# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-000553
**Filing Date:** 2025-8
**Character Count:** 372844
**Document Hash:** f542bb762df011f6df03c1f7a095c188
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000553.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0002066578-25-000553

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251268071

**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 Municipal Bond Fund (Series ID: S000071160)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000225898 | State Farm Municipal Bond Fund | SFBDX           |

## Nport-Ex

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

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

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

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

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

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

---

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

---

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

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

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

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

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

PLC

Public Limited Company

ADR

American Depositary Receipt

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

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

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

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

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

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

---

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

---

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

---

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

---

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

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

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

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

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

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

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

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

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

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

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

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

---

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

---

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

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

---

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

---

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

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

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

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

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

---

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

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**June 30, 2025 (Unaudited)**

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

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** State Farm Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000071160

- **c. LEI of Series:** 549300W6U5EDP2F0QN20

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $506572587.59

**Total Liabilities:** $2323337.13

**Net Assets:** $504249250.46

**Delayed Delivery Securities:** $2032971.80

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2746.382968957364 | **1-Year:** 26949.254287229550 | **5-Year:** 93154.015797189039 | **10-Year:** 124582.697688160206 | **30-Year:** 3383.711413718672

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 565.999030853074 | **5-Year:** 741.413244854845 | **10-Year:** 1372.048712072085 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225898 | -0.36%               | 0.53%                | 0.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-122162.50              | $-3017087.92                               |
| Month 2  | $-417287.30              | $1401685.94                                |
| Month 3  | $-25156.53               | $3031457.15                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| SARPY CNTY NEB                                               | NE SAR 3.5 06/01/2037                       | CUSIP: 80373FMZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938436.10    | 0.19%             | 2037-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KEARNEY NEB                                                  | NE KEA 4 05/15/2035                         | CUSIP: 4868907K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $496531.75    | 0.10%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST MONROE LA                                               | LA WSMGEN 5 12/01/2039                      | CUSIP: 954625DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $857327.83    | 0.17%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANGE VIEW LIBR DIST COLO                                    | CO RAVFAC 5 12/15/2037                      | CUSIP: 75289FBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $692168.49    | 0.14%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER ST CLAIR TWP PA                                        | PA USC 4 06/01/2029                         | CUSIP: 916456HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $308076.29    | 0.06%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEHAVEN WASH WTR & SWR DIST                                | WA LKHUTL 3 10/01/2035                      | CUSIP: 511528AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $642777.17    | 0.13%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                      | NY NYSHSG 11/01/2061                        | CUSIP: 64987JRC7<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |    970000 | PA      | $924954.66    | 0.18%             | 2061-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEPT MGMT SVCS                                    | FL FLACTF 3 11/01/2035                      | CUSIP: 34160PEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $906649.20    | 0.18%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST FIN CORP                             | KY KENEDU 2 12/01/2031                      | CUSIP: 491089ZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1360136.02   | 0.27%             | 2031-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                      | GA BTWPOL 09/01/2029                        | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $891493.20    | 0.18%             | 2029-09-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                          | NY NYSHSG 2.4 10/01/2034                    | CUSIP: 64988YBZ9<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $851714.30    | 0.17%             | 2034-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| WEST LAFAYETTE IND                                           | IN WTLUTL 3.75 07/01/2029                   | CUSIP: 953701CS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220827.57    | 0.04%             | 2029-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                     | PA PASSFH 2.2 04/01/2033                    | CUSIP: 70879QPV9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2383345.35   | 0.47%             | 2033-04-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                       | ID IDSMED 4 03/01/2034                      | CUSIP: 451295C31<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    400000 | PA      | $410235.52    | 0.08%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC WIS                                              | WI FON 2 03/01/2031                         | CUSIP: 344461MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $799085.98    | 0.16%             | 2031-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY TENN                                         | TN WSH 3 06/01/2030                         | CUSIP: 938650RN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $841973.54    | 0.17%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL                                            | IL SGC 3 12/15/2033                         | CUSIP: 800711CX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $752836.00    | 0.15%             | 2033-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LA VISTA NEB                                                 | NE LAV 3 09/15/2041                         | CUSIP: 505318VV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $793258.10    | 0.16%             | 2041-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BIG LAKE MINN INDPT SCH DIST NO 727                          | MN BIGSCD 3 02/01/2033                      | CUSIP: 089275PT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $542930.24    | 0.11%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                    | OH DUBSCD 4 12/01/2034                      | CUSIP: 26371GTU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $507251.65    | 0.10%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FARGO N D                                                    | ND FAR 3 05/01/2033                         | CUSIP: 30747NHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1291333.19   | 0.26%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COWLITZ CNTY WASH PUB UTIL DIST NO 1                         | WA COWUTL 5 09/01/2030                      | CUSIP: 223769BZ2<br>LEI: TS0L3NF45PNBQM207L23 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2101786.47   | 0.42%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                            | MT FLASCD 4 07/01/2035                      | CUSIP: 338815EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $852687.30    | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 3 04/01/2037                      | CUSIP: 097464J93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $272940.31    | 0.05%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                               | IN FORUTL 3 12/01/2035                      | CUSIP: 349316MM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $636067.04    | 0.13%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH                                           | MI GRO 4 10/01/2032                         | CUSIP: 399064FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $608281.29    | 0.12%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                | CA LMSGEN 4 08/01/2030                      | CUSIP: 503642CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $544959.95    | 0.11%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH ST PAUL-MAPLEWOOD MINN INDPT SCH DIST NO 622           | MN NSPSCD 3 02/01/2034                      | CUSIP: 662152FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3106066.92   | 0.62%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUN PRAIRIE WIS AREA SCH DIST                                | WI SUNSCD 3 03/01/2036                      | CUSIP: 866854SF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1377312.21   | 0.27%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WORTHINGTON OHIO CITY SCH DIST                               | OH WORSCD 4 12/01/2035                      | CUSIP: 982038RX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $479314.24    | 0.10%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY WASH SCH DIST NO 98 HOCKINSON                     | WA CLASCD 4 12/01/2027                      | CUSIP: 181208EY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1090768.34   | 0.22%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH SCH DIST NO 414 LAKE WASHINGTON               | WA KINSCD 4 12/01/2033                      | CUSIP: 495260H95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5055083.00   | 1.00%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YAKIMA CNTY WASH SCH DIST                                    | WA YAKSCD 4.38 12/01/2034                   | CUSIP: 984402KY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1067473.89   | 0.21%             | 2034-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TEX INDPT SCH DIST                       | TX PCOSCD 5 02/15/2039                      | CUSIP: 705227JJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037770.40   | 0.21%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN ATLANTA RAPID TRAN AUTH GA                      | GA METTRN 5 07/01/2036                      | CUSIP: 591746CM2<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |    900000 | PA      | $1025722.35   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TACOMA WASH                                                  | WA TACUTL 3.25 12/01/2028                   | CUSIP: 873545JH1<br>LEI: 549300R2ZDWKQB6DIV86 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350268.49    | 0.07%             | 2028-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                        | CT CTSMED 07/01/2042                        | CUSIP: 20774YJ99<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3445969.80   | 0.68%             | 2042-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                    | OH HUDSCD 4 12/01/2032                      | CUSIP: 444089BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376882.20    | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 4 04/01/2032                      | CUSIP: 097464F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $453689.03    | 0.09%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROADWATER CNTY MONT K-12 SCH DIST NO 1 TOWNSEND             | MT BROSCD 3 07/01/2037                      | CUSIP: 111423CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $407061.47    | 0.08%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                 | NE CLMGEN 4 12/15/2029                      | CUSIP: 199437MH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253671.78    | 0.05%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE UN HIGH SCH DIST CALIF                             | CA ESDSCD 3.5 08/01/2027                    | CUSIP: 275282KK6<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000490.80   | 0.20%             | 2027-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                              | OH MYVWTR 4 12/01/2035                      | CUSIP: 574486FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1870190.74   | 0.37%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY                                                 | KY OWEWTR 3.25 09/15/2029                   | CUSIP: 691106MA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1731180.57   | 0.34%             | 2029-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REDONDO BEACH CALIF UNI SCH DIST                             | CA RDBSCD 3 08/01/2031                      | CUSIP: 757710SS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $743813.78    | 0.15%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                               | NM SFE 4 08/01/2028                         | CUSIP: 802071HS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $725493.58    | 0.14%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLAY CNTY MO PUB SCH DIST                                    | MO CLASCD 4 03/01/2033                      | CUSIP: 18347AJT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002602.90   | 0.20%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROGERS ARK SCH DIST NO 30                                    | AR ROGSCD 3 02/01/2033                      | CUSIP: 775082R77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1428433.35   | 0.28%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2032                         | CUSIP: 122062YU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $185762.19    | 0.04%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA TRANSN AUTH OK F/K/A OKLAHOMA ST TPK AUTH           | OK OKSTRN 5 01/01/2042                      | CUSIP: 679111E26<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054648.10   | 0.21%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY MO REORG SCH DIST NO 3                                  | MO TROSCD 5 03/01/2040                      | CUSIP: 897506NF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042439.80   | 0.21%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PEMBROKE PINES FLA                                           | FL PEM 5 09/01/2031                         | CUSIP: 70643FCW0<br>LEI: 549300SN43D5ZR09V008 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2107781.76   | 0.42%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL UTAH WTR CONSERVANCY DIST                            | UT CUTWTR 4 10/01/2033                      | CUSIP: 15567RBK8<br>LEI: 5493001AT8W3NBIEDB45 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2520513.25   | 0.50%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                  | OH LKWSCD 4 11/01/2033                      | CUSIP: 512624SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $373785.77    | 0.07%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                              | OH MYVWTR 4 12/01/2033                      | CUSIP: 574486FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235077.13    | 0.05%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.5 09/01/2029                       | CUSIP: 0331614Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1396324.50   | 0.28%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                 | ND BIS 3.12 05/01/2031                      | CUSIP: 091582E93<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1004867.46   | 0.20%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY WASH PUB UTIL DIST NO 1                           | WA CLAUTL 5 01/01/2034                      | CUSIP: 181126LY7<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1033468.56   | 0.20%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                 | NE CLMGEN 4 12/15/2030                      | CUSIP: 199437MJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329223.86    | 0.07%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST DES MOINES IOWA                                         | IA WES 3 06/01/2031                         | CUSIP: 9525304T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1732592.47   | 0.34%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX MUN SCH DIST NO 12                         | NM ALBSCD 5 08/01/2035                      | CUSIP: 013595VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2699867.04   | 0.54%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                    | MT MISSCD 5 06/15/2033                      | CUSIP: 605815EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1034584.79   | 0.21%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                              | TX SAN 5 02/01/2041                         | CUSIP: 79623PRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2275000 | PA      | $2409960.96   | 0.48%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                    | OH DUBSCD 4 12/01/2033                      | CUSIP: 26371GTT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509424.45    | 0.10%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ UNI SCH DIST NO 10 AMPHITHEATER               | AZ PIMSCD 5 07/01/2027                      | CUSIP: 721832KC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400609.48    | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.5 09/01/2030                       | CUSIP: 0331614Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1445594.26   | 0.29%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CAMAS WASH                                                   | WA CAMWTR 4 12/01/2028                      | CUSIP: 131879GE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1054542.30   | 0.21%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                | SC FTMUTL 3.5 12/01/2027                    | CUSIP: 34802PBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $379996.77    | 0.08%             | 2027-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                     | CA KENSCD 5 08/01/2035                      | CUSIP: 490818MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $355580.71    | 0.07%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWIS & CLARK CNTY MONT SCH DIST NO 9 EAST HELENA            | MT LEWSCD 5 07/01/2035                      | CUSIP: 527650GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1993402.57   | 0.40%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO RANCHO N MEX PUB SCH DIST NO 94                          | NM RIOSCD 3 08/01/2027                      | CUSIP: 767171PK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1509383.44   | 0.30%             | 2027-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                | NE SARSCD 4 12/15/2025                      | CUSIP: 803770QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $180648.32    | 0.04%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                          | WI WISMED 5 11/15/2039                      | CUSIP: 97712DQV1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   3025000 | PA      | $3033028.65   | 0.60%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTERN WIS TECHNICAL COLLEGE DIST WIS                       | WI WWIHGR 3 04/01/2032                      | CUSIP: 95988MDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2221882.43   | 0.44%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.25 09/01/2028                      | CUSIP: 0331615T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1053144.33   | 0.21%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BERNALILLO CNTY N MEX                                        | NM BER 3 08/15/2025                         | CUSIP: 085275N27<br>LEI: 549300HH7LOB1GPMU667 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1234399.67   | 0.24%             | 2025-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COUNTY WTR-SWR DIST COLLIER CNTY FLA                         | FL COLUTL 3 07/01/2033                      | CUSIP: 222642KC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5080000 | PA      | $4862767.01   | 0.96%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EAGAN MINN                                                   | MN EAG 3.25 02/01/2032                      | CUSIP: 269408PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1246283.60   | 0.25%             | 2032-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                             | MN MIN 3 12/01/2035                         | CUSIP: 60375BHC3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1831666.20   | 0.36%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MUNSTER IND SCH BLDG CORP                                    | IN MUNFAC 3.38 01/15/2031                   | CUSIP: 626388WU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1102595.03   | 0.22%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NORTHERN KY WTR DIST                                         | KY NKYWTR 4 02/01/2028                      | CUSIP: 665306LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1110619.49   | 0.22%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST LAFAYETTE IND                                           | IN WTLUTL 4 07/01/2030                      | CUSIP: 953701CT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $752898.68    | 0.15%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                    | MT MISSCD 5.25 06/15/2035                   | CUSIP: 605815EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $912239.06    | 0.18%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CEDAR RAPIDS IOWA                                            | IA CDRWTR 3 06/01/2029                      | CUSIP: 150591HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $936051.15    | 0.19%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OKANOGAN CNTY WASH PUB UTIL DIST NO 001                      | WA OKAPWR 4 12/01/2035                      | CUSIP: 678331DS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503289.25    | 0.10%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESTES PARK COLO                                              | CO ESTPWR 4 11/01/2035                      | CUSIP: 29747TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $965352.14    | 0.19%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                    | FL FLSGEN 3 08/01/2032                      | CUSIP: 34282CQU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $496490.85    | 0.10%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| POYNETTE WIS SCH DIST                                        | WI POYSCD 3.12 04/01/2032                   | CUSIP: 73941JDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1485015.83   | 0.29%             | 2032-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TULSA OKLA                                                   | OK TUL 3 04/01/2028                         | CUSIP: 899645YZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2999915.70   | 0.59%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ST JOHN BAPTIST PARISH LA PARISH SCH BRD SCH DIST NO 1       | LA SJBSCD 5.25 03/01/2037                   | CUSIP: 790229SV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1581324.30   | 0.31%             | 2037-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HUNTSVILLE ALA                                               | AL HUNPWR 5 12/01/2042                      | CUSIP: 447060HJ6<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049362.40   | 0.21%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                            | IL ILSGEN 5 11/15/2038                      | CUSIP: 45203HS52<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $2644904.52   | 0.52%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                 | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4799653 | NS      | $4799653.15   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                               | AL BBEUTL 12/01/2053                        | CUSIP: 09182NCT5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143393.80   | 0.43%             | 2053-12-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PLATTE CNTY MO SCH DIST PARK HILL                            | MO PLASCD 3.35 03/01/2036                   | CUSIP: 727730JA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912515.30    | 0.18%             | 2036-03-01      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                 | TN MEMPWR 3 12/01/2035                      | CUSIP: 586158QX8<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915137.30    | 0.18%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROCKFORD MICH PUB SCHS                                       | MI ROCSCD 4 05/01/2035                      | CUSIP: 773318VQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1772138.63   | 0.35%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTEE CALIF SCH DIST                                        | CA STESCD 3.5 08/01/2028                    | CUSIP: 802853LM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1565527.09   | 0.31%             | 2028-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STAFFORD CNTY VA                                             | VA STA 4 07/01/2030                         | CUSIP: 852427KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1205364.99   | 0.24%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                   | AL ATHPWR 3.75 06/01/2027                   | CUSIP: 046879MH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $645199.63    | 0.13%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                | NE SARSCD 5 12/15/2029                      | CUSIP: 803770QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $262523.40    | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2033                         | CUSIP: 122062YV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $200650.15    | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IND LOC PUB IMPT BD BK                          | IN INPBBK 5 02/01/2035                      | CUSIP: 45528VEH8<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    900000 | PA      | $978629.49    | 0.19%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEBANON IND                                                  | IN LEBUTL 4 07/01/2034                      | CUSIP: 522534FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $887277.82    | 0.18%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT HIGH DIST NO 1                            | MT MISSCD 4 07/01/2032                      | CUSIP: 60580TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1014982.53   | 0.20%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                  | WI MSK 4 06/01/2031                         | CUSIP: 627636VL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304433.07    | 0.06%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEZ PERCE CNTY IDAHO INDPT SCHDIST NO 001 LEWISTON           | ID NZPSCD 4 09/15/2031                      | CUSIP: 653335BH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2917813.25   | 0.58%             | 2031-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                   | AL ATHPWR 4 06/01/2028                      | CUSIP: 046879MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $665287.15    | 0.13%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIBERTY CNTY GA PUB FACS AUTH                                | GA LBTFAC 5 09/01/2041                      | CUSIP: 530393DL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $935855.55    | 0.19%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO REORG SCH DIST NO R-5 GRAIN VALLEY           | MO JACSCD 5 03/01/2035                      | CUSIP: 467494PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2080627.40   | 0.41%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                               | CT CTSGEN 4 09/01/2035                      | CUSIP: 207758VX8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1298224.85   | 0.26%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                                                 | LA LAS 5 09/01/2032                         | CUSIP: 546417KJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2244075.80   | 0.45%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENE CNTY MO REORG SCH DIST NO R-2                         | MO GRESCD 5 03/01/2039                      | CUSIP: 394514JH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $911748.78    | 0.18%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                   | AL ATHUTL 3 05/01/2028                      | CUSIP: 047033HX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $965298.63    | 0.19%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DES MOINES IOWA MET WASTEWATER RECLAMATION AUTH SWR          | IA DESUTL 3 06/01/2027                      | CUSIP: 250119DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1610077.60   | 0.32%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                              | FL MMBUTL 5 09/01/2033                      | CUSIP: 593241BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $781083.75    | 0.15%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                  | WI MSK 4 06/01/2032                         | CUSIP: 627636VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $682932.74    | 0.14%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| POYNETTE WIS SCH DIST                                        | WI POYSCD 3 04/01/2031                      | CUSIP: 73941JDJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $827111.12    | 0.16%             | 2031-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN DELLS WIS SCH DIST                                 | WI WDLSCD 3.12 03/01/2030                   | CUSIP: 976626DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1580880.10   | 0.31%             | 2030-03-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 6 COLUMBIA FALLS              | MT FLASCD 4 07/01/2034                      | CUSIP: 338768DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023283.20   | 0.20%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH SCH DIST NO 405 BELLEVUE                      | WA KINSCD 3 12/01/2033                      | CUSIP: 495098B61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5095000 | PA      | $4849137.72   | 0.96%             | 2033-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TEX INDPT SCH DIST                                 | TX ASDSCD 5 02/15/2033                      | CUSIP: 041827AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    920000 | PA      | $1037235.97   | 0.21%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST MUN ENERGY AGY                                   | KY KMEPWR 5 01/01/2039                      | CUSIP: 491499AL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    785000 | PA      | $836313.80    | 0.17%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEDAR RAPIDS IOWA                                            | IA CDR 5 06/01/2040                         | CUSIP: 1505282L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1102781.90   | 0.22%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON TEX HIGHER ED FIN CORP                               | TX CLIEDU 5 08/15/2028                      | CUSIP: 187145VU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1697854.72   | 0.34%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                               | NM SFE 4 08/01/2029                         | CUSIP: 802071HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $750453.30    | 0.15%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEVADA SYS HIGHER ED                                         | NV NVSEDU 4 07/01/2030                      | CUSIP: 641496NF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3067555.53   | 0.61%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN KY WTR DIST                                         | KY NKYWTR 3 02/01/2031                      | CUSIP: 665306NU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3563912.92   | 0.71%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ                                               | AZ PIM 4 07/01/2026                         | CUSIP: 721663WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001756.40   | 0.40%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                    | MT MISSCD 5 06/15/2034                      | CUSIP: 605815EK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $519190.75    | 0.10%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN COUNCIL MINN                                    | MN METGEN 3.75 03/01/2032                   | CUSIP: 591852ZD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5502109.25   | 1.09%             | 2032-03-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                            | IL ILSGEN 4 08/01/2038                      | CUSIP: 45203HE81<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925549.90    | 0.18%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGLE RIV COLO WTR & SANTN DIST                              | CO ELRUTL 4 12/01/2030                      | CUSIP: 26983AAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $470917.26    | 0.09%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                             | MA MAS 5 12/01/2038                         | CUSIP: 57582RMD5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012516.60   | 0.20%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS 12 FIVE STAR SCHS COLO                                 | CO ADASCD 5 12/15/2034                      | CUSIP: 006449GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2043301.20   | 0.41%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                   | AL ATHUTL 3.12 05/01/2029                   | CUSIP: 047033HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $990879.69    | 0.20%             | 2029-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                 | ND BIS 3.12 05/01/2028                      | CUSIP: 091582B62<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |    845000 | PA      | $844980.14    | 0.17%             | 2028-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BORDEN-HENRYVILLE MULTI-SCH BLDG CORP IND                    | IN BORSCD 5 07/15/2034                      | CUSIP: 099590AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1376223.82   | 0.27%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY ALA BRD SCH COMMRS                               | AL MOBSCD 5 03/01/2037                      | CUSIP: 607298BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064178.60   | 0.21%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.25 09/01/2028                      | CUSIP: 0331614X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1098279.09   | 0.22%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GARFIELD PITKIN & EAGLE CNTYS COLO SCH DIST NO RE-1 ROARG FK | CO GARSCD 2.5 12/15/2027                    | CUSIP: 365892MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2976224.70   | 0.59%             | 2027-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX MUN SCH DIST NO 12                         | NM ALBSCD 5 08/01/2034                      | CUSIP: 013595VW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1878703.02   | 0.37%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEDAR PARK TEX                                               | TX CDP 5 02/15/2037                         | CUSIP: 1504615T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064233.20   | 0.21%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                      | NY NYCGEN 5.25 11/01/2036                   | CUSIP: 64971X2K3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648836.60   | 0.33%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST                                                  | AR ARS 4 06/01/2027                         | CUSIP: 041042ZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001213.50   | 0.60%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2034                         | CUSIP: 122062YW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $267996.23    | 0.05%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUCHESNE SCH DIST UTAH MUN BLDG AUTH                         | UT DUCFAC 5 06/01/2036                      | CUSIP: 26410TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1194150.69   | 0.24%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NIXA MO                                                      | MO NIXSCD 5 03/01/2039                      | CUSIP: 654811EK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1259552.85   | 0.25%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                                    | IL ILSTRN 5 01/01/2040                      | CUSIP: 452252LE7<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2985159.30   | 0.59%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DANVILLE VA                                                  | VA DAN 4 09/01/2039                         | CUSIP: 236866VN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1596248.88   | 0.32%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARLANDALE TEX INDPT SCH DIST                                | TX HLDSCD 5.25 08/15/2039                   | CUSIP: 412707LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084985.00   | 0.22%             | 2039-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IND MULTI-SCHS BLDG CORP                          | IN VALEDU 5 07/15/2029                      | CUSIP: 920284GE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3038532.60   | 0.60%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 5 04/01/2035                      | CUSIP: 097464F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $260046.85    | 0.05%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON WIS SCH DIST                                        | WI HAMSCD 3.25 04/01/2032                   | CUSIP: 408172GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999526.00   | 0.40%             | 2032-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WOODFORD CNTY KY SCH DIST FIN CORP                           | KY WOOEDU 5 08/01/2039                      | CUSIP: 979385NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043259.50   | 0.21%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD                                            | MD BAL 4 03/01/2038                         | CUSIP: 05914FX21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1750305.90   | 0.35%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                          | TX TXSWTR 4 10/15/2036                      | CUSIP: 882854J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990452.40    | 0.20%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX PUB SCH DIST                                  | NM SFESCD 3.62 08/01/2029                   | CUSIP: 802088ND2<br>LEI: 54930082JUO16DJWGD91 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3095035.47   | 0.61%             | 2029-08-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                | NE SARSCD 5 12/15/2028                      | CUSIP: 803770QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252426.35    | 0.05%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON AREA WIS SCH DIST                                 | WI BURSCD 3.25 04/01/2032                   | CUSIP: 121493KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1103701.54   | 0.22%             | 2032-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                | SC FTMUTL 4 12/01/2028                      | CUSIP: 34802PBJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $520163.80    | 0.10%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCHAUMBURG ILL                                               | IL SCH 4 12/01/2034                         | CUSIP: 806347QB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2568027.75   | 0.51%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY ALA                                           | AL JEFUTL 5 10/01/2038                      | CUSIP: 472682ZH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053296.20   | 0.21%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                   | AL ATHPWR 3.5 06/01/2026                    | CUSIP: 046879MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $220056.83    | 0.04%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2035                         | CUSIP: 122062YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $277050.77    | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VAN BUREN MICH PUB SCHS                                      | MI VANSCD 4 11/01/2035                      | CUSIP: 920729JP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007621.00   | 0.20%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON MICH CMNTY SCHS DIST                                | MI HMLSCD 4 05/01/2028                      | CUSIP: 407594GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300328.95    | 0.06%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREMONT CNTY COLO SCH DIST NO RE-1 CANON CITY                | CO FRESCD 5 12/01/2041                      | CUSIP: 357190HN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $829235.03    | 0.16%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY TEX                                               | TX UNIHGR 5 07/01/2040                      | CUSIP: 915130AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1868189.23   | 0.37%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                    | OH HUDSCD 4 12/01/2033                      | CUSIP: 444089BW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401434.76    | 0.08%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAROLINE CNTY MD                                             | MD CRL 3 01/15/2032                         | CUSIP: 144240LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1104632.50   | 0.22%             | 2032-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                | SC FTMUTL 4 12/01/2030                      | CUSIP: 34802PBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $535081.43    | 0.11%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAVILAN CALIF JT CMNTY COLLEGE DIST                          | CA GAVHGR 3 08/01/2036                      | CUSIP: 368079JS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $907876.50    | 0.18%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON MICH CMNTY SCHS DIST                                | MI HMLSCD 4 05/01/2027                      | CUSIP: 407594GF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500592.55    | 0.10%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD                                                 | MD BALGEN 5 07/01/2035                      | CUSIP: 05922KW54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098478.50   | 0.22%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASATCH CNTY UTAH SCH DIST                                   | UT WCHSCD 5 06/01/2034                      | CUSIP: 936785AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $822582.53    | 0.16%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 3 04/01/2035                      | CUSIP: 097464J77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $275545.26    | 0.05%             | 2035-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRAXTON CNTY W VA                                            | WV BRAEDU 4 05/01/2026                      | CUSIP: 105745BZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252137.25    | 0.05%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RIVER AUTH TEX                                       | TX TRIUTL 3.5 08/01/2036                    | CUSIP: 89658HYP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969926.10    | 0.19%             | 2036-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FOWLERVILLE MICH CMNTY SCHS SCH DIST                         | MI FOWSCD 4 05/01/2038                      | CUSIP: 351280QW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1446342.85   | 0.29%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS A & M UNIV                                             | TX TAMHGR 5.25 05/15/2036                   | CUSIP: 88213AST3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103874.70   | 0.22%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                    | FL FLSGEN 4 08/01/2034                      | CUSIP: 34282CQW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $565197.57    | 0.11%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                               | IN FORUTL 3 12/01/2034                      | CUSIP: 349316MK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $622720.98    | 0.12%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH PUB SCH SYS                               | MI GROSCD 5 05/01/2036                      | CUSIP: 399100KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1716106.79   | 0.34%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                 | IN HMLEDU 4.5 07/15/2028                    | CUSIP: 40785EU61<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500259.10    | 0.10%             | 2028-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FLA                                            | FL SARUTL 5.25 10/01/2039                   | CUSIP: 803321RG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082880.30   | 0.21%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                          | WI WISMED 5 07/01/2038                      | CUSIP: 97712D2D7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007040.40   | 0.20%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH       | LA LASFAC 5 08/15/2037                      | CUSIP: 546275AN8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015056.50   | 0.20%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OKLA FIN AUTH                                  | OK OKSEDU 5 09/01/2036                      | CUSIP: 67868UHT3<br>LEI: 549300KPR05JUN0F1289 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2674388.50   | 0.53%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TECHNICAL COLLEGE                                   | TX TXSHGR 5.25 08/01/2035                   | CUSIP: 88276RFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108557.00   | 0.22%             | 2035-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TWO RIVERS WIS PUB SCH DIST                                  | WI TWOSCD 4 03/01/2039                      | CUSIP: 902098JZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $981870.90    | 0.19%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT                                 | IL CHITRN 5 01/01/2038                      | CUSIP: 167593VV1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1053537.14   | 0.21%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV PORT AUTH                                       | PA DRVTRN 5 01/01/2037                      | CUSIP: 246352GK8<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000307.60   | 0.20%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                               | AL BBEUTL 02/01/2053                        | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051613.00   | 0.21%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WALLER TEX                                                   | TX WLRSCD 5 02/15/2037                      | CUSIP: 932493KQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080622.70   | 0.21%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP                                   | NY NYSDEV 5 03/15/2035                      | CUSIP: 650035R59<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2005875.80   | 0.40%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                 | ND BIS 3.12 05/01/2032                      | CUSIP: 091582F27<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1033661.65   | 0.20%             | 2032-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TOLEDO OHIO                                                  | OH TOL 5.25 12/01/2034                      | CUSIP: 889278ZQ3<br>LEI: 549300I365GIDPR4BM68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107178.90   | 0.22%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                          | TX TXSWTR 4.45 10/15/2036                   | CUSIP: 88285ABA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030700.50   | 0.20%             | 2036-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| RICHARDSON TEX INDPT SCH DIST                                | TX RCNSCD 5 02/15/2036                      | CUSIP: 7632617P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093686.90   | 0.22%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TENN                                               | TN KNO 3 06/01/2032                         | CUSIP: 499513ED7<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1074117.35   | 0.21%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2034                         | CUSIP: 122062ZS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $430895.90    | 0.09%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUNDEE MICH CMNTY SCH DIST                                   | MI DUNSCD 5 05/01/2037                      | CUSIP: 265201JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076935.70   | 0.21%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV SCH DIST                                      | NV CLASCD 4 06/15/2037                      | CUSIP: 181059YS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1966124.40   | 0.39%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                   | TX TAREDU 11/15/2052                        | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012042.10   | 0.20%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                  | OH LKWSCD 4 11/01/2032                      | CUSIP: 512624SB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222928.11    | 0.04%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX PUB SCH DIST                                  | NM SFESCD 4 08/01/2030                      | CUSIP: 802088NE0<br>LEI: 54930082JUO16DJWGD91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011229.20   | 0.20%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                                    | IL ILSTRN 5 01/01/2041                      | CUSIP: 452252PP8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1630943.61   | 0.32%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EAST NOBLE IND SCH BLDG CORP                                 | IN ENBFAC 2 01/15/2027                      | CUSIP: 273893EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1177093.28   | 0.23%             | 2027-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                              | FL MMBUTL 5 09/01/2034                      | CUSIP: 593241BT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779092.50    | 0.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                  | WI MSK 4 06/01/2034                         | CUSIP: 627636VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1398714.88   | 0.28%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                               | NM SFE 4 08/01/2027                         | CUSIP: 802071HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700524.37    | 0.14%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST CAP IMPT AUTH                                    | OK OKSGEN 5 07/01/2032                      | CUSIP: 679088ND2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1292751.69   | 0.26%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF UNI SCH DIST                               | CA LOSSCD 5 07/01/2032                      | CUSIP: 544647HP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2272576.80   | 0.45%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAPE GIRARDEAU CNTY MO REORG SCH DIST                        | MO CPGSCD 4 03/01/2036                      | CUSIP: 139411LB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $657111.42    | 0.13%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO BRDG & TUNL ENTERPRISE                              | CO CBTTRN 5 12/01/2036                      | CUSIP: 19633WAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $956764.92    | 0.19%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAU FIN CORP FLA                                             | FL FAUFIN 5 07/01/2040                      | CUSIP: 31200CES1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523724.10    | 0.10%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                          | WI WISMED 5 04/01/2040                      | CUSIP: 97712JLM3<br>LEI: 549300362G4YBPWA7864 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2977851.42   | 0.59%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                             | CA LOSUTL 5 07/01/2035                      | CUSIP: 5444957M0<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1380063.05   | 0.27%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WYANDOTTE CNTY/KANS CITY KANS UNI GOVT                       | KS WYAGEN 5 08/01/2028                      | CUSIP: 98267AJV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1501907.33   | 0.30%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                 | MA MASDEV 05/15/2055                        | CUSIP: 57585BGT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4727084.29   | 0.94%             | 2055-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX CMNTY COLLEGE DIST                                | TX AUSHGR 4 08/01/2040                      | CUSIP: 052403FA5<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $983272.50    | 0.19%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEPT                              | OR ORSHSG 4.75 07/01/2040                   | CUSIP: 6860875Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000048.80   | 0.20%             | 2040-07-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                    | OH HUDSCD 4 12/01/2031                      | CUSIP: 444089BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $352263.70    | 0.07%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                              | OH MYVWTR 4 12/01/2032                      | CUSIP: 574486FJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $315057.99    | 0.06%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST BLOOMFIELD MICH SCH DIST                                | MI WBTSCD 3 05/01/2036                      | CUSIP: 951452RY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3426778.87   | 0.68%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                    | MT MISSCD 5 06/15/2032                      | CUSIP: 605815EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $974084.17    | 0.19%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                                           | TX NRTTRN 4.12 01/01/2039                   | CUSIP: 66285WJ64<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1368222.08   | 0.27%             | 2039-01-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ST JOHNS CNTY FLA SCH BRD                                    | FL STJEDU 5 07/01/2041                      | CUSIP: 790409HP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1481897.97   | 0.29%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                             | CA UNVHGR 5 05/15/2039                      | CUSIP: 91412HUT8<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3278013.30   | 0.65%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALDINE TEX INDPT SCH DIST                                    | TX ALDSCD 4 02/15/2033                      | CUSIP: 014393XJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005111.70   | 0.20%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOPEWELL VALLEY N J REGL SCH DIST                            | NJ HWVSCD 4 01/15/2032                      | CUSIP: 439686LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002790.60   | 0.20%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                | CA LMSGEN 4 08/01/2032                      | CUSIP: 503642DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501048.15    | 0.10%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                   | TX LARUTL 5 03/01/2033                      | CUSIP: 517039VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208569.48    | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY                                                 | KY OWEWTR 3.38 09/15/2030                   | CUSIP: 691106MB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1800036.72   | 0.36%             | 2030-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT TRANSN                                        | KS KSSTRN 5 09/01/2033                      | CUSIP: 485424RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5178581.00   | 1.03%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                       | RI RISMED 5 05/15/2041                      | CUSIP: 7621964C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1799414.82   | 0.36%             | 2041-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT                                 | IL CHITRN 5.25 01/01/2042                   | CUSIP: 167593WQ1<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007079.40   | 0.20%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LEANDER TEX INDPT SCH DIST                                   | TX LDRSCD 5 08/15/2036                      | CUSIP: 521841R65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118788.00   | 0.22%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNCIL BLUFFS IOWA                                          | IA COU 3 06/01/2029                         | CUSIP: 2221296Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1046205.41   | 0.21%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GASTONIA N C                                                 | NC GSTUTL 5 05/01/2029                      | CUSIP: 367319ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $265404.92    | 0.05%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                   | TX LARUTL 4 03/01/2034                      | CUSIP: 517039VN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $283815.92    | 0.06%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                  | AL MADUTL 4 12/01/2035                      | CUSIP: 556589HY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $216045.80    | 0.04%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH                                         | OH OHSPOL 5 12/01/2038                      | CUSIP: 67766WS60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3295000 | PA      | $3618362.07   | 0.72%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                                  | NJ NJSEDU 07/01/2064                        | CUSIP: 646067KD9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2198416.20   | 0.44%             | 2064-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT RIV PROJ ARIZ AGRIC IMPT & PWR DIST                     | AZ SALAGR 4 01/01/2038                      | CUSIP: 79574CCB7<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992546.00    | 0.20%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 3 04/01/2033                      | CUSIP: 097464J51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $517210.23    | 0.10%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                | ID ISUHGR 4 04/01/2033                      | CUSIP: 451470QF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $181826.10    | 0.04%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                   | TX LARUTL 4 03/01/2035                      | CUSIP: 517039VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202068.52    | 0.04%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALISBURY N C                                                | NC SALUTL 5 02/01/2035                      | CUSIP: 795375CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066776.30   | 0.21%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKE TRAVIS TEX INDPT SCH DIST                               | TX LKTSCD 4 02/15/2033                      | CUSIP: 511074YT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $768910.45    | 0.15%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CALIF PUB PWR AUTH                                  | CA STNPWR 5 07/01/2028                      | CUSIP: 84247PNH0<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |    755000 | PA      | $794608.28    | 0.16%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER COLO PUB SCHS                                    | CO ADASCD 5 12/01/2037                      | CUSIP: 960666AP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3895000 | PA      | $4310973.93   | 0.85%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN ATLANTA RAPID TRAN AUTH GA                      | GA METTRN 5 07/01/2038                      | CUSIP: 591746CP5<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1419906.88   | 0.28%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                     | CA KENSCD 5 08/01/2034                      | CUSIP: 490818MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200327.16    | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAXTON CNTY W VA                                            | WV BRAEDU 2.25 05/01/2026                   | CUSIP: 105745CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $123873.86    | 0.02%             | 2026-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| LEXINGTON-FAYETTE URBAN CNTY GOVT KY                         | KY LEX 3.12 10/01/2030                      | CUSIP: 52908EP72<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1080433.87   | 0.21%             | 2030-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS          | OH NWOSCD 5 12/01/2027                      | CUSIP: 667712BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175263.83    | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY PA                                            | PA JEF 3 12/15/2033                         | CUSIP: 473450FN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $379659.96    | 0.08%             | 2033-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE TRAVIS TEX INDPT SCH DIST                               | TX LKTSCD 4 02/15/2033                      | CUSIP: 511074YN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $239610.49    | 0.05%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                           | NY NYCUTL 5 06/15/2036                      | CUSIP: 64972GG73<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2725000 | PA      | $3098032.34   | 0.61%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BELL CNTY TEX WTR CTL & IMPT DIST NO 1                       | TX BELWTR 5 07/10/2031                      | CUSIP: 078043QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $589927.54    | 0.12%             | 2031-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUNMAN-DEARBORN IND HIGH SCH BLDG CORP                       | IN SUNEDU 5 07/15/2039                      | CUSIP: 867420DC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1288445.17   | 0.26%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN DIST COLO                                    | CO REGTRN 5 06/01/2036                      | CUSIP: 75913TKW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1191307.58   | 0.24%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                          | TX TXSWTR 5 04/15/2033                      | CUSIP: 88285AFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3405000 | PA      | $3855502.61   | 0.76%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OHIO REGL SWR DIST                                 | OH NEOUTL 5 11/15/2032                      | CUSIP: 663903LC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1293700.27   | 0.26%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                               | AL BBEUTL 03/01/2055                        | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1840934.44   | 0.37%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW RICHMOND WIS SCH DIST                                    | WI NWRSCD 4 04/01/2035                      | CUSIP: 648442NK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4170000 | PA      | $4236085.33   | 0.84%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PERALTA CALIF CMNTY COLLEGE DIST                             | CA PRTHGR 5 08/01/2034                      | CUSIP: 713575ZL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1438127.00   | 0.29%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA CNTY OKLA INDPT SCH DIST NO 52 MIDWEST CITY         | OK OKSSCD 4 07/01/2028                      | CUSIP: 678807RV2<br>LEI: 549300D7PJYDAPA3JL50 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1022322.20   | 0.20%             | 2028-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS UNI SCH DIST NO 512 SHAWNEE MISSION        | KS JOHSCD 3 10/01/2027                      | CUSIP: 478740RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999643.70    | 0.20%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                                               | MS MSS 3 11/01/2026                         | CUSIP: 605581GT8<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001102.20   | 0.60%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS          | OH NWOSCD 4 12/01/2030                      | CUSIP: 667712BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $365154.43    | 0.07%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                | VT BUR 5 11/01/2035                         | CUSIP: 122062ZT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $454781.45    | 0.09%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                    | FL FLSGEN 3.25 08/01/2033                   | CUSIP: 34282CQV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $516174.10    | 0.10%             | 2033-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                               | IN FORUTL 3 12/01/2033                      | CUSIP: 349316MH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $606805.94    | 0.12%             | 2033-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                | ID ISUHGR 4 04/01/2035                      | CUSIP: 451470QH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $175045.41    | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB                                                  | NE LINUTL 3 06/15/2034                      | CUSIP: 534323KR0<br>LEI: 549300YUMTVQH8VHOB91 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1033230.47   | 0.20%             | 2034-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTEE CALIF SCH DIST                                        | CA STESCD 3.5 08/01/2029                    | CUSIP: 802853LN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1725580.98   | 0.34%             | 2029-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LOUISIANA PUB FACS AUTH                                      | LA LASFAC 5 08/01/2041                      | CUSIP: 546399TT3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    485000 | PA      | $507979.83    | 0.10%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDL FACS AUTH                                  | NJ NJSEDU 5 05/15/2028                      | CUSIP: 646067JS8<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3164855.40   | 0.63%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA REDEV AUTH                                   | PA PHIDEV 5 09/01/2041                      | CUSIP: 717868JN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1393975.75   | 0.28%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUMBLE TEX INDPT SCH DIST                                    | TX HUMSCD 5 02/15/2033                      | CUSIP: 445047NN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $777926.98    | 0.15%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | IL ILSGEN 5 06/15/2032                      | CUSIP: 452227VC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3300489.98   | 0.65%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                               | KY KYSFAC 5 04/01/2033                      | CUSIP: 49151F5S5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $819608.96    | 0.16%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                 | MA MASDEV 11/01/2055                        | CUSIP: 57585BKD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2266247.80   | 0.45%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                        | NY NYSHGR 5 10/01/2028                      | CUSIP: 64985SEM1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1035109.47   | 0.21%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT BUDGET & FIN                                  | HI HISGEN 5 07/01/2036                      | CUSIP: 419800QJ9<br>LEI: 5493002Y81US5EEDOV69 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1556573.09   | 0.31%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGIONAL TRANSN DIST COLO                                    | CO REGTRN 5 11/01/2034                      | CUSIP: 759136UP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1465000 | PA      | $1517661.48   | 0.30%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLAY CNTY MO PUB SCH DIST                                    | MO CLASCD 4 03/01/2034                      | CUSIP: 18347AJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2503625.75   | 0.50%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 6 COLUMBIA FALLS              | MT FLASCD 4 07/01/2035                      | CUSIP: 338768DF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $760974.60    | 0.15%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                          | FL MIAUTL 4 10/01/2038                      | CUSIP: 59334DKM5<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1987555.00   | 0.39%             | 2038-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                | ID ISUHGR 4 04/01/2036                      | CUSIP: 451470QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $197913.12    | 0.04%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANON IND                                                  | IN LEBUTL 4 07/01/2035                      | CUSIP: 522534FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $918050.46    | 0.18%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                               | NM SFE 4 08/01/2026                         | CUSIP: 802071HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225160.85    | 0.04%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA HOSP DEV AUTH                              | PA ALLMED 5 07/15/2033                      | CUSIP: 01728A4T0<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1281358.19   | 0.25%             | 2033-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH MIAMI FLA HEALTH FACS AUTH                             | FL SMIMED 5 08/15/2042                      | CUSIP: 838810ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2511657.75   | 0.50%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARMEL IND REDEV AUTH                                        | IN CARDEV 5 01/15/2033                      | CUSIP: 143293CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2485000 | PA      | $2760348.93   | 0.55%             | 2033-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP ILL                            | IL STSGEN 5 01/01/2041                      | CUSIP: 79467BHU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1237373.40   | 0.25%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & ARAPAHOE CNTYS COLO JT SCH DIST NO 28J AURORA        | CO ADASCD 5.5 12/01/2040                    | CUSIP: 0054824Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1475706.18   | 0.29%             | 2040-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SEATTLE WASH                                                 | WA SEAUTL 4 05/01/2036                      | CUSIP: 812631LK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976688.50    | 0.19%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GRAND RAPIDS MICH PUB SCHS                                   | MI GRASCD 5 05/01/2041                      | CUSIP: 386280SL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1220000 | PA      | $1276638.13   | 0.25%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SMITH CNTY TEX                                               | TX SMI 5 08/15/2039                         | CUSIP: 832033MY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049364.60   | 0.21%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ UNI SCH DIST NO 10 AMPHITHEATER               | AZ PIMSCD 5 07/01/2026                      | CUSIP: 721832KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $555839.44    | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUN PRAIRIE WIS AREA SCH DIST                                | WI SUNSCD 3 03/01/2035                      | CUSIP: 866854SE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1285546.62   | 0.25%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PECOS BARSTOW TOYAH TEX INDPT SCH DIST                       | TX PCOSCD 5 02/15/2036                      | CUSIP: 705227HL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1802741.00   | 0.36%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                 | MA MASDEV 5 07/01/2035                      | CUSIP: 57584XHY0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1416562.42   | 0.28%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                     | TX TXS 4 10/01/2035                         | CUSIP: 882723ZK8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2656613.97   | 0.53%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY INC KY PUB ENERGY AUTH                              | KY KYSPWR 01/01/2055                        | CUSIP: 74440DFC3<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3518297.18   | 0.70%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                      | NY NYCGEN 5 11/01/2031                      | CUSIP: 64972JJN9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2263223.55   | 0.45%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DAUPHIN CNTY PA                                              | PA DAU 5 11/15/2043                         | CUSIP: 238253Q27<br>LEI: 549300E86X2H9JIHEX42 | Long             | DBT              | MUN               | US        |   3620000 | PA      | $3720832.57   | 0.74%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOPEWELL VALLEY N J REGL SCH DIST                            | NJ HWVSCD 3.5 01/15/2027                    | CUSIP: 439686LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3334627.70   | 0.66%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                | CA LMSGEN 4 08/01/2031                      | CUSIP: 503642CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $402184.16    | 0.08%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD REGENTS                                       | MT MTSEDU 3 11/15/2035                      | CUSIP: 61212LRT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3329914.85   | 0.66%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KITSAP CNTY WASH SCH DIST NO 303 BAINBRIDGE ISLAND           | WA KITSCD 4 12/01/2033                      | CUSIP: 498062PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $849565.58    | 0.17%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | IL ILS 5 05/01/2037                         | CUSIP: 452153JU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5680000 | PA      | $6003002.29   | 1.19%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALASKA MUN BD BK AUTH                                        | AK AKMBBK 5.5 10/01/2042                    | CUSIP: 01179RVM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1599884.36   | 0.32%             | 2042-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PENDER CNTY N C                                              | NC PEN 5 04/01/2041                         | CUSIP: 706716DS3<br>LEI: 549300TW9ZHCIKDLQB34 | Long             | DBT              | MUN               | US        |    575000 | PA      | $613427.42    | 0.12%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                  | TX HOUUTL 5 11/15/2039                      | CUSIP: 4424355Z2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1726781.93   | 0.34%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWELL MICH AREA SCHS                                        | MI LOWSCD 4 05/01/2036                      | CUSIP: 547694PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $870726.91    | 0.17%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                             | MA MAS 5 05/01/2039                         | CUSIP: 57582R3H7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1591436.30   | 0.32%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ORLANDO FLA UTILS COMMN                                      | FL ORLUTL 5 10/01/2037                      | CUSIP: 686507JD7<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |    540000 | PA      | $554981.65    | 0.11%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                       | RI RISMED 5 05/15/2032                      | CUSIP: 7621965J8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1185139.56   | 0.24%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                          | WI WISMED 4 04/01/2039                      | CUSIP: 97712DVZ6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938454.70    | 0.19%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                             | MA MAS 5 01/01/2037                         | CUSIP: 57582RVU7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1810000 | PA      | $1892552.65   | 0.38%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTICA MICH CMNTY SCHS                                        | MI UTISCD 5 05/01/2031                      | CUSIP: 9176612C3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1222273.36   | 0.24%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                       | RI RISMED 5.25 05/15/2042                   | CUSIP: 7621967M9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2586492.64   | 0.51%             | 2042-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                     | CA KENSCD 5 08/01/2036                      | CUSIP: 490818MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400654.32    | 0.08%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON-FAYETTE URBAN CNTY GOVT KY                         | KY LEX 3 10/01/2029                         | CUSIP: 52908EP64<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1036929.63   | 0.21%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                  | AL MADUTL 4 12/01/2036                      | CUSIP: 556589HZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $310568.76    | 0.06%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY GA SCH DIST                                      | GA HRRSCD 3 03/01/2035                      | CUSIP: 413885DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $230032.35    | 0.05%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA STATEWIDE CMNTYS DEV AUTH                         | CA CASGEN 04/01/2046                        | CUSIP: 13080SXW9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2716843.25   | 0.54%             | 2046-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WHITE BEAR LAKE MINN INDPT SCH DIST NO 624                   | MN WHISCD 5 02/01/2033                      | CUSIP: 963439J39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5302228.35   | 1.05%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STR NAT GAS INC GA                                      | GA MAIUTL 12/01/2054                        | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5252721.00   | 1.04%             | 2054-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU HAWAII CITY & CNTY                                  | HI HON 5 07/01/2030                         | CUSIP: 438687ZS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    890000 | PA      | $982706.14    | 0.19%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN                                               | TN KXVPWR 5 07/01/2042                      | CUSIP: 4997464A0<br>LEI: 5493002KM0TCCHHCDT47 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1667726.68   | 0.33%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                | ID ISUHGR 4 04/01/2034                      | CUSIP: 451470QG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $256167.29    | 0.05%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE OHIO LOC SCH DIST STARK CNTY                            | OH LAKSCD 3 12/01/2025                      | CUSIP: 510281FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $189848.67    | 0.04%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAS CRUCES N MEX SCH DIST NO 2                               | NM LASSCD 3.5 08/01/2028                    | CUSIP: 517534UW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $900337.32    | 0.18%             | 2028-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY HEALTH CARE FACS FING AUTH                        | NJ NJSMED 5 09/15/2031                      | CUSIP: 64579XEG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $27416.42     | 0.01%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUNDELEIN ILL                                                | IL MUN 4 12/15/2039                         | CUSIP: 626082JD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1262852.01   | 0.25%             | 2039-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHSIDE TEX INDPT SCH DIST                                 | TX NSDSCD 5 08/15/2039                      | CUSIP: 66702RTW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1126684.30   | 0.22%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAUKEE IOWA CMNTY SCH DIST                                   | IA WKESCD 2 06/01/2027                      | CUSIP: 942833WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2032420.53   | 0.40%             | 2027-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                 | NE CLMGEN 4 12/15/2028                      | CUSIP: 199437MG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $152558.19    | 0.03%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY ORE ADMINISTRATIVE SCH DIST NO 1              | OR DESSCD 3 06/15/2035                      | CUSIP: 250325UB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2649868.30   | 0.53%             | 2035-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                 | IN HMLEDU 5 07/15/2034                      | CUSIP: 40785E2X3<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    335000 | PA      | $349060.62    | 0.07%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL CALIF UNI SCH DIST                                   | CA CENSCD 3 08/01/2035                      | CUSIP: 15276PPL7<br>LEI: 549300AKOP2UG4D0YH67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $280879.20    | 0.06%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DE WITT FORD ETC CNTYS ILL CMNTY COLLEGE DIST NO 540         | IL DWTHGR 3 12/01/2032                      | CUSIP: 242015JA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1433977.05   | 0.28%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL CMNTY CONS SCH DIST NO 65 EVANSTON             | IL COOSCD 5 12/01/2039                      | CUSIP: 213687QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041987.80   | 0.21%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COWLITZ CNTY WASH PUB UTIL DIST NO 1                         | WA COWUTL 5 09/01/2029                      | CUSIP: 223769BY5<br>LEI: TS0L3NF45PNBQM207L23 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000873.40   | 0.20%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                 | ND BIS 3.25 05/01/2029                      | CUSIP: 091582B70<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |    835000 | PA      | $834970.19    | 0.17%             | 2029-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CENTRAL CALIF UNI SCH DIST                                   | CA CENSCD 3 08/01/2037                      | CUSIP: 15276PPP8<br>LEI: 549300AKOP2UG4D0YH67 | Long             | DBT              | MUN               | US        |    755000 | PA      | $663757.95    | 0.13%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST FIN CORP                             | KY KENEDU 2 02/01/2032                      | CUSIP: 491089A57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1533989.97   | 0.30%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OHIO CMNTY COLLEGE DIST                             | OH CUYHGR 4 12/01/2032                      | CUSIP: 232392AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1758626.28   | 0.35%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                          | ID BSUHGR 5 04/01/2034                      | CUSIP: 097464F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $250332.38    | 0.05%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUNCOMBE CNTY N C MET SEW DIST                               | NC BUNUTL 4 07/01/2027                      | CUSIP: 120532JF4<br>LEI: 254900U5AA2F4DQUFZ71 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1210599.68   | 0.24%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GASTONIA N C                                                 | NC GSTUTL 5 05/01/2028                      | CUSIP: 367319ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $701102.99    | 0.14%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH                                           | MI GRO 4 10/01/2034                         | CUSIP: 399064FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $682048.95    | 0.14%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDMOND OKLA PUB WKS AUTH                                     | OK EDMFAC 5 07/01/2032                      | CUSIP: 28112NHS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1552808.10   | 0.31%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON AREA WIS SCH DIST                                 | WI BURSCD 3.12 04/01/2031                   | CUSIP: 121493KF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985055.50    | 0.20%             | 2031-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ENERGY NORTHWEST WASH                                        | WA ENEPWR 5 07/01/2030                      | CUSIP: 29270CJ55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000000.00   | 0.99%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARGO N D                                                    | ND FAR 3 05/01/2034                         | CUSIP: 30747NHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1451513.47   | 0.29%             | 2034-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                              | RI RISHSG 2.2 10/01/2033                    | CUSIP: 76221RV34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $660499.71    | 0.13%             | 2033-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| BOWLING GREEN KY                                             | KY BOWUTL 3 06/01/2033                      | CUSIP: 102745PH3<br>LEI: 54930080VGM7PSGOKL96 | Long             | DBT              | MUN               | US        |   3115000 | PA      | $2900535.37   | 0.58%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GAVILAN CALIF JT CMNTY COLLEGE DIST                          | CA GAVHGR 3 08/01/2035                      | CUSIP: 368079JR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $930975.60    | 0.18%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UPPER BRUSHY CREEK WTR CTL & IMPT DIST TEX                   | TX UBCWTR 3 08/15/2031                      | CUSIP: 915556AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $985252.40    | 0.20%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.5 09/01/2029                       | CUSIP: 0331615U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1094959.50   | 0.22%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CALIF UNI SCH DIST                                   | CA ANCSCD 3 08/01/2035                      | CUSIP: 037105ML4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1064087.41   | 0.21%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RED ROCK CENT MINN INDPT SCH DIST NO 2884                    | MN RRKSCD 3 02/01/2034                      | CUSIP: 75700RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954206.30    | 0.19%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                             | AK ANC 3.5 09/01/2030                       | CUSIP: 0331615V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1129370.51   | 0.22%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CASCADE CNTY MONT HIGH SCH DIST NO A                         | MT CASSCD 5 07/01/2034                      | CUSIP: 147249JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $754071.34    | 0.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA MO                                                  | MO CLMWTR 3 10/01/2035                      | CUSIP: 198072ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2313968.58   | 0.46%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CALIF UNI SCH DIST                                   | CA ANCSCD 3 08/01/2036                      | CUSIP: 037105MM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $540553.26    | 0.11%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                            | MT FLASCD 4 07/01/2036                      | CUSIP: 338815ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $588565.11    | 0.12%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OHIO CMNTY COLLEGE DIST                             | OH CUYHGR 4 12/01/2034                      | CUSIP: 232392AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002253.20   | 0.20%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                    | OH HUDSCD 4 12/01/2034                      | CUSIP: 444089BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $877284.98    | 0.17%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                | IL SGCSCD 3 02/01/2035                      | CUSIP: 800766NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $921969.90    | 0.18%             | 2035-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer