/15/2023 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10378906 |
| 0.125%, 12/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943164 |
| 0.125%, 01/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937695 |
| 0.125%, 02/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935547 |
| 0.250%, 03/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941016 |
| 0.375%, 04/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950781 |
| 2.500%, 05/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195117 |
| 0.250%, 05/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932813 |
| 2.000%, 06/30/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140625 |
| 0.375%, 07/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939258 |
| 2.375%, 08/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192773 |
| 0.375%, 08/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935156 |
| 0.375%, 09/15/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958281 |
| 0.625%, 10/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960547 |
| 1.500%, 10/31/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079492 |
| 2.250%, 11/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5184961 |
| 0.750%, 11/15/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983828 |
| 1.000%, 12/15/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003984 |
| 2.000%, 02/15/2025 | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp;15454688 |
| 0.500%, 03/31/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918555 |
| 0.375%, 04/30/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890625 |
| 0.250%, 05/31/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4865234 |
| 0.250%, 06/30/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859375 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **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.) |  |
| 0.250%, 07/31/2025 | $5068600 | $4918324 |
| 2.000%, 08/15/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5158594 |
| 0.250%, 08/31/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845508 |
| 0.250%, 09/30/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843750 |
| 0.250%, 10/31/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834570 |
| 0.375%, 11/30/2025 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4851172 |
| 0.375%, 01/31/2026 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839453 |
| 0.875%, 09/30/2026 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910740 |
| 1.250%, 11/30/2026 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| 1.250%, 12/31/2026 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999219 |
| 2.250%, 02/15/2027 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241211 |
| 0.375%, 07/31/2027 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752734 |
| 2.750%, 02/15/2028 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10816406 |
| 2.375%, 05/15/2029 | 28000000 | &nbsp;&nbsp;&nbsp;&nbsp;29869219 |
| 1.625%, 08/15/2029 | 18000000 | &nbsp;&nbsp;&nbsp;&nbsp;18277734 |
| 1.500%, 02/15/2030 | 26000000 | &nbsp;&nbsp;&nbsp;&nbsp;26159453 |
| 0.875%, 11/15/2030 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855391 |
| 1.125%, 02/15/2031 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9716016 |
| 1.625%, 05/15/2031 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041250 |
| 1.250%, 08/15/2031 | 6250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118164 |
| 1.375%, 11/15/2031 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965781 |
| **Total U.S. Treasury Obligations<br> (cost $373,605,759)** |  | &nbsp;&nbsp;&nbsp;&nbsp;374437131 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.10%)** | **Short-term Investments (1.10%)** | **Short-term Investments (1.10%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(f) | 27454713 | &nbsp;&nbsp;&nbsp;&nbsp;27454713 |
| **Total Short-term Investments<br> (cost $27,454,713)** |  | &nbsp;&nbsp;&nbsp;&nbsp;27454713 |
| **TOTAL INVESTMENTS (100.27%)<br> (cost $1,160,273,944)** |  | 2505089531 |
| **OTHER LIABILITIES, NET OF ASSETS<br> ((0.27)%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;(6680127) |
| **NET ASSETS (100.00%)** |  | $2498409404 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)
(a) Non-income producing security.

(b) Rate is fixed from February 7, 2019 until February 7, 2029 and floating from February 7, 2029 until the maturity date.

(c) 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.

(d) Security pledged related to the Fund's investments in futures contracts during the period. As of December 31, 2021, the Fund did not hold any open futures contracts.

(e) Discount rate at the time of purchase.

(f) Rate shown is the 7-day yield as of December 31, 2021.

---

| | |
|:---|:---|
| ADR – | American Depositary Receipt |
| PLC – | Public Limited Company |
| ASA – | Aksjeselskap (Norway: usb Stock Company) |
| LLC – | Limited Liability Company |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM INTERIM FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **Value** |
| **U.S. Treasury Obligations (99.08%)** | **U.S. Treasury Obligations (99.08%)** | **U.S. Treasury Obligations (99.08%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 1.500%, 01/15/2023 | $1000000 | $1010898 |
| 0.125%, 01/31/2023 | 4738000 | &nbsp;&nbsp;&nbsp;&nbsp;4721713 |
| 2.375%, 01/31/2023 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2551563 |
| 1.750%, 01/31/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2028047 |
| 2.000%, 02/15/2023 | 2924000 | &nbsp;&nbsp;&nbsp;&nbsp;2974485 |
| 0.125%, 02/28/2023 | 4514000 | &nbsp;&nbsp;&nbsp;&nbsp;4495486 |
| 2.500%, 03/31/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3074062 |
| 1.500%, 03/31/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2024531 |
| 0.250%, 04/15/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2990039 |
| 1.625%, 04/30/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5072266 |
| 0.125%, 04/30/2023 | 4493000 | &nbsp;&nbsp;&nbsp;&nbsp;4469131 |
| 0.125%, 05/15/2023 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;3977188 |
| 1.625%, 05/31/2023 | 3190000 | &nbsp;&nbsp;&nbsp;&nbsp;3238224 |
| 0.250%, 06/15/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2986172 |
| 0.125%, 06/30/2023 | 4978000 | &nbsp;&nbsp;&nbsp;&nbsp;4944554 |
| 1.375%, 06/30/2023 | 4595000 | &nbsp;&nbsp;&nbsp;&nbsp;4649745 |
| 0.125%, 07/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4964258 |
| 0.125%, 07/31/2023 | 5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5457246 |
| 1.250%, 07/31/2023 | 3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3282754 |
| 2.500%, 08/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5150000 |
| 0.125%, 08/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4959570 |
| 1.375%, 08/31/2023 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6071484 |
| 0.125%, 08/31/2023 | 4978000 | &nbsp;&nbsp;&nbsp;&nbsp;4934637 |
| 0.125%, 09/15/2023 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2972812 |
| 1.375%, 09/30/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5060937 |
| 0.250%, 09/30/2023 | 4907000 | &nbsp;&nbsp;&nbsp;&nbsp;4872881 |
| 0.125%, 10/15/2023 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4950586 |
| 0.375%, 10/31/2023 | 4900000 | &nbsp;&nbsp;&nbsp;&nbsp;4871672 |
| 1.625%, 10/31/2023 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3559199 |
| 2.875%, 10/31/2023 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2079063 |
| 0.250%, 11/15/2023 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5951250 |
| 0.500%, 11/30/2023 | 4583000 | &nbsp;&nbsp;&nbsp;&nbsp;4565993 |
| 2.125%, 11/30/2023 | 3866000 | &nbsp;&nbsp;&nbsp;&nbsp;3970201 |
| 0.125%, 12/15/2023 | 3390000 | &nbsp;&nbsp;&nbsp;&nbsp;3351465 |
| 2.250%, 12/31/2023 | 1757000 | &nbsp;&nbsp;&nbsp;&nbsp;1809916 |
| 0.125%, 01/15/2024 | 3935000 | &nbsp;&nbsp;&nbsp;&nbsp;3885966 |
| 2.250%, 01/31/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5154297 |
| 2.750%, 02/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5208398 |
| 0.125%, 02/15/2024 | 4812000 | &nbsp;&nbsp;&nbsp;&nbsp;4749970 |
| 2.125%, 02/29/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5144336 |
| 2.125%, 03/31/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3088125 |
| 2.000%, 04/30/2024 | 4300000 | &nbsp;&nbsp;&nbsp;&nbsp;4417410 |
| 0.250%, 05/15/2024 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;5919375 |
| 2.500%, 05/15/2024 | 4513000 | &nbsp;&nbsp;&nbsp;&nbsp;4689113 |
| 2.000%, 06/30/2024 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2570313 |
| 1.750%, 06/30/2024 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2043984 |
| 0.375%, 07/15/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4939258 |
| 1.750%, 07/31/2024 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4090469 |
| 2.375%, 08/15/2024 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7269883 |
| 0.375%, 08/15/2024 | 6875000 | &nbsp;&nbsp;&nbsp;&nbsp;6785840 |
| 1.250%, 08/31/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5047070 |
| 1.500%, 09/30/2024 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5080078 |
| 0.625%, 10/15/2024 | 5908000 | &nbsp;&nbsp;&nbsp;&nbsp;5861382 |
| 1.500%, 10/31/2024 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3555645 |
| 2.250%, 10/31/2024 | 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2591992 |
| 2.250%, 11/15/2024 | 5410000 | &nbsp;&nbsp;&nbsp;&nbsp;5610128 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> amount** | **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.) |  |
| 0.750%, 11/15/2024 | $4425000 | $4401147 |
| 1.500%, 11/30/2024 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3047930 |
| 2.125%, 11/30/2024 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1033633 |
| 1.000%, 12/15/2024 | 4100000 | &nbsp;&nbsp;&nbsp;&nbsp;4105445 |
| 2.250%, 12/31/2024 | 3022000 | &nbsp;&nbsp;&nbsp;&nbsp;3136387 |
| 1.750%, 12/31/2024 | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2046172 |
| 1.375%, 01/31/2025 | 4165000 | &nbsp;&nbsp;&nbsp;&nbsp;4213646 |
| 2.000%, 02/15/2025 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8242500 |
| 1.125%, 02/28/2025 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6022969 |
| 2.125%, 05/15/2025 | 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8283750 |
| 2.750%, 06/30/2025 | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3172266 |
| 2.000%, 08/15/2025 | 14260000 | 14712309 |
| 0.250%, 09/30/2025 | 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4359375 |
| 2.250%, 11/15/2025 | 13500000 | 14066895 |
| 2.625%, 12/31/2025 | 10000000 | 10578125 |
| 2.625%, 01/31/2026 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7404961 |
| 1.625%, 02/15/2026 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6105937 |
| 0.500%, 02/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680449 |
| 2.250%, 03/31/2026 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5216406 |
| 2.375%, 04/30/2026 | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1049258 |
| 1.625%, 05/15/2026 | 9000000 | &nbsp;&nbsp;&nbsp;&nbsp;9155742 |
| 1.875%, 06/30/2026 | 7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7199609 |
| 1.875%, 07/31/2026 | 6338000 | &nbsp;&nbsp;&nbsp;&nbsp;6521208 |
| 0.750%, 08/31/2026 | 9212000 | &nbsp;&nbsp;&nbsp;&nbsp;9011207 |
| 1.375%, 08/31/2026 | 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4025625 |
| 1.625%, 09/30/2026 | 7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7632129 |
| 0.875%, 09/30/2026 | 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3437518 |
| 1.125%, 10/31/2026 | 7357000 | &nbsp;&nbsp;&nbsp;&nbsp;7312743 |
| 1.625%, 10/31/2026 | 6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6105234 |
| 1.250%, 11/30/2026 | 6485000 | &nbsp;&nbsp;&nbsp;&nbsp;6485000 |
| **Total U.S. Treasury Obligations<br> (cost $414,978,009)** |  | 414512635 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.29%)** | **Short-term Investments (0.29%)** | **Short-term Investments (0.29%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(a) | 1201814 | &nbsp;&nbsp;&nbsp;&nbsp;1201814 |
| **Total Short-term Investments<br> (cost $1,201,814)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1201814 |
| **TOTAL INVESTMENTS (99.37%)<br> (cost $416,179,823)** |  | 415714449 |
| **OTHER ASSETS, NET OF LIABILITIES<br> (0.63%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2630440 |
| **NET ASSETS (100.00%)** |  | $418344889 |

---

(a) Rate shown is the 7-day yield as of December 31, 2021.

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**Value** |
| **Long-term Municipal Bond (96.88%)** | **Long-term Municipal Bond (96.88%)** | **Long-term Municipal Bond (96.88%)** | **Long-term Municipal Bond (96.88%)** | **Long-term Municipal Bond (96.88%)** |
| **Alabama (1.54%)** | **Alabama (1.54%)** | **Alabama (1.54%)** | **Alabama (1.54%)** | **Alabama (1.54%)** |
| City of Athens, Alabama, Electric Revenue Warrants | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp;$600000 | &nbsp;&nbsp;$636866 |
| City of Athens, Alabama, Electric Revenue Warrants | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 234785 |
| City of Athens, Alabama, Electric Revenue Warrants | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 691099 |
| City of Athens, Alabama, Water and Sewer Revenue Refunding Warrants | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 1078218 |
| City of Athens, Alabama, Electric Revenue Warrants | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp; 715858 |
| Madison Water and Wastewater Board Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2407610 |
| City of Athens, Alabama, Water and Sewer Revenue Refunding Warrants | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1109197 |
| Madison Water and Wastewater Board Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp; 257151 |
| Mountain Brook Board of Education, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 612050 |
| Madison Water and Wastewater Board Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 370243 |
| Mountain Brook Board of Education, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2037 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 569801 |
| Madison Water and Wastewater Board Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 321812 |
| Black Belt Energy Gas District Revenue Bonds, Gas Project No.7-S(a),(b) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2052 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1697147 |
|  |  |  |  | &nbsp;&nbsp; 10701837 |
| **Alaska (1.73%)** | **Alaska (1.73%)** | **Alaska (1.73%)** | **Alaska (1.73%)** | **Alaska (1.73%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1209840 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;09/01/2028 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1160120 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1547664 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1213636 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp; 1597470 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp; 1248023 |
| Borough of Matanuska-Susitna, Alaska, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1312110 |
| Alaska Housing Finance Corporation Revenue Bonds, Series B-2(c) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1284621 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series C | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1454648 |
|  |  |  |  | &nbsp;&nbsp; 12028132 |
| **Arizona (2.01%)** | **Arizona (2.01%)** | **Arizona (2.01%)** | **Arizona (2.01%)** | **Arizona (2.01%)** |
| Pima County Unified School District No. 1 Tucson, General Obligation Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2022 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023201 |
| County of Pima, Arizona, Sewer System Revenue Bonds, Series A (Prerefunded to 07-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2023 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1085158 |
| Maricopa County Elementary School District No. 79 Litchfield Elementary, General Obligation Bonds, Project of 2009, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2023 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1023260 |
| Maricopa County Unified School District No. 69 Paradise Valley, General Obligation Bonds, Project of 2009, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2023 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp; 1305722 |
| Maricopa County Union High School District No. 210 Phoenix, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2024 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp; 1186007 |
| County of Pima, Arizona, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2035583 |
| Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, Project of 2007, Series D | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 593337 |
| Maricopa County Unified School District No. 93 Cave Creek, Arizona, General Obligation Bonds, Project of 2014, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1226109 |
| Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, Project of 2007, Series D | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 426885 |
| Maricopa County Union High School District No. 213 Tempe, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1086426 |
| Maricopa County Elementary School District No. 14 Creighton, General Obligation Bonds, Series C | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1228695 |
| Arizona Industrial Development Authority Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 1470000 | &nbsp;&nbsp; 1746362 |
|  |  |  |  | &nbsp;&nbsp; 13966745 |
| **Arkansas (2.36%)** | **Arkansas (2.36%)** | **Arkansas (2.36%)** | **Arkansas (2.36%)** | **Arkansas (2.36%)** |
| University of Arkansas Revenue Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2024 | &nbsp;&nbsp; 2315000 | &nbsp;&nbsp; 2482227 |
| City of Little Rock, Arkansas, General Obligation Refunding Bonds | &nbsp;&nbsp;2.750% | &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp; 185291 |
| State of Arkansas, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3248797 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Arkansas (Cont.)** | **Arkansas (Cont.)** | **Arkansas (Cont.)** | **Arkansas (Cont.)** | **Arkansas (Cont.)** |
| University of Arkansas Revenue Bonds (Prerefunded to 11-01-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp;$365000 | &nbsp;&nbsp;$411843 |
| Arkansas Technical University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 206314 |
| Rogers School District No. 30, General Obligation Refunding Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp; 2880000 | &nbsp;&nbsp; 2909921 |
| University of Arkansas Revenue Bonds (Prerefunded to 11-01-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp; 785000 | &nbsp;&nbsp; 885744 |
| Arkansas Technical University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214932 |
| Rogers School District No. 30, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp; 5115000 | &nbsp;&nbsp; 5356836 |
| City of Heber Springs, Arkansas, Water and Sewer Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 316637 |
| Arkansas Technical University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213435 |
|  |  |  |  | &nbsp;&nbsp; 16431977 |
| **California (5.74%)** | **California (5.74%)** | **California (5.74%)** | **California (5.74%)** | **California (5.74%)** |
| Atascadero Unified School District, General Obligation Bonds, Election of 2010, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2025 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 251404 |
| Atascadero Unified School District, General Obligation Bonds, Election of 2010, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 1080000 | &nbsp;&nbsp; 1202605 |
| East Side Union High School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1099010 |
| Newark Unified School District, General Obligation Bonds, Election of 2011, Series C | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 819208 |
| Santee School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1705818 |
| Campbell Union High School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 1965000 | &nbsp;&nbsp; 2120434 |
| City of La Mesa, California, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1317515 |
| Santee School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; 1870221 |
| Sonoma County Junior College District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 2835000 | &nbsp;&nbsp; 3107242 |
| City of La Mesa, California, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 616163 |
| Marin Community College District, General Obligation Bonds, Election of 2016, Series A (Prerefunded to 08-01-2026 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1267054 |
| Sonoma County Junior College District, General Obligation Bonds, Election of 2014, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1825669 |
| Sequoia Union High School District, General Obligation Bonds, Election of 2014 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2031 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3242081 |
| City of La Mesa, California, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 455935 |
| Redondo Beach Unified School District, General Obligation Refunding Bonds, Election of 2008, Series D | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 821097 |
| City of La Mesa, California, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 569590 |
| Redondo Beach Unified School District, General Obligation Refunding Bonds, Election of 2008, Series D | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 819672 |
| Tustin Unified School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 590998 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 449445 |
| Tustin Unified School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 636584 |
| Tustin Unified School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 694455 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2178243 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 425116 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 229841 |
| Los Angeles Unified School District, California, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2707280 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 1250874 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333029 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1121159 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 407290 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 649652 |
| Contra Costa Community College District, General Obligation Bonds, Election of 2014, Series C | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 2117273 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1118913 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2036 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 458156 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 828236 |
| Kentfield School District, General Obligation Bonds, Election of 2014, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2037 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 571744 |
|  |  |  |  | &nbsp;&nbsp; 39879006 |
| **Colorado (3.56%)** | **Colorado (3.56%)** | **Colorado (3.56%)** | **Colorado (3.56%)** | **Colorado (3.56%)** |
| Arapahoe County School District No. 5 Cherry Creek, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2023 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3384562 |
| El Paso County School District No. 20 Academy, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1102848 |
| Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;12/15/2027 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3189391 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Colorado (Cont.)** | **Colorado (Cont.)** | **Colorado (Cont.)** | **Colorado (Cont.)** | **Colorado (Cont.)** |
| Eagle River Water and Sanitation District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp;$465000 | &nbsp;&nbsp;$531493 |
| Gunnison Watershed School District No. RE-1J, General Obligation Refunding Bonds, Series A (Prerefunded to 12-01-2024 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1104545 |
| City of Wheat Ridge, Colorado, Tax Allocation | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 2550000 | &nbsp;&nbsp; 3121860 |
| Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp; 1805000 | &nbsp;&nbsp; 2140601 |
| Ouray County School District No. R-2 Ridgway, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 727259 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2993380 |
| Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 1160735 |
| Pitkin County School District No. 1 Aspen, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1474471 |
| Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1182631 |
| City of Westminster, Colorado Water and Wastewater Utility Enterprise Water and Wastewater Revenue Bonds, Series 2019 | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1200964 |
| Pitkin County School District No. 1 Aspen, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp; 1454877 |
|  |  |  |  | &nbsp;&nbsp; 24769617 |
| **Connecticut (0.87%)** | **Connecticut (0.87%)** | **Connecticut (0.87%)** | **Connecticut (0.87%)** | **Connecticut (0.87%)** |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, Series A(b),(e) | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;07/01/2042 | &nbsp;&nbsp; 5700000 | &nbsp;&nbsp; 6050300 |
| **Florida (3.38%)** | **Florida (3.38%)** | **Florida (3.38%)** | **Florida (3.38%)** | **Florida (3.38%)** |
| County of Lee County Water & Sewer Revenue Bonds, Series A (Prerefunded to 10-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/01/2026 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 432825 |
| City of Pembroke Pines, Florida, General Obligation Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2433818 |
| Florida Municipal Loan Council Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 566014 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/01/2032 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 621162 |
| County of Lee County Water & Sewer Revenue Bonds, Series A (Prerefunded to 10-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 811547 |
| Collier County Water-Sewer District Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp; 5080000 | &nbsp;&nbsp; 5659759 |
| Florida Municipal Loan Council Revenue Bonds, Series A | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;08/01/2033 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 590339 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 917671 |
| Florida Municipal Loan Council Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 651135 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2034 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 916457 |
| City of Tampa, Florida, Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1252403 |
| Florida Department of Management Services, Certificate of Participation | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1112970 |
| City of Tampa, Florida, Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1999408 |
| JEA Water & Sewer System Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/01/2036 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5511648 |
|  |  |  |  | &nbsp;&nbsp; 23477156 |
| **Georgia (1.11%)** | **Georgia (1.11%)** | **Georgia (1.11%)** | **Georgia (1.11%)** | **Georgia (1.11%)** |
| Bartow County Development Authority Revenue Refunding Bonds(f) | &nbsp;&nbsp;1.800% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1003181 |
| Walton Industrial Building Authority Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp; 1420000 | &nbsp;&nbsp; 1762585 |
| Harris County School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278231 |
| Forsyth County Water & Sewerage Authority Revenue Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1114623 |
| Harris County School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 777164 |
| Classic Center Authority for Clarke County Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2037 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 491221 |
| Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series A(b),(g) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2052 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2311433 |
|  |  |  |  | &nbsp;&nbsp; 7738438 |
| **Hawaii (0.09%)** | **Hawaii (0.09%)** | **Hawaii (0.09%)** | **Hawaii (0.09%)** | **Hawaii (0.09%)** |
| County of Hawaii, General Obligation Bonds, Series A (Prerefunded to 09-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 593315 |
| **Idaho (1.27%)** | **Idaho (1.27%)** | **Idaho (1.27%)** | **Idaho (1.27%)** | **Idaho (1.27%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp; 2880000 | &nbsp;&nbsp; 3317977 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** |
| Boise State University Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp;$445000 | &nbsp;&nbsp;$516228 |
| Idaho State University Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 309905 |
| Boise State University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 602568 |
| Idaho State University Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 210160 |
| Idaho Health Facilities Authority Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 485236 |
| Boise State University Revenue Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 294058 |
| Boise State University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 342157 |
| Idaho State University Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2034 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 297282 |
| Boise State University Revenue Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 305882 |
| Boise State University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 330500 |
| Idaho State University Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 203036 |
| University of Idaho Revenue Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp; 551739 |
| Idaho State University Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2036 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 231571 |
| Boise State University Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 339980 |
| University of Idaho Revenue Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;04/01/2037 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 502597 |
|  |  |  |  | &nbsp;&nbsp; 8840876 |
| **Illinois (1.33%)** | **Illinois (1.33%)** | **Illinois (1.33%)** | **Illinois (1.33%)** | **Illinois (1.33%)** |
| Will County Community Unit School District No. 365-U Valley View, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1270030 |
| Cook County Community Unit School District No. 401 Elmwood Park, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1197631 |
| County of Sangamon, Illinois, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 863366 |
| Cook County Community Consolidated School District No. 64 Park Ridge-Niles, General Obligation Bonds(c) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1108710 |
| Lake County Community Consolidated School District No. 73 Hawthorn, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/01/2038 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3573408 |
| Illinois State Toll Highway Authority Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/01/2039 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1205955 |
|  |  |  |  | &nbsp;&nbsp; 9219100 |
| **Indiana (4.11%)** | **Indiana (4.11%)** | **Indiana (4.11%)** | **Indiana (4.11%)** | **Indiana (4.11%)** |
| Perry Township Multi School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/15/2026 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1389374 |
| Perry Township Multi School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2026 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1310264 |
| East Noble School Building Corporation Revenue Bonds | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1236502 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2027 | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp; 1325573 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 564640 |
| New Albany-Floyd County School Building Corporation Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 582842 |
| Warsaw Multi-School Building Corporation Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1124958 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | &nbsp;&nbsp;3.750% | &nbsp;&nbsp;07/01/2029 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 243315 |
| New Albany-Floyd County School Building Corporation Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2319992 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3513419 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 842712 |
| Munster School Building Corporation Revenue Bonds | &nbsp;&nbsp;3.380% | &nbsp;&nbsp;01/15/2031 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1239637 |
| Munster School Building Corporation Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2032 | &nbsp;&nbsp; 2285000 | &nbsp;&nbsp; 2675135 |
| Crown Point Multi School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2033 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1965263 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 707083 |
| City of Lebanon, Indiana, Sewage Works Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 993562 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2034 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 408258 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 735295 |
| City of Lebanon, Indiana, Sewage Works Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp; 1024305 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 728794 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 761689 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/15/2036 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 847682 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| Indiana Finance Authority Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2037 | &nbsp;&nbsp;$735000 | &nbsp;&nbsp;$900546 |
| Silver Creek School Building Corporation Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;01/15/2039 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1110606 |
|  |  |  |  | &nbsp;&nbsp; 28551446 |
| **Iowa (2.52%)** | **Iowa (2.52%)** | **Iowa (2.52%)** | **Iowa (2.52%)** | **Iowa (2.52%)** |
| Johnston Community School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp; 2370000 | &nbsp;&nbsp; 2391361 |
| County of Grundy, Iowa, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp; 1130000 | &nbsp;&nbsp; 1139821 |
| Johnston Community School District, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2026 | &nbsp;&nbsp; 2445000 | &nbsp;&nbsp; 2465445 |
| County of Grundy, Iowa, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp; 1184255 |
| Des Moines Metropolitan Wastewater Reclamation Authority Revenue Refunding Bonds, Series E | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp; 1662496 |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;06/01/2027 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2169179 |
| City of Cedar Rapids Water Revenue Refunding Bonds, Series D | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 1032859 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1141582 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp; 1770000 | &nbsp;&nbsp; 1877429 |
| Kirkwood Community College, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp; 1275000 | &nbsp;&nbsp; 1493905 |
| Woodbury County Law Enforcement Center Authority Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp; 942253 |
|  |  |  |  | &nbsp;&nbsp; 17500585 |
| **Kansas (2.30%)** | **Kansas (2.30%)** | **Kansas (2.30%)** | **Kansas (2.30%)** | **Kansas (2.30%)** |
| Johnson County Unified School District No. 233 Olathe, General Obligation Bonds, Series A (Prerefunded to 09-01-2024 @ 100)(d) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;09/01/2026 | &nbsp;&nbsp; 2740000 | &nbsp;&nbsp; 2928886 |
| Johnson County Unified School District No. 233 Olathe, General Obligation Bonds, Series A (Prerefunded to 09-01-2024 @ 100)(d) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;09/01/2027 | &nbsp;&nbsp; 1490000 | &nbsp;&nbsp; 1592715 |
| Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1081978 |
| Johnson County Water District No. 1 Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2690165 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2033 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 6108543 |
| City of Manhattan, Kansas, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 530006 |
| City of Manhattan, Kansas, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp; 547046 |
| City of Manhattan, Kansas, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 531372 |
|  |  |  |  | &nbsp;&nbsp; 16010711 |
| **Kentucky (2.62%)** | **Kentucky (2.62%)** | **Kentucky (2.62%)** | **Kentucky (2.62%)** | **Kentucky (2.62%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp; 1172610 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;09/15/2029 | &nbsp;&nbsp; 1735000 | &nbsp;&nbsp; 1895596 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/01/2029 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1141275 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | &nbsp;&nbsp;3.380% | &nbsp;&nbsp;09/15/2030 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 1971331 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp; 1180571 |
| Northern Kentucky Water District Revenue Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp; 3660000 | &nbsp;&nbsp; 3967145 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;09/15/2031 | &nbsp;&nbsp; 1860000 | &nbsp;&nbsp; 2025139 |
| Kenton County School District Finance Corporation Revenue Bonds | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1600665 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2033 | &nbsp;&nbsp; 3115000 | &nbsp;&nbsp; 3280992 |
|  |  |  |  | &nbsp;&nbsp; 18235324 |
| **Maine (0.89%)** | **Maine (0.89%)** | **Maine (0.89%)** | **Maine (0.89%)** | **Maine (0.89%)** |
| Maine Municipal Bond Bank Revenue Refunding Bonds, Series D | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3277084 |
| Maine State Housing Authority Revenue Refunding Bonds, Series 1 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp; 2265000 | &nbsp;&nbsp; 2941280 |
|  |  |  |  | &nbsp;&nbsp; 6218364 |
| **Maryland (1.12%)** | **Maryland (1.12%)** | **Maryland (1.12%)** | **Maryland (1.12%)** | **Maryland (1.12%)** |
| County of Montgomery, Maryland, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2092929 |
| State of Maryland Department of Transportation Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp; 1605000 | &nbsp;&nbsp; 1949227 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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 (Cont.)** | **Maryland (Cont.)** | **Maryland (Cont.)** | **Maryland (Cont.)** | **Maryland (Cont.)** |
| County of Caroline, Maryland, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp;$1150000 | &nbsp;&nbsp;$1281422 |
| State of Maryland, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp; 2496387 |
|  |  |  |  | &nbsp;&nbsp; 7819965 |
| **Massachusetts (0.16%)** | **Massachusetts (0.16%)** | **Massachusetts (0.16%)** | **Massachusetts (0.16%)** | **Massachusetts (0.16%)** |
| Town of Northbridge, Massachusetts, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1098704 |
| **Michigan (4.65%)** | **Michigan (4.65%)** | **Michigan (4.65%)** | **Michigan (4.65%)** | **Michigan (4.65%)** |
| Plymouth-Canton Community School District, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2022 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457111 |
| Plymouth-Canton Community School District, General Obligation Refunding Bonds, Series A (Prerefunded to 05-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1279909 |
| Hudsonville Public Schools, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp; 1351611 |
| Plymouth-Canton Community School District, General Obligation Bonds, Series A (Prerefunded to 05-01-2023 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 3850000 | &nbsp;&nbsp; 4042304 |
| Plymouth-Canton Community School District, General Obligation Refunding Bonds, Series A (Prerefunded to 05-01-2022 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2328873 |
| East Grand Rapids Public School District, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1107515 |
| Hamilton Community School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 556423 |
| Mattawan Consolidated School District, General Obligation Bonds, Series I (Prerefunded to 05-01-2025 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1154493 |
| East Grand Rapids Public School District, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 765000 | &nbsp;&nbsp; 846118 |
| Hamilton Community School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333116 |
| Mattawan Consolidated School District, General Obligation Bonds, Series I (Prerefunded to 05-01-2025 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 689250 |
| Zeeland Public Schools, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 797891 |
| Zeeland Public Schools, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1256171 |
| St Louis Public Schools, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp; 1958706 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2032 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp; 695302 |
| Swan Valley School District, General Obligation Bonds, Series I | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp; 1015019 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 735193 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp; 780615 |
| Lowell Area Schools, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 475055 |
| Rockford Public Schools, General Obligation Bonds, Series I | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2035 | &nbsp;&nbsp; 1755000 | &nbsp;&nbsp; 2073547 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp; 1635000 | &nbsp;&nbsp; 2059492 |
| Lowell Area Schools, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp; 1025950 |
| West Bloomfield School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2036 | &nbsp;&nbsp; 3825000 | &nbsp;&nbsp; 4170342 |
| Portage Public Schools, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1102978 |
|  |  |  |  | &nbsp;&nbsp; 32292984 |
| **Minnesota (3.25%)** | **Minnesota (3.25%)** | **Minnesota (3.25%)** | **Minnesota (3.25%)** | **Minnesota (3.25%)** |
| Lakeville Independent School District No. 194, General Obligation Refunding Bonds, Series D | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2022 | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp; 2729945 |
| Minnetonka Independent School District No. 276, General Obligation Refunding Bonds, Series I (Prerefunded to 02-01-2023 @ 100)(d) | &nbsp;&nbsp;2.380% | &nbsp;&nbsp;02/01/2025 | &nbsp;&nbsp; 2805000 | &nbsp;&nbsp; 2869508 |
| Minnetonka Independent School District No. 276, General Obligation Refunding Bonds, Series I (Prerefunded to 02-01-2023 @ 100)(d) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1029813 |
| Shakopee Independent School District No. 720, General Obligation Bonds, Series A(d) | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp; 3860000 | &nbsp;&nbsp; 4084511 |
| Minnetonka Independent School District No. 276, General Obligation Refunding Bonds, Series I (Prerefunded to 02-01-2023 @ 100)(d) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2027 | &nbsp;&nbsp; 1590000 | &nbsp;&nbsp; 1637403 |
| North St Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3132516 |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;02/01/2032 | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp; 1343345 |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2034 | &nbsp;&nbsp; 3300000 | &nbsp;&nbsp; 3619814 |
| City of Minneapolis, Minnesota, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2173568 |
|  |  |  |  | &nbsp;&nbsp; 22620423 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Mississippi (1.21%)** | **Mississippi (1.21%)** | **Mississippi (1.21%)** | **Mississippi (1.21%)** | **Mississippi (1.21%)** |
| Madison County School District, Mississippi, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/15/2022 | &nbsp;&nbsp;$2480000 | &nbsp;&nbsp;$2506821 |
| State of Mississippi, General Obligation Bonds, Series F | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/01/2026 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3261444 |
| Mississippi Development Bank Revenue Bonds | &nbsp;&nbsp;4.250% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 2305000 | &nbsp;&nbsp; 2608576 |
|  |  |  |  | &nbsp;&nbsp; 8376841 |
| **Missouri (2.16%)** | **Missouri (2.16%)** | **Missouri (2.16%)** | **Missouri (2.16%)** | **Missouri (2.16%)** |
| Columbia School District, Missouri, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;03/01/2022 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 296589 |
| Columbia School District, Missouri, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2024 | &nbsp;&nbsp; 2050000 | &nbsp;&nbsp; 2061897 |
| Fort Zumwalt School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2027 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 499606 |
| Fort Zumwalt School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2028 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 429727 |
| Fort Zumwalt School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2029 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 456643 |
| Liberty Public School District No. 53, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1127836 |
| Liberty Public School District No. 53, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2812740 |
| St. Charles County School District No. R-IV Wentzville, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3453605 |
| City of Columbia Water & Electric System Revenue Refunding Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp; 2520000 | &nbsp;&nbsp; 2754445 |
| Jackson County Reorganized School District No. 7, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1094527 |
|  |  |  |  | &nbsp;&nbsp; 14987615 |
| **Montana (3.98%)** | **Montana (3.98%)** | **Montana (3.98%)** | **Montana (3.98%)** | **Montana (3.98%)** |
| Hellgate School District No. 4, General Obligation Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;06/15/2025 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp; 941010 |
| Hellgate School District No. 4, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2032 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 1132953 |
| Missoula High School District No. 1, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1156019 |
| City of Forsyth, Montana, Revenue Refunding Bonds | &nbsp;&nbsp;2.130% | &nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5204119 |
| Hellgate School District No. 4, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2033 | &nbsp;&nbsp; 1005000 | &nbsp;&nbsp; 1203458 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 596984 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | &nbsp;&nbsp;4.500% | &nbsp;&nbsp;07/01/2033 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp; 671573 |
| Hellgate School District No. 4, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 603993 |
| Cascade County High School District A Great Falls, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 883121 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 647705 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1188484 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2034 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp; 988962 |
| Hellgate School District No. 4, General Obligation Bonds | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; 1062863 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 967430 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 889890 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2035 | &nbsp;&nbsp; 1925000 | &nbsp;&nbsp; 2361885 |
| Montana State Board of Regents Revenue Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;11/15/2035 | &nbsp;&nbsp; 3660000 | &nbsp;&nbsp; 3993464 |
| Broadwater County K-12 School District No. 1 Townsend, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 828926 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp; 585000 | &nbsp;&nbsp; 668687 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2036 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp; 1142670 |
| Broadwater County K-12 School District No. 1 Townsend, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2037 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 512789 |
|  |  |  |  | &nbsp;&nbsp; 27646985 |
| **Nebraska (1.73%)** | **Nebraska (1.73%)** | **Nebraska (1.73%)** | **Nebraska (1.73%)** | **Nebraska (1.73%)** |
| Gretna Public Schools, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2024 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 155657 |
| Gretna Public Schools, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 203903 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 174162 |
| Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2028 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 293413 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 289469 |
| Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2029 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 305149 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 375745 |
| Grand Island Public Schools, General Obligation Bonds (Prerefunded to 12-15-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2030 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 793545 |
| Nebraska Public Power District Revenue Refunding Bonds, Series A(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1900000 |
| Nebraska Public Power District Revenue Refunding Bonds, Series C | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/01/2032 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 2501707 |
| Grand Island Public Schools, General Obligation Bonds (Prerefunded to 12-15-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/15/2032 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp; 640504 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Nebraska (Cont.)** | **Nebraska (Cont.)** | **Nebraska (Cont.)** | **Nebraska (Cont.)** | **Nebraska (Cont.)** |
| City of Lincoln Sanitary Sewer Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/15/2034 | &nbsp;&nbsp;$1105000 | &nbsp;&nbsp;$1234219 |
| City of Omaha, Nebraska, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/15/2035 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 850960 |
| City of Lincoln Sanitary Sewer Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1267072 |
| City of La Vista, Nebraska, General Obligation Bonds(c) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;09/15/2041 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1059766 |
|  |  |  |  | &nbsp;&nbsp; 12045271 |
| **Nevada (0.97%)** | **Nevada (0.97%)** | **Nevada (0.97%)** | **Nevada (0.97%)** | **Nevada (0.97%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp; 3045000 | &nbsp;&nbsp; 3433223 |
| Clark County School District G.O. Limited Bonds, Series B (BAM Insured) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/15/2038 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3292626 |
|  |  |  |  | &nbsp;&nbsp; 6725849 |
| **New Jersey (1.78%)** | **New Jersey (1.78%)** | **New Jersey (1.78%)** | **New Jersey (1.78%)** | **New Jersey (1.78%)** |
| South Brunswick Township Board of Education, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2022 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 761736 |
| Madison Borough Board of Education, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2022 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 615786 |
| Madison Borough Board of Education, General Obligation Refunding Bonds, Series B (Prerefunded to 12-15-2022 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/15/2023 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp; 481828 |
| Somerset Hills School District, General Obligation Refunding Bonds(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/15/2024 | &nbsp;&nbsp; 2345000 | &nbsp;&nbsp; 2362729 |
| Hopewell Valley Regional School District, General Obligation Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;01/15/2027 | &nbsp;&nbsp; 3330000 | &nbsp;&nbsp; 3655143 |
| Livingston Township School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/15/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1109791 |
| Township of Moorestown, New Jersey, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/15/2030 | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1175674 |
| Hopewell Valley Regional School District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/15/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2202743 |
|  |  |  |  | &nbsp;&nbsp; 12365430 |
| **New Mexico (3.34%)** | **New Mexico (3.34%)** | **New Mexico (3.34%)** | **New Mexico (3.34%)** | **New Mexico (3.34%)** |
| Santa Fe Public School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2022 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2032388 |
| County of Bernalillo, New Mexico, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;08/15/2023 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp; 1059045 |
| County of Bernalillo, New Mexico, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;08/15/2024 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1082128 |
| County of Bernalillo, New Mexico, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/15/2025 | &nbsp;&nbsp; 1235000 | &nbsp;&nbsp; 1286690 |
| City of Santa Fe, New Mexico, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 237473 |
| City of Santa Fe, New Mexico, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 738009 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 978512 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1633832 |
| City of Santa Fe, New Mexico, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 764367 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 980982 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;08/01/2028 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1631391 |
| City of Santa Fe, New Mexico, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 790603 |
| Santa Fe Public School District, General Obligation Bonds | &nbsp;&nbsp;3.630% | &nbsp;&nbsp;08/01/2029 | &nbsp;&nbsp; 3075000 | &nbsp;&nbsp; 3428897 |
| Santa Fe Public School District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1134785 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2034 | &nbsp;&nbsp; 1800000 | &nbsp;&nbsp; 2228870 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/01/2035 | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 3215492 |
|  |  |  |  | &nbsp;&nbsp; 23223464 |
| **New York (1.87%)** | **New York (1.87%)** | **New York (1.87%)** | **New York (1.87%)** | **New York (1.87%)** |
| Triborough Bridge & Tunnel Authority Revenue Refunding Bonds, Series C-2 | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/15/2032 | &nbsp;&nbsp; 2250000 | &nbsp;&nbsp; 2575425 |
| New York State Environmental Facilities Corporation Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;08/15/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1367758 |
| Port Authority of New York & New Jersey Revenue Bonds, Series 179 | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3260628 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | &nbsp;&nbsp;2.400% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1021882 |
| New York City Water & Sewer System Revenue Bonds, Series DD | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2769859 |
| New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue Bonds, Series J (SonyMA Insured)(b),(h) | &nbsp;&nbsp;1.100% | &nbsp;&nbsp;11/01/2061 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000046 |
|  |  |  |  | &nbsp;&nbsp; 12995598 |
| **North Carolina (2.31%)** | **North Carolina (2.31%)** | **North Carolina (2.31%)** | **North Carolina (2.31%)** | **North Carolina (2.31%)** |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2026 | &nbsp;&nbsp; 1960000 | &nbsp;&nbsp; 2307076 |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2027 | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp; 1275082 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **North Carolina (Cont.)** | **North Carolina (Cont.)** | **North Carolina (Cont.)** | **North Carolina (Cont.)** | **North Carolina (Cont.)** |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2028 | &nbsp;&nbsp;$890000 | &nbsp;&nbsp;$1109210 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 800014 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 1192279 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 302906 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2030 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 651422 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2031 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 648778 |
| County of Union, North Carolina, Enterprise System Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp; 2850000 | &nbsp;&nbsp; 3121315 |
| County of Forsyth, North Carolina, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1121099 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2033 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 968600 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1287057 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/01/2037 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1281388 |
|  |  |  |  | &nbsp;&nbsp; 16066226 |
| **North Dakota (1.29%)** | **North Dakota (1.29%)** | **North Dakota (1.29%)** | **North Dakota (1.29%)** | **North Dakota (1.29%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;05/01/2028 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp; 873008 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;05/01/2029 | &nbsp;&nbsp; 835000 | &nbsp;&nbsp; 862865 |
| Bismarck Public School District No. 1, General Obligation Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;05/01/2030 | &nbsp;&nbsp; 1695000 | &nbsp;&nbsp; 1834918 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | &nbsp;&nbsp;3.125% | &nbsp;&nbsp;05/01/2031 | &nbsp;&nbsp; 1015000 | &nbsp;&nbsp; 1093794 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;05/01/2032 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp; 1135910 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2033 | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp; 1477122 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;05/01/2034 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1688708 |
|  |  |  |  | &nbsp;&nbsp; 8966325 |
| **Ohio (5.31%)** | **Ohio (5.31%)** | **Ohio (5.31%)** | **Ohio (5.31%)** | **Ohio (5.31%)** |
| Cincinnati City School District, General Obligation Refunding Bonds | &nbsp;&nbsp;5.250% | &nbsp;&nbsp;12/01/2022 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1046137 |
| Lake County Community College District, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 720374 |
| Lake Local School District/Stark County, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 194164 |
| Lake County Community College District, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2026 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 393663 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 190063 |
| Perrysburg Exempted Village School District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1364310 |
| Lakewood City School District, General Obligation Bonds, Series A (Prerefunded to 11-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1039809 |
| Bellbrook-Sugarcreek Local School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1763957 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds (Prerefunded to 12-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 244981 |
| Fairfield City School District, General Obligation Bonds (Prerefunded to 11-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 868626 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds (Prerefunded to 12-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 217760 |
| Fairfield City School District, General Obligation Bonds (Prerefunded to 11-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp; 1335000 | &nbsp;&nbsp; 1449520 |
| Lakewood City School District, General Obligation Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 274534 |
| Hudson City School District, Ohio, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 847773 |
| Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp; 388553 |
| State of Ohio, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1676556 |
| Lakewood City School District, General Obligation Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 255550 |
| Hudson City School District, Ohio, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 394819 |
| American Municipal Power-Ohio Inc., Revenue Refunding Bonds, Prairie State Energy Campus | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;02/15/2032 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2563377 |
| Ohio Water Development Authority Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp; 2275000 | &nbsp;&nbsp; 3102090 |
| Lakewood City School District, General Obligation Bonds, Series A (Prerefunded to 11-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1559714 |
| Lakewood City School District, General Obligation Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp; 254750 |
| City of Marysville, Ohio, Water System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp; 347552 |
| Cuyahoga Community College District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1974904 |
| Hudson City School District, Ohio, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2032 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 422675 |
| Lakewood City School District, General Obligation Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 426137 |
| City of Marysville, Ohio, Water System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 258951 |
| Dublin City School District, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 594385 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| Hudson City School District, Ohio, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp;$400000 | &nbsp;&nbsp;$450669 |
| Worthington City School District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 933373 |
| Cuyahoga Community College District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1122996 |
| Dublin City School District, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 593364 |
| Hudson City School District, Ohio, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp; 985033 |
| City of Marysville, Ohio, Water System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 1870000 | &nbsp;&nbsp; 2051339 |
| Dublin City School District, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 592724 |
| Worthington City School District, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 559639 |
| Miami University Oxford Revenue Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/01/2036 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3594453 |
| Dublin City School District, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2036 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1185394 |
|  |  |  |  | &nbsp;&nbsp; 36904668 |
| **Oklahoma (1.62%)** | **Oklahoma (1.62%)** | **Oklahoma (1.62%)** | **Oklahoma (1.62%)** | **Oklahoma (1.62%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2507152 |
| City of Tulsa, Oklahoma, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3096858 |
| Tulsa County Industrial Authority Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1829784 |
| Grand River Dam Authority Revenue Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp; 1835000 | &nbsp;&nbsp; 2029254 |
| Edmond Public Works Authority Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2032 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1822840 |
|  |  |  |  | &nbsp;&nbsp; 11285888 |
| **Oregon (1.12%)** | **Oregon (1.12%)** | **Oregon (1.12%)** | **Oregon (1.12%)** | **Oregon (1.12%)** |
| State of Oregon, General Obligation Refunding Bonds, Series J | &nbsp;&nbsp;2.800% | &nbsp;&nbsp;06/01/2025 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 165545 |
| Clackamas County School District No. 12 North Clackamas, General Obligation Refunding Bonds (Prerefunded to 06-15-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;06/15/2028 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2783708 |
| Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/15/2035 | &nbsp;&nbsp; 2865000 | &nbsp;&nbsp; 3158763 |
| Tri-County Metropolitan Transportation District of Oregon Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;09/01/2037 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1685020 |
|  |  |  |  | &nbsp;&nbsp; 7793036 |
| **Pennsylvania (1.27%)** | **Pennsylvania (1.27%)** | **Pennsylvania (1.27%)** | **Pennsylvania (1.27%)** | **Pennsylvania (1.27%)** |
| Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2028 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 387703 |
| Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2029 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 346712 |
| County of Northampton, Pennsylvania, General Obligation Refunding Bonds, Series B (Prerefunded to 10-01-2022 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;10/01/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1553749 |
| West View Municipal Authority Water Revenue Bonds (Prerefunded to 11-15-2024 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/15/2031 | &nbsp;&nbsp; 1365000 | &nbsp;&nbsp; 1544670 |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | &nbsp;&nbsp;2.200% | &nbsp;&nbsp;04/01/2033 | &nbsp;&nbsp; 2785000 | &nbsp;&nbsp; 2811707 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2033 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 447199 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2035 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 891196 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2037 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 854415 |
|  |  |  |  | &nbsp;&nbsp; 8837351 |
| **South Carolina (1.53%)** | **South Carolina (1.53%)** | **South Carolina (1.53%)** | **South Carolina (1.53%)** | **South Carolina (1.53%)** |
| Fort Mill School District No. 4, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp; 2315000 | &nbsp;&nbsp; 2372188 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp; 401069 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp; 555459 |
| City of Columbia Waterworks & Sewer System Revenue Refunding Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/01/2029 | &nbsp;&nbsp; 1045000 | &nbsp;&nbsp; 1210035 |
| Spartanburg Sanitary Sewer District Revenue Refunding Bonds, Series B (Prerefunded to 03-01-2023 @ 100)(d) | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp; 2160000 | &nbsp;&nbsp; 2279841 |
| Town of Fort Mill Water & Sewer System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp; 571429 |
| Piedmont Municipal Power Agency Revenue Refunding Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1301220 |
| City of Columbia Waterworks & Sewer System Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;02/01/2035 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1940301 |
|  |  |  |  | &nbsp;&nbsp; 10631542 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **South Dakota (0.04%)** | **South Dakota (0.04%)** | **South Dakota (0.04%)** | **South Dakota (0.04%)** | **South Dakota (0.04%)** |
| Harrisburg School District No. 41-2, General Obligation Bonds (Prerefunded to 01-15-2022 @ 100)(d) | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/15/2022 | &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$250218 |
| **Tennessee (1.00%)** | **Tennessee (1.00%)** | **Tennessee (1.00%)** | **Tennessee (1.00%)** | **Tennessee (1.00%)** |
| City of Knoxville Water System Revenue Refunding Bonds, Series BB | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2025 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp; 1205990 |
| County of Washington, Tennessee, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp; 935000 | &nbsp;&nbsp; 1024506 |
| County of Washington, Tennessee, General Obligation Bonds, Series B | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/01/2030 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 931370 |
| Harpeth Valley Utilities District of Davidson and Williamson Counties Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2031 | &nbsp;&nbsp; 1065000 | &nbsp;&nbsp; 1184777 |
| City of Portland Water & Sewer Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2035 | &nbsp;&nbsp; 1225000 | &nbsp;&nbsp; 1461145 |
| City of Memphis Electric System Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1114469 |
|  |  |  |  | &nbsp;&nbsp; 6922257 |
| **Texas (2.65%)** | **Texas (2.65%)** | **Texas (2.65%)** | **Texas (2.65%)** | **Texas (2.65%)** |
| Eanes Independent School District, General Obligation Bonds, Series A | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;08/01/2026 | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp; 1793560 |
| State of Texas, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;08/01/2027 | &nbsp;&nbsp; 2325000 | &nbsp;&nbsp; 2509077 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;03/01/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 308946 |
| State of Texas, General Obligation Refunding Bonds, Series B | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;08/01/2032 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 767167 |
| Lake Travis Independent School District, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/15/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1144749 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;03/01/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 246675 |
| Gregory-Portland Independent School District, Texas, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/15/2034 | &nbsp;&nbsp; 1565000 | &nbsp;&nbsp; 1623134 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2034 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 324488 |
| Gregory-Portland Independent School District, Texas, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;02/15/2035 | &nbsp;&nbsp; 2710000 | &nbsp;&nbsp; 2808816 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 231438 |
| City of Beaumont, Texas, Waterworks & Sewer System Revenue Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;09/01/2035 | &nbsp;&nbsp; 1515000 | &nbsp;&nbsp; 1821303 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 375396 |
| Fort Bend Grand Parkway Toll Road Authority Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2038 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1646173 |
| City of Bryan, Texas, Electric System Revenue Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;07/01/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1092503 |
| County of Bexar, Texas, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;06/15/2039 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; 1704735 |
|  |  |  |  | &nbsp;&nbsp; 18398160 |
| **Utah (0.94%)** | **Utah (0.94%)** | **Utah (0.94%)** | **Utah (0.94%)** | **Utah (0.94%)** |
| Snyderville Basin Special Recreation District, General Obligation Bonds, Series A | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/15/2025 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp; 1349308 |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2902897 |
| Jordan Valley Water Conservancy District Revenue Refunding Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2033 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1155130 |
| Jordan Valley Water Conservancy District Revenue Refunding Bonds, Series B | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;10/01/2034 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1153521 |
|  |  |  |  | &nbsp;&nbsp; 6560856 |
| **Vermont (0.55%)** | **Vermont (0.55%)** | **Vermont (0.55%)** | **Vermont (0.55%)** | **Vermont (0.55%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2032 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 219291 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2033 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 237912 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp; 318973 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2034 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp; 512858 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 331116 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2035 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 543529 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2036 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp; 1135542 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2037 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp; 548089 |
|  |  |  |  | &nbsp;&nbsp; 3847310 |
| **Virginia (0.57%)** | **Virginia (0.57%)** | **Virginia (0.57%)** | **Virginia (0.57%)** | **Virginia (0.57%)** |
| Loudoun County Sanitation Authority Revenue Refunding Bonds (Prerefunded to 01-01-2023 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;01/01/2027 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 674580 |
| County of Stafford, Virginia, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp; 1269931 |
| Virginia Public School Authority Revenue Bonds, Series D (Prerefunded to 08-01-2022 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;08/01/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2044228 |
|  |  |  |  | &nbsp;&nbsp; 3988739 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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 (6.70%)** | **Washington (6.70%)** | **Washington (6.70%)** | **Washington (6.70%)** | **Washington (6.70%)** |
| Walla Walla County School District No. 250 College Place, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2024 | &nbsp;&nbsp;$1875000 | &nbsp;&nbsp;$1903505 |
| City of Spokane, Washington, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp; 1295000 | &nbsp;&nbsp; 1385365 |
| King County School District No 414 Lake Washington, General Obligation Refunding Bonds | &nbsp;&nbsp;3.500% | &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2231358 |
| State of Washington, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;07/01/2026 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2630914 |
| Clark County School District No. 98 Hockinson, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2027 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1215095 |
| City of Camas, Washington, Water & Sewer Revenue Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1181753 |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 385167 |
| King County School District No 414 Lake Washington, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2028 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1135461 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1089947 |
| City of Camas, Washington, Water & Sewer Revenue Refunding Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2195069 |
| City of Tacoma Solid Waste Utility Revenue Refunding Bonds, Series B | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2029 | &nbsp;&nbsp; 1525000 | &nbsp;&nbsp; 1803211 |
| Clark County Public Utility District No. 1 Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/01/2030 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp; 1069565 |
| Energy Northwest Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;07/01/2030 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5745488 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;09/01/2030 | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 2287941 |
| Pierce County School District No. 400 Clover Park, General Obligation Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;12/01/2030 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1327690 |
| King County School District No 414 Lake Washington, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; 5773604 |
| King County School District No. 405 Bellevue, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 5095000 | &nbsp;&nbsp; 5629074 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2033 | &nbsp;&nbsp; 840000 | &nbsp;&nbsp; 969965 |
| Clark County Public Utility District No. 1 Revenue Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;01/01/2034 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 1203441 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp; 588096 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | &nbsp;&nbsp;4.380% | &nbsp;&nbsp;12/01/2034 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp; 1241126 |
| Lakehaven Water & Sewer District Revenue Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;10/01/2035 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 787908 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2035 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 601782 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2037 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 955483 |
| City of Camas, Washington, General Obligation Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;12/01/2038 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1216752 |
|  |  |  |  | &nbsp;&nbsp; 46554760 |
| **West Virginia (0.63%)** | **West Virginia (0.63%)** | **West Virginia (0.63%)** | **West Virginia (0.63%)** | **West Virginia (0.63%)** |
| Monongalia County Board of Education, General Obligation Refunding Bonds (Prerefunded to 05-01-2022 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2025 | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp; 1118758 |
| Braxton County Board of Education, General Obligation Refunding Bonds | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 282999 |
| Braxton County Board of Education, General Obligation Refunding Bonds | &nbsp;&nbsp;2.250% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134000 |
| Monongalia County Board of Education, General Obligation Refunding Bonds (Prerefunded to 05-01-2022 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;05/01/2026 | &nbsp;&nbsp; 2180000 | &nbsp;&nbsp; 2207143 |
| Braxton County Board of Education, General Obligation Refunding Bonds | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;05/01/2027 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp; 611778 |
|  |  |  |  | &nbsp;&nbsp; 4354678 |
| **Wisconsin (5.70%)** | **Wisconsin (5.70%)** | **Wisconsin (5.70%)** | **Wisconsin (5.70%)** | **Wisconsin (5.70%)** |
| Milwaukee Metropolitan Sewerage District, General Obligation Refunding Bonds, Series C | &nbsp;&nbsp;2.500% | &nbsp;&nbsp;10/01/2024 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2114531 |
| Muskego-Norway School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2026 | &nbsp;&nbsp; 2495000 | &nbsp;&nbsp; 2717632 |
| Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2027 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 367881 |
| Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2028 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 297551 |
| Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(d) | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;04/01/2029 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 432801 |
| Central Brown County Water Authority Revenue Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2029 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1121719 |
| Wisconsin-Dells School District, General Obligation Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;03/01/2030 | &nbsp;&nbsp; 1595000 | &nbsp;&nbsp; 1721498 |
| Central Brown County Water Authority Revenue Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2030 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2242239 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;2.000% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp; 918262 |
| County of Waupaca, Wisconsin, General Obligation Bonds, Series A | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp; 1160000 | &nbsp;&nbsp; 1267210 |
| Wisconsin-Dells School District, General Obligation Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;03/01/2031 | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp; 1511609 |
| Burlington Area School District, General Obligation Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1079476 |
| D. C. Everest Area School District, General Obligation Bonds | &nbsp;&nbsp;3.380% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp; 3900000 | &nbsp;&nbsp; 4258867 |
| Poynette School District, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2031 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 914448 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2031 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 345593 |

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Coupon<br> rate** | &nbsp;&nbsp;**Maturity<br> date** | &nbsp;&nbsp;**Principal<br> amount** | &nbsp;&nbsp;**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.)** |
| **Wisconsin (Cont.)** | **Wisconsin (Cont.)** | **Wisconsin (Cont.)** | **Wisconsin (Cont.)** | **Wisconsin (Cont.)** |
| Central Brown County Water Authority Revenue Refunding Bonds, Series A | &nbsp;&nbsp;5.000% | &nbsp;&nbsp;11/01/2031 | &nbsp;&nbsp;$2200000 | &nbsp;&nbsp;$2465803 |
| County of Calumet, Wisconsin, General Obligation Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;12/01/2031 | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp; 1467707 |
| Burlington Area School District, General Obligation Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp; 1120000 | &nbsp;&nbsp; 1213731 |
| Hamilton School District, Wisconsin, General Obligation Bonds | &nbsp;&nbsp;3.250% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp; 3390000 | &nbsp;&nbsp; 3656106 |
| Poynette School District, General Obligation Bonds | &nbsp;&nbsp;3.130% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1637685 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;04/01/2032 | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp; 2361948 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2032 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 774662 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | &nbsp;&nbsp;4.000% | &nbsp;&nbsp;06/01/2034 | &nbsp;&nbsp; 1390000 | &nbsp;&nbsp; 1589028 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2035 | &nbsp;&nbsp; 1405000 | &nbsp;&nbsp; 1519675 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | &nbsp;&nbsp;3.000% | &nbsp;&nbsp;03/01/2036 | &nbsp;&nbsp; 1535000 | &nbsp;&nbsp; 1657177 |
|  |  |  |  | &nbsp;&nbsp; 39654839 |
| **Total Long-term Municipal Bond<br> (cost $636,044,394)** |  |  |  | &nbsp;&nbsp;673428911 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **Short-term Investments (2.85%)** | **Short-term Investments (2.85%)** | **Short-term Investments (2.85%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 0.00%(i) | &nbsp;&nbsp; 19813942 | &nbsp;&nbsp; 19813942 |
| **Total Short-term Investments<br> (cost $19,813,942)** |  | &nbsp;&nbsp; 19813942 |
| **TOTAL INVESTMENTS (99.73%)<br> (cost $655,858,336)** |  | &nbsp;&nbsp;693242853 |
| **OTHER ASSETS, NET OF LIABILITIES (0.27%)** |  | &nbsp;&nbsp; 1861621 |
| **NET ASSETS (100.00%)** |  | &nbsp;&nbsp;$695104474 |

---

(a) Security converted to a fixed rate as of December 9, 2021, and will continue at a fixed rate going forward.

(b) Rate shown is fixed until mandatory tender date of July 1, 2026.

(c) Security purchased on a "when-issued" basis.

(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.

(e) Security converted to a fixed rate as of July 1, 2016, and will continue at a fixed rate going forward.

(f) Security converted to a fixed rate as of November 19, 2021, and will continue at a fixed rate going forward.

(g) Security converted to a fixed rate as of November 30, 2021, and will continue at a fixed rate going forward.

(h) Security converted to a fixed rate as of December 16, 2021, and will continue at a fixed rate going forward.

(i) Rate shown is the 7-day yield as of December 31, 2021.

## 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:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**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:** $6218188767.81

**Total Liabilities:** $7659736.15

**Net Assets:** $6210529031.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225895 | 10.05%               | 5.62%                | -4.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $786980.40               | $564551442.14                              |
| Month 2  | $-17945158.13            | $352221955.59                              |
| Month 3  | $-4795165.39             | $-326129467.22                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Colgate-Palmolive Company                          | Colgate-Palmolive Company COM USD1.00                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     98700 | NS      | $7776573.00   | 0.13%             |  |  |  | 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        |     49700 | NS      | $10532424.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential Properties Trust                | Equity Residential Properties Trust SBI USD0.01                | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     77300 | NS      | $4560700.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                                | General Mills, Inc. COM USD0.10                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     33900 | NS      | $2842515.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Idex Corporation                                   | Idex Corporation COM USD0.01                                   | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     42200 | NS      | $9635526.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                  | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    205869 | NS      | $36366758.85  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Company                                    | Kellogg Company COM USD0.25                                    | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |    134400 | NS      | $9574656.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc.                               | Landstar System Inc. COM USD0.01                               | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     45400 | NS      | $7395660.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corporation                             | McDonald's Corporation COM USD0.01                             | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     51400 | NS      | $13545442.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc.                      | MSC Industrial Direct Co Inc. CL A COM USD0.001                | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |    100950 | NS      | $8247615.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                                    | CVS Health Corp COM USD0.01                                    | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     21000 | NS      | $1956990.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                              | Microsoft Corporation COM USD0.00000625                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    253339 | NS      | $60755758.98  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corporation                       | Norfolk Southern Corporation COM USD1                          | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     46300 | NS      | $11409246.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                        | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    152600 | NS      | $27568716.00  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                        | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    153737 | NS      | $7877483.88   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated                     | Quest Diagnostics Incorporated COM USD0.01                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     62900 | NS      | $9840076.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                       | The Procter & Gamble Company COM NPV                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    161672 | NS      | $24503008.32  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                      | QUALCOMM Inc. COM USD0.0001                                    | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     16900 | NS      | $1857986.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                       | The Sherwin-Williams Company COM USD1                          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      4200 | NS      | $996786.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-On Incorporated                               | Snap-On Incorporated COM USD1                                  | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      8400 | NS      | $1919316.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                                | Comcast Corporation COM USD0.01 CL A                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     84300 | NS      | $2947971.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                          | Linde PLC COM EUR0.001                                         | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |     15800 | NS      | $5153644.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                                  | Northern Inst Fds TREAS PRT PRMR                               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2333396 | NS      | $2333395.93   | 0.04%             |  |  |  | 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      | $19996527.00  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| World Wrestling Entertainment, Inc.                | World Wrestling Entertainment, Inc. CLASS'A' COM USD0.01       | CUSIP: 98156Q108<br>LEI: 549300WZVLSCS3L4L698 | Long             | EC               | CORP              | US        |    200100 | NS      | $13710852.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                              | Cardinal Health, Inc. COM NPV                                  | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |    138400 | NS      | $10638808.00  | 0.17%             |  |  |  | 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      | $13011468.90  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                    | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    163063 | NS      | $39063372.28  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                               | JPMorgan Chase & Co. COM USD1.00                               | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     13300 | NS      | $1783530.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company                              | The Coca-Cola Company COM USD0.25                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    640000 | NS      | $40710400.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Company                          | Colgate-Palmolive Company COM USD1.00                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    367600 | NS      | $28963204.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    208053 | NS      | $18075644.64  | 0.29%             |  |  |  | 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      | $12141984.00  | 0.20%             |  |  |  | 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      | $8993720.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                              | Freeport-McMoRan Inc. COM USD0.10                              | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    268400 | NS      | $10199200.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                              | Gilead Sciences, Inc. COM USD0.001                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     79100 | NS      | $6790735.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties, Inc.                         | Highwoods Properties, Inc. COM USD0.01                         | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |    334800 | NS      | $9367704.00   | 0.15%             |  |  |  | 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      | $64718412.20  | 1.04%             |  |  |  | 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        |    528100 | NS      | $17591011.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                         | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   2921707 | NS      | $379617390.51 | 6.11%             |  |  |  | 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      | $78983277.80  | 1.27%             |  |  |  | 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      | $1685093.32   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                  | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |   1912041 | NS      | $337762042.65 | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc New                      | Caesars Entertainment Inc New COM                              | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     29800 | NS      | $1239680.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                          | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51200 | NS      | $2390016.00   | 0.04%             |  |  |  | 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      | $69007356.25  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                    | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |    714437 | NS      | $171150527.72 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corporation                                    | KLA Corporation COM USD0.001                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     33000 | NS      | $12441990.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                    | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |    742005 | NS      | $271455109.20 | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                                  | Johnson & Johnson COM USD1.00                                  | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    363390 | NS      | $64192843.50  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                | Chevron Corporation COM USD0.75                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    475069 | NS      | $85270134.81  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                                | Walt Disney Company COM DISNEY USD0.01                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |   2401387 | NS      | $208632502.56 | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Company                                | Halliburton Company COM USD2.50                                | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      1400 | NS      | $55090.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corporation                                | Chevron Corporation COM USD0.75                                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510831 | NS      | $91689056.19  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated                  | McCormick & Company, Incorporated COM NPV                      | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    856600 | NS      | $71003574.00  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corporation                           | Marathon Oil Corporation COM USD1.00                           | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |    104600 | NS      | $2831522.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Company                              | Wells Fargo & Company COM USD1.666                             | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   2116100 | NS      | $87373769.00  | 1.41%             |  |  |  | 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      | $53307785.12  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation                       | Lincoln National Corporation COM NPV                           | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     18700 | NS      | $574464.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                              | Microsoft Corporation COM USD0.00000625                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    447830 | NS      | $107398590.60 | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International                          | MGM Resorts International COM USD0.01                          | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |     49000 | NS      | $1642970.00   | 0.03%             |  |  |  | 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      | $1822894.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                  | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    293295 | NS      | $38659213.95  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                   | Occidental Petroleum Corporation COM USD0.20                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |    113500 | NS      | $7149365.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                  | Nucor Corporation COM USD0.40                                  | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    193205 | NS      | $25466351.05  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                      | Netflix, Inc. COM USD0.001                                     | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     61400 | NS      | $18105632.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                        | Pepsico Inc CAP USD0.016666                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    343400 | NS      | $62038644.00  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                        | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |    709485 | NS      | $36354011.40  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                       | The Procter & Gamble Company COM NPV                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     75601 | NS      | $11458087.56  | 0.18%             |  |  |  | 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        |    618461 | NS      | $44034423.20  | 0.71%             |  |  |  | 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      | $2016744.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                        | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    982500 | NS      | $139308675.00 | 2.24%             |  |  |  | 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      | $890146.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                     | Texas Instruments Incorporated COM USD1.00                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     79826 | NS      | $13188851.72  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                   | Duke Energy Corp COM USD0.001                                  | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     53400 | NS      | $5499666.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                              | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     43200 | NS      | $1820448.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                            | UnitedHealth Group Inc. COM USD0.01                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2700 | NS      | $1431486.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                           | Vulcan Materials Company COM STK USD1                          | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    361200 | NS      | $63249732.00  | 1.02%             |  |  |  | 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        |     46700 | NS      | $2244869.00   | 0.04%             |  |  |  | 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        |      7300 | NS      | $275210.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                       | B 0 05/11/23                                                   | CUSIP: 912796ZE2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5735000 | PA      | $5642410.78   | 0.09%             | 2023-05-11      | None          | 0.00%                 | No            |                  2 | 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        |     74900 | NS      | $916776.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc                           | Ceridian HCM Holding Inc COM USD0.01                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |     18200 | NS      | $1167530.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                                 | Enphase Energy Inc COM USD0.00001                              | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     18600 | NS      | $4928256.00   | 0.08%             |  |  |  | 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        |    263273 | NS      | $143852367.20 | 2.32%             |  |  |  | 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      | $48935887.20  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                                  | Northern Inst Fds TREAS PRT PRMR                               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  43525336 | NS      | $43525336.05  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                           | Etsy Inc USD0.001                                              | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     17000 | NS      | $2036260.00   | 0.03%             |  |  |  | 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        |    120400 | NS      | $11365760.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                       | Tapestry Inc COM USD0.01                                       | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |    473900 | NS      | $18046112.00  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                       | Organon & Co COMMON STOCK                                      | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     17103 | NS      | $477686.79    | 0.01%             |  |  |  | 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        |    584200 | NS      | $13740384.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                          | APA Corp. COM                                                  | CUSIP: 03743Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139800 | NS      | $6525864.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    714717 | NS      | $78468779.43  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| The AES Corporation                                | The AES Corporation COM USD0.01                                | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    170700 | NS      | $4909332.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                         | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     83829 | NS      | $22016848.56  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                       | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     38500 | NS      | $5626390.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                    | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    223033 | NS      | $24529169.34  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                         | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1262550 | NS      | $164043121.50 | 2.64%             |  |  |  | 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      | $11417508.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Inc                                       | Best Buy Inc COM USD0.10                                       | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |    194200 | NS      | $15576782.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Incorporated                               | Corning Incorporated COM USD0.50                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |   1284600 | NS      | $41030124.00  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                       | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     12300 | NS      | $6877299.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                       | Wyndham Hotels & Resorts Inc COM USD0.01                       | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     86900 | NS      | $6196839.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                              | Bath & Body Works Inc COM                                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     87400 | NS      | $3683036.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corporation                     | Texas Pacific Land Corporation COM                             | CUSIP: 88262P102<br>LEI: 529900WTH0D1S7BB4S10 | Long             | EC               | CORP              | US        |     11400 | NS      | $26724222.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corporation                       | Antero Midstream Corporation COM USD1.00                       | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    343300 | NS      | $3704207.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                                    | Gen Digital Inc COM                                            | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    245900 | NS      | $5269637.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                          | Healthpeak Properties Inc COM                                  | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    374500 | NS      | $9388715.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                             | Equitable Holdings Inc COM                                     | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |       300 | NS      | $8610.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc                             | Lumen Technologies Inc COM                                     | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |   1163200 | NS      | $6071904.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock, Inc.                                    | BlackRock, Inc. COM USD0.01                                    | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |       400 | NS      | $283452.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications International Corporation New | Science Applications International Corporation New USD0.0001   | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |    102200 | NS      | $11337046.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                        | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     41211 | NS      | $6660109.71   | 0.11%             |  |  |  | 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        |     18100 | NS      | $5591090.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                       | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10500 | NS      | $1534470.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                                     | Amdocs Limited ORD GBP0.01                                     | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     97300 | NS      | $8844570.00   | 0.14%             |  |  |  | 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        |     67200 | NS      | $16051392.00  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                                     | Autozone, Inc. COM USD0.01                                     | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      4700 | NS      | $11591046.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                        | AvalonBay Communities, Inc. COM USD0.01                        | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     65900 | NS      | $10644168.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                                | Cisco Systems, Inc. COM USD0.001                               | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     88900 | NS      | $4235196.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| The Clorox Company                                 | The Clorox Company COM USD1.00                                 | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     24900 | NS      | $3494217.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc                            | Commerce Bancshares Inc COM USD5                               | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119000 | NS      | $8100330.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corporation of Michigan          | Credit Acceptance Corporation of Michigan COM USD0.01          | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6500 | NS      | $3083600.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corporation                                | Danaher Corporation COM USD0.01                                | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     12700 | NS      | $3370834.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                            | Republic Services, Inc. COM USD0.01                            | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     25300 | NS      | $3263447.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                            | Aon PLC COM USD0.01 CL A                                       | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     39600 | NS      | $11885544.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings Inc                  | Maravai LifeSciences Holdings Inc COM CL A                     | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    116500 | NS      | $1667115.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Thoughtworks Holding Inc                           | Thoughtworks Holding Inc COM                                   | CUSIP: 88546E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238800 | NS      | $2433372.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                                  | Northern Inst Fds TREAS PRT PRMR                               | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    265445 | NS      | $265445.24    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corporation                            | Exxon Mobil Corporation COM NPV                                | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    270900 | NS      | $29880270.00  | 0.48%             |  |  |  | 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        |     67600 | NS      | $10612524.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                                | Cheniere Energy Inc COM USD0.003                               | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     35500 | NS      | $5323580.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corporation                                 | Chemed Corporation CAP USD1                                    | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     18700 | NS      | $9545041.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                    | Pinnacle Financial Partners Inc COM USD1.00                    | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     87700 | NS      | $6437180.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                | SVB Financial Group COM USD0.001                               | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |     13200 | NS      | $3037848.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                                           | AT&T Inc COM USD1                                              | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    119700 | NS      | $2203677.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                                     | Home Depot Inc COM USD0.05                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     31100 | NS      | $9823246.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Company                                    | Kellogg Company COM USD0.25                                    | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     45000 | NS      | $3205800.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated                  | Microchip Technology Incorporated COM USD0.001                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    133600 | NS      | $9385400.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corporation                   | Occidental Petroleum Corporation COM USD0.20                   | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |     84000 | NS      | $5291160.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.                  | The Hanover Insurance Group, Inc. COM USD0.01                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     54000 | NS      | $7297020.00   | 0.12%             |  |  |  | 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        |     28325 | NS      | $2992819.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                           | O'Reilly Automotive Inc. USD0.01                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     14600 | NS      | $12322838.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                      | Prologis Inc. COM USD0.01                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      4800 | NS      | $541104.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                            | MasterCard Incorporated COM USD0.0001 CLASS A                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     24864 | NS      | $8645958.72   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                          | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     73600 | NS      | $9066048.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                                     | Citigroup Inc. COM USD0.01                                     | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     19400 | NS      | $877462.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Companies, Inc.                          | Travelers Companies, Inc. COM NPV                              | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     66700 | NS      | $12505583.00  | 0.20%             |  |  |  | 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        |     75100 | NS      | $10073163.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Limited                                    | Genpact Limited COM STK USD0.01                                | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |     46700 | NS      | $2163144.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc.                   | Philip Morris International Inc. COM NPV                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     14100 | NS      | $1427061.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                           | Visa Inc COM STK USD0.0001                                     | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    125012 | NS      | $25972493.12  | 0.42%             |  |  |  | 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        |     68795 | NS      | $8278790.30   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                             | Sirius XM Holdings Inc COM USD0.001                            | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |    302400 | NS      | $1766016.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                                | Ally Financial Inc. COM USD0.01                                | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |     16200 | NS      | $396090.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                         | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     91900 | NS      | $11020648.00  | 0.18%             |  |  |  | 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      | $2590670.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation                              | Starbucks Corporation COM USD0.001                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    267600 | NS      | $26545920.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                 | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    315900 | NS      | $14439789.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                        | Walmart Inc COM USD0.10                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     80400 | NS      | $11399916.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Incorporation                      | Williams-Sonoma Incorporation COM USD0.01                      | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     49400 | NS      | $5677048.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Co                                 | Targa Resources Co COM USD0.001                                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    119400 | NS      | $8775900.00   | 0.14%             |  |  |  | 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      | $10498533.60  | 0.17%             |  |  |  | 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        |     22800 | NS      | $3990684.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                           | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    933792 | NS      | $26547706.56  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc                                  | Dominos Pizza Inc COM USD0.01                                  | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |     17600 | NS      | $6096640.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                           | Lam Research Corporation COM USD0.001                          | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     14600 | NS      | $6136380.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Incorporated                         | Iron Mountain Incorporated COM USD0.01                         | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    129400 | NS      | $6450590.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| The Western Union Company                          | The Western Union Company COM STK USD0.01                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    725100 | NS      | $9984627.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                          | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     19800 | NS      | $2438964.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corporation                           | Ralph Lauren Corporation COM USD0.01 CLASS 'A'                 | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |    113900 | NS      | $12035813.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnc Investment Corp                               | Agnc Investment Corp COM USD0.01                               | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |   1329700 | NS      | $13762395.00  | 0.22%             |  |  |  | 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        |     82675 | NS      | $9949109.50   | 0.16%             |  |  |  | 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        |     71360 | NS      | $38991104.00  | 0.63%             |  |  |  | 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      | $53163868.80  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                        | AbbVie Inc. COM USD0.01                                        | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    585589 | NS      | $94637038.29  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics, Inc.                             | Verisk Analytics, Inc. COM USD0.001                            | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     49900 | NS      | $8803358.00   | 0.14%             |  |  |  | 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        |     76200 | NS      | $9560814.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corporation                         | American Tower Corporation COM USD0.01                         | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4800 | NS      | $1016928.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                                   | Amazon.com, Inc. COM USD0.01                                   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    159500 | NS      | $13398000.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                | Abbott Laboratories COM NPV                                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    132783 | NS      | $14578245.57  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                          | Adobe Inc COM USD0.0001                                        | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      9316 | NS      | $3135113.48   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| The Allstate Corporation                           | The Allstate Corporation COM USD0.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     28700 | NS      | $3891720.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                       | Honeywell International Inc. COM USD1                          | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     11700 | NS      | $2507310.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                         | Amgen Inc. COM USD0.0001                                       | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     92656 | NS      | $24335171.84  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ansys Inc                                          | Ansys Inc COM USD0.01                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     23700 | NS      | $5725683.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                         | Apple Inc. COM USD0.00001                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    512511 | NS      | $66590554.23  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc.                             | Applied Materials Inc. COM USD0.01                             | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      4900 | NS      | $477162.00    | 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        |      5300 | NS      | $930468.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ametek, Inc.                                       | Ametek, Inc. COM USD0.01                                       | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     32400 | NS      | $4526928.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc.                        | Verizon Communications Inc. COM USD0.10                        | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    303500 | NS      | $11957900.00  | 0.19%             |  |  |  | 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        |     20900 | NS      | $1503755.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                       | Nordson Corp COM NPV                                           | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     40200 | NS      | $9556344.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                        | United Parcel Service, Inc. CLASS'B'COM USD0.01                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      6700 | NS      | $1164728.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corporation                                 | Cintas Corporation COM NPV                                     | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11800 | NS      | $5329116.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc                                     | Home Depot Inc COM USD0.05                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     89147 | NS      | $28157971.42  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                        | Paychex Inc COM USD0.01                                        | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     93400 | NS      | $10793304.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips Co.                                 | ConocoPhillips Co. COM USD0.01                                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     26000 | NS      | $3068000.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc.                               | Elevance Health Inc. COM USD0.01                               | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      3400 | NS      | $1744098.00   | 0.03%             |  |  |  | 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      | $233172.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                     | Air Products & Chemicals, Inc. COM USD1                        | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |    829800 | NS      | $255794148.00 | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                       | NVIDIA Corp. COM USD0.001                                      | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    107000 | NS      | $15636980.00  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                    | Aptargroup Inc. COM USD0.01                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |    186464 | NS      | $20507310.72  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Company                     | Archer-Daniels-Midland Company COM NPV                         | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |   2733954 | NS      | $253847628.90 | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corporation                           | Devon Energy Corporation COM USD0.10                           | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     79800 | NS      | $4908498.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources, Inc.                                | EOG Resources, Inc. COM USD0.01                                | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     78700 | NS      | $10193224.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PENN Entertainment Inc                             | PENN Entertainment Inc COM USD0.01                             | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22700 | NS      | $674190.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                        | Pfizer Inc. COM USD0.05                                        | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |   1351610 | NS      | $69256496.40  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                       | The Procter & Gamble Company COM NPV                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    563982 | NS      | $85477111.92  | 1.38%             |  |  |  | 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      | $8603736.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                               | Wynn Resorts Limited COM USD0.01                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     19000 | NS      | $1566930.00   | 0.03%             |  |  |  | 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      | $118724580.00 | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                               | Carnival Corporation UNITS (COMPR 1 COM & 1 TR                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     68700 | NS      | $553722.00    | 0.01%             |  |  |  | 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      | $92096269.95  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                                           | HNI Corp COM USD1                                              | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |    505408 | NS      | $14368749.44  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group                                | SVB Financial Group COM USD0.001                               | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      7100 | NS      | $1633994.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                          | Tesla Inc COM USD0.001                                         | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     88500 | NS      | $10901430.00  | 0.18%             |  |  |  | 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        |      8400 | NS      | $276024.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Company                             | DXC Technology Company COM USD0.01                             | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      9900 | NS      | $262350.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                        | Invesco Ltd COM STK USD0.20                                    | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |     15800 | NS      | $284242.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corporation                           | DISH Network Corporation COM USD0.01 CLASS A                   | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |       100 | NS      | $1404.00      | 0.00%             |  |  |  | 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      | $3310076.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                       | General Dynamics Corporation COM USD1.00                       | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     42400 | NS      | $10519864.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                              | Gilead Sciences, Inc. COM USD0.001                             | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     24800 | NS      | $2129080.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries, Inc.                 | Hawaiian Electric Industries, Inc. COM NPV                     | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |    155800 | NS      | $6520230.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                    | Eli Lilly & Co. COM NPV                                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     80795 | NS      | $29558042.80  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                              | Lowes Companies, Inc. COM USD0.50                              | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     10600 | NS      | $2111944.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Company                                         | 3M Company COM USD0.01                                         | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     93300 | NS      | $11188536.00  | 0.18%             |  |  |  | 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        |    163100 | NS      | $9993137.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals, Inc.                    | Regeneron Pharmaceuticals, Inc. COM USD0.001                   | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     16600 | NS      | $11976734.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                             | Roper Technologies Inc COM USD0.01                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     22000 | NS      | $9505980.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corporation                              | Starbucks Corporation COM USD0.001                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     10000 | NS      | $992000.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                     | Public Storage COM USD0.10                                     | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |     30300 | NS      | $8489757.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                     | Texas Instruments Incorporated COM USD1.00                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    103181 | NS      | $17047564.82  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                          | Prosperity Bancshares Inc COM USD1                             | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137200 | NS      | $9971696.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group, Inc.                                 | Altria Group, Inc. COM USD0.333333                             | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    157100 | NS      | $7181041.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                          | Union Pacific Corporation COM USD2.50                          | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     35100 | NS      | $7268157.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc.                            | UnitedHealth Group Inc. COM USD0.01                            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     23600 | NS      | $12512248.00  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management, Inc.                             | Waste Management, Inc. COM USD0.01                             | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     72800 | NS      | $11420864.00  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                                         | Watsco Inc COM USD0.50                                         | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |      8400 | NS      | $2094960.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Company, Inc.                 | American Water Works Company, Inc. COM USD0.01                 | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     65300 | NS      | $9953026.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                      | Accenture PLC CLS'A'USD0.0000225                               | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     13600 | NS      | $3629024.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co., Inc                                   | Merck & Co., Inc COM USD0.50                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     82250 | NS      | $9125637.50   | 0.15%             |  |  |  | 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      | $11279513.85  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc.                                      | Assurant Inc. COM USD0.01                                      | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     52200 | NS      | $6528132.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp                                           | CDW Corp COM USD0.01                                           | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     36800 | NS      | $6571744.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                      | Chubb Limited ORD CHF24.15                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     67100 | NS      | $14802260.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc.                                | First Hawaiian Inc. COM USD0.01                                | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    445400 | NS      | $11598216.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc.                            | CACI International Inc. CLASS'A'COM USD0.10                    | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |      4064 | NS      | $1221597.76   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                              | Camden Property Trust SBI USD0.01                              | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     93100 | NS      | $10416028.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                          | Teledyne Technologies Inc COM USD0.01                          | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     26200 | NS      | $10477642.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                                    | Caterpillar Inc COM USD1.00                                    | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     14821 | NS      | $3550518.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| The Coca-Cola Company                              | The Coca-Cola Company COM USD0.25                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    207000 | NS      | $13167270.00  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Idacorp Inc                                        | Idacorp Inc COM NPV                                            | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     89300 | NS      | $9631005.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc.                               | Electronic Arts Inc. COM USD0.01                               | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     83500 | NS      | $10202030.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands, Inc.                         | Constellation Brands, Inc. COM USD0.01 CLASS A                 | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |     33400 | NS      | $7740450.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                | Newmont Corporation COM USD1.60                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     51400 | NS      | $2426080.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nike, Inc.                                         | Nike, Inc. CLASS'B'COM NPV                                     | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     26400 | NS      | $3089064.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc.                                       | Ashland Inc. COM USD0.01                                       | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     78100 | NS      | $8398093.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                       | Broadcom Inc COM USD0.001                                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10000 | NS      | $5591300.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                                         | Evergy Inc COM NPV                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |    167800 | NS      | $10559654.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp                  | Madison Square Garden Sports Corp COM USD0.01 CLASS A          | CUSIP: 55825T103<br>LEI: 529900BQELIZ5ZQYB788 | Long             | EC               | CORP              | US        |     53900 | NS      | $9881487.00   | 0.16%             |  |  |  | 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        |     45400 | NS      | $11103932.00  | 0.18%             |  |  |  | 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      | $806112.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Qiagen NV                                          | Qiagen NV EUR0.01                                              | CUSIP: N72482123<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |    195200 | NS      | $9734624.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc.                              | WEC Energy Group Inc. COM USD0.01                              | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    105700 | NS      | $9910432.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                      | Alphabet Inc. CAP STK USD0.001 CL A                            | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    341100 | NS      | $30095253.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc.                                | IQVIA Holdings Inc. COM USD0.01                                | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |     37000 | NS      | $7580930.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| International Monetary Market                      | MAR 23 EMINI S&P MAR 23                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |       230 | NC      | $44401500.00  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-02

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer