# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001398344-26-001224
**Filing Date:** 2026-1
**Character Count:** 468074
**Document Hash:** 99ba9a6b28b7922a5cd7931fa361feba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-001224.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001398344-26-001224

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**EFFECTIVENESS DATE**: 20260128

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 26560585

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-173080
- **FILM NUMBER:** 26560584

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

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

## Series and Classes Contracts Data

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

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

### State Farm Balanced Fund (Series ID: S000071158)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000225896 | State Farm Balanced Fund | STFBX           |

### State Farm Interim Fund (Series ID: S000071159)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225897 | State Farm Interim Fund | SFITX           |

### State Farm Municipal Bond Fund (Series ID: S000071160)

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

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on January 26, 2026**

**Securities Act Registration No. 333-173080**

**Investment Company Act Registration No. 811-22538**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-1A** 

**REGISTRATION STATEMENT** 

***UNDER***

---

| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** |  |
| **Pre-Effective Amendment No.** | [ ] |
| **Post-Effective Amendment No. 118** | [X] |

---

**and/or** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

---

| | |
|:---|:---|
| **Amendment No. 131** | [X] |

---

**(Check appropriate box or boxes.)** 

**ADVISERS INVESTMENT TRUST** 

**(Exact Name of Registrant as Specified in Charter)** 

**50 S. LaSalle Street** 

**Chicago, Illinois 60603** 

**(Address of Principal Executive Offices) (Zip Code)** 

**Registrant's Telephone Number, including Area Code: 866-638-5859**

**Barbara J. Nelligan** 

**50 S. LaSalle Street** 

**Chicago, Illinois 60603** 

***With copy to:***

**Michael V. Wible** 

**Thompson Hine LLP** 

**41 South High Street, Suite 1700** 

**Columbus, OH 43215-6101** 

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

[ ] Immediately upon filing pursuant to paragraph (b)

[X] On January 28, 2026 pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] On (date) pursuant to paragraph (a)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**State Farm Growth Fund (STFGX)** 

**State Farm Balanced Fund (STFBX)** 

**State Farm Interim Fund (SFITX)** 

**State Farm Municipal Bond Fund (SFBDX)** 

**PROSPECTUS DATED January 28, 2026** 

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

State Farm Growth Fund

State Farm Balanced Fund

State Farm Interim Fund

State Farm Municipal Bond Fund

Series of the Advisers Investment Trust

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| **Fund Summary**  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Farm Growth Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Farm Balanced Fund  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Farm Interim Fund  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Farm Municipal Bond Fund  | 11 |
| **Additional Information on Fund Investment Objectives, Strategies, and Risks**  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategies  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Risks  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure  | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity  | 21 |
| **Management of the Funds**  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Sub-Adviser  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Management  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator, Transfer Agent, Custodian, and Distributor  | 23 |
| **Your Account**  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing Your Shares  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Establishing an Account  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Direct Transactions (Purchases, Exchanges and Redemptions)  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telephone and Internet Transactions  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsibility for Fraud  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verification of Accounting Statements  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lost Shareholders, Inactive Accounts, and Unclaimed Property  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax-Qualified Retirement Plans  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market Timing Policy  | 28 |
| **Dividends and Distributions**  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Policy  | 29 |
| **Taxes**  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions  | 29 |
| **Shareholder Reports and Other Information**  | 31 |
| **Financial Highlights**  | 31 |

---

1<br>

**State Farm Growth Fund (STFGX)<br> FUND SUMMARY**<br>

**Investment Objective** 

State Farm Growth Fund (the "Fund" or the "Growth Fund") seeks long-term growth of capital, which may be supplemented by income.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| Maximum deferred sales charge (load) (as a percentage of amount redeemed) |
| Redemption fee (as a percentage of amount redeemed) |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.10% |
| Distribution (Rule 12b-1) Fees |  |
| Other Expenses | 0.05% |
| Total Annual Fund Operating Expenses | 0.15% |
| Fee Waivers and/or Reimbursements<sup>1</sup> | (0.03)% |
| **Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements** | 0.12% |

---

<sup>1</sup> State Farm Investment Management Corp. (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.12% until January 28, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Advisory Agreement. 

**Example**<br>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be as follows:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $12 | $45 | $82 | $189 |

---

**Portfolio Turnover**<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio. The Fund's portfolio turnover rate may vary from year to year as well as within a year.

**Principal Investment Strategy** 

The Fund invests under normal circumstances at least 80% of its assets in equity securities that at the time of investment are expected to appreciate over the long-term. Equity securities include, among other things, common stocks, preferred stocks, and American Depositary Receipts. State Farm Investment Management Corp. (the "Adviser"), investment adviser to the Fund, has selected Northern Trust Investments, Inc. ("NTI" or "Sub-Adviser") as sub-adviser to the Fund. NTI chooses equity securities for the Fund's portfolio for their long-term potential to generate capital gains, but may also consider a stock's long-term potential to generate income. Although there is no restriction on the size of the companies in which the Fund invests, ordinarily most of the Fund's investments include but are not limited to large capitalization (unadjusted market cap of $22.7 billion or greater) and mid-capitalization (unadjusted market cap of $8.0 billion to $22.7 billion) equity securities, as defined by the S&P Dow Jones Indices at the time of investment. The S&P Dow Jones Indices market capitalizations noted above are as of December 31, 2025.

While the Fund seeks to maintain sector weights consistent within 3% to 5% of each sector's weight in the S&P 500 Index, the Fund's broad-based benchmark index, in making investment decisions on specific securities, the Sub-Adviser uses statistical modeling and research to look for companies with one or more of the following characteristics:

● Strong profitability within their sector

● Strong cash flows within their sector

● Strong management efficiency

● The ability to lower the volatility of the Fund

In assessing strong management efficiency (quality), NTI uses a proprietary quantitative ranking that is designed to provide exposure to quality characteristics. Beginning with a broad universe of liquid securities, NTI applies the proprietary quality score, which focuses on companies that are judicious users of capital and that do not exhibit excessive capital deployment. NTI then optimizes this narrower universe of securities for the appropriate quality and diversification

1<br>

goals. NTI also performs a risk management analysis in which risk exposures are measured and managed at the security, sector and portfolio levels.

In general, the Sub-Adviser employs a long-term ownership strategy, which emphasizes buying and holding securities as long-term investments. However, the Sub-Adviser may sell securities the Fund holds at any time and for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities (higher quality, higher yield and/or lower volatility). The Fund may use derivatives such as stock index futures to equitize cash and enhance portfolio liquidity. Accordingly, under normal market conditions, the Fund will limit its exposure to stock index futures to 5% of the value of the portfolio.

**Principal Investment Risks** 

Investors who purchase shares of the Fund are subject to various risks, and it is possible for you to lose money by investing in the Fund. An investment in this Fund is not a deposit of any bank or other insured depository institution and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or another government agency. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), yield, total return, and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time, and you should review each risk factor carefully.

*Management Risk.* There is no guarantee that the Sub-Adviser's investment decisions or techniques will produce the desired returns. The assessment by the Sub-Adviser of the securities to be purchased or sold by the Fund may prove incorrect, resulting in losses or poor performance, even in a rising market. This may be as a result of the factors used by the Sub-Adviser in building a multifactor quantitative model. Whenever a model is used, there is also a risk that the model will not work as planned. In addition, there may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.

*Market Risk.* The risk that the value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, public health emergencies and pandemics, epidemics, climate change and climate-related events, terrorism, regulatory events and governmental or quasi-governmental actions.

*Long-term Ownership Strategy Risk.* The Fund's investment approach generally emphasizes buying and holding securities over long periods. As such, the Fund could continue to hold certain securities through adverse cycles for those securities rather than selling them, which could cause the Fund to underperform compared to a fund that has invested in similar securities but actively shifts its portfolio assets to take advantage of market opportunities and that does not seek reduced portfolio turnover.

*Tax Risk.* The Fund's long-term ownership strategy historically has resulted in a low rate of turnover in its portfolio. Therefore, the Fund has accumulated a large amount of unrealized capital gains, and distribution of such gains to shareholders may be larger than the capital gain distributions made by other similar mutual funds. As a result, unless you are purchasing shares of the Fund through a tax-advantaged account (such as an IRA), buying shares at a time when the Fund has unrealized gains might eventually cost you money in taxes.

*Large Cap Risk.* The risk that returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.

*Mid Cap Stock Risk.* The risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Generally, the smaller the company size, the greater the risk.

*Futures Risk.* The risk arising from the Fund's use of futures, which include the risk that there will be imperfect correlation between the change in market value of the Fund's securities and the price of futures contracts; the possible inability of the Fund to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Sub-Adviser to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors.

An investment in the Fund may be appropriate for you if you intend to maintain your investment for many years and through multiple stock market cycles. Because of stock market volatility, the Fund may not be a suitable investment if you have a short-term investment horizon or if you are unwilling to accept fluctuations in share price, including significant declines over a given period.

**Performance Information** 

The Fund commenced operations upon the reorganization of the State Farm Growth Fund, a series of the State Farm Associates' Funds Trust (the "Growth Predecessor Fund"), a mutual fund with substantially similar investment objectives, policies, and restrictions, into the Fund on August 23, 2021. With the reorganization, the Fund assumed the financial and performance history of the Growth Predecessor Fund. The following bar chart and table provide an indication of certain risks of investing in the Fund (and the Growth Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year. The table compares the Fund's average annual total returns for the periods listed to a broad-based securities market index. This information is intended to help you assess the variability of Fund returns over the periods listed (and, consequently, the potential rewards and risks of a Fund investment). The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information for the Fund is available at www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance or by calling 800-447-0740 (toll free), 866-342-2418 (toll free), or 501-255-1812.

2<br>

![](fp0096300-1_3.jpg)

The Fund's (and the Growth Predecessor Fund for periods prior to the reorganization) best and worst quarters during the last 10 years were as follows:

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2Q 2020  | 16.79% |
| Worst Quarter | 1Q 2020  | (19.15)% |

---

The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2025 was 3.87%.

**Average Annual Total Returns for the Periods Ended December 31, 2025** 

The following table shows certain Average Annual Total Returns on an investment in the Fund (and the Growth Predecessor Fund for periods prior to the reorganization) compared to changes in the Standard & Poor's 500<sup>®</sup> Stock Index, the Fund's broad-based securities market benchmark, for the 1-, 5- and 10-year periods ended December 31, 2025. The after-tax returns are intended to show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold Fund shares at the end of the period and that you do not have any taxable gain or loss on the disposition of your Fund shares. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that you would realize if you purchased Fund shares at the beginning of the specified period and sold Fund shares at the end of the specified period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as individual retirement accounts. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than the "Return Before Taxes" because the investor is assumed to be able to use the capital loss on the sale of the Fund shares to offset other taxable gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Return Before Taxes | 19.26% | 13.81% | 13.67% |
| Return After Taxes on Distributions | 17.47% | 11.81% | 12.20% |
| Return After Taxes on Distributions and Sale of Fund Shares | 12.58% | 10.66% | 11.05% |
| S&P 500<sup>®</sup> Index (reflects no deduction for expenses or taxes) | 17.88% | 14.42% | 14.82% |

---

**Portfolio Management** 

***Investment Adviser***

The Fund's investment adviser is State Farm Investment Management Corp. (the "Adviser").

Northern Trust Investments, Inc. is the Fund's investment sub-adviser (the "Sub-Adviser").

***Portfolio Managers***

Mary Lukic, CFP

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Christine Tinker, CFA

Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Sridhar Kancharla, CFA

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since January 2026

**Buying and Selling Fund Shares** 

***Minimum Initial Investments:***

---

| | |
|:---|:---|
| To open an account by check | $250 (per fund) |
| To open an account by wire | $50 (per fund) |
| Subsequent investments by check, automated clearing house (ACH) or automatic investing | $50 (per fund) |
| Subsequent investment by wire | $50 (per fund) |

---

The above minimums do not apply to SEP IRAs, SIMPLE IRAs, or accounts held under other employer sponsored qualified retirement plans.

***To Buy or Sell Shares:***

<u><u>Regular Mail:</u></u>

State Farm Funds

P.O. Box 182330

Columbus, OH 43218-2330

<u>Overnight Address:</u>

State Farm Funds

4249 Easton Way, Suite 400

Columbus, OH 43219

Online Access: www.statefarm.com/login

Telephone: 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812; Monday – Friday 7:00am – 5:00pm CT

The fund is generally open for purchases, exchanges or redemptions on days when the New York Stock Exchange is open for regular trading.

**Dividends, Capital Gains and Taxes** 

The Fund intends to make distributions that may be taxed for federal income tax purposes as ordinary income or capital gains. Dividends and capital gain distributions you receive from the Fund also may be subject to state and local taxes.

3<br>

**State Farm Balanced Fund (STFBX)<br> FUND SUMMARY**<br>

**Investment Objective** 

State Farm Balanced Fund (the "Fund" or the "Balanced Fund") seeks long-term growth of capital while providing some current income.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| Maximum deferred sales charge (load) (as a percentage of amount redeemed) |
| Redemption fee (as a percentage of amount redeemed) |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.11% |
| Distribution (Rule 12b-1) Fees |  |
| Other Expenses | 0.06% |
| Total Annual Fund Operating Expenses | 0.17% |
| Fee Waivers and/or Reimbursements<sup>1</sup> | (0.03)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements | 0.14% |

---

<sup>1</sup> State Farm Investment Management Corp. (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.14% until January 28, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Advisory Agreement. 

**Example**<br>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be as follows:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $14 | $52 | $93 | $214 |

---

**Portfolio Turnover**<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio. The Fund's portfolio turnover rate may vary from year to year as well as within a year.

**Principal Investment Strategy** 

The Fund invests in common stocks and bonds in varying proportions. State Farm Investment Management Corp. (the "Adviser"), investment adviser to the Fund has selected Northern Trust Investments, Inc. ("NTI" or the "Sub-Adviser") as sub-adviser to the Fund.

Under normal market conditions, the Fund invests approximately 65% of its total assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Sub-Adviser believes this allocation is appropriate for investors seeking the Fund's balanced approach to equity and fixed income exposures. The Sub-Adviser chooses stocks for the Fund's portfolio for their long-term potential to generate capital gains, but may also consider a stock's long-term potential to generate income. Although there is no restriction on the size of companies in which the Fund may invest, ordinarily most of the Fund's common stock investments include but are not limited to large capitalization (unadjusted market cap of $22.7 billion or greater) and mid-capitalization (unadjusted market cap of $8.0 billion to $22.7 billion) equity securities as defined by S&P Dow Jones Indices at the time of investment. The S&P Dow Jones Indices market capitalizations noted above are as of December 31, 2025.

While the Fund seeks to maintain equity sector weights within 3% to 5% of each sector's weight in the S&P 500 Index, the Fund's broad-based benchmark index, in making investment decisions on specific common stocks, the Sub-Adviser uses statistical modeling and research and looks for companies with one or more of the following characteristics:

● Strong profitability within their sector

● Strong cash flows within their sector

● Strong management efficiency

● The ability to lower the volatility of the Fund

In assessing strong management efficiency (quality), NTI uses a proprietary quantitative ranking that is designed to provide exposure to quality characteristics. Beginning with a broad universe of liquid

4<br>

securities, NTI applies the proprietary quality score, which focuses on companies that are judicious users of capital and that do not exhibit excessive capital deployment. NTI then optimizes the remaining universe of securities for the appropriate quality and diversification goals. NTI also performs a risk management analysis in which risk exposures are measured and managed at the security, sector and portfolio levels.

Under normal market conditions, the Fund invests approximately 35% and at least 25% of its total assets in a representative sample of fixed income securities in the Bloomberg Intermediate U.S. Government/Credit Bond Index (the "Bond Index"). The Fund will buy and sell fixed income securities with the goal of achieving an overall duration and total return similar to that of the Bond Index. The term "duration" means a measure of the sensitivity of market value to a change in interest rates. It is typically stated in years and represents the approximate percentage change in market value associated with a 100 basis point (1.00%) change in interest rates. As of December 31, 2025, the duration of the Bond Index was 3.73 years. The duration measurement pertains only to the fixed income portion of the Fund's portfolio.

The Fund's investments in fixed income securities are passively managed. The Sub-Adviser attempts to replicate the investment composition and performance of the Bond Index by using computer programs and statistical procedures.

In general, the Sub-Adviser employs a long-term ownership strategy, which emphasizes buying and holding securities as long-term investments. However, the Sub-Adviser may sell securities the Fund holds at any time and for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities (higher quality, higher yield and/or lower volatility). The Fund may use derivatives such as stock index futures to equitize cash and enhance portfolio liquidity. Accordingly, under normal market conditions, the Fund will limit its exposure to stock index futures to 5% of the value of the portfolio.

**Principal Investment Risks** 

Investors who purchase shares of the Fund are subject to various risks, and it is possible for you to lose money by investing in the Fund. An investment in this Fund is not a deposit of any bank or other insured depository institution and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or another government agency. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

*Management Risk.* There is no guarantee that the Sub-Adviser's investment decisions or techniques will produce the desired returns. The assessment by the Fund's investment Sub-Adviser of the securities to be purchased or sold by the Fund may prove incorrect, resulting in losses or poor performance, even in a rising market. This may be as a result of the factors used by the Sub-Adviser in building a multifactor quantitative model. Whenever a model is used, there is also a risk that the model will not work as planned. In addition, there may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.

*Market Risk.* The risk that the value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, public health emergencies and pandemics, epidemics, climate change and climate-related events, terrorism, regulatory events and governmental or quasi-governmental actions.

*Tracking Risk.* The Sub-Adviser invests in fixed income securities to try to duplicate the investment composition and performance of the Bond Index. There is a risk that the Fund's performance may vary substantially from the performance of the Bond Index as a result of share purchases and redemptions, transaction costs, expenses and other factors.

*Liquidity Risk.* The Sub-Adviser may have difficulty selling securities the Fund holds at the time it would like to sell, and at the value the Fund has placed on those securities.

*Long-term Ownership Strategy Risk.* The Fund's investment approach generally emphasizes buying and holding securities over long periods. As such, the Fund could continue to hold certain securities through adverse cycles for those securities rather than selling them, which could cause the Fund to underperform compared to a fund that has invested in similar securities but actively shifts its portfolio assets to take advantage of market opportunities and that does not seek reduced portfolio turnover.

*Tax Risk.* The Fund's long-term ownership strategy historically has resulted in a low rate of turnover in its portfolio. Therefore, the Fund has accumulated a large amount of unrealized capital gains, and distribution of such gains to shareholders may be larger than the capital gain distributions made by other similar mutual funds. As a result, unless you are purchasing shares of the Fund through a tax-advantaged account (such as an IRA), buying shares at a time when the Fund has unrealized gains might eventually cost you money in taxes.

*Large Cap Risk.* The risk that returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.

*Mid Cap Stock Risk.* The risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Generally, the smaller the company size, the greater the risk.

*Interest Rate Risk.* The risk that during periods of rising interest rates, the Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund's yield (and the market value of its securities) will tend to be higher. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could

5<br>

expose debt markets to significant volatility and reduced liquidity for Fund investments. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities.

*Prepayment (or Call) Risk.* The risk that an issuer could exercise its right to pay principal on an obligation held by the Fund (such as an asset-backed security) earlier than expected. The exercise of such right may result in a decreased rate of return and a decline in value of those obligations and, accordingly, a decline in the Fund's NAV.

*U.S. Government Securities Risk.* The risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Some U.S. Government Securities, such as Treasury bills, notes and bonds are supported by the full faith and credit of the United States. Others, such as obligations issued or guaranteed by U.S. Government agencies, authorities or instrumentalities, are supported either by (a) the full faith and credit of the U.S. Government (such as securities of the Small Business Administration), (b) the right of the issuer to borrow from the Treasury (such as securities of the Federal Home Loan Banks), (c) the discretionary authority of the U.S. Government to purchase the agency's obligations (such as securities of the Federal National Mortgage Association), or (d) only the credit of the issuer. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, authorities or instrumentalities in the future.

*Credit (or Default) Risk.* The risk that the inability or unwillingness of an issuer or a counterparty to meet its principal or interest payments or other financial obligations will adversely affect the value of the Fund's investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV.

*Debt Extension Risk.* The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. Under these circumstances, the value of the obligation will decrease.

*Inflation Risk.* The risk that the value of the assets or income from an investment will be worth less in the future as inflation decreases the value of money.

*Income Risk.* The risk that the income from the bonds the Fund holds will decline. This risk applies when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio's current earnings rate.

*Valuation Risk.* The risk that the sale price the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Fair valuation of the Fund's investments involves subjective judgment. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third-party service providers. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

*Futures Risk.* The risk arising from the Fund's use of futures, which include the risk that there will be imperfect correlation between the change in market value of the Fund's securities and the price of futures contracts; the possible inability of the Fund to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Sub-Adviser to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors.

An investment in the Fund may be appropriate for you if you intend to maintain your investment for many years and through multiple stock market cycles. Because of stock market volatility, the Fund may not be a suitable investment if you have a short-term investment horizon or if you are unwilling to accept fluctuations in share price, including significant declines over a given period.

**Performance Information** 

The Fund commenced operations upon the reorganization of the State Farm Balanced Fund, a series of the State Farm Associates' Funds Trust (the "Balanced Predecessor Fund"), a mutual fund with substantially similar investment objectives, policies, and restrictions, into the Fund on August 23, 2021. With the reorganization, the Fund assumed the financial and performance history of the Balanced Predecessor Fund. The following bar chart and table provides an indication of certain risks of investing in the Fund (and the Balanced Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year. The table compares the Fund's average annual total returns for the periods listed to the S&P 500 Index, the Fund's broad-based market index and to the Bloomberg Intermediate Gov/Credit Index, the Fund's performance benchmark. This information is intended to help you assess the variability of Fund returns over the periods listed (and consequently, the potential rewards and risks of a Fund investment). The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information for the Balanced Fund is available at www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance or by calling 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

![](fp0096300-1_6.jpg)

The Fund's (and the Balanced Predecessor Fund for periods prior to the reorganization) best and worst quarters during the last 10 years were as follows:

---

| | | |
|:---|:---|:---|
| Best Quarter: | 2Q 2020  | 12.47% |
| Worst Quarter | 1Q 2020  | (13.30)% |

---

The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2025 was 3.91%.

6<br>

**Average Annual Total Returns for the Periods Ended December 31, 2025** 

The following table shows certain Average Annual Total Returns on an investment in the Fund (and the Balanced Predecessor Fund for periods prior to the reorganization) compared to market indices for the 1-, 5- and 10-year periods ended December 31, 2025. The after-tax returns are intended to show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold Fund shares at the end of the period and that you do not have any taxable gain or loss on the disposition of your Fund shares. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that you would realize if you purchased Fund shares at the beginning of the specified period and sold Fund shares at the end of the specified period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as individual retirement accounts. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than the "Return Before Taxes" because the investor is assumed to be able to use the capital loss on the sale of the Fund shares to offset other taxable gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Return Before Taxes | 15.67% | 9.96% | 10.08% |
| Return After Taxes on Distributions | 13.51% | 8.01% | 8.63% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.32% | 7.43% | 7.83% |
| S&P 500<sup>®</sup> Index (reflects no deduction for expenses or taxes) | 17.88% | 14.42% | 14.82% |
| Bloomberg Intermediate Gov/Credit Index (reflects no deduction for expenses or taxes) | 6.97% | 0.96% | 2.29% |

---

**Portfolio Management** 

***Investment Adviser***

The Fund's investment adviser is State Farm Investment Management Corp. (the "Adviser").

Northern Trust Investments, Inc. is the Fund's investment sub-adviser (the "Sub-Adviser").

***Portfolio Managers***

Mary Lukic, CFP

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Christine Tinker, CFA

Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Sridhar Kancharla, CFA

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since January 2026

David Alongi, CFA

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Michael Chico, CFA

Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

**Buying and Selling Fund Shares** 

***Minimum Initial Investments:***

---

| | |
|:---|:---|
| To open an account by check | $250 (per fund) |
| To open an account by wire | $50 (per fund) |
| Subsequent investments by check, automated clearing house (ACH) or automatic investing | $50 (per fund) |
| Subsequent investment by wire | $50 (per fund) |

---

The above minimums do not apply to SEP IRAs, SIMPLE IRAs, or accounts held under other employer sponsored qualified retirement plans.

***To Buy or Sell Shares:***

<u>Regular Mail:</u>

State Farm Funds

P.O. Box 182330

Columbus, OH 43218-2330

<u>Overnight Address</u>:

State Farm Funds

4249 Easton Way, Suite 400

Columbus, OH 43219

Online Access: www.statefarm.com/login

Telephone: 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812; Monday – Friday 7:00am – 5:00pm CT

The fund is generally open for purchases, exchanges or redemptions on days when the New York Stock Exchange is open for regular trading.

**Dividends, Capital Gains and Taxes** 

The Fund intends to make distributions that may be taxed for federal income tax purposes as ordinary income or capital gains. Dividends and capital gain distributions you receive from the Fund also may be subject to state and local taxes.

 

7<br>

<br> **State Farm Interim Fund (SFITX)<br> FUND SUMMARY**<br>

**Investment Objective** 

State Farm Interim Fund (the "Fund" or the "Interim Fund") seeks to provide investment results approximating the performance of the Bloomberg 1-5 Year U.S. Treasury Index.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| Maximum deferred sales charge (load) (as a percentage of amount redeemed) |
| Redemption fee (as a percentage of amount redeemed) |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.12% |
| Distribution (Rule 12b-1) Fees |  |
| Other Expenses | 0.13% |
| Total Annual Fund Operating Expenses | 0.25% |
| Fee Waivers and/or Reimbursements<sup>1</sup> | (0.09)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements | 0.16% |

---

<sup>1</sup> State Farm Investment Management Corp. (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.16% until January 28, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Advisory Agreement. 

**Example**<br>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be as follows:

---

| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $16 | $71 | $132 | $309 |

---

**Portfolio Turnover**<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio. The Fund's portfolio turnover rate may vary from year to year as well as within a year.

**Principal Investment Strategy** 

Under normal circumstances, the Fund will invest substantially all its net assets in a representative sample of the U.S. Treasury obligations included in the Bloomberg 1-5 Year U.S. Treasury Index (the "Index"). The Index is an unmanaged index that includes a range of U.S. Treasury obligations and is considered representative of short to intermediate term U.S. Treasury bond performance overall. State Farm Investment Management Corp. (the "Adviser"), investment adviser to the Fund has selected Northern Trust Investments, Inc. ("NTI" or "Sub-Adviser") as sub-adviser to the Fund. The Fund is passively managed. The Sub-Adviser tries to replicate the investment composition and performance of the Index using computer programs and statistical procedures. The Fund will buy and sell securities with the goal of achieving an overall duration and total return for the Fund similar to that of the Index. The term "duration" means a measure of the sensitivity of market value to a change in interest rates. It is typically stated in years and represents the approximate percentage change in market value associated with a 100 basis point (1.00%) change in interest rates. As of December 31, 2025, the duration of the Index was approximately 2.60 years.

Under normal market conditions, the Index is rebalanced monthly. During periods of market disruption or other abnormal market conditions, the rebalancing or reconstitution of the Index may be delayed. The Fund is passively managed which means it tries to track the investment composition and performance of the Index using computer programs and statistical procedures. Because the Fund will have fees and transaction expenses (while the Index has none), returns are likely to be below those of the Index.

**Principal Investment Risks** 

Investors who purchase shares of the Fund are subject to various risks, and it is possible for you to lose money by investing in the Fund. An investment in this Fund is not a deposit of any bank or other insured depository institution and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or another government agency. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of

8<br>

investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

*Management Risk.* There is no guarantee that the Sub-Adviser's investment decisions or techniques will produce the desired returns. The assessment by the Sub-Adviser of the securities to be purchased or sold by the Fund may prove incorrect, resulting in losses or poor performance, even in a rising market.

*Tracking Risk.* The risk that the Fund's performance may vary substantially from the performance of the Index as a result of share purchases and redemptions, transaction costs, expenses and other factors.

*U.S. Government Securities Risk.* The risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. . Some U.S. Government Securities, such as Treasury bills, notes and bonds are supported by the full faith and credit of the United States. Others, such as obligations issued or guaranteed by U.S. Government agencies, authorities or instrumentalities, are supported either by (a) the full faith and credit of the U.S. Government (such as securities of the Small Business Administration), (b) the right of the issuer to borrow from the Treasury (such as securities of the Federal Home Loan Banks), (c) the discretionary authority of the U.S. Government to purchase the agency's obligations (such as securities of the Federal National Mortgage Association), or (d) only the credit of the issuer. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, authorities or instrumentalities in the future.

*Market Risk.* The risk that the value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, public health emergencies and pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions.

*Interest Rate Risk.* The risk that during periods of rising interest rates, the Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund's yield (and the market value of its securities) will tend to be higher. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities.

*Credit (or Default) Risk.* The risk that the inability or unwillingness of an issuer or a counterparty to meet its principal or interest payments or other financial obligations will adversely affect the value of the Fund's investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV.

*Debt Extension Risk.* The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. Under these circumstances, the value of the obligation will decrease.

*Inflation Risk.* The risk that the value of the assets or income from an investment will be worth less in the future as inflation decreases the value of money.

*Liquidity Risk.* The Sub-Adviser may have difficulty selling securities the Fund holds at the time it would like to sell, and at the value the Fund has placed on those securities.

*Valuation Risk.* The risk that the sale price the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology.

*Income Risk.* The risk that the income from the bonds the Fund holds will decline. This risk applies when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio's current earnings rate.

An investment in the Fund may be appropriate for you if you are seeking a fixed income investment with more price stability than an investment in long-term bonds.

**Performance Information** 

The Fund commenced operations upon the reorganization of the State Farm Interim Fund, a series of the State Farm Associates' Funds Trust (the "Interim Predecessor Fund"), a mutual fund with substantially similar investment objectives, policies, and restrictions, into the Fund on August 23, 2021. With the reorganization, the Fund assumed the financial and performance history of the Interim Predecessor Fund. The following bar chart and table provide an indication of certain risks of investing in the Fund (and the Interim Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year. The table compares the Fund's average annual total returns for the periods listed to the Bloomberg US Government/Credit Bond Index, a broad-based securities market index. The Fund's average annual total returns also are compared to the Bloomberg 1-5 Year U.S. Treasury Index which reflects the returns of the narrower market in which the Fund invests. This information is intended to help you assess the variability of Fund returns over the periods listed (and consequently, the potential rewards and risks of a Fund investment). The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information for the Interim Fund is available at www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance or by calling 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

![](fp0096300-1_9.jpg)

9<br>

The Fund's (and the Interim Predecessor Fund for periods prior to the reorganization) best and worst quarters during the last 10 years were as follows:

---

| | | |
|:---|:---|:---|
| Best Quarter: | 1Q 2020  | 3.69% |
| Worst Quarter | 1Q 2022  | (3.45)% |

---

The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2025 was 1.13%.

**Average Annual Total Returns for the Periods Ended December 31, 2025** 

The table below shows certain Average Annual Total Returns on an investment in the Fund (and the Interim Predecessor Fund for periods prior to the reorganization) compared to market indices for the 1-, 5- and 10-year periods ended December 31, 2025. The after-tax returns are intended to show the impact of assumed federal income taxes on an investment in the Interim Predecessor Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold Fund shares at the end of the period and that you do not have any taxable gain or loss on the disposition of your Fund shares. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that you would realize if you purchased Fund shares at the beginning of the specified period and sold Fund shares at the end of the specified period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as individual retirement accounts. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than the "Return Before Taxes" because the investor is assumed to be able to use the capital loss on the sale of the Fund shares to offset other taxable gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Return Before Taxes | 5.71% | 1.08% | 1.64% |
| Return After Taxes on Distributions | 4.18% | 0.15% | 0.88% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.36% | 0.42% | 0.92% |
| Bloomberg US Government/Credit Bond Index (reflects no deduction for expenses or taxes) | 6.88% | -0.59% | 2.16% |
| Bloomberg 1-5 Year U.S. Treasury Index (reflects no deduction for expenses or taxes) | 5.84% | 1.28% | 1.82% |

---

**Portfolio Management** 

***Investment Adviser***

The Fund's investment adviser is State Farm Investment Management Corp. (the "Adviser").

Northern Trust Investments, Inc. is the Fund's investment sub-adviser (the "Sub-Adviser").

***Portfolio Managers***

David Alongi, CFA

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

Michael Chico, CFA

Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

**Buying and Selling Fund Shares** 

***Minimum Initial Investments:***

---

| | |
|:---|:---|
| To open an account by check | $250 (per fund) |
| To open an account by wire | $50 (per fund) |
| Subsequent investments by check, automated clearing house (ACH) or automatic investing | $50 (per fund) |
| Subsequent investment by wire | $50 (per fund) |

---

The above minimums do not apply to SEP IRAs, SIMPLE IRAs, or accounts held under other employer sponsored qualified retirement plans.

***To Buy or Sell Shares:***

<u><u>Regular Mail:</u></u>

State Farm Funds

P.O. Box 182330

Columbus, OH 43218-2330

<u>Overnight Address:</u>

State Farm Funds

4249 Easton Way, Suite 400

Columbus, OH 43219

Online Access: www.statefarm.com/login

Telephone: 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812; Monday – Friday 7:00am – 5:00pm CT

The fund is generally open for purchases, exchanges or redemptions on days when the New York Stock Exchange is open for regular trading.

**Dividends, Capital Gains and Taxes** 

The Fund intends to make distributions that may be taxed for federal income tax purposes as ordinary income or capital gains. Dividends and capital gain distributions you receive from the Fund also may be subject to state and local taxes.

10<br>

<br> **State Farm Municipal Bond Fund (SFBDX)<br> FUND SUMMARY**<br>

**Investment Objective** 

The State Farm Municipal Bond Fund (the "Fund" or the "Municipal Bond Fund") seeks as high rate of income exempt from federal income taxes as is consistent with prudent investment management.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
| Maximum deferred sales charge (load) (as a percentage of amount redeemed) |
| Redemption fee (as a percentage of amount redeemed) |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fee | 0.11% |
| Other expenses | 0.08% |
| Total Annual Fund Operating Expenses<sup>1</sup> | 0.19% |
| Fee Waivers and/or Reimbursements<sup>2</sup> | (0.03)% |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Reimbursements | 0.16% |

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<sup>1</sup> The Total Annual Fund Operating Expenses may not equal the ratio of expenses to average net assets as reported in the "Financial Highlights" section of the Prospectus, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 

<sup>2</sup> State Farm Investment Management Corp. (the "Adviser") has contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.16% until January 28, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Investment Advisory Agreement. 

**Example**<br>

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time period indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be as follows:

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| | | | |
|:---|:---|:---|:---|
| **1 year** | **3 years** | **5 years** | **10 years** |
| $16 | $58 | $104 | $240 |

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**Portfolio Turnover**<br>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio. The Fund's portfolio turnover rate may vary from year to year as well as within a year.

**Principal Investment Strategy** 

Under normal circumstances, the Fund invests so that either (1) at least 80% of the Fund's net investment income is exempt from regular federal income tax or (2) at least 80% of the Fund's net assets are invested in securities that produce income exempt from regular federal income tax. State Farm Investment Management Corp. (the "Adviser"), investment adviser to the Fund, has selected Northern Trust Investments, Inc. ("NTI" or "Sub-Adviser") as sub-adviser to the Fund. The Sub-Adviser will invest the Fund's assets primarily in a diversified selection of municipal bonds (for example, general obligation bonds of a state or bonds financing a specific project) with maturities of one to 17 years, although from time to time the Sub-Adviser may purchase issues with longer maturities. A majority of the Fund's investments are in issues with maturities longer than five years. Dividends from the Fund largely will be exempt from federal income tax and, at the present time, the Fund does not intend to purchase municipal obligations that are subject to federal alternative minimum tax unless these bonds provide greater potential for return on an after-tax basis than other alternatives.

The Fund may temporarily invest up to 20% of its total assets under normal circumstances in certain short-term taxable securities issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, commercial paper, bank certificates of deposit, and any such items subject to short-term repurchase agreements.

The Fund normally invests at least 70% of its total assets in municipal bonds rated A or better by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P"), money market securities and cash, meaning that up to 30% of the Fund's total assets may be invested in medium and lower-quality bonds.

The Sub-Adviser frequently will hold individual municipal bonds within the Fund for a long period of time, possibly until the bond matures or until it is called. The Sub-Adviser may sell individual securities for several reasons including: fundamental deterioration of municipality prospects, liquidity needs or other portfolio management considerations, tax considerations, or better alternatives exist.

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**Principal Investment Risks** 

Investors who purchase shares of the Fund are subject to various risks, and it is possible for you to lose money by investing in the Fund. An investment in this Fund is not a deposit of any bank or other insured depository institution and is not insured or guaranteed by the Federal Deposit Insurance Corporation (the "FDIC") or another government agency. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value ("NAV"), yield, total return and ability to meet its investment objective. Each risk noted below is considered a principal risk of investing in the Fund, regardless of the order in which it appears. The significance of each risk factor below may change over time and you should review each risk factor carefully.

*Management Risk.* There is no guarantee that the Sub-Adviser's investment decisions or techniques will produce the desired returns. The assessment by the Sub-Adviser of the securities to be purchased or sold by the Fund may prove incorrect, resulting in losses or poor performance, even in a rising market.

*Market Risk.* The risk that the value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, public health emergencies and pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions.

*Municipal Securities Risks.* The municipal market can be significantly affected by adverse tax, legislative, political or public health changes and the financial condition of issuers of municipal securities. In recent years an increasing number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. The Fund may be more sensitive to adverse economic, business, political or public health developments if it invests more than 25% of its assets in the debt securities of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Special factors, such as legislative changes, state and local economic and business developments, natural disasters and public health emergencies may adversely affect the yield and/or value of the Fund's investments in municipal securities. For example, a public health emergency, such as a pandemic, may significantly stress the financial resources of a municipal issuer, which may impair the municipal issuer's ability to meet its financial obligations and adversely impact the value of its bonds, which in turn could negatively impact the performance of the Fund. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund's ability to sell its municipal obligations at attractive prices. Risks relating to municipal securities include:

● *Credit (or Default) Risk.* The risk that the inability or unwillingness of an issuer or counterparty to meet its principal or interest payments or other financial obligations will adversely affect the value of the Fund's investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by the Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV.

● *Interest Rate Risk.* The risk that during periods of rising interest rates, the Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Fund's yield (and the market value of its securities) will tend to be higher. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities.

● *Liquidity Risk.* The Sub-Adviser may have difficulty selling securities the Fund holds at the time it would like to sell, and at the value the Fund has placed on those securities.

● *High Yield Risk.* High yield securities and unrated securities of similar credit quality (securities rated below investment grade, commonly known as "junk bonds") are subject to greater levels of credit, call, and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments and may be more volatile than higher-rated securities of similar maturity.

● *Tax Risk.* The Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service (the "IRS") may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax-exempt should in fact be taxable. This may result in a significant decline in the value of the security.

*Prepayment (or Call) Risk.* The risk that an issuer could exercise its right to pay principal on an obligation held by the Fund (such as an asset-backed security) earlier than expected. The exercise of such right may result in a decreased rate of return and a decline in value of those obligations and, accordingly, a decline in the Fund's NAV.

*Debt Extension Risk.* The risk that an issuer will exercise its right to pay principal on an obligation held by the Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

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*Income Risk.* The risk that the income from the bonds the Fund holds will decline. This risk applies when the Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio's current earnings rate.

*Valuation Risk.* The risk that the sale price the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology.

*Inflation Risk.* The risk that the value of the assets or income from an investment will be worth less in the future as inflation decreases the value of money.

An investment in the Fund may be appropriate for you if you are seeking to reduce taxes on your investment income. This is not an appropriate investment for a tax-deferred account like an IRA or 401(k) plan.

**Performance Information** 

The Fund commenced operations upon the reorganization of the State Farm Municipal Bond Fund, a series of the State Farm Associates' Funds Trust (the "Municipal Bond Predecessor Fund"), a mutual fund with substantially similar investment objectives, policies, and restrictions, into the Fund on August 23, 2021. With the reorganization, the Fund assumed the financial and performance history of the Municipal Bond Predecessor Fund. The following bar chart and table provide an indication of certain risks of investing in the Fund (and the Municipal Bond Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year. The table compares the Fund's average annual total returns for the periods listed to the Bloomberg 1-15 Year Municipal Index, a broad-based securities market index. The Fund's average annual total returns also are compared to the Bloomberg 7-Year Municipal Bond Index, which reflects the returns of the narrower market in which the Fund invests. This information is intended to help you assess the variability of Fund returns over the periods listed (and consequently, the potential rewards and risks of a Fund investment). The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information for the Municipal Bond Fund is available at www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance or by calling 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

![](fp0096300-1_13.jpg)

The Fund's (and the Municipal Bond Predecessor Fund for periods prior to the reorganization) best and worst quarters during the last 10 years were as follows:

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| | | |
|:---|:---|:---|
| Best Quarter: | 4Q 2023  | 6.33% |
| Worst Quarter | 1Q 2022  | (4.95)% |

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The Fund's fiscal year end is September 30. The Fund's most recent quarterly return (since the end of the last fiscal year) through December 31, 2025 was 1.58%.

**Average Annual Total Returns for the Periods Ended December 31, 2025** 

The following table shows certain Average Annual Total Returns on an investment in the Fund (and the Municipal Bond Predecessor Fund for periods prior to the reorganization) compared to market indices for the 1-, 5-and 10-year periods ended December 31, 2025. The after-tax returns are intended to show the impact of assumed federal income taxes on an investment in the Fund. "Return After Taxes on Distributions" shows the effect of taxable distributions, but assumes that you still hold Fund shares at the end of the period and that you do not have any taxable gain or loss on the disposition of your Fund shares. "Return After Taxes on Distributions and Sale of Fund Shares" shows the effect of both taxable distributions and any taxable gain or loss that you would realize if you purchased Fund shares at the beginning of the specified period and sold Fund shares at the end of the specified period. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as individual retirement accounts. In some instances, the "Return After Taxes on Distributions and Sale of Fund Shares" may be greater than the "Return Before Taxes" because the investor is assumed to be able to use the capital loss on the sale of the Fund shares to offset other taxable gains.

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Return Before Taxes | 5.37% | 1.05% | 2.22% |
| Return After Taxes on Distributions | 3.98% | 0.75% | 2.06% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.16% | 1.16% | 2.21% |
| Bloomberg 1-15 Yr. Municipal Index Total Return Index Unhedged USD | 5.18% | 1.16% | 2.27% |
| Bloomberg 7-Year Municipal Bond Index (reflects no deduction for expenses or taxes) | 5.71% | 1.03% | 2.24% |

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**Portfolio Management** 

***Investment Adviser***

The Fund's investment adviser is State Farm Investment Management Corp. (the "Adviser").

Northern Trust Investments, Inc. is the Fund's investment sub-adviser (the "Sub-Adviser").

***Portfolio Managers***

Nathan Miller

Vice President, Northern Trust Investments, Inc.

Length of Service: Since March 2021

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Adam M. Shane, CFA

Senior Vice President, Northern Trust Investments, Inc.

Length of Service: Since July 2023

**Buying and Selling Fund Shares** 

***Minimum Initial Investments:***

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| | |
|:---|:---|
| To open an account by check | $250 (per fund) |
| To open an account by wire | $50 (per fund) |
| Subsequent investments by check, automated clearing house (ACH) or automatic investing | $50 (per fund) |
| Subsequent investments by wire | $50 (per fund) |

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The above minimums do not apply to SEP IRAs, SIMPLE IRAs, or accounts held under other employer sponsored qualified retirement plans.

***To Buy or Sell Shares:***

<u>Regular Mail:</u>

State Farm Funds

P.O. Box 182330

Columbus, OH 43218-2330

Overnight Address:

State Farm Funds

4249 Easton Way, Suite 400

Columbus, OH 43219

Online Access: www.statefarm.com/login

Telephone: 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812; Monday – Friday 7:00am – 5:00pm CT

The fund is generally open for purchases, exchanges or redemptions on days when the New York Stock Exchange is open for regular trading.

**Dividends, Capital Gains and Taxes** 

The Fund intends to make distributions that may be taxed for federal income tax purposes as ordinary income or capital gains. Dividends and capital gain distributions you receive from the Fund also may be subject to state and local taxes.

 

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**Additional Information on Fund Investment Objectives, Strategies, and Risks** 

**Investment Objectives** 

Each Fund has its own investment objective. The Board of Trustees of Advisers Investment Trust (the "Trust") may change those investment objectives without a vote of the respective Fund's shareholders.

**Strategies** 

***Growth Fund***

*Equity Securities.* The Growth Fund invests under normal circumstances at least 80% of its assets in equity securities that at the time of investment are expected to appreciate over the long-term. Equity securities include, among other things, common stocks, preferred stocks, and American Depositary Receipts. The Sub-Adviser chooses equity securities for the Fund's portfolio for their long-term potential to generate capital gains, but may also consider a stock's potential to generate income. Although there is no restriction on the size of the companies in which the Fund invests, ordinarily most of the Fund's investments include but are not limited to large capitalization (unadjusted market cap of $22.7 billion or greater) and mid-capitalization (unadjusted market cap of $8.0 billion to $22.7 billion) equity securities, as defined by the S&P Dow Jones Indices at the time of investment. The S&P Dow Jones Indices market capitalizations noted above are as of December 31, 2025.

While the Fund seeks to maintain sector weights within 3% to 5% of each sector's weight in the S&P 500 Index, the Fund's broad-based benchmark index in making investment decisions on specific securities, the Sub-Adviser uses statistical modeling and research to look for companies with one or more of the following characteristics:

● Strong profitability within their sector

● Strong cash flows within their sector

● Strong management efficiency

● The ability to lower the volatility of the Fund

In assessing strong management efficiency (quality), NTI uses a proprietary quantitative ranking that is designed to provide exposure to quality characteristics. Beginning with a broad universe of liquid securities, NTI applies the proprietary quality score, which focuses on companies that are judicious users of capital and that do not exhibit excessive capital deployment. NTI then optimizes this narrower universe of securities for the appropriate quality and diversification goals. NTI also performs a risk management analysis in which risk exposures are measured and managed at the security, sector and portfolio levels.

*Short-term Investments.* Under normal circumstances, the Growth Fund is substantially invested in common stocks. The Fund may take a temporary defensive position in attempting to respond to adverse market, economic, political or other conditions. If the Sub-Adviser determines that market or economic conditions warrant a temporary defensive position, the Fund may hold up to 100% of its assets in cash, cash equivalents or other temporary investments such as short-term government or corporate obligations. During those periods, the Fund's assets may not be invested in accordance with its strategy and the Fund may not achieve its investment objective.

In general, the Sub-Adviser employs a long-term ownership strategy, which emphasizes buying and holding securities as long-term investments. However, the Sub-Adviser may sell securities the Growth Fund holds at any time and for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities (higher quality, higher yield and/or lower volatility). The Fund may use derivatives such as stock index futures to equitize cash and enhance portfolio liquidity.

***Balanced Fund***

The Balanced Fund invests in common stocks and bonds in varying proportions according to prevailing market conditions and the judgment of the Sub-Adviser.

*Common Stocks.* Under normal market conditions, the Balanced Fund invests approximately 65% of its assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Sub-Adviser believes this allocation is appropriate for investors seeking the Fund's balanced approach to equity and fixed income exposures. The Sub-Adviser chooses stocks for the Fund's portfolio for their long-term potential to generate capital gains, but may also consider a stock's long-term potential to generate income. Although there is no restriction on the size of the companies in which the Fund invests, ordinarily most of the Fund's investments include but are not limited to large capitalization (unadjusted market cap of $22.7 billion or greater) and mid-capitalization (unadjusted market cap of $8.0 billion to $22.7 billion) equity securities, as defined by the S&P Dow Jones Indices at the time of investment. The S&P Dow Jones Indices market capitalizations noted above are as of December 31, 2025.

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While the Fund seeks to maintain equity sector weights within 3% to 5% of each sector's weight in the S&P 500 Index, the Fund's broad-based benchmark index in making investment decisions on specific securities, the Sub-Adviser uses statistical modeling and research to look for companies with one or more of the following characteristics:

● Strong profitability within their sector

● Strong cash flows within their sector

● Strong management efficiency

● The ability to lower the volatility of the Fund

In assessing strong management efficiency (quality), NTI uses a proprietary quantitative ranking that is designed to provide exposure to quality characteristics. Beginning with a broad universe of liquid securities, NTI applies the proprietary quality score, which focuses on companies that are judicious users of capital and that do not exhibit excessive capital deployment. NTI then optimizes the remaining universe of securities for the appropriate quality and diversification goals. NTI also performs a risk management analysis in which risk exposures are measured and managed at the security, sector and portfolio levels.

*Futures Contracts and Related Options.* A futures contract is a type of derivative instrument that obligates the holder to buy or sell a specified financial instrument or currency in the future at an agreed upon price. For example, a futures contract may obligate a Fund, at maturity, to take or make delivery of certain domestic or foreign securities, the cash value of a securities index or a stated quantity of a foreign currency.

When a Fund purchases an option on a futures contract, it has the right to assume a position as a purchaser or seller of a futures contract at a specified exercise price during the option period. When a Fund sells an option on a futures contract, it becomes obligated to purchase or sell a futures contract if the option is exercised.

*Fixed Income Securities.* Under normal market conditions, the Balanced Fund invests approximately 35% of its assets in fixed income securities and ordinarily limits its fixed income investments to no less than 25% of its total assets. The Balanced Fund invests in fixed income securities to provide relative stability of principal and income. The Balanced Fund invests in fixed income securities included in the Bloomberg U.S., Intermediate Government/Credit Bond Index in weightings that approximate the relative composition of securities contained in the Index.

The Balanced Fund's investments in fixed income securities are passively managed. The Sub-Adviser invests in fixed income securities to try to duplicate the investment composition and performance of the Bloomberg U.S. Intermediate Government/Credit Bond Index by using computer programs and statistical procedures. The Sub-Adviser will buy and sell securities in response to changes in the Bloomberg U.S. Intermediate Government/Credit Bond Index. The Sub-Adviser uses a representative sampling strategy to manage the Fund's fixed income securities. "Representative sampling" is investing in a representative sample of securities that collectively has an investment profile similar to that of an index. The Fund may or may not hold all of the securities that are included in the Bloomberg U.S. Intermediate Government/Credit Bond Index. The Fund reserves the right to invest in all of the securities in the Bloomberg U.S. Intermediate Government/Credit Bond Index in approximately the same proportion (i.e., replication) if the Sub-Adviser determines that it is in the best interest of the Fund. The Bloomberg U.S. Intermediate Government/Credit Bond Index is a benchmark that measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds (i.e., U.S. and non-U.S. agencies, sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds that have a remaining maturity of greater than one year and less than ten years. As of December 31, 2025, there were 6,463 fixed income securities in the Bloomberg U.S. Intermediate Government/Credit Bond Index. Under normal market conditions, the Bloomberg Index is rebalanced monthly and its components are likely to change over time. During periods of market disruption or other abnormal market conditions, the rebalancing or reconstitution of the Index may be delayed.

*Short-term Investments.* The Balanced Fund may take a temporary defensive position in attempting to respond to adverse market, economic, political or other conditions. If the Sub-Adviser determines that market or economic conditions warrant a temporary defensive position, the Balanced Fund may hold up to 100% of its assets in cash, cash equivalents or other temporary investments such as short-term government or corporate obligations. During those periods, the Fund may not be invested in accordance with its strategy and the Fund may not achieve its investment objective.

In general, the Sub-Adviser employs a long-term ownership strategy, which emphasizes buying and holding securities as long-term investments. However, the Sub-Adviser may sell securities the Balanced Fund holds at any time and for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities (higher quality, higher yield and/or lower volatility). The Fund may use derivatives such as stock index futures to equitize cash and enhance portfolio liquidity.

***Interim Fund***

Under normal circumstances, the Interim Fund will invest substantially all of its net assets in a representative sample of the U.S. Treasury obligations included in the Bloomberg 1-5 Year U.S. Treasury Index. The Sub-Adviser will buy and sell securities with the goal of achieving an overall duration and total return for the Fund similar to that of the Bloomberg 1-5 Year U.S. Treasury Index.

The Interim Fund is passively managed, which means it tries to track the investment composition and performance of the Bloomberg 1-5 Year U.S. Treasury Index using computer programs and statistical procedures. Because the Fund will have fees and transaction expenses (while the Bloomberg 1-5 Year U.S. Treasury Index has none), returns are likely to be below those of the Bloomberg 1-5 Year U.S. Treasury Index.

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The Interim Fund's Sub-Adviser uses a representative sampling strategy to manage the Fund. "Representative sampling" is investing in a representative sample of securities that collectively has an investment profile similar to that of an index. The Fund may or may not hold all of the securities that are included in the Bloomberg 1-5 Year U.S. Treasury Index.

The Interim Fund reserves the right to invest in all of the securities in the Bloomberg 1-5 Year U.S. Treasury Index in approximately the same proportion (i.e., replication) if the Sub-Adviser determines that it is in the best interest of the Fund.

*Short-term Investments.* The Interim Fund may invest without limit in short-term government or corporate obligations and hold cash on behalf of the Fund in an interest-bearing demand bank savings account or mutual fund money market account as a temporary measure pending investment in securities. The Fund may take a temporary defensive position in attempting to respond to adverse market, economic, political or other conditions. During those periods, the Fund's assets may not be invested in accordance with its strategy and the Fund might not achieve its investment objective.

***Municipal Bond Fund***

The Municipal Bond Fund normally invests so that either (1) at least 80% of the Fund's net investment income is exempt from regular federal income tax or (2) at least 80% of the Fund's net assets are invested in securities that produce income exempt from regular federal income tax. The Fund will invest primarily in a diversified selection of municipal bonds (for example, general obligation bonds of a state or bonds financing a specific project) with maturities of one to 17 years, although from time to time the Fund may also hold issues with longer maturities. A majority of the Fund's investments are in issues with maturities longer than five years. The Sub-Adviser frequently will hold individual municipal bonds for a long period of time, possibly until the bond matures or until it is called. The Sub-Adviser may sell individual securities for several reasons including: fundamental deterioration of municipality prospects, liquidity needs or other portfolio management considerations, tax considerations, or better alternatives exist.

The Fund may temporarily invest up to 20% of its total assets under normal circumstances in certain short-term taxable securities issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, commercial paper, bank certificates of deposit, and any such items subject to short-term repurchase agreements.

States, territories, local governments and municipalities issue municipal bonds to raise money for various purposes (for example, to pay for a road construction project, or to build an airport). The Municipal Bond Fund may purchase municipal bonds that represent lease obligations. These carry special risks because the issuer of the bonds may not be obligated to appropriate money annually to make payments under the lease. To reduce this risk, the Fund will only purchase these types of bonds if the Sub-Adviser believes the issuer has a strong incentive to continue making appropriations until maturity. The interest on a municipal bond is generally exempt from federal income tax, but may be subject to the federal alternative minimum tax and state income taxes. The Fund does not currently intend to purchase municipal obligations whose interest would be subject to the alternative minimum tax unless these bonds provide greater potential for return on an after-tax basis than other alternatives.

*Quality.* Under ordinary circumstances at least 70% of the Municipal Bond Fund's total assets will consist of municipal bonds rated A or better by Moody's or S&P, money market securities and cash. Up to 30% of the Fund's total assets may be invested in municipal bonds that are unrated or rated less than A by Moody's or by S&P.

Lower-rated municipal bonds and fixed income securities generally carry a greater degree of risk than higher-rated municipal bonds. Bonds rated below BBB by S&P or below Baa by Moody's have speculative characteristics, and are commonly referred to as "junk bonds" and present a higher degree of credit risk. For more information, see "Description of Bond Ratings" in the Statement of Additional Information.

*Maturity.* The Municipal Bond Fund invests primarily in a diversified selection of municipal bonds with maturities of one to seventeen years, although from time to time the Sub-Adviser may purchase issues with longer maturities. A majority of the Fund's investments are in issues with maturities longer than five years.

*Short-term Investments.* The Municipal Bond Fund will hold assets not invested in municipal bonds as cash or will invest in interest-bearing demand notes, bank savings accounts and high-grade money market securities or U.S. Treasury securities. In attempting to respond to adverse market, economic, political or other conditions, as a temporary defensive measure, the Fund may invest without limit in cash or money market securities. During those periods, the Fund's assets may not be invested in accordance with its strategy, and the Fund may not achieve its investment objective.

**Investment Risks** 

Risk is inherent in all investing. Investing in a mutual fund, even the most conservative, involves risk, including the risk that you may receive little or no return on your investment or even that you may lose some or all of the money you invested. Before you invest, you should carefully consider the risks that you assume when you invest in the Funds. There may be other risks that are not listed herein that could cause the value of your investment in a Fund to decline and that could prevent a Fund from achieving its stated investment objective. This Prospectus does not describe all of the risks of every technique, investment strategy or temporary defensive position that a Fund may use. For additional information regarding the risks of investing in a Fund, please refer to the SAI.

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*Management Risk*. Actively managed Funds (or portions thereof) could experience losses if the Sub-Adviser's judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made by a Fund proved to be incorrect. There can be no guarantees that these techniques or the Sub-Adviser's investment decisions will produce the desired results. Additionally, legislative, regulatory, or tax developments may affect the investment techniques available to the Sub-Adviser in connection with managing the Fund and may also adversely affect the ability of a Fund to achieve its investment goal.

In addition, the Growth Fund and the equity portion of the Balanced Fund are managed using "quantitative methods", i.e., mathematical and statistical models and procedures. There is a risk that the value of securities or other investments selected using quantitative analysis can perform differently from the market as a whole or from their expected performance and the Fund may realize a loss. This may be as a result of the factors used in building a multifactor quantitative model, the weights placed on each factor, the accuracy of historical data supplied by third parties, and changing sources of market returns. Whenever a model is used, there is also a risk that the model will not work as planned.

Finally, the Growth Fund and the Balanced Fund invest in common stocks, which may be subject to the risk that the past performance of companies that have exhibited quality characteristics does not continue or the returns on securities issued by such companies may be less than returns from other styles of investing or the overall stock market. There may be periods when quality investing is out of favor and during which time the Fund's performance may suffer.

*Market Risk.* The Funds are subject to the risk that the value of the Funds' investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Funds may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, disruptions to business operations and supply chains, staffing shortages, volatility in the equities market or adverse investor sentiment. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Continuing uncertainties about interest rates, armed conflicts, rising government debt, political events, trade tensions and economic sanctions also contribute to market volatility. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, public health emergencies and pandemics, epidemics, terrorism, climate change and climate-related events, regulatory events and governmental or quasi-governmental actions. Market risk includes the risk that a particular style of investing, such as growth or value, may underperform the market generally. The market value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly inter-connected global economies and financial markets.

*Long-term Ownership Strategy Risk.* The Growth Fund and Balanced Fund employ an investment approach which generally emphasizes buying and holding securities over long periods. As such, the Funds could continue to hold certain securities through adverse cycles for those securities rather than selling them, which could cause the Funds to underperform compared to a fund that has invested in similar securities but actively shifts its portfolio assets to take advantage of market opportunities and that does not seek reduced portfolio turnover. In determining which portfolio securities to sell, the Sub-Adviser considers, and seeks to mitigate, the amount of capital gains that may be realized by such sale.

*Tax Risk.* The Growth Fund and Balanced Fund's long-term ownership strategy historically has resulted in a low rate of turnover in each portfolio. Therefore, the Growth Fund and Balanced Fund have each accumulated a large amount of unrealized capital gains, and distribution of such gains to shareholders may be larger than the capital gain distributions made by other similar mutual funds.

Should the Sub-Adviser sell any appreciated assets in the Growth Fund and/or Balanced Fund, shareholders generally will receive their proportional share of the resulting realized capital gains regardless of how long they owned such shares. As a result, unless you are purchasing shares of the Growth Fund and/or Balanced Fund through a tax-advantaged account (such as an IRA), buying such shares at a time when the Funds have unrealized gains might eventually cost you money in taxes.

The Municipal Bond Fund's investments in municipal securities rely on the opinion of the issuer's bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Municipal Bond Fund buys a security, the IRS may determine that the issuer has not complied with applicable tax requirements and a bond issued as tax-exempt should in fact be taxable. This may result in a significant decline in the value of the security.

*Large Cap Risk.* The Growth Fund and Balanced Fund invest in common stocks, which may be subject to the risk that returns on investments in stocks of large companies could trail the returns on investments in stocks of smaller and mid-sized companies.

*Mid Cap Stock Risk.* The Growth Fund and Balanced Fund invest in common stocks, which may be subject to the risk that stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies, and may lack sufficient market liquidity. Mid-sized companies may have limited product lines or financial resources, and may be dependent upon a particular niche of the market, or may be dependent upon a small or inexperienced management group. Securities of smaller companies may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

*Interest Rate Risk.* The Balanced Fund, Interim Fund, and Municipal Bond Fund invest in fixed income securities that are subject to interest rate risk. Interest rate risk is the risk that during periods of rising interest rates, a Fund's yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, a Fund's yield (and the market value of its securities) will tend to be higher. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which

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central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for the Funds' investments. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities. If interest rates rise, a Fund's yield may not increase proportionately, and the maturities of fixed income securities that have the ability to be prepaid or called by the issuer may be extended. Changing interest rates may have unpredictable effects on the markets and a Fund's investments. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for a Fund. A low or declining interest rate environment poses additional risks to a Fund's performance, including the risk that proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund.

*Prepayment (or Call) Risk.* The fixed income securities held by the Balanced Fund, Interim Fund, and Municipal Bond Fund are subject to prepayment (or call) risk, which is the risk that an issuer could exercise its right to pay principal on an obligation held by a Fund earlier than expected. The exercise of such right may result in a decreased rate of return and a decline in value of those obligations and, accordingly, a decline in the Fund's NAV. Issuers may be more likely to prepay when interest rates fall, when credit spreads change, or when an issuer's credit quality improves. If this happens, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities. The Fund may also lose any premium it paid to purchase the securities.

*Credit (or Default) Risk.* The Balanced Fund, Interim Fund, and Municipal Bond Fund invest in fixed income securities that are subject to credit (or default) risk. This is the risk that the inability or unwillingness of an issuer or guarantor of a fixed-income security, or a counterparty to a repurchase or other transaction, to meet its principal or interest payments or other financial obligations will adversely affect the value of a Fund's investments and its returns. The credit quality of a debt security or of the issuer of a debt security held by a Fund could deteriorate rapidly, which may impair the Fund's liquidity or cause a deterioration in the Fund's NAV. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty.

*Income Risk.* The fixed income investments of the Balanced Fund, Interim Fund and Municipal Bond Fund are subject to income risk, the risk that the income from a Fund's bond investments will decline. Income risk can result when a Fund invests the proceeds from new share sales, or from matured or called bonds, at market interest rates that are below the portfolio's current earnings rate.

*Debt Extension Risk.* Fixed income investments held by the Balanced Fund, Interim Fund and Municipal Bond Fund are subject to debt extension risk, the risk that an issuer will exercise its right to pay principal on an obligation held by a Fund later than expected. This may happen during a period of rising interest rates. Under these circumstances, the value of the obligation will decrease and the Fund will suffer from the inability to invest in higher yielding securities.

*Inflation Risk.* Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of a Fund's assets can decline as can the value of the Fund's distributions. Inflation risk applies particularly to fixed-income investments, like those of the fixed income component of the Balanced Fund, the Interim Fund and the Municipal Bond Fund.

*Liquidity Risk.* The Funds are subject to liquidity risk. This is the risk that the Funds may not be able to pay redemption proceeds in a timely manner because of unusual market conditions, an unusually high volume of redemption requests, legal restrictions impairing its ability to sell particular securities or close out derivative positions at an advantageous market price, or other reasons. Certain portfolio securities may be less liquid than others, which may make them difficult or impossible to sell at the time and the price that a Fund would like and the Fund may have to lower the price, sell other securities instead, or forgo an investment opportunity. In addition, less liquid securities may be more difficult to value and markets may become less liquid when there are fewer interested buyers or sellers or when dealers are unwilling or unable to make a market for certain securities. For these same reasons, less liquid securities that a Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease a Fund's ability to buy or sell such securities. All of these risks may increase during periods of market turmoil.

*U.S. Government Securities Risk.* The fixed income investments of the Balanced Fund and the Interim Fund are subject to the risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Some U.S. Government Securities, such as Treasury bills, notes and bonds are supported by the full faith and credit of the United States. Others, such as obligations issued or guaranteed by U.S. Government agencies, authorities or instrumentalities, are supported either by (a) the full faith and credit of the U.S. Government (such as securities of the Small Business Administration), (b) the right of the issuer to borrow from the Treasury (such as securities of the Federal Home Loan Banks), (c) the discretionary authority of the U.S. Government to purchase the agency's obligations (such as securities of the Federal National Mortgage Association), or (d) only the credit of the issuer. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, authorities or instrumentalities in the future. The maximum potential liability of the issuers of some U.S. government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

*Municipal Securities Risk.* The Municipal Bond Fund is subject to the risk that a municipal bond issuer fails to make principal or interest payments when due to the Fund, or that the credit quality of the issuer falls. Municipal securities can be significantly affected by political changes as well as uncertainties related to taxation, legislative changes or the rights of municipal security holders. Municipal securities may be more susceptible to downgrades or defaults during economic downturns or similar periods of economic stress, which in turn could affect the market values and marketability of many or all municipal obligations of issuers in the state. For example, a public health emergency such as a pandemic may significantly stress the financial resources of municipal issuers, which may impair a municipal issuer's ability to meet its financial obligations when due and may

19<br>

adversely impact the value of its bonds, which could negatively impact the performance of the Fund. Factors contributing to the economic stress on municipal issuers may include an increase in expenses associated with combatting the health emergency and a decrease in revenues supporting the issuer's bonds due to factors such as lower sales tax revenue as a result of decreased consumer spending, lower income tax revenue due to higher unemployment, and a decrease in the value of collateral backing revenue bonds due to closures and/or curtailment of services and/or changes in consumer behavior. In light of the uncertainty surrounding the magnitude, duration, reach, costs and effects of the public health emergency, as well as actions that could be taken by governmental authorities or other third parties, it is difficult to predict the level of financial stress and duration of such stress municipal issuers may experience. Changes in an issuer's financial strength or changes in the credit rating assigned to an obligation may affect the market values and marketability of many or all municipal obligations of issuers in that state. Because many municipal securities are issued to finance similar projects (for example, education, healthcare or transportation), conditions in those sectors can affect the overall municipal market.

Municipal bonds include general obligation bonds, which are backed by the full faith and credit of the issuer and which can be paid by any revenue source, and revenue bonds, which may be repaid only from the revenue of a specific facility or source. Additionally, some municipal securities are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Although the insurance feature reduces certain financial risks, the premiums for insurance and the higher market price paid may reduce the Fund's income. Certain providers of insurance for municipal securities incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments that experienced defaults or otherwise suffered extreme credit deterioration. As a result, the availability of insured municipal bonds may be limited. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the rating of the underlying municipal security will be more relevant, and the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security would decline and may become worthless. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation, or the net asset value of the Municipal Bond Fund shares represented by such insured obligation.

*High Yield Risk.* The Municipal Bond Fund may invest in high yield, high risk securities (also known as "junk bonds") which are considered to be speculative. These investments may be issued by municipalities which are highly leveraged, less creditworthy, or financially distressed. Non-investment grade debt securities can be more sensitive to short-term economic and market developments. During periods of economic uncertainty and change, the market price of the Fund's investments and the Fund's net asset value may be volatile. Furthermore, though these investments generally provide a higher yield than higher-rated debt securities, the high degree of risk involved in these investments can result in substantial or total losses. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for the securities. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a higher degree of risk.

*Geographic and Sector Risk.* The Municipal Bond Fund is subject to the risk that if the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business or political development affecting that state, region or sector may affect the value of the Fund's investments more, and the Fund's investments may be more volatile, than if its investments were not so concentrated in such state, geographic region or economic sector.

*Tracking Risk.* The Interim Fund and the fixed income portion of the Balanced Fund are subject to the risk that their performance may vary substantially from the performance of the respective benchmark indices they track as a result of share purchases and redemptions, transaction costs, expenses and other factors.

*Valuation Risk.* The risk that the sale price a Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Fair valuation of the Fund's investments involves subjective judgment. The Fund's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third-party service providers. In addition, the value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

*Futures Risks.* The Growth Fund and the Balanced Fund may have futures contracts and options that present the following risks: imperfect correlation between the change in market value of a Fund's securities and the price of futures contracts and options; the possible inability to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Sub-Adviser to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund's NAV. As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts and options on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protections as U.S. exchanges.

**Portfolio Holdings Disclosure** 

A description of the Funds' policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

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**Cybersecurity** 

The computer systems, networks, and devices used by the Funds and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by the Funds and their service providers, systems, networks, or devices potentially can be breached. The Funds and their respective shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its NAV; impediments to trading; the inability of the Funds, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**Management of the Funds** 

**Investment Adviser** 

State Farm Investment Management Corp, ("State Farm" or the "Adviser"), wholly-owned by State Farm Life Insurance Company, serves as the investment adviser to the Funds. The Adviser's principal place of business is One State Farm Plaza, Bloomington, Illinois 61710. The Adviser is an investment adviser registered with the U.S. Securities and Exchange Commission (the "SEC"). As adviser to the Funds, subject to the Board of Trustees' supervision, State Farm continuously reviews and oversees each Fund's investment program. State Farm also oversees compliance with each Fund's investment policies and guidelines. As of December 31, 2025, State Farm had approximately $12.46 billion in Fund assets under management.

The Adviser has obtained an exemptive order from the SEC that permits the Adviser to retain and remove sub-advisers and modify sub-advisory arrangements without shareholder approval. Under the exemptive order, the Adviser may act as a manager of managers for the Funds. The Adviser supervises the sub-adviser to each Fund and has ultimate responsibility, subject to oversight by the Board of Trustees, to recommend the hiring, termination, and replacement of the sub-adviser.

For its services, the Adviser is entitled to an advisory fee, as set forth below, which is calculated daily and paid monthly based on the average daily net assets of each Fund.

Under the Funds' investment advisory agreement, the Adviser received an annual fee from each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee <br> (as percentage of average daily net assets)** |
| State Farm Growth Fund | 0.10% |
| State Farm Balanced Fund | 0.11% |
| State Farm Interim Fund | 0.12% |
| State Farm Municipal Bond Fund | 0.11% |

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**Investment Sub-Adviser** 

Northern Trust Investments, Inc. ("NTI" or the "Sub-Adviser"), a subsidiary of Northern Trust Corporation, serves as the Sub-Adviser to the Funds. NTI is located at 50 South LaSalle Street, Chicago, Illinois 60603. NTI is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. It primarily manages assets for institutional and individual separately managed accounts, investment companies, and bank common and collective funds. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended.

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As Sub-Adviser, NTI makes investment decisions for the Funds and also ensures compliance with the Funds' investment policies and guidelines. For its services, the Sub-Adviser is paid an annual fee by the Adviser as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee <br> (as percentage of average daily net assets)** |
| State Farm Growth Fund | 0.085% |
| State Farm Balanced Fund | 0.080% |
| State Farm Interim Fund | 0.075% |
| State Farm Municipal Bond Fund | 0.080% |

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Disclosure regarding the basis for the Board of Trustees' approval of the Investment Advisory Agreement between the Adviser and each of the Funds and the approval of the Investment Sub-Advisory Agreement between the Adviser and NTI with respect to the Funds is available in the Funds' Semi-Annual Financial Statements and Additional Information for the most recent period ended March 31.

**Portfolio Management** 

The Funds are managed by NTI portfolio managers using a team-based approach. Each Fund is managed by one or more investment professionals and may be supported by analysts. The members of the Funds' management teams, and the name of the Fund each is responsible for the day-to-day management of, are listed below.

**Mary Lukic, CFP, Senior Vice President** 

*State Farm Growth Fund and State Farm Balanced Fund* 

Mary Lukic, CFP<sup>®</sup> is a team leader and senior portfolio manager within Global Equities. She is Head of the Tax Advantaged Equity portfolio management team which focuses on tax managed and various quantitative active portfolio strategies. She is responsible for implementation of tax managed, Quality Dividend Focus and Quality ESG strategies. Mary has extensive experience providing custom equity solutions to high net worth families, nuclear decommissioning trusts, settlement trusts, insurance companies, and other taxable and tax-exempt clients. Mary received her B.S. degree in Finance from Illinois State University and an M.B.A. degree with concentrations in Finance, Accounting and Organizational Behavior from the University of Chicago Booth School of Business. She is a Certified Financial Planner™.

**Christine Tinker, CFA, Vice President** 

*State Farm Growth Fund and State Farm Balanced Fund* 

Christine Tinker is a Portfolio Manager on the Global Equity team within Northern Trust Asset Management. She is responsible for the implementation of several quantitative equity strategies specializing in Tax Advantaged Equity strategies for high net worth and institutional investors. Prior to joining Northern Trust's Global Equity team in 2015, Christine was a Portfolio Manager at U.S. Trust, Bank of America Private Wealth Management where she managed investment portfolios for high net worth individuals. Christine received a B.S. degree in Finance from the University of Illinois at Urbana-Champaign. Christine is a CFA Charterholder. Christine is a member of the CFA Institute, a member of the CFA Society of Chicago and Co-Chair of the CFA Society Chicago Women's Network.

**Sridhar Kancharla, CFA, Senior Vice President**

*State Farm Growth Fund and State Farm Balanced Fund* 

 

Sridhar Kancharla is the Head of Quantitative Portfolio Management at Northern Trust Asset Management. He is responsible for the research and implementation of the large cap quantitative equity strategies. Previously at Northern Trust, he was a senior portfolio manager and researcher on the quantitative active equity team responsible for the research and implementation of several large/small cap quantitative equity strategies. Prior to joining Northern Trust in 2007, Sridhar was a senior software engineer at Grossman & Associates responsible for developing industry leading commodity management and accounting software deployed at multi-billion dollar grain companies throughout North America. Sridhar earned a master's degree in financial mathematics from the University of Chicago and a bachelor's degree in computer science and mathematics from the University of Illinois, Urbana-Champaign. He is a CFA® charterholder, a member of the CFA Institute, CFA Society of Chicago and the Chicago Quantitative Alliance.

**David Alongi, CFA, Senior Vice President** 

*State Farm Balanced Fund and State Farm Interim Fund* 

David Alongi is a Senior Vice President responsible for leading the portfolio management and trading process for passive fixed income portfolios. He oversees the management of a variety of commingled and segregated account strategies across a wide range of bond market sectors, maturities, and currencies. David joined the asset management arm of Northern Trust in 2000. Prior to his current position, David was responsible for research, security selection and trading in the mortgage-backed sector, and was the portfolio manager for the Collective Mortgage Backed Securities Index Fund and various separate account client portfolios. In an earlier assignment, David was in the Treasury Department of The Northern Trust Company where he was responsible for interest rate risk management and hedging strategies for the balance sheet, and managed the bank investment portfolio. David began his career with Northern Trust in 1990. David earned a BS in Psychology from the University of Illinois (Urbana) and an MBA with a concentration in Finance from The University of Chicago Booth School of Business. He is a CFA Charterholder, a member of the CFA Institute and the CFA Society of Chicago, and an Associated Person of the National Futures Association.

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**Michael Chico, CFA, Vice President** 

*State Farm Balanced Fund and State Farm Interim Fund* 

Michael Chico is a Vice President at The Northern Trust Company, Chicago. He is a Fixed Income Portfolio Manager in the Fixed Income Group and is responsible for quantitatively managing and trading fixed income accounts for Northern Trust clients. Mike originally joined Northern Trust in 2005 as a Fixed Income Securities Trader with Northern Trust Securities, Inc., where he focused on structured products, non-USD fixed income securities, MBS/ABS, and Treasury securities. Prior to joining Northern Trust, he was Vice President of MBS Trading at JP Morgan Securities, Inc, formerly Banc One Capital Markets, Inc. Mike received his B.A. degree in Economics from the University of Pennsylvania and his M.B.A. degree in Finance and Economics from The University of Chicago Graduate School of Business. Mike is a CFA Charterholder and a member of the CFA Institute and the CFA Society of Chicago.

**Nathan Miller, Vice President** 

*State Farm Municipal Bond Fund* 

Nathan (Nate) Miller is a Vice President at The Northern Trust Company, Chicago. He is a Portfolio Manager in the Municipal Fixed Income Group of Northern Trust Asset Management and is responsible for the management of a number of individual municipal bond portfolios. Nate Miller joined the Northern Trust in 1995 as an IMLG representative in Worldwide Operations and Technology. He relocated to Arizona in 1996 and worked as a Relationship Manager in the Corporate and Institutional Administration Group. He relocated back to Chicago in October 2003 and started as a Municipal Bond Trader for the Fixed Income Group within Northern Trust Asset Management prior to being named a Portfolio Manager in June 2005. Nate Miller received a Bachelor of Science degree in Finance from the University of Illinois at Urbana-Champaign in 1994 and also studied in the Certified Employee Benefits Specialist program (CEBS) via the Wharton School of Business.

**Adam M. Shane, CFA, Senior Vice President** 

*State Farm Municipal Bond Fund* 

Adam Shane is Co-Head of Municipal Bond Portfolio Management on the Global Fixed Income team at Northern Trust Asset Management. In this capacity, Adam has responsibility for the oversight and management of both investment grade and high yield municipal bond strategies. Adam has held various positions in portfolio management, credit research, and product management at Northern Trust Asset Management since 2010, and prior to that at Nuveen. Adam has an MBA, with concentrations in accounting and finance. Adam is a CFA<sup>®</sup> Charterholder and a member of the CFA Society of Chicago, the CFA Institute, the Chicago Municipal Analysts Society, and the National Federation of Municipal Analysts. He has more than 20 years of fixed income investment management experience.

The Statement of Additional Information provides additional information about each portfolio manager's compensation structure, other accounts managed, and ownership of securities of the Funds.

**Administrator, Transfer Agent, Custodian, and Distributor** 

The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Funds' Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), 190 Middle Street, Suite 301, Portland, Maine 04101, provides compliance services and financial controls services to the Funds. Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) ("Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, distributes shares of the Funds.

**Your Account** 

**Pricing Your Shares** 

When you buy and sell shares of a Fund, the price of the shares is based on the Fund's net asset value per share ("NAV") next determined after the order is received.

***Calculating the Fund's NAV***

The NAV is calculated at the close of trading of the New York Stock Exchange ("NYSE"), normally 4:00 p.m. Eastern time ("ET")/3:00 p.m. Central time ("CT"), on each day that the NYSE is open for business. However, the Funds may close earlier in the case of scheduled half-day trading, shortened trading hours due to emergency circumstances or unscheduled suspensions of trading. Your request to purchase or redeem shares is priced at the next NAV calculated after your order is received in good order by the Fund or a financial intermediary. The NAV of a Fund may change every day.

The NYSE is closed on the following days: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

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***Valuing the Funds' Assets***

The market value of a Fund's investments is determined primarily on the basis of readily available market quotations. Each Fund generally uses pricing services to determine the market value of securities. Foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate of such currencies against the U.S. dollar as provided by an approved pricing service.

If market quotations for a security are not available or market quotations or a price provided by a pricing service do not reflect fair value, or if an event occurs after the close of trading on the domestic or foreign exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser as the "valuation designee" for each Fund, will value a Fund's assets at their fair value according to policies approved by the Board of Trustees. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the security using the Funds' fair value pricing guidelines. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. The Fund may identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Fund may use a systematic valuation model provided by an independent third-party pricing service to fair value its international equity securities.

Without a fair value price, short-term investors could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Foreign markets in which a Fund buys securities may be open on days the U.S. markets are closed, causing a Fund's NAV to change even though the Fund is closed. While fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities, there is no assurance that fair value pricing policies will prevent dilution of the NAV by short-term investors. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

**Establishing an Account** 

***Customer Identification Program: Important Information About Procedures for Opening an Account***

The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Funds in verifying your identity.

In addition, the Funds may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified.

The Funds also may request to receive a copy of your driver's license or other identifying documents at any time. If requested, the documents should be returned within the requested timeframe to avoid account closure or rejected instructions.

***Completing your Application***

You may open a shareholder account directly with the Funds. You can obtain a copy of the New Account Application by calling the Fund at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 on days the Funds are open for business. Additionally, our forms and applications may be located at https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance/forms-and-downloads.

*\*\*Please note, the Funds are generally only available to be held directly with State Farm Funds and are not available through any financial intermediaries.\*\** 

To establish an account, complete the appropriate account application and mail it to the address provided on the form. With your application, include your check made payable to "State Farm Funds" for the required initial minimum investment for the Fund(s) you have selected.

***Investment Minimums***

Your initial and subsequent investment in each of the Funds has to meet these minimum requirements:

---

| | |
|:---|:---|
| To open an account by check | $250 (per fund) |
| To open an account by wire | $50 (per fund) |
| Subsequent investments by check, automated clearing house (ACH) or automatic investing | $50 (per fund) |
| Subsequent investment by wire | $50 (per fund) |

---

*The above minimums do not apply to SEP IRAs, SIMPLE IRAs, or accounts held under other employer sponsored qualified retirement plans.* 

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Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholders generally would be subject to U.S. tax withholding on distributions by the Funds. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

You may purchase shares directly from the Funds on any business day which the Funds are open, subject to certain restrictions described below. Payment must be in U. S. dollars on a check drawn on a bank in the United States, wire transfer or electronic transfer. The Funds will not accept cash, traveler's checks, starter checks money orders, third party checks (except for properly endorsed IRA rollover checks), checks drawn on foreign bank or checks issued by credit card companies or internet-based companies. Shares purchases by checks that are returned will be canceled and you will be liable for any losses or fees incurred by the Fund or its agents, including bank handling charges for returned checks. If your check fails to clear, the fund has the right to cancel your purchase, hold you liable or charge you or your account for any losses or fees the Fund or its agents have incurred. A wire will be considered made when the money is received and the purchase is accepted by the Funds. Any delays that may occur in receiving money, including delays that may occur in processing by the bank, are not the responsibility of the Funds or the Transfer Agent. Wires must be received prior to 4:00 pm ET/3:00pm CT to receive the current day's NAV.

**Fund Direct Transactions (Purchases, Exchanges and Redemptions)** 

Please use the following addresses for any documentation to be mailed to State Farm Funds.

<u><u>Regular Mail:</u></u> State Farm Funds P.O. Box 182330 Columbus, OH 43218-2330 <u><u>Overnight Address:</u></u> State Farm Funds 4249 Easton Way, Suite 400 Columbus, OH 43219

***The Funds do not consider the US Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such service, or receipt at the Funds' post office box does not constitute receipt by the Funds.***

***How to Purchase Shares***

**To Add to an Existing Account** 

● Call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 on days the Funds are open for business to speak with an Investor Services Representative regarding your options, or if available, place your trade.

● Provide a Letter of Instruction, delivered to the addresses listed above accompanied by an acceptable payment method as outlined above.

● Purchase shares online by logging in to your statefarm.com account. When purchasing online, you will be required to provide active bank account information to facilitate payment for purchases. Transactions for which State Farm Funds are unable to successfully draft from your bank account will be canceled.

**By Directed Reinvestment** 

Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

● Complete the "Choose Your Dividend and Capital Gain Distributions" section on the New Account Application.

● Reinvestments can only be directed to an existing Fund account.

***How to Exchange Shares***

You may exchange your shares of one Fund for another Fund on any Business Day by contacting the Funds directly by mail or telephone by calling 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812. The exchange privilege may be changed or canceled at any time upon sixty (60) days' written notice. The Funds do not charge a fee for this privilege.

The Funds reserve the right to eliminate this exchange privilege at any time at its discretion and may refuse exchanges by any person or group if, in the Funds' judgment, the Funds would potentially be adversely affected. Before making an exchange request, you should read the prospectus carefully, particularly since fees and expenses differ from one Fund to another. Investors could realize a taxable gain or loss when exchanging shares of one Fund for shares of another Fund. The Funds do not provide tax advice; you should consult your own tax expert. If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

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The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Market Timing Policy" below.

**By Mail** 

Send a written request to the mailing addresses provided above. The exchange request must include:

● Your Fund account number; shareholder name;

● The number of shares or the dollar amount to be exchanged;

● The fund name/number that the exchange is going into;

● The signatures of ALL account owners signed in the exact name(s) and any special capacity in which they are registered.

**By Telephone and Online** 

Telephone and online access privileges are automatically established on your account unless you indicate otherwise on your New Account Application. Visit statefarm.com to enroll for online access.

● Call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 on days the Funds are open for business to speak with an Investor Services Representative to place your trade.

● Visit statefarm.com and log into your account, then access the Mutual Funds tab and select the relevant transaction type.

***How to Redeem Shares***

You may redeem all or part of your investment in a Fund on any day that the Fund is open for business, subject to certain restrictions described below. Redemption requests received by the Fund before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds after the close of trading on the NYSE are processed at the NAV determined on the following business day.

You may receive proceeds from the sale by check, bank wire transfer, or direct deposit into your bank account via Electronic Funds Transfer and in certain cases, payment may be made in securities of a Fund as described in "Additional Information About Redemptions." Each Fund typically expects that it will take one to three business days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven (7) calendar days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. In the event that a wire transfer is impossible or impractical, a redemption check will be sent by mail to the address of record. The Funds typically expect to hold cash or cash equivalents to meet redemption requests. A Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during stressed market conditions.

**Redeeming Directly from the Funds** 

If you purchased shares directly from the Funds and you appear on Fund records as the registered holder, you may redeem all or part of your shares using one of the methods described below. Please note, if you chose to redeem by wire, the minimum redemption amount is $250.00 and there will be a $15.00 wire fee per each wire processed. Your financial institution may charge you a fee for the receipt of wire payments.

A Medallion Signature Guarantee may be required for your redemption. Please see the Medallion Guarantees section below.

**By Mail** 

Send a written request to the mailing addresses provided above. The redemption request must include:

● Your Fund account number; shareholder name;

● The number of shares or the dollar amount to be redeemed;

● The signatures of ALL account owners signed in the exact name(s) and any special capacity in which they are registered.

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**By Telephone and Online** 

Telephone and online access privileges are automatically established on your account unless you indicate otherwise on your New Account Application. Visit statefarm.com to enroll for online access.

● Call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 on days the Funds are open for business to speak with an Investor Services Representative to place your trade.

● Visit statefarm.com and log into your account, then access the Mutual Funds tab and select the relevant transaction type.

**●** **Online redemptions are subject to a daily limit of $250,000 per account.** 

***Additional Information About Redemptions***

The Funds typically expect that they will pay redemption proceeds by check or electronic transfer within seven (7) calendar days after receipt of a proper redemption request although proceeds normally are paid within three business days. If you are redeeming shares that have been purchased via ACH, the Funds may hold redemption proceeds until the purchase amount has been collected, which may be as long as five business days after purchase date. For shares recently purchased by check, redemption proceeds may not be available until the check has cleared which may take up to five business days from the date of purchase. To eliminate this delay, you may purchase shares of a Fund by wire. Also, when the NYSE is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the Securities and Exchange Commission, the Funds may suspend redemptions or postpone payment of redemption proceeds. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in both regular and stressed market conditions.

At the discretion of the Funds or the Transfer Agent, corporate investors and other entities may be required to furnish additional documentation to evidence proper authorization.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a Fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are available. They are distributed based on a weighted-average pro-rata basis of a Fund's holdings to the redeeming shareholder.

Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. As with any security, a shareholder will bear taxes on any capital gains from the sale of a security redeemed in kind.

***Medallion Signature Guarantee***

Some circumstances may require that your request to transact be made in writing accompanied by an original Medallion Signature Guarantee (MSG). A Medallion Signature Guarantee can be obtained from most banks or securities dealers and helps prevent you against fraud. Please note, a MSG is not a notary and you should verify the institution is an eligible guarantor prior to signing the appropriate form. The recognized program is the Securities Transfer Agent Medallion Program and **signature guarantees received from institutions not participating in this program will not be accepted.** The Medallion Signature Guarantee must cover the amount of the requested transaction. There are several different guarantee amounts, so it is important to acquire a guarantee amount equal to or greater than the amount of the transaction. If the surety bond of the Medallion Signature Guarantee is less than the transaction amount, your request may be rejected. The Medallion Signature Guarantee requirement may be waived in certain (limited) circumstances.

An original Medallion Signature Guarantee is generally required if any of the following applies:

● The redemption is requested in writing and the amount redeemed per each fund is equal to or greater than $100,000;

● Electronic payment is to a bank account not on file;

● The payment recipient is someone other than the account owner;

● Payment is being sent to an address that is different from the address of record or;

● Information on your account has been changed, including the name(s) or the address on your account or the name or address of a payee, within 30 days of your redemption request.

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Additionally, an Original Medallion Signature Guarantee may be required if either of the following applies:

● In certain circumstances where funds are being transferred to another State Farm Funds account that is not registered to the account owner.

● If your redemption proceeds are being sent to a Qualified Charitable Organization, a Medallion Signature Guarantee is required for redemptions exceeding $25,000.

If your written request is for redemption greater than $5 million, call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 for Medallion Signature Guarantee requirements.

**Telephone and Internet Transactions** 

By using telephone or internet purchase, redemption, or exchange options, you agree to hold the Funds, the Transfer Agent, and their respective affiliate harmless from any losses, expenses, costs or liability (including attorney fees) which may be incurred in connection with the exercise of these privileges. Generally, all shareholders are automatically eligible to use these privileges. However, you may elect to decline these options. Although the Funds have adopted reasonable procedures to confirm that the instructions received are genuine, permitting telephone and internet redemptions in your account presents risk of losses due to unauthorized or fraudulent transactions. In addition, interruptions in service may mean that you will be unable to effect a redemption by telephone or internet when desired. During periods of extreme market activity, you may have difficulty reaching us via telephone. If you are unable to reach the Fund by telephone or via the internet because of technical difficulties, market conditions, or a natural disaster, you have the option to make purchase, redemption, and exchange requests by regular or overnight mail.

**Responsibility for Fraud** 

State Farm Funds and its service providers shall not be liable for any loss incurred by reason of a fund accepting unauthorized transaction requests for your account if the fund reasonably believes the instructions to be genuine. In order to safeguard your account, you should keep all account information private and review all confirmation statements and other account-related communications as soon as you receive them. We will consider all transactions to be properly processed if discrepancies are not reported promptly. Contact us immediately if you suspect that someone has gained unauthorized access to your account.

**Verification of Accounting Statements** 

You must contact the Fund in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Fund may deny your ability to refute a transaction if it does not hear from you within 60 days after the confirmation statement date.

**Lost Shareholders, Inactive Accounts, and Unclaimed Property** 

It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 at least annually for information on how to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

**Tax-Qualified Retirement Plans** 

Please contact the Transfer Agent at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 for information regarding opening an IRA or other retirement account. Please consult with an attorney or tax adviser regarding these plans. You must pay annual custodial fees for your IRA, usually by redemption of sufficient shares of the Fund from your IRA, unless you pay the fees directly to the IRA custodian. Call the Transfer Agent for information about the IRA custodial fees.

**Market Timing Policy** 

Each Fund is intended to be a long-term investment. Excessive purchases and redemptions of shares of a Fund in an effort to take advantage of short-term market fluctuations, known as "market timing," can interfere with long-term or efficient portfolio management strategies and increase the expenses of the Fund, to the detriment of long-term investors.

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Excessive short-term trading may: (1) require a Fund to sell securities in the Fund's portfolio at inopportune times to fund redemption payments, (2) dilute the value of shares held by long-term shareholders, (3) cause a Fund to maintain a larger cash position than would otherwise be necessary, (4) increase brokerage commissions and related costs and expenses, and (5) generate additional tax liability. Accordingly, the Board of Trustees has adopted policies and procedures that seek to restrict market timing activity. Under these policies, the Funds periodically examine transactions that exceed monetary thresholds or numerical limits within certain time periods. If a Fund believes, in its sole discretion, that an investor is engaged in excessive short-term trading or is otherwise engaged in market timing activity, a Fund may, with or without prior notice to the investor, reject further purchase or exchange orders from that investor, and disclaim responsibility for any consequential losses that the investor may incur related to the rejected purchases. Alternatively, the Funds may limit the amount, number, or frequency of any future purchases or exchanges and/or the method by which an investor may request future purchases and redemptions. A Fund's response to any particular market timing activity will depend on the facts and circumstances of each case, such as the extent and duration of the market timing activity and the investor's trading history in the Fund. While the Funds cannot assure the prevention of all excessive trading and market timing, by making these judgments, each Fund believes that it is acting in a manner that is in the best interests of shareholders.

Financial intermediaries may establish omnibus accounts with the Funds through which they place transactions for their customers. Omnibus accounts include multiple investors and typically provide the Funds with a net purchase or redemption. The identity of individual investors ordinarily is not known to or tracked by the Funds. The Funds will enter into information sharing agreements with certain financial intermediaries under which the financial intermediaries are obligated to: (1) enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Funds; (2) furnish the Funds, upon request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing.

The Funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. While the Funds may monitor transactions at the omnibus account level, the netting effect makes it more difficult to identify and eliminate market-timing activities in omnibus accounts. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will it enter into any such arrangements in the future.

Financial intermediaries maintaining omnibus accounts with a Fund may impose market timing policies that are more restrictive than the market timing policy adopted by the Board of Trustees. For instance, these financial intermediaries may impose limits on the number of purchase and sale transactions that an investor may make over a set period of time and impose penalties for transactions in excess of those limits. Financial intermediaries also may exempt certain types of transactions from these limitations. If you purchased your shares through a financial intermediary, you should read carefully any materials provided by the financial intermediary together with this prospectus to fully understand the market timing policies applicable to you.

**Dividends and Distributions** 

***Fund Policy***

Each Fund intends to distribute substantially all of its net investment income as dividends to its shareholders on an annual basis. The Growth Fund and Balanced Fund declare and pay dividends, and capital gain distributions, if any, at least annually. The Interim Fund and Municipal Bond Fund declare dividends daily and pay them monthly on the last business day of the month. Shares of the Interim Fund and Municipal Bond Fund begin to earn dividends on the day after they are purchased. The Interim Fund and Municipal Bond Fund distribute net realized capital gain, if any, at least annually.

Each Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions.

Income dividends and capital gain distributions are automatically reinvested in additional shares of a Fund at the applicable NAV on the distribution date unless you request cash distributions on your application or through a written request. If cash payment is requested, a check normally will be mailed within five business days after the payable date.

Distribution checks will only be issued for payments greater than $10.00. Distributions will automatically be reinvested in shares of the Fund(s) generating the distribution if under $10.00 if the account remains open. Uncashed distribution checks will be canceled and proceeds reinvested at the then-current NAV, for any shareholder who chooses to receive distributions in cash, if distribution checks: (1) are returned and marked as "undeliverable" or (2) remain uncashed for six months after the date of issuance. If distribution checks are canceled and reinvested, your account election may also be changed so that all future distributions are reinvested rather than paid in cash. Interest will not accrue on uncashed distribution checks. Accounts considered to be abandoned may be subject to state escheatment statutes.

**Taxes** 

***Distributions***

The following information is provided to help you understand the federal income taxes you may have to pay on income dividends and capital gains distributions from a Fund, as well as on gains realized from your redemption of Fund shares. **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in the Funds.**

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Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, each Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its net investment income and any net realized capital gains.

Distributions from the Funds (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-deferred plan or account or are otherwise not subject to federal income tax). Due to the nature of the investment strategies used, distributions by a Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of a Fund's distributions could vary in any given year.

The Funds will mail to each shareholder after the close of the calendar year an IRS Form 1099 setting forth the federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

For federal income tax purposes, distributions of net investment income are taxable generally as ordinary income although certain distributions of qualified dividend income paid to a non-corporate US shareholder may be subject to income tax at the applicable rate for long-term capital gain.

Distributions of net realized capital gains (that is, the excess of the net realized gains from the sale of investments that a Fund owned for more than one year over the net realized losses from investments that a Fund owned for one year or less) that are properly designated by a Fund as capital gains will be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of any net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders at ordinary income tax rate. Capital gain to a corporate shareholder is taxed at the same rate as ordinary income.

If you are a taxable investor and invest in the Fund shortly before it makes an ordinary income or capital gain distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after the Fund has realized but not yet distributed ordinary income or capital gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

***Selling Shares***

Selling, redeeming or exchanging your shares may result in a realized capital gain or loss, which is subject to federal income tax. For individuals, any long-term capital gains you realize from selling Fund shares currently are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates. For shares acquired on or after January 1, 2012, the Funds (or relevant broker or financial adviser) are required to compute and report to the IRS and furnish to Fund shareholders cost basis information when such shares are sold or exchanged. The Funds have elected to use the average cost method, unless you instruct the Funds to use a different IRS accepted cost basis method, or choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by the Funds and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your federal and state income tax returns. Fund shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting requirements apply to them.

***Backup Withholding***

By law, you may be subject to backup withholding (currently at a rate of 24%) on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a US resident alien). You also may be subject to withholding if the IRS instructs the Funds to withhold a portion of your distributions or proceeds. You should be aware that the Funds may be fined by the IRS for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, the Funds may make a corresponding charge against the account.

***Tax Status for Retirement Plans and Other Tax-Deferred Accounts***

When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

***Medicare Tax***

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on distributions received from a Fund and on gains from selling, redeeming, or exchanging Fund shares. You are urged to consult your own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

30<br>

**Shareholder Reports and Other Information** 

The Funds may send one copy of prospectuses and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding," reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call the Funds at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a broker or other financial intermediary, you may receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

**Financial Highlights** 

The following financial highlights are intended to help you understand the financial performance of each of the Funds for the last five fiscal years. Total returns represent the rate an investor would have earned (or lost) on an investment in a Fund.

This information has been derived from the financial statements audited by PricewaterhouseCoopers LLP, the Funds' independent registered public accounting firm, whose report, along with each Fund's financial statements, is included in the Funds' Annual Financial Statements and Additional Information, which is available, without charge, upon request. Because each Fund is a continuation of its respective Predecessor Fund, each of which was a series of the State Farm Associates' Funds Trust, the following financial information includes results of each Fund's respective Predecessor Fund for the periods prior to the reorganization on August 23, 2021.

31<br>

**FINANCIAL HIGHLIGHTS** 

**STATE FARM GROWTH FUND** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | | |
|  | **2025** | **2024** | **2023** | **2022** | **10-month <br> period ended <br> September 30,**<br>**2021** | **Year ended <br> November 30,**<br>**2020** |
| Net asset value, beginning of period | $127.16 | $102.45 | $87.92 | $112.02 | $97.62 | $89.37 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 1.91 | 1.84 | 1.75 | 1.70 | 1.67 | 1.99 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments (both realized and unrealized) | 16.11 | 29.64 | 14.53 | (9.06) | 15.56 | 9.22 |
| &nbsp;&nbsp;&nbsp;Total from invesment operations | 18.02 | 31.48 | 16.28 | (7.36) | 17.23 | 11.21 |
| **Less Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.92) | (1.84) | (1.75) | (1.83) | (1.97 | (2.11) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (8.67) | (4.93) |  | (14.91) | (0.86 | (0.85) |
| &nbsp;&nbsp;&nbsp;Total distributions | (10.59) | (6.77) | (1.75) | (16.74) | (2.83 | (2.96) |
| Net asset value, end of period | $134.59 | $127.16 | $102.45 | $87.92 | $112.02 | $97.62 |
| **Total Return** | 15.38% | 32.07% | 18.58% | (8.99)% | 17.89 | 12.96% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $8813.3 | $8098.7 | $6448.6 | $5708.0 | $6589.0 | $5819.8 |
| **Average net asset ratios** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of waivers and reimbursements | 0.12% | 0.12% | 0.12% | 0.12% | 0.12 | 0.12% |
| &nbsp;&nbsp;&nbsp;Expenses, gross of waivers and reimburements | 0.15% | 0.15% | 0.16% | 0.16% | 0.13 | 0.12% |
| &nbsp;&nbsp;&nbsp;Net investment income, net of waivers and reimbursements | 1.56% | 1.61% | 1.74% | 1.63% | 1.81 | 2.29% |
| **Portfolio turnover rate** | 29% | 18% | 22% | 28% | 23 | 0 %<sup>(f)</sup> |

---

<sup>(a)</sup> Average shares outstanding for the period were used to calculate net investment income per share.

<sup>(b)</sup> Not annualized for periods that are less than a full year.

<sup>(c)</sup> Determined on an annualized basis.

<sup>(d)</sup> The portfolio turnover rate excludes securities delivered from processing redemptions in-kind.

<sup>(e)</sup> The portfolio turnover rate increased due to certain investment activity in connection with the Reorganization of the Fund from the State Farm Associates' Fund Trust into the Advisers Investment Trust.

<sup>(f)</sup> Portfolio turnover rate rounds to less than 1% for the year ended November 30, 2020. 

32<br>

**STATE FARM BALANCED FUND** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | | |
|  | **2025** | **2024** | **2023** | **2022** | **10-month <br> period ended <br> September 30,**<br>**2021** | **Year ended <br> November 30,**<br>**2020** |
| Net asset value, beginning of period | $96.17 | $82.94 | $74.40 | $89.79 | $81.66 | $75.35 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 2.15 | 2.14 | 1.86 | 1.39 | 1.41 | 1.69 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments (both realized and unrealized) | 7.33 | 17.16 | 8.43 | (8.53) | 9.03 | 6.62 |
| &nbsp;&nbsp;&nbsp;Total from invesment operations | 9.48 | 19.30 | 10.29 | (7.14) | 10.44 | 8.31 |
| **Less Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.20) | (2.08) | (1.75) | (1.50) | (1.68 | (1.78) |
| &nbsp;&nbsp;&nbsp;Net realized gain | (6.38) | (3.99) |  | (6.75) | (0.63 | (0.22) |
| &nbsp;&nbsp;&nbsp;Total distributions | (8.58) | (6.07) | (1.75) | (8.25) | (2.31 | (2.00) |
| Net asset value, end of period | $97.07 | $96.17 | $82.94 | $74.40 | $89.79 | $81.66 |
| **Total Return** | 10.86% | 24.37% | 13.87% | (9.20)% | 12.95 | 11.31% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $2605.7 | $2520.6 | $2163.4 | $2007.9 | $2360.2 | $2251.1 |
| **Average net asset ratios** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of waivers and reimbursements | 0.14% | 0.14% | 0.14% | 0.14% | 0.13 | 0.14% |
| &nbsp;&nbsp;&nbsp;Expenses, gross of waivers and reimbursements | 0.17% | 0.18% | 0.18% | 0.18% | 0.14 | 0.14% |
| &nbsp;&nbsp;&nbsp;Net investment income, net of waivers and reimbursements | 2.36% | 2.41% | 2.27% | 1.63% | 1.90 | 2.27% |
| **Portfolio turnover rate** | 26% | 19% | 38% | 40% | 22 | 3% |

---

<sup>(a)</sup> Average shares outstanding for the period were used to calculate net investment income per share.

<sup>(b)</sup> Not annualized for periods that are less than a full year.

<sup>(c)</sup> Determined on an annualized basis.

<sup>(d)</sup> The portfolio turnover rate excludes securities delivered from processing redemptions in-kind.

<sup>(e)</sup> The portfolio turnover rate increased due to certain investment activity in connection with the Reorganization of the Fund from the State Farm Associates' Fund Trust into the Advisers Investment Trust.

33<br>

**STATE FARM INTERIM FUND** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | | |
|  | **2025** | **2024** | **2023** | **2022** | **10-month <br> period ended <br> September 30,**<br> **2021** | **Year ended <br> November 30,**<br>**2020** |
| Net asset value, beginning of period | $9.74 | $9.36 | $9.37 | $10.20 | $10.36 | $10.10 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.34 | 0.29 | 0.19 | 0.10 | 0.09 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments (both realized and unrealized) |  | 0.38 | (0.01) | (0.83) | (0.16) | 0.26 |
| &nbsp;&nbsp;&nbsp;Total from invesment operations | 0.34 | 0.67 | 0.18 | (0.73) | (0.07) | 0.40 |
| **Less Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.34) | (0.29) | (0.19) | (0.10) | (0.09) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.29) | (0.19) | (0.10) | (0.09) | (0.14) |
| Net asset value, end of period | $9.74 | $9.74 | $9.36 | $9.37 | $10.20 | $10.36 |
| **Total Return** | 3.59% | 7.33% | 1.92% | (7.17)% | (0.71)%<sup>(a)</sup> | 4.02% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $299 | $308.7 | $314.8 | $368.2 | $447 | $495.2 |
| **Average net asset ratios** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of waivers and reimbursements | 0.16% | 0.16% | 0.16% | 0.16% | 0.16 %<sup>(b)</sup> | 0.16% |
| &nbsp;&nbsp;&nbsp;Expenses, gross of waivers and reimburements | 0.25% | 0.25% | 0.23% | 0.22% | 0.18 %<sup>(b)</sup> | 0.16% |
| &nbsp;&nbsp;&nbsp;Net investment income, net of waivers and reimbursements | 3.54% | 3.09% | 2.00% | 0.99% | 1.02 %<sup>(b)</sup> | 1.38% |
| **Portfolio turnover rate** | 50% | 49% | 39% | 45% | 36 %<sup>(a)</sup> | 20% |

---

<sup>(a)</sup> Not annualized for periods that are less than a full year.

<sup>(b)</sup> Determined on an annualized basis.

34<br>

**STATE FARM MUNICIPAL BOND FUND** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | | |
|  | **2025** | **2024** | **2023** | **2022** | **10-month <br> period ended <br> September 30,**<br> **2021** | **Year ended <br> November 30,**<br>**2020** |
| Net asset value, beginning of period | $8.22 | $7.81 | $7.84 | $8.89 | $9.04 | $8.80 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.26 | 0.25 | 0.24 | 0.21 | 0.18 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net gain (loss) on investments (both realized and unrealized) | (0.04) | 0.41 | (0.03) | (1.04) | (0.14) | 0.24 |
| &nbsp;&nbsp;&nbsp;Total from invesment operations | 0.22 | 0.66 | 0.21 | (0.83) | 0.04 | 0.47 |
| **Less Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.25) | (0.24) | (0.21) | (0.18) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gain<sup>(a)</sup> |  |  |  | (0.01) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.26) | (0.25) | (0.24) | (0.22) | (0.19) | (0.23) |
| Net asset value, end of period | $8.18 | $8.22 | $7.81 | $7.84 | $8.89 | $9.04 |
| **Total Return** | 2.79% | 8.57% | 2.64% | (9.51)% | 0.37 %<sup>(b)</sup> | 5.40% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $506.4 | $538.7 | $547.8 | $580.3 | $703.1 | $741.0 |
| **Average net asset ratios** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses, net of waivers and reimbursements | 0.16% | 0.16% | 0.16% | 0.16% | 0.17 %<sup>(c)</sup> | 0.16% |
| &nbsp;&nbsp;&nbsp;Expenses, gross of waivers and reimburements | 0.19% | 0.19% | 0.19% | 0.18% | 0.18 %<sup>(c)</sup> | 0.16% |
| &nbsp;&nbsp;&nbsp;Net investment income, net of waivers and reimbursements | 3.25% | 3.11% | 2.99% | 2.47% | 2.34 %<sup>(c)</sup> | 2.53% |
| **Portfolio turnover rate** | 26% | 30% | 16% | 31% | 11 %<sup>(b)</sup> | 10% |

---

<sup>(a)</sup> Net realized gain distributions represent less than $0.01 per share for the year ended November 30, 2020. 

<sup>(b)</sup> Not annualized for periods that are less than a full year.

<sup>(c)</sup> Determined on an annualized basis.

35<br>

**State Farm Funds** 

**(Series of the Advisers Investment Trust)** 

**Notice of Privacy Policy & Practices** 

**SAFEGUARDING PRIVACY** 

The Funds recognizes and respects the privacy concerns and expectations of our customers<sup>1</sup>. We are committed to maintaining the privacy and security of the personal confidential information we collect about you. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

**INFORMATION WE COLLECT AND SOURCES OF INFORMATION** 

We collect nonpublic personal information about our customers from the following sources:

● Account Applications and other forms, which may include a customer's name, address, social security number, and information about a customer's investment goals and risk tolerance;

● Account History, including information about the transactions and balances in a customer's account(s); and

● Correspondences including written, telephonic or electronic between a customer and the Funds or service providers to the Funds.

**INFORMATION WE SHARE WITH SERVICE PROVIDERS** 

The Funds may disclose all non-public personal information we collect, as described above, to companies that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services, provided they use the information solely for these purposes and they enter into a confidentiality agreement regarding the information. The Funds also may disclose non-public personal information as otherwise permitted by law.

**SAFEGUARDING CUSTOMER INFORMATION** 

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We require service providers to the Funds:

● to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Funds; and

● to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the Funds.

<sup>1</sup> For purposes of this notice, the term "customer" or "customers" include individuals who provide nonpublic personal information to the Funds, but do not invest in Fund shares.

36<br>

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| | |
|:---|:---|
| **Investment Adviser** <br>State Farm Investment Management Corp.<br> One State Farm Plaza, B-2<br> Bloomington, IL 61710 <br>**Investment Sub-Adviser** <br>Northern Trust Investments, Inc.<br> 50 South LaSalle Street<br> Chicago, IL 60603 <br>**Custodian** <br>The Northern Trust Company<br> 50 South LaSalle Street<br> Chicago, IL 60603 <br>**Independent Registered** <br>**Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> One North Wacker<br> Chicago, IL 60606 | **Legal Counsel** <br>Thompson Hine LLP<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215-6101 <br>**Distributor** <br>Foreside Financial Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 <br>**For Additional Information, call<br> 800-447-0740 (toll free), 866-342-2418 (toll free) or <br> 501-255-1812**  |

---

**To Learn More** 

Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations. Additional information about a Fund's investments is available in the Funds' Annual and Semi-Annual Financial Statements and Additional Information to shareholders. The Funds' Annual Financial Statements and Additional Information contain management's discussion of market conditions and investment strategies that significantly affected a Fund's investment return during its last fiscal year.

Call the Funds at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 between the hours of 7:00 a.m. and 5:00 p.m. Central time on days the Funds are open for business to request free copies of the SAI and the Funds' Annual and Semi-Annual Financial Statements and Additional Information, to request other information about the Funds and to make shareholder inquiries. You may also visit the Funds on the web at https://www.statefarm.com/sf-funds to obtain free copies of the Funds' SAI and Annual and Semi-Annual Financial Statements and Additional Information. Or, write to the Funds at:

**State Farm Funds** P.O. Box 182330

Columbus, OH 43218-2330

You may obtain reports and other information about the Funds on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act File Number: 811-22538

**State Farm Growth Fund (STFGX)** 

**State Farm Balanced Fund (STFBX)** 

**State Farm Interim Fund (SFITX)** 

**State Farm Municipal Bond Fund (SFBDX)** 

**Each a series of ADVISERS INVESTMENT TRUST** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**January 28, 2026** 

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of the State Farm Growth Fund, State Farm Balanced Fund, State Farm Interim Fund, and State Farm Municipal Bond Fund (each, a "Fund" and collectively, the "Funds"). This SAI should be read in conjunction with the prospectus dated January 28, 2026. A copy of the prospectus can be obtained at no charge by writing to the Funds, P.O. Box 182330, Columbus, OH 43218-2330, or by calling 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812. The Funds' prospectus ("Prospectus") is incorporated by reference into this SAI.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| Description of the Trust and the Funds  | 1 |
| Additional Information about the Funds' Investments  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment Strategies and Risks*  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment Restrictions*  | 7 |
| Shares of the Funds  | 8 |
| Management of the Trust  | 9 |
| Code of Ethics  | 13 |
| Investment Advisory and Other Services  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment Adviser*  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fund Services*  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Distributor*  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Independent Registered Public Accounting Firm*  | 19 |
| Brokerage Allocation and Other Practices  | 19 |
| Disclosure of Portfolio Holdings  | 20 |
| Determination of Share Price  | 21 |
| Redemption In-Kind  | 21 |
| Tax Consequences  | 22 |
| Proxy Voting Policies and Procedures  | 24 |
| Financial Statements  | 24 |
| Appendix A Proxy Voting Policies and Procedures  | A-1 |

---

i

**Description of the Trust and the Funds** 

Advisers Investment Trust (the "Trust") is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. The Trust is an open-end investment company. The Trust Agreement permits the Board of Trustees ("Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest of separate series. This Statement of Additional Information relates to the State Farm Growth Fund (the "Growth Fund"), State Farm Balanced Fund (the "Balanced Fund"), State Farm Interim Fund (the "Interim Fund"), and State Farm Municipal Bond Fund (the "Municipal Bond Fund") (each, a "Fund" and collectively, the "Funds"), each a series of the Trust. The investment adviser to each of the Funds is State Farm Investment Management Corp. (the "Adviser"). Each Fund is a diversified fund.

Each of the Funds commenced operations in the Advisers Investment Trust on August 23, 2021. Prior to August 23, 2021, each Fund operated as a series of State Farm Associates' Funds Trust (each a "Predecessor Fund" and together the "Predecessor Funds").

The Funds do not issue share certificates. All shares are held in non-certificated form registered on the books of the Funds and the transfer agent for the account of the shareholder. Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Trustees. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of the shareholders of any other series are in no way affected. In case of any liquidation of a series, the shareholders of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

Any Trustee of the Trust may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of the Trust. The Trust does not hold an annual meeting of shareholders. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole share he or she owns and fractional votes for fractional shares he or she owns. All shares of the Funds have equal voting and liquidation rights. The Trust Agreement can be amended by the Trustees, except that any amendment that adversely affects the rights of shareholders must be approved by the shareholders affected. All shares of the Funds are subject to involuntary redemption if the Trustees determine to liquidate a Fund. An involuntary redemption will create a capital gain or a capital loss, which may have tax consequences about which you should consult your tax adviser.

For information concerning the purchase and redemption of shares of the Funds, see "How to Purchase Shares" and "How to Redeem Shares" in the Prospectus. For a description of the methods used to determine the share price and value of the Funds' assets, see "Pricing Your Shares" in the Prospectus and "Determination of Share Price" in this Statement of Additional Information.

A notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission (CFTC) promulgated thereunder, with respect to the Adviser's operations with respect to the State Farm Growth Fund and the State Farm Balanced Fund has been filed with the National Futures Association. Accordingly, the Adviser is not currently subject to the registration or regulation as a commodity pool operator.

**Additional Information about the Funds' Investments** 

***Investment Strategies and Risks***

**Borrowing** 

Each Fund may borrow money for temporary or emergency purposes, including the meeting of redemption requests up to the limits set forth under the section "Investment Policies and Restrictions." Borrowing involves special risk considerations. Interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the return earned on borrowed funds (or on the assets that were retained rather than sold to meet the needs for which funds were borrowed). Under adverse market conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. Reverse repurchase agreements and other similar investments that involve

a form of leverage (i.e., risk of gain or loss disproportionately higher than the amount invested) have characteristics similar to borrowings. The Funds segregate liquid assets in connection with these types of transactions to the extent required by the Investment Company Act of 1940, as amended ("1940 Act").

**Equity Securities** 

The Growth Fund and the Balanced Fund invest in common stocks, which represent an equity interest (ownership) in a corporation. This ownership interest often gives the Funds the right to vote on measures affecting the company's organization and operations. The Funds also invest in other types of equity securities, including securities convertible into common stocks. Over time, common stocks have historically provided long-term capital growth potential. However, stock prices may decline over short or even extended periods. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. As a result, the Funds should be considered long-term investments, designed to provide the best results when held for several years or more. The Funds may not be suitable investments if you have a short-term investment horizon or are unwilling to accept fluctuations in share price, including significant declines over a given period.

**Foreign Securities** 

The Growth Fund and the Balanced Fund may invest up to 20% of their assets in foreign securities not publicly traded in the United States, including foreign securities issued by companies located in emerging market countries. The Funds' investments in foreign securities may include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") or Global Depositary Receipts ("GDRs"). ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs are European receipts evidencing a similar arrangement. GDRs are receipts that may trade in U.S. or non-U.S. markets. The Funds may invest in sponsored or unsponsored ADRs, EDRs or GDRs. In the case of an unsponsored depositary receipt, a Fund is likely to bear its proportionate share of the expenses of the depositary and it may have greater difficulty in receiving shareowner communications than it would have with a sponsored depositary receipt. Neither Fund intends to invest more than 5% of its net assets in unsponsored depositary receipts.

Shareowners should understand and consider carefully the risks involved in foreign investing. Investments in foreign securities are generally denominated in foreign currencies and involve certain considerations comprising both risk and opportunity not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back into the United States; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing, and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the United States; possible imposition of foreign taxes; possible investment in securities of companies in developing as well as developed countries; and sometimes less advantageous legal, operational, and financial protections applicable to foreign sub-custodial arrangements.

With respect to portfolio securities that are issued by foreign issuers or denominated in foreign currencies, a Fund is subject to currency risk, which is the risk that the Fund's investment performance will fluctuate based upon the strength or weakness of the U.S. dollar against those currencies. For example, if the dollar falls in value relative to the Japanese yen, the dollar value of yen-denominated stock held in a Fund's portfolio will rise, even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the yen, the dollar value of the yen-denominated stock will fall.

Although both the Growth Fund and the Balanced Fund try to invest in companies and governments of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations. Trade tensions and economic sanctions on individuals and companies can contribute to market volatility.

Foreign securities issued by companies located in emerging market countries may present heightened foreign investing risks compared to investing in foreign securities issued by companies in more developed foreign markets. Securities of companies located in emerging markets may be substantially more volatile, and substantially less liquid, than the securities of companies located in more developed foreign markets.

**Debt Securities** 

In pursuing its investment objective, a Fund may invest in debt securities of corporate and governmental issuers. The risks inherent in debt securities depend primarily on the term and quality of the obligations in a Fund's portfolio as well as on market conditions. A decline in the prevailing levels of interest rates generally increases the value of debt securities, while an increase in rates usually reduces the value of those securities.

The Growth Fund may invest in fixed income investments such as United States government obligations and investment grade bonds. The Balanced Fund primarily invests in fixed income securities that are "investment grade"—that is, within the four highest grades assigned by Moody's Investors Service, Inc. (Moody's) or Standard & Poor's Financial Services LLC, a division of McGraw-Hill Financial (S&P), or, if unrated, deemed to be of comparable quality by the Adviser. Interim Fund usually invests in U.S. government securities, but may also invest in corporate debt securities rated in one of the three highest grades by S&P or Moody's or, if unrated, considered by the Adviser to be of comparable quality. Municipal Bond Fund invests at least 70% of its total assets in municipal bonds rated in one of the three highest grades by Moody's or S&P, and may invest up to 30% of its total assets in bonds that are unrated or rated less than A. If the rating of a security held by the Fund is lost or reduced, the Fund is not required to sell the security, but the Adviser will consider that fact in determining whether the Fund should continue to hold the security. See "Description of Bond Ratings."

Debt securities in the fourth highest grade assigned by Moody's or S&P may possess speculative characteristics, and changes in economic conditions are more likely to affect the issuer's capacity to pay interest and repay principal. Securities that are rated below investment grade (that is, BB or lower) are often termed "junk bonds" and are considered predominantly speculative with respect to the issuer's capacity to pay interest and repay principal according to the terms of the obligation and therefore carry greater investment risk, including the possibility of issuer default and bankruptcy.

**U.S. Government Securities** 

Each Fund may purchase securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities ("U.S. Government Securities"). Some U.S. Government Securities, such as Treasury bills, notes and bonds, which differ only in their interest rates, maturities and times of issuance, are supported by the full faith and credit of the United States. Others, such as obligations issued or guaranteed by U.S. Government agencies, authorities or instrumentalities, are supported either by (a) the full faith and credit of the U.S. Government (such as securities of the Small Business Administration), (b) the right of the issuer to borrow from the Treasury (such as securities of the Federal Home Loan Banks), (c) the discretionary authority of the U.S. Government to purchase the agency's obligations (such as securities of the Federal National Mortgage Association), or (d) only the credit of the issuer. No assurance can be given that the U.S. Government will provide financial support to U.S. Government agencies, authorities or instrumentalities in the future. Accordingly, securities issued by an agency are subject to default, and are also subject to interest rate and prepayment risks.

Securities guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities are considered to include (a) securities for which the payment of principal and interest is backed by a guarantee of, or an irrevocable letter of credit issued by, the U.S. Government, its agencies, authorities or instrumentalities and (b) participation in loans made to foreign governments or their agencies that are so guaranteed. The secondary market for certain of these participations is limited. Such participations may therefore be regarded as illiquid.

**Convertible Securities** 

Convertible securities include any corporate debt security that may be converted into underlying shares of common stock. The common stock underlying convertible securities may be issued by a different entity than the issuer of the convertible securities. Convertible securities entitle the holder to receive interest payments paid on corporate debt securities until such time as the convertible security matures or is redeemed or until the holder elects to exercise the conversion privilege.

The value of convertible securities is influenced by both the yield of non-convertible securities of comparable issuers and by the value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield). The estimated price at which a convertible security would be valued by the marketplace if it had no conversion feature is sometimes referred to as its "investment value." The investment value of the convertible security will typically fluctuate inversely with changes in prevailing interest rates. However, at the same time, the convertible security will be influenced by its "conversion value," which is the market value of the underlying common stock that would be obtained if the convertible security were converted. Conversion value fluctuates directly with the price of the underlying common stock.

By investing in convertible securities, a Fund obtains the right to benefit from the capital appreciation potential in the underlying stock upon exercise of the conversion right, while earning higher current income than would be available if the stock were purchased directly. In determining whether to purchase a convertible security, the Adviser will consider the same criteria that would be considered in purchasing the underlying common stock and will also consider the debt features of the security (such as its rating). Although convertible securities purchased by a Fund are frequently rated investment grade, the Fund also may purchase unrated convertible securities or convertible securities rated below investment grade if the securities meet the Adviser's other investment criteria. Convertible securities rated below investment grade (a) tend to be more sensitive to interest rate and economic changes, (b) may be obligations of issuers that are less creditworthy than issuers of higher quality convertible securities, and (c) may be more thinly traded due to such securities being less well known to investors than either common stock

or conventional debt securities. Below investment grade convertible securities are subject to a higher degree of credit risk than are investment grade convertible securities. As a result, the Adviser's own investment research and analysis tends to be more important in the purchase of such securities than other factors.

**Municipal Bonds** 

The Municipal Bond Fund invests primarily in a diversified selection of municipal bonds (as defined in the prospectus) with maturities of one to seventeen years, although issues with longer maturities may be purchased from time to time. A majority of the Fund's investments will usually be in issues with maturities longer than five years. There can be no assurance that current income will be sufficient to offset decreases in the net asset value per share that will result if prevailing interest rates rise in relation to the rates of interest on municipal bonds in the Fund's portfolio.

Municipal securities are issued by state and local governments and their authorities, with the coupon interest on most issues being exempt from federal income taxes. The two basic municipal security structures are tax-backed bonds and revenue bonds. Tax-backed debt is secured by an issuer's general taxing power and is often referred to as a general obligation bond. Revenue bonds are used to finance specific projects and are dependent on the revenues from those projects to satisfy the debt obligation. These bonds are referred to as municipal revenue bonds. The Municipal Bond Fund may purchase and/or hold municipal revenue bonds. Municipal Bond Fund may also purchase and/or hold advance refunded bonds, which are a unique type of municipal bond. From time to time, a municipal bond issuer may choose to advance refund some or all of its outstanding debt, by issuing new bonds ("refunding bonds"). The proceeds of the refunding bonds are then used to effectively pay off the outstanding debt ("refunded bonds") of the issuer. Legal or contractual constraints, however, may prevent the issuer from immediately and directly paying off the refunded bonds in full. As a result, the issuer may use the proceeds of the refunding bonds and/or other available funds to purchase securities that will mature in times and amounts sufficient to pay the principal, interest and any call premium on the refunded bonds, depositing these securities in an escrow account established with an independent escrow trustee. The refunded bonds are then typically fully secured by the monies and investments deposited in the escrow account and the issuer will not have any future monetary obligation with respect to the refunded bondholders provided that the escrow account is adequately funded. A municipal bond issuer's ability to advance refund outstanding debt is subject to federal tax laws governing advance refunding.

The Municipal Bond Fund may purchase variable rate demand notes, which are obligations containing a floating or variable interest rate adjustment formula and which are subject to a right of demand for payment of the principal balance plus accrued interest either at any time or at specified intervals. The interest rate on a variable rate demand note may be based on a known lending rate, such as bank's prime rate, and may be adjusted when such rate changes, or the interest rate may be a market rate that is adjusted at specified intervals. The adjustment formula attempts to maintain the value of the variable rate demand note at approximately the par value of such note at the adjustment date.

Assets of the Municipal Bond Fund not invested in municipal bonds will be held in cash or invested in money market securities and U.S. treasury securities. Money market securities include short-term obligations of the U.S. government and its agencies and instrumentalities and other money market instruments such as domestic bank certificates of deposit, bankers' acceptances and corporate commercial paper rated in the highest grade. From time to time more than 20% of the Fund's assets may be invested in money market securities or held as cash for defensive reasons in anticipation of a decline in the market values of debt securities, or pending the investment of proceeds from the sale of Fund shares or from the sale of portfolio securities, or in order to have highly liquid securities available to meet possible redemptions.

The obligations of municipal bond issuers are subject to the laws of bankruptcy, insolvency and other laws affecting the rights and remedies of creditors. In addition, the obligations of such issuers may become subject to the laws enacted in the future by Congress, state legislatures or referenda extending the time of payment of principal and/or interest, or imposing other constraints upon enforcement of such obligations or upon municipalities to levy taxes. There is also the possibility that, as a result of legislation or other conditions, the power or ability of any issuer to pay, when due, the principal and interest on its municipal obligations may be materially affected.

**Defensive Investments** 

Under normal conditions, each Fund is substantially fully invested, although each Fund may invest without limit in corporate or government obligations or hold cash or cash equivalents if the Adviser determines that a temporary defensive position is advisable. During those periods, a Fund's assets may not be invested in accordance with its strategy and the Fund may not achieve its investment objective.

**Repurchase Agreements** 

To the extent consistent with their investment objectives and strategies, the Funds may agree to purchase portfolio securities from domestic and foreign financial institutions subject to the seller's agreement to repurchase them at a mutually agreed upon date and price ("repurchase agreements"). Repurchase agreements may be considered to be loans under the 1940 Act. Although the securities subject to a repurchase agreement may bear maturities exceeding one year, settlement for the repurchase agreement generally will not be more than one year after a Fund's acquisition of the securities and normally will be within a shorter period of time. Securities subject to repurchase agreements normally are held either by the Trust's custodian or subcustodian (if any), or in the Federal Reserve/Treasury Book-Entry System.

A Fund may permit the seller's obligation to be novated to the Fixed Income Clearing Corporation ("FICC") pursuant to an agreement among the Fund, FICC and the seller as a sponsoring member of FICC. In such cases, FICC becomes the counterparty to the repurchase agreement in place of the seller. A Fund would become subject to FICC's rules, which may limit the Fund's rights and remedies (including recourse to collateral) or delay or restrict the rights and remedies, and expose the Fund to the risk of FICC's insolvency.

The seller under a repurchase agreement will be required to maintain the value of the securities subject to the agreement in an amount exceeding the repurchase price (including accrued interest). Additionally, if the market value of the securities subject to the repurchase agreement becomes less than the repurchase price (including accrued interest), generally, the seller of the securities or FICC will be required to deliver additional securities so that the market value of all securities subject to the repurchase agreement equals or exceeds the repurchase price. A Fund will make payment for such securities only upon physical delivery or evidence of book-entry transfer to the account of the custodian or a bank acting as agent for the Fund. Repurchase agreements may be subject to additional regulation as qualified financial contracts.

Default by the seller or FICC exposes a Fund to possible loss because of adverse market action or delay in connection with the disposition of the underlying securities. In addition, in the event of a bankruptcy, a Fund could suffer additional losses if a court determines that the Fund's interest in the collateral is unenforceable. If a Fund enters into a repurchase agreement collateralized by securities that the Fund could not purchase directly, and the seller defaults, the Fund may become the holder of securities that it could not otherwise purchase.

In the event of default by a foreign counterparty in a repurchase agreement, a Fund may be unable to successfully assert a claim to the collateral under foreign laws. As a result, repurchase agreements with a foreign financial institution may involve higher credit risks than repurchase agreements with domestic financial institutions. Moreover, certain foreign countries may have less developed and less regulated banking systems and auditing, accounting and financial reporting systems than the U.S. In addition, repurchase agreements with foreign financial institutions located in emerging markets, or relating to emerging markets, may involve foreign financial institutions or counterparties with lower credit ratings than domestic financial institutions. (See also "Foreign Securities"" for additional discussion of the risks of investments with foreign institutions).

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services. Historically, such transactions have not been required to be cleared and voluntary clearing of such transactions has generally been limited.

The Treasury repo transactions of a Fund with any direct participants of a CCA will be subject to the mandatory clearing requirement. Compliance with the clearing mandate for Treasury repo transactions will be required by June 30, 2027. A Fund will be required to clear all or substantially all of its Treasury repo transactions as of the compliance date. There are currently substantial regulatory and operational uncertainties associated with the implementation of these requirements which may affect the cost, terms and/or availability of cleared repo transactions.

**Investment Companies and Exchange Traded Funds** 

The Funds may invest in securities issued by other open-end and closed-end, management investment companies. As a general matter, under the 1940 Act, investment in such securities is limited to: (i) 3% of the outstanding voting stock of any one investment company, (ii) 5% of the Fund's total assets with respect to any one investment company and (iii) 10% of the Fund's total assets with respect to all such companies in the aggregate. To the extent allowed by law or regulation, each Fund may invest its assets in securities of other investment companies, including those advised by the Adviser, in excess of the limits discussed above. Investments in the securities of other investment companies generally will involve duplication of advisory fees and certain

other expenses. Therefore, if a Fund acquires shares of an investment company, the Fund's shareholders would bear both their proportionate share of expenses of the Fund (including investment advisory fees) and, indirectly, the expenses of such investment company.

The Funds may purchase shares of exchange traded funds (ETFs), which present certain risks. Because most ETFs are investment companies, a Fund's purchase of ETF shares generally is subject to the 3/5/10% limitations described above. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded) that has the same investment objectives, strategies, and policies. The price of an ETF can fluctuate within a wide range, and a Fund could lose money investing in an ETF if the prices of the stocks owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of the ETF's shares may trade at a discount to its net asset value ("NAV"); (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**When-issued and Delayed Delivery Securities; Reverse Repurchase Agreements** 

A Fund may purchase securities on a when-issued or delayed delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if the Adviser deems it advisable for investment reasons. Under Rule 18f-4 under the 1940 Act (the "Derivative Rule"), when issued, delayed delivery securities will be treated as derivatives unless the Fund intends to physically settle these transactions and the transactions will settle within 35 days of their respective trade date.

A Fund may enter into reverse repurchase agreements with banks and securities dealers. A reverse repurchase agreement is a repurchase agreement in which the Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

At the time a Fund enters into a reverse repurchase agreement, assets of the Fund having a value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of the obligation. Alternatively, the Fund may elect to treat the reverse repurchase agreement as a derivative subject to the Derivative Rule.

The use of these investment strategies, as well as any borrowing by a Fund, may increase a Fund's NAV fluctuation. No Fund has any present intention of investing more than 5% of its total assets in reverse repurchase agreements.

**Diversification and Concentration** 

As diversified investment companies, each Fund has a policy to diversify its investments among both issuers and industries. Accordingly, no Fund will make any investment inconsistent with the Fund's classification as a diversified company under the 1940 Act. Further, no Fund will invest 25% or more of its total assets (taken at market value at the time of each investment) in the securities of issuers primarily engaged in the same industry (excluding the U.S. Government or any of its agencies or instrumentalities).

**Cybersecurity Risk** 

The Funds, like all companies, may be susceptible to operational and information security risks. Cyber security failures or breaches of the Funds or their service providers or the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Funds and their shareholders could be negatively impacted as a result.

**Futures Contracts and Related Options Risk** 

A futures contract is a type of derivative instrument that obligates the holder to buy or sell a specified financial instrument or currency in the future at an agreed upon price. For example, a futures contract may obligate a Fund, at maturity, to take or make delivery of certain domestic or foreign securities, the cash value of a securities index or a stated quantity of a foreign currency.

When a Fund purchases an option on a futures contract, it has the right to assume a position as a purchaser or seller of a futures contract at a specified exercise price during the option period. When a Fund sells an option on a futures contract, it becomes obligated to purchase or sell a futures contract if the option is exercised.

The Growth Fund and the Balanced Fund may have futures contracts and options that present the following risks: imperfect correlation between the change in market value of a Fund's securities and the price of futures contracts and options; the possible inability to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of the Investment Adviser to correctly predict the direction of securities prices, interest rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund's NAV. As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts and options on futures may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protections as U.S. exchanges.

Each Fund is a "limited derivative user" as defined in Rule 18f-4 under the 1940 Act. This means a Fund's derivatives exposure will not exceed 10% of its net assets. The Funds have adopted written policies and procedures reasonably designed to manage their derivatives risk. The procedures require the Adviser to monitor each Fund's derivatives exposure and take action if a Fund's derivatives exposure exceeds 10% of net assets. Investments in derivatives are not part of the Funds' principal investment strategies.

***Investment Restrictions***

Fundamental Investment Limitations. The investment limitations described below have been adopted by the Trust with respect to each Fund and are fundamental ("Fundamental"), i.e., they may not be changed without the affirmative vote of a majority of the outstanding shares of a Fund. As used in the Prospectus and the Statement of Additional Information, the term "majority" of the outstanding shares of a Fund means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices, which may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy, are considered non-fundamental ("Non- Fundamental").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrowing Money. A Fund will not borrow money, except as permitted by the 1940 Act, the rules, regulations or orders promulgated thereunder or interpretations of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Senior Securities. A Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by a Fund, provided that a Fund's engagement in such activities is consistent with or permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Underwriting. A Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), a Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Real Estate. A Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude a Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Commodities. A Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude a Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies, which are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Loans. A Fund will not make loans to other persons, except as permitted by the 1940 Act, the rules, regulations or orders promulgated thereunder or interpretations of the SEC or its staff. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures, or other securities, purchasing or holding non-publicly offered debt instruments in accordance with its investment objectives and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Concentration. A Fund, other than the Municipal Bond Fund, will not invest more than 25% of its total assets in a particular industry or group of industries. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, or repurchase agreements with respect thereto. The Municipal Bond Fund will concentrate its investments in municipal securities.

For purposes of restriction number 7 above, the Interim Fund and the Municipal Bond Fund will not be deemed concentrated if each invests 25% or more of the value of its total assets in money market instruments, including certificates of deposit, commercial paper, treasury bills or banker's acceptances of U.S. commercial banks when higher than normal redemptions are expected or it is anticipated that interest rates will increase in the future or in order to assume a temporary defensive position in response to adverse market, economic, political or other conditions.

The Municipal Bond Fund may temporarily invest up to 20% of its total assets under normal circumstances in certain short-term taxable securities issued by or on behalf of municipal or corporate issuers, obligations of the United States Government and its agencies or instrumentalities, commercial paper, bank certificates of deposit, and any such items subject to short-term repurchase agreements.

With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding company, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation, or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**Shares of the Funds** 

**Establishing an Account** 

***Customer Identification Program: Important Information About Procedures for Opening an Account.*** The USA PATRIOT Act requires financial institutions, including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Funds in verifying your identity.

In addition, the Funds may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified.

The Funds also may request to receive a copy of your driver's license or other identifying documents at any time. If requested, the documents should be returned within the requested timeframe to avoid account closure or rejected instructions.

**How to Purchase or Redeem Shares** 

You may transact in the Funds on any day that the Funds are open for business, subject to certain restrictions described in the Prospectus. Instructions received in good order by the Funds before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds or an authorized financial intermediary after the close of trading on the NYSE are processed at the NAV determined on the following business day.

Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholders generally would be subject to U.S. tax withholding on distributions by the Funds. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

**Additional Purchase and Redemption Information** 

Generally, all purchases must be made in cash. However, the Funds reserve the right to accept payment in readily marketable securities instead of cash in accordance with procedures approved by the Funds' Board of Trustees. If payment is made in securities, the applicable Fund will value the securities in the same manner in which it computes its NAV.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, each Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash in accordance with procedures approved by the Funds' Board of Trustees. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Funds will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. As with any security, a shareholder will bear taxes on any capital gains from the sale of a security redeemed in kind.

Also, online redemptions are subject to a daily limit of $250,000 per account.

The Trust may suspend the right of redemption for such periods as are permitted under the 1940 Act and under the following unusual circumstances: (a) when the NYSE is closed (other than weekends and holidays) or trading is restricted, (b) when an emergency exists, making disposal of portfolio securities or the valuation of net assets not reasonably practicable, or (c) during any period when the SEC has by order permitted a suspension of redemption for the protection of shareholders.

**Management of the Trust** 

**The Board of Trustees** 

The Board of Trustees supervises the business activities of the Trust and appoints the officers. Each Trustee serves until the termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Board generally meets four times a year to review the progress and status of the Trust. The following table provides information regarding each Trustee who is not an "interested person" of the Trust, as defined in the 1940 Act.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> Year of Birth<sup>1</sup>**  | **Position(s) Held <br> with the Trust**  | **Term of Office/Length <br> of Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> the <br> Trust <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee <br> During Past 5 Years**  |
| Robert Gordon <br>Year of Birth: 1961 | Trustee | Indefinite/ January 2022 to present | Independent Director, Anchor Capital Advisors, 2020 to present; Independent Director, Trust Company of Illinois, 2019 to 2021; President and Chief Executive Officer, Driehaus Capital Management, 2006 to 2017 | 7 | Anchor Capital Advisors, Trust Company of Illinois; VAM Funds Luxembourg |
| D'Ray Moore <br>Year of Birth: 1959 | Trustee | Indefinite/ July 2011 to present | Independent Trustee, Diamond Hill Funds, 2007 to 2022; Chairperson, Diamond Hill Funds 2014 to 2022. | 7 | Diamond Hill Funds (Retired 2022) |
| Steven R. Sutermeister Year of Birth: 1954 | Trustee | Indefinite/ July 2011 to present | President, Vadar Capital LLC, 2008 to 2017. | 7 |  |

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<sup>1</sup> The mailing address of each Trustee is 50 S. LaSalle Street, Chicago, Illinois 60603.

The following table provides information regarding each officer of the Trust.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> Year of Birth<sup>1</sup>**  | **Position(s) Held <br> with the Trust**  | **Term of Office/Length <br> of Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> the <br> Trust <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee <br> During Past 5 Years**  |
| Barbara J. Nelligan <br>Year of Birth: 1969 | President | Indefinite/August 2017 to present | Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2018 to present; Senior Vice President, Global Fund Services Product Management, The Northern Trust Company, 2007 to 2018; Vice President of Advisers Investment Trust, 2012 to 2017. | N/A | N/A |
| Gregory T. Mino <br>Year of Birth: 1971 | Vice President | Indefinite/ December 2023 to present | Senior Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2024 to Present; Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2020 to 2024. | N/A | N/A |
| Rodney L. Ruehle <br>Year of Birth: 1968 | Chief Compliance Officer and AML Officer | Indefinite/March 2025 to present | Director, ACA Group, 2024 to present; Senior Principal Consultant, ACA Group, 2022 to 2024; Director, Foreside Fund Officer Services, LLC (formerly Foreside Compliance Services, LLC) (financial services), 2016 to 2022. | N/A | N/A |
| Kara M. Schneider <br>Year of Birth: 1973 | Secretary | Indefinite/June 2022 to present | Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company, 2021 to present; Manager, Ultimus Fund Solutions LLC, 2017 to 2021; Assistant Secretary of Advisers Investment Trust, 2021 to March 2023. | N/A | N/A |
| Troy A. Sheets <br>Year of Birth: 1971 | Treasurer | Indefinite/ January 2022 to present | Director, ACA Group, 2024 to present; Senior Principal Consultant, ACA Group, 2022 to 2024; Senior Director, Foreside Financial Group, LLC, 2016 to 2022 Assistant Treasurer of Advisers Investment Trust, May 2021 to January 2022; Treasurer of Advisers Investment Trust, 2011 to 2021. | N/A | N/A |
| Tracy L. Dotolo <br>Year of Birth: 1976 | Assistant Treasurer | Indefinite/ January 2022 to present | Director, ACA Group, 2025 to present; Senior Principal Consultant, ACA Group, 2022 to 2025; Director, Foreside Fund Officer Services, LLC, 2016 to 2022; Treasurer of Advisers Investment Trust, May 2021 to January 2022. | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and <br> Year of Birth<sup>1</sup>**  | **Position(s) Held <br> with the Trust**  | **Term of Office/Length <br> of Time Served**  | **Principal Occupation(s) <br> During Past 5 Years**  | **Number of <br> Portfolios in <br> the <br> Trust <br> Overseen by <br> Trustee**  | **Other Directorships <br> Held by Trustee <br> During Past 5 Years**  |
| Stefania C. Suciu <br>Year of Birth: 1979 | Assistant Secretary | Indefinite/ March 2023 to present | Second Vice President, Global Fund Services Fund Governance Solutions, The Northern Trust Company 2019 to present; Officer Global Fund Services Fund Governance Solutions, The Northern Trust Company 2015 to 2019. | N/A | N/A |

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<sup>1</sup> The mailing address of Messrs. Ruehle and Sheets and Ms. Dotolo is 190 Middle Street, Suite 301, Portland, ME 04101. The mailing address of Mr. Mino and Mses. Nelligan, Schneider, and Suciu is 333 S. Wabash Avenue, Chicago, IL 60604.

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name of Trustee**  | **Dollar Range of Equity Securities in the Funds**  | **Aggregate Dollar Range of Equity Securities in All Funds within the Trust Overseen by Trustee**  |
| Robert Gordon  |  | Over $100,000 |
| D'Ray Moore  |  | Over $100,000 |
| Steven R. Sutermeister  |  | Over $100,000 |

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**Trustee Compensation** 

The Trust has no retirement or pension plans. The compensation paid to the Trustees for the fiscal year ended September 30, 2025 for the Trust is set forth in the following table.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate Compensation from the Funds**  | **Total Compensation from the Trust** |
| Robert Gordon  | $56884 | $138500 |
| D'Ray Moore  | $56884 | $138500 |
| Steven R. Sutermeister  | $56884 | $138500 |

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**Leadership Structure and Board of Trustees** 

The primary responsibility of the Board of Trustees is to represent the interests of the shareholders of the Trust and to provide oversight of the management of the Trust. Each of the Trustees on the Board is independent of and not affiliated with the Adviser or its affiliates. The Chairperson of the Board of Trustees is D'Ray Moore, who is an independent Trustee. The Board has adopted Fund Governance Guidelines to provide guidance for effective leadership. The guidance sets forth criteria for Board membership, trustee orientation and continuing education and annual trustee evaluations. The Board reviews quarterly reports from the investment advisers providing management services to the Funds, as well as quarterly reports from the Chief Compliance Officer ("CCO") and other service providers. This process allows the Board to effectively evaluate issues that impact the Trust as a whole as well as issues that are unique to each Fund. The Board has determined that this leadership structure is appropriate to ensure that the regular business of the Board is conducted efficiently while still permitting the Trustees to effectively fulfill their fiduciary and oversight obligations. The Board reviews its structure and the structure of its committees annually.

The Trustees have delegated day-to-day operations to various service providers whose activities they oversee. The Trustees have also engaged legal counsel (who is also legal counsel to the Trust) that is independent of the Adviser or its affiliates to advise them on matters relating to their responsibilities in connection with the Trust. The Trustees meet separately in an executive session on a quarterly basis and meet separately in executive session with the Funds' CCO at least annually. On an annual basis, the Board conducts a self-assessment and evaluates its structure and the structure of its committees. The Board has two standing committees, the Audit Committee and the Nominating and Governance Committee.

All of the independent Trustees are members of the Audit Committee. The Audit Committee's function is to oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; to oversee the quality and objectivity of the Trust's financial statements and the independent audit thereof; and to act as a liaison between the Trust's independent registered public accounting firm and the full Board of Trustees. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Funds' auditor, CCO and legal counsel, stay fully informed regarding management decisions. During the fiscal year ended September 30, 2025, the Audit Committee held three meetings.

The Nominating and Governance Committee nominates candidates for election to the Board of Trustees, makes nominations for membership on all committees. The Nominating and Governance Committee also reviews as necessary the responsibilities of any committees of the Board and whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Nominating and Governance Committee makes recommendations for any such action to the full Board. The Nominating and Governance Committee also considers candidates for trustees nominated by shareholders. Shareholders may recommend candidates for Board positions by forwarding their correspondence to the Secretary of the Trust at the Trust's address and the shareholder communication will be forwarded to the Nominating and Governance Committee Chairperson for evaluation. During the fiscal year ended September 30, 2025, the Nominating and Governance Committee held one meeting. All of the independent Trustees are members of the Nominating and Governance Committee.

**Board Oversight of Risk** 

The Funds are subject to a number of risks, including investment, compliance, operational and financial risks, among others. Risk oversight forms part of the Board's general oversight of the Funds and is addressed as part of various Board and committee activities. Day-to-day risk management with respect to the Funds resides with the Adviser or other service providers, subject to supervision by Fund Management. The Audit Committee and the Board oversee efforts by management and service providers to manage the risk to which the Funds may be exposed. For example, the Board meets with portfolio managers and receives regular reports regarding investment and liquidity risks. The Board meets with the CCO and receives regular reports regarding compliance and regulatory risks. The Audit Committee meets with the Trust's Treasurer and receives regular reports regarding fund operations and risks related to the valuation, and overall financial reporting of the Funds. From its review of these reports and discussions with management, the Board learns in detail about the material risks to which each Fund is exposed, enabling a dialogue about how management and service providers mitigate those risks.

Not all risks that may affect the Funds can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Funds or the Adviser, its affiliates, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals. As a result of the foregoing and other factors, the Funds' ability to manage risk is subject to substantial limitations. The Trustees believe that their current oversight approach is an appropriate way to manage risks facing each Fund, whether investment, compliance, financial, or otherwise. The Trustees may, at any time in their discretion, change the manner in which they conduct risk oversight of the Funds.

***Trustee Attributes***

The Board believes each of the Trustees has demonstrated leadership abilities and possesses experience, qualifications, and skills valuable to the Trust. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them.

Below is additional information concerning each particular Trustee and his or her attributes. The information provided below, and in the chart above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, work ethic, the ability to work together, and the ability to communicate effectively, exercise judgment, ask incisive questions, manage people and problems or develop solutions.

**Robert Gordon** has over 35 years of experience in the investment management industry and 20 years serving in a Chief Executive capacity. His career includes roles at a diversity of investment firms, ranging from large global financial institutions to focused investment management boutiques. Mr. Gordon brings a broad range of skills to the Trust including investment management, risk oversight, fund administration, and sales and marketing with a particular focus on delivering best practices. His experience includes familiarity with a broad range of asset classes of equities, fixed income, alternative investments, and derivative products. In addition to serving as an Independent Director to the Trust, he serves as a board member and adviser to investment management companies both in the US and abroad.

**D'Ray Moore** worked for a major service provider to investment managers and mutual funds for over 10 years, including as Senior Vice President for European relationship management. Her expertise in mutual fund operations enables Ms. Moore to bring to the Trust a unique perspective on service provider oversight. Ms. Moore's experience also includes serving as Chairman and independent trustee for other mutual funds and 10 years of experience in banking and financial services, including retail investment sales and sales management.

**Steven R. Sutermeister** has over 40 years of experience in the financial services industry (with significant experience in the mutual fund industry), including more than 25 years in management, executive management, and board experience at other financial institutions. His experience as the Chief Investment Officer of a life insurance company, Director and President of a mutual fund complex, and Director and Audit Committee Chair of a public bank holding company allows him to bring seasoned perspective, insight, and financial acumen to issues and strategies related to the Trust including regulatory relationships, investment risks, and enterprise risk management.

**Code of Ethics** 

The Trust, the Adviser, and the principal underwriter have each adopted a Code of Ethics (the "Codes") under Rule 17j-1 of the 1940 Act. The personnel subject to the Codes are permitted to invest in securities, including securities that may be purchased or held by a Fund. Shareholders may obtain a copy of the Codes from the Securities and Exchange Commission's EDGAR website http://www.sec.gov or by calling the Funds at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

**Control Persons and Principal Holders**

As of December 31, 2025, there were no persons of record who owned 5% or more of a class of each Fund's outstanding shares.

**Management Ownership** 

As of December 31, 2025, the Trustees and Officers of the Trust owned less than 1% of each Fund.

**Investment Advisory and Other Services** 

***The Investment Adviser***

State Farm Investment Management Corp. (the "Adviser" or "State Farm"), wholly-owned by State Farm Life Insurance Company, serves as the investment adviser to the Funds. The Adviser's principal place of business is One State Farm Plaza, Bloomington, Illinois 61710. As the Adviser, State Farm makes investment decisions for the Funds and also ensures compliance with each Fund's investment policies and guidelines. As of December 31, 2025, State Farm had approximately $12.46 billion in Fund assets under management.

Under the terms of the Trust's Investment Advisory Agreement with the Adviser ("Advisory Agreement"), the Adviser, subject to the supervision of the Board of Trustees, provides or arranges to be provided to the Funds such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Funds consistent with each Fund's investment objective and policies. As compensation for advisory services, the Funds are obligated to pay the Adviser fees computed and accrued daily and paid monthly at the annual rates set forth below:

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| | |
|:---|:---|
| **Fund** | **Management Fee <br> (as percentage of Average Daily Net Assets)**  |
| State Farm Growth Fund  | 0.10% |
| State Farm Balanced Fund  | 0.11% |
| State Farm Interim Fund  | 0.12% |
| State Farm Municipal Bond Fund  | 0.11% |

---

Pursuant to the Advisory Agreement, the Funds paid the following management fees to the Adviser for the fiscal years listed below:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees<br> Earned** | **Fees <br> Waived/Reimbursed**  |
| **State Farm Growth Fund** |  |  |
| Year Ended September 30, 2025  | $8046821 | $2635897 |
| Year Ended September 30, 2024  | $7306479 | $2442428 |
| Year Ended September 30, 2023  | $6419110 | $2385389 |
| **State Farm Balanced Fund** |  |  |
| Year Ended September 30, 2025  | $2707954 | $814043 |
| Year Ended September 30, 2024  | $2573445 | $825386 |
| Year Ended September 30, 2023  | $2386982 | $816185 |
| **State Farm Interim Fund** |  |  |
| Year Ended September 30, 2025  | $360871 | $281931 |
| Year Ended September 30, 2024  | $366003 | $263458 |
| Year Ended September 30, 2023  | $411298 | $249606 |
| **State Farm Municipal Bond Fund** |  |  |
| Year Ended September 30, 2025  | $566343 | $169869 |
| Year Ended September 30, 2024  | $602465 | $173885 |
| Year Ended September 30, 2023  | $641984 | $157992 |

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The balances of recoverable expenses to State Farm by the Funds at September 30, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Expiring** | **Expiring** | **Expiring** |
| <br>**Fund** | **2026** | **2027** | **2028** |
| State Farm Growth Fund  | $2385389 | $2442428 | $2635897 |
| State Farm Balanced Fund  | $816185 | $825386 | $814043 |
| State Farm Interim Fund  | $249606 | $263458 | $281931 |
| State Farm Municipal Bond Fund  | $157992 | $173885 | $169869 |

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The Advisory Agreement will continue for an initial term of two years, and on a year-to-year basis thereafter, provided that continuance is approved at least annually by specific approval of the Board of Trustees or by vote of the holders of a majority of the outstanding voting securities of each Fund. In either event, it must also be approved by a majority of the Trustees who are neither parties to the Advisory Agreement nor interested persons, as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated as to a particular Fund at any time on 60 days' written notice, without the payment of any penalty, by the Trust (by vote of the Board or by vote of a majority of the outstanding voting securities of such Fund) or by the Adviser. In the event of its assignment, the Advisory Agreement will terminate automatically.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit the total annual operating expenses of each Fund (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to amounts specified in the prospectus of each Fund until January 28, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Advisory Agreement.

***Investment Sub-Adviser***

Northern Trust Investments, Inc. (the "Sub-Adviser" or "NTI"), an indirect subsidiary of Northern Trust Corporation, located at 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Sub-Adviser to the Funds. For its services to the Funds, NTI receives a fee from the Adviser, computed and accrued daily and paid monthly, as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee <br> (as percentage of Average Daily Net Assets)**  |
| State Farm Growth Fund  | 0.085% |
| State Farm Balanced Fund  | 0.080% |
| State Farm Interim Fund  | 0.075% |
| State Farm Municipal Bond Fund  | 0.080% |

---

The Sub-Adviser is responsible for the management of the Funds' assets, including making investment decisions and placing orders for the purchase and sale of securities for the Funds directly with the issuers or with brokers or dealers selected by the Sub-Adviser in its discretion. The investment advisory services of the Sub-Adviser are not exclusive under the terms of its sub-advisory agreement. The Sub-Adviser is free to render investment advisory services to others. The Sub-Adviser also furnishes to the Board of Trustees, which has overall responsibility for the business and affairs of the Trust, periodic reports on its services and the investment performance of the Funds. The Adviser paid the Sub-Adviser the following management fees pursuant to the Investment Sub-Advisory Agreement for the fiscal years listed below:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees<br> Earned** | **Fees <br> Waived/Reimbursed**  |
| **State Farm Growth Fund** |  |  |
| Year Ended September 30, 2025  | $6839872 | $1951910 |
| Year Ended September 30, 2024  | $6210592 | $1821369 |
| Year Ended September 30, 2023  | $5456295 | $1839760 |
| **State Farm Balanced Fund** |  |  |
| Year Ended September 30, 2025  | $1969414 | $321690 |
| Year Ended September 30, 2024  | $1871579 | $357491 |
| Year Ended September 30, 2023  | $1735986 | $382189 |
| **State Farm Interim Fund** |  |  |
| Year Ended September 30, 2025  | $225543 | $179296 |
| Year Ended September 30, 2024  | $228751 | $171957 |
| Year Ended September 30, 2023  | $257060 | $146782 |
| **State Farm Municipal Bond Fund** |  |  |
| Year Ended September 30, 2025  | $411884 | $97563 |
| Year Ended September 30, 2024  | $438152 | $91731 |
| Year Ended September 30, 2023  | $466898 | $70449 |

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**Portfolio Manager Holdings** 

The Funds' portfolio managers did not own any shares of the Funds as of September 30, 2025.

**Other Portfolio Manager Information** 

NTI's portfolio managers are often responsible for managing other account portfolios, including exchange-traded funds, separate accounts and other pooled investment vehicles, in addition to the respective Fund that they manage.

A Fund's manager may manage various client accounts that may have materially higher or lower fee arrangements than a Fund. The side-by-side management of these accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. In addition, while portfolio managers generally only manage accounts with similar investment strategies, it is possible that due to varying investment restrictions among accounts that certain investments are made for some accounts and not others or conflicting investment positions are taken among accounts. Some portfolio managers may be dual officers of one or more NTI affiliates and undertake investment advisory duties for the affiliates. The portfolio managers have a responsibility to manage all client accounts in a fair and equitable manner. NTI seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, NTI has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management. NTI may invest client accounts in affiliated investment pools. If appropriate and consistent with the client's investment objectives and applicable law, NTI may recommend to clients investment pools in which it or an affiliate provides services for a fee. NTI has an incentive to allocate investments to these types of affiliated investment pools in order to generate additional fees for NTI or its affiliates. In addition, NTI could direct its best investment ideas to these investment products or investment pools to the potential disadvantage of the Funds.

As NTI becomes aware of additional potential or actual conflicts of interest, they will be reviewed on case-by-case basis.

NTI manages its client accounts consistent with applicable law and follows its own policies and procedures that are reasonably designed to treat clients fairly and to prevent any client or group of clients from being systematically favored or disadvantaged.

NTI provides advice and makes investment decisions for client accounts that it believes are consistent with each client's stated investment objectives and guidelines. Advice given to clients or investment decisions made for clients may differ from, or may conflict with, advice given or investment decisions made for clients of an NTI affiliate. Conflicts may also arise because portfolio decisions regarding the Trust may benefit NTI or its affiliates or another account or fund managed by NTI or its affiliates. Actions taken with respect to NTI's and its affiliates' other funds or accounts managed by them may adversely impact the Funds, and actions taken by the Funds may benefit NTI or its affiliates or their other funds or accounts. NTI may also invest in the same securities that it or its affiliates recommend to clients. When NTI or an affiliate currently holds for its own benefit the same securities as a client, it could be viewed as having a potential conflict of interest.

From time to time, securities to be sold on behalf of a client may be suitable for purchase by another client. In such instances, if NTI determines in good faith that the transaction is in the best interest of each client, it may arrange for the securities to be crossed between client accounts at an independently determined fair market value and in compliance with the 1940 Act, if applicable. Cross-trades present conflicts of interest, as there may be an incentive for NTI to favor one client to the disadvantage of another. Cross-trades are only effected as permitted under applicable law and regulation and consistent with the client's guidelines, with any restrictions. NTI does not receive fees or commissions for these transactions. NTI and the Trust have adopted policies on cross-trades that may be effected between the Funds and another client account. NTI conducts periodic reviews of trades for consistency with these policies.

NTI has established certain policies and procedures designed to address conflicts of interest that may arise between its employees and clients as well as between clients and NTI or its affiliates. NTI's employees must act in the best interests of its clients and generally do not have knowledge of proprietary trading positions or certain other operations of affiliates.

Receipt of research from brokers who execute client transactions involve conflicts of interest. To the extent that NTI uses commissions to obtain research services for NTI or the Northern Trust Company ("TNTC"), NTI or TNTC will receive a benefit as it will not have to pay for the research, products or services itself. NTI may, therefore, have an incentive to select or recommend a broker-dealer based on its interest in receiving research rather than in obtaining the lowest commission rate on the transaction. NTI or TNTC may also obtain research services from brokerage commissions incurred by client accounts that may not directly benefit such client accounts. Similarly, clients may benefit from research even if trades placed on their behalf did not contribute to the compensation of the broker dealer providing such research. NTI and TNTC do not seek to allocate research services to client accounts proportionately to the commissions that the client accounts generate.

Also, NTI and TNTC may receive products and services that are mixed use. In these cases, NTI or TNTC will use commissions to pay only for the eligible portion of the product or service that assists NTI or TNTC in the investment decision-making process. Any ineligible portion of the product will be paid directly by NTI or TNTC. NTI or TNTC makes a good faith effort to reasonably allocate such items and keeps records of such allocations although clients should be aware of the potential conflicts of interest.

The following tables indicate the number of accounts and assets under management (in millions) for each type of account for each portfolio manager as of September 30, 2025.

Mary Lukic, Senior Vice President, State Farm Growth Fund and State Farm Balanced Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 0 | 0 | $0 | $0 |
| Other Pooled Investment Vehicles  | 0 | 0 | $0 | $0 |
| Other Accounts  | 1 | 0 | $1135 | $0 |
| Total  | 1 | 0 | $1135 | $0 |

---

Christine Tinker, Vice President, State Farm Growth Fund and State Farm Balanced Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 0 | 0 | $0 | $0 |
| Other Pooled Investment Vehicles  | 0 | 0 | $0 | $0 |
| Other Accounts  | 588 | 0 | $56270 | $0 |
| Total  | 588 | 0 | $56270 | $0 |

---

Sridhar Kancharla, Senior Vice President, State Farm Growth Fund and State Farm Balanced Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts\*** | **Number of Accounts\*** | **Assets Under Management\*<br> (in millions)** | **Assets Under Management\*<br> (in millions)** |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies | 6 | 0 | $1832 | $0 |
| Other Pooled Investment Vehicles | 17 | 0 | $5242 | $0 |
| Other Accounts | 31 | 0 | $20744 | $0 |
| Total | 54 | 0 | $27819 | $0 |

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\* As of December 31, 2025

David Alongi, Senior Vice President, State Farm Balanced Fund and State Farm Interim Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 21 | 0 | $7998 | $0 |
| Other Pooled Investment Vehicles  | 35 | 0 | $54012 | $0 |
| Other Accounts  | 64 | 0 | $39560 | $0 |
| Total  | 120 | 0 | $101570 | $0 |

---

Michael Chico, Vice President, State Farm Balanced Fund and State Farm Interim Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 10 | 0 | $3652 | $0 |
| Other Pooled Investment Vehicles  | 1 | 0 | $188 | $0 |
| Other Accounts  | 23 | 0 | $11028 | $0 |
| Total  | 34 | 0 | $14868 | $0 |

---

Nate Miller, Vice President, State Farm Municipal Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 1 | 0 | $294 | $0 |
| Other Pooled Investment Vehicles  | 0 | 0 | $0 | $0 |
| Other Accounts  | 292 | 0 | $7900 | $0 |
| Total  | 293 | 0 | $8194 | $0 |

---

Adam M. Shane, Senior Vice President, State Farm Municipal Bond Fund

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Accounts** | **Number of Accounts** | **Assets Under Management <br> (in millions)**  | **Assets Under Management <br> (in millions)**  |
| <br>**Account Type** | **Total** | **Subject to a Performance Fee** | **Total** | **Subject to a Performance Fee** |
| Registered Investment Companies  | 7 | 0 | $5600 | $0 |
| Other Pooled Investment Vehicles  | 0 | 0 | $0 | $0 |
| Other Accounts  | 1988 | 0 | $12300 | $0 |
| Total  | 1995 | 0 | $17900 | $0 |

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**Portfolio Manager Compensation** 

The compensation for NTI portfolio managers is informed by the competitive marketplace and consists of base salary and the opportunity to earn an incentive award. In addition, non-cash incentives, such as stock options or restricted stock of Northern Trust Corporation, may be awarded from time to time. The incentive award is discretionary and is based on a quantitative and qualitative evaluation of each team members' investment performance and contribution to his or her respective team plus the financial performance of the investment business unit and Northern Trust Corporation as a whole. In addition, the annual cash incentive award for portfolio managers is not based on the investment performance of the funds or the amount of assets held in the funds. Moreover, no material differences exist between the compensation structure for mutual fund accounts and other types of accounts.

***Fund Services***

The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Administrator ("Administrator") for the Funds and serves as the Funds' Transfer Agent, Custodian, and Fund Accounting Agent. The Custodian acts as the Trust's depository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Trust's request, and maintains records in connection with its duties. The Transfer Agent maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of Fund shares, acts as dividend and distribution disbursing agent, and performs other accounting and shareholder service functions. The fees and certain expenses of the Transfer Agent, Custodian, Fund Accounting Agent, and Administrator are paid by the Funds. Pursuant to these agreements, the Funds paid the following fees to the Administrator, inclusive of certain ancillary administration support fees related to Form N-PORT, for the fiscal years as listed below:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees Earned**  | **Fees Waived/Reimbursed**  |
| **State Farm Growth Fund** |  |  |
| Year Ended September 30, 2025  | $3353871 | $0 |
| Year Ended September 30, 2024  | $3149979 | $0 |
| Year Ended September 30, 2023  | $2999062 | $0 |
| **State Farm Balanced Fund** |  |  |
| Year Ended September 30, 2025  | $1212782 | $0 |
| Year Ended September 30, 2024  | $1215353 | $0 |
| Year Ended September 30, 2023  | $1186108 | $0 |
| **State Farm Interim Fund** |  |  |
| Year Ended September 30, 2025  | $264248 | $0 |
| Year Ended September 30, 2024  | $266584 | $0 |
| Year Ended September 30, 2023  | $289771 | $0 |
| **State Farm Municipal Bond Fund** |  |  |
| Year Ended September 30, 2025  | $301885 | $0 |
| Year Ended September 30, 2024  | $312597 | $0 |
| Year Ended September 30, 2023  | $332287 | $0 |

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Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) ("ACA Group"), 190 Middle Street, Suite 301, Portland, Maine 04101, provides compliance and financial control services to the Funds. ACA Group's fees are paid by the Funds. Pursuant to this agreement, the Funds paid the following fees to ACA Group for the fiscal years as listed below:

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| | | |
|:---|:---|:---|
| **Fund** | **Fees Earned**  | **Fees Waived/Reimbursed**  |
| **State Farm Growth Fund** |  |  |
| Year Ended September 30, 2025  | $325837 | $0 |
| Year Ended September 30, 2024  | $303874 | $0 |
| Year Ended September 30, 2023  | $279670 | $0 |
| **State Farm Balanced Fund** |  |  |
| Year Ended September 30, 2025  | $99435 | $0 |
| Year Ended September 30, 2024  | $97325 | $0 |
| Year Ended September 30, 2023  | $94164 | $0 |
| **State Farm Interim Fund** |  |  |
| Year Ended September 30, 2025  | $12113 | $0 |
| Year Ended September 30, 2024  | $13033 | $0 |
| Year Ended September 30, 2023  | $14523 | $0 |
| **State Farm Municipal Bond Fund** |  |  |
| Year Ended September 30, 2025  | $20847 | $0 |
| Year Ended September 30, 2024  | $22906 | $0 |
| Year Ended September 30, 2023  | $25007 | $0 |

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***Distributor***

Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) ("Distributor"), a subsidiary of Foreside Financial Group, LLC, located at 190 Middle Street, Suite 301, Portland, Maine 04101, provides distribution services to the Funds pursuant to a distribution agreement with the Trust. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor, and its officers, have no role in determining each Funds' investment policies or which securities to buy or sell. The Adviser, at its own expense, pays the Distributor a fee for distribution-related services.

***Independent Registered Public Accounting Firm***

The firm of PricewaterhouseCoopers LLP has been selected as independent registered public accounting firm for the Funds for the fiscal year ending September 30, 2026 in accordance with the requirements of the 1940 Act and the rules thereunder. PricewaterhouseCoopers LLP will perform an annual audit of the Funds' financial statements and provides audit and tax services.

**Brokerage Allocation and Other Practices** 

Subject to policies established by the Board of Trustees, the Sub-Adviser is responsible for each Fund's portfolio decisions and the placing of each Fund's portfolio transactions.

The Sub-Adviser utilizes its best judgment in selecting a broker-dealer, in a manner deemed fair and reasonable to clients. In assessing the selection of a broker-dealer and best qualitative execution, the Sub-Adviser considers a range of factors. These factors are considered in the initial selection of execution venues and the ongoing review of performance of those execution venues. Factors considered in determining the best available price and best qualitative execution include; price at which the transaction is executed; costs and compensation paid to the broker-dealer; speed and likelihood of execution; speed and likelihood of settlement; size and nature of the order; market conditions; willingness of a broker/dealer to commit capital to a particular transaction; willingness and ability of broker-dealer to make a market in particular securities; ability and willingness of a broker-dealer to effect difficult transactions in less liquid, smaller capitalized, closely held issues, or a particular sector; ability of broker-dealer to act on a confidential basis; operational efficiency and coordination of a broker-dealer with the Sub-Adviser and the custodian of our clients, including the ability to communicate, to settle trades reliably and to quickly and effectively resolve differences; broker/dealer responsiveness; and any other consideration relating to the execution of the order.

The Sub-Adviser seeks to provide best qualitative execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. To this end, the Sub-Adviser has developed policies and procedures for reviewing and approving broker-dealers, fair allocation of trades and best qualitative execution. The Sub-Adviser conducts periodic reviews of trades for consistency with these policies. The Sub-Adviser has established a committee to oversee the selection of broker-dealers, the allocation of brokerage commissions and the monitoring of best qualitative execution.

The Funds paid the following amounts in brokerage commissions for the fiscal years as listed below:

---

| | |
|:---|:---|
| **Fund** | **Commissions Paid** |
| **State Farm Growth Fund** |  |
| Year Ended September 30, 2025  | $826006 |
| Year Ended September 30, 2024  | $488221 |
| Year Ended September 30, 2023  | $673926 |
| **State Farm Balanced Fund** |  |
| Year Ended September 30, 2025  | $173939 |
| Year Ended September 30, 2024  | $83538 |
| Year Ended September 30, 2023  | $99305 |
| **State Farm Interim Fund** |  |
| Year Ended September 30, 2025  | $0 |
| Year Ended September 30, 2024  | $0 |
| Year Ended September 30, 2023  | $0 |
| **State Farm Municipal Bond Fund** |  |
| Year Ended September 30, 2025  | $0 |
| Year Ended September 30, 2024  | $0 |
| Year Ended September 30, 2023  | $0 |

---

**Disclosure of Portfolio Holdings** 

The Funds will not disclose (or authorize its custodian or principal underwriter to disclose) portfolio holdings information to any person or entity except as follows:

● To persons providing services to the Funds who have a need to know such information in order to fulfill their obligations to the Funds, such as portfolio managers, administrators, custodians, pricing services, proxy voting services, accounting and auditing services, liquidity vendors, and research and trading services, and the Trust's Board of Trustees;

● In connection with periodic reports that are available to shareholders and the public;

● To mutual fund rating or statistical agencies or persons performing similar functions;

● Pursuant to a regulatory request or as otherwise required by law; or

● To persons approved in writing by the CCO or President of the Trust.

A complete listing of quarter-end portfolio holdings for each Fund is available on its Funds website www.statefarm.com/sf-funds 60 calendar days after each quarter-end. The Funds will disclose portfolio holdings quarterly, in the Annual and Semi-Annual Financial Statements and Additional Information, as well as in filings with the SEC, in each case no later than 60 days after the end of the applicable fiscal period. Each Fund may also make publicly available its portfolio holdings at other dates as may be determined from time to time. The same information is also available by calling the Trust at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

Pursuant to policies and procedures adopted by the Board of Trustees, the Funds have ongoing arrangements to release portfolio holdings information on a daily basis to the Adviser, the Sub-Adviser, Administrator, Transfer Agent, Fund Accounting Agent, and Custodian and on an as needed basis to other third parties providing services to the Funds. The Adviser, Sub-Adviser, Administrator, Transfer Agent, Fund Accounting Agent, and Custodian receive portfolio holdings information daily in order to carry out the essential operations of the Funds. The Funds disclose portfolio holdings to their auditors, legal counsel, proxy voting services (if applicable), pricing services, printers, parties to merger and reorganization agreements and their agents, and prospective or newly hired investment advisers or sub-advisers. The lag between the date of the information and the date on which the information is disclosed will vary based on the identity of the party to whom the information is disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information may be given to legal counsel at any time. The Funds, the Adviser, the Sub-Adviser, the Transfer Agent, the Fund Accounting Agent, and the Custodian, are prohibited from entering into any special or ad hoc arrangements with any person to make available information about the Funds' portfolio holdings without the specific approval of the Trust's CCO or President. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement to the CCO, which will review the arrangement to determine (i) whether the arrangement is in the best interests of the Funds' shareholders, (ii) whether the information will be kept confidential (based on the factors discussed below), (iii) whether sufficient protections are in place to guard against personal trading based on the information, and (iv) whether the disclosure presents a conflict of interest between the interests of Fund shareholders and those of the Adviser, or any affiliated person of the Funds or the Adviser. The CCO will provide to the Board of Trustees on a quarterly basis a report regarding all portfolio holdings information released on an ad hoc or

special basis. Additionally, the Adviser and any affiliated persons of the Adviser, are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Funds, as a result of disclosing the Funds' portfolio holdings. The Trust's CCO monitors compliance with these procedures, and reviews their effectiveness on an annual basis.

Information disclosed to third parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. "Conditions of confidentiality" include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships) or (iv) understandings or expectations between the parties that the information will be kept confidential. The agreements with the Funds' Adviser, Transfer Agent, Fund Accounting Agent, and Custodian contain confidentiality clauses, which the Board and these parties have determined extend to the disclosure of nonpublic information about the Funds' portfolio holdings and the duty not to trade on the non-public information. The Trust believes that these are reasonable procedures to protect the confidentiality of the Funds' portfolio holdings and will provide sufficient protection against personal trading based on the information.

**Determination of Share Price** 

The price (NAV) of the shares of each Fund is determined at the close of trading of the NYSE, normally 4:00 p.m. ET/3:00 p.m. CT except for the following days on which the share price of each Fund is not calculated: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Independence Day, Juneteenth National Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Security prices are generally provided by an approved third party pricing service as of the close of the NYSE, normally at 4:00 pm ET, each business day on which the share price of the Funds are calculated (as defined in each Fund's prospectus).

Equity securities (including options, rights, warrants, futures, and options on futures) traded in the over-the-counter market or on a primary exchange shall be valued at the closing price or last trade price, as applicable, as determined by the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations available from the designated pricing vendor as of the closing of the primary exchange. Securities for which quotations are either (1) not readily available or (2) determined to not accurately reflect their value are valued at their fair value using procedures approved by the Board of Trustees. Significant bid-ask spreads, or infrequent trading may indicate a lack of readily available market quotations. Securities traded on more than one exchange will first be valued at the last sale price on the principal exchange, and then the secondary exchange. The NASD National Market System is considered an exchange. Investments in other open-end registered investment companies are valued at their respective NAV as reported by such companies.

Fixed-income securities will be valued at the latest quotations available from the designated pricing vendor. These quotations will be derived by an approved independent pricing service based on their proprietary calculation models. In the event that market quotations are not readily available for short-term debt instruments, securities with less than 61 days to maturity may be valued at amortized cost as long as there are no credit or other impairments of the issuer.

In the event an approved pricing service is unable to provide a readily available quotation, the security may be priced by an alternative source, such as a broker who covers the security and can provide a daily market quotation. The appropriateness of the alternative source, such as the continued use of the broker, will be reviewed and ratified quarterly by the Adviser as the "valuation designee" of each Fund. Securities for which quotations are (1) not readily available, (2) not provided by an approved pricing service or broker, or (3) determined to not accurately reflect their value, are valued by the Adviser using procedures approved by the Board of Trustees.

Foreign securities, currencies and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of valuation time, as provided by an approved pricing service.

**Redemption In-Kind** 

The Funds do not intend to redeem shares in any form except cash. However, if the amount redeemed is over the lesser of $250,000 or 1% of a Fund's net assets, each Fund has the right to redeem shares by giving the redeeming shareholder the amount that exceeds the lesser of $250,000 or 1% of the Fund's net assets in securities instead of cash. In the event that an in-kind distribution is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions, on the sale or other disposition of the securities received from a Fund.

**Tax Consequences** 

The following discussion of certain U.S. federal income tax consequences is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. Each shareholder should consult a qualified tax advisor regarding the tax consequences of an investment in the Funds. The tax considerations relevant to a specific shareholder depend upon the shareholder's specific circumstances, and the following general summary does not attempt to discuss all potential tax considerations that could be relevant to a prospective shareholder with respect to the Fund or its investments. This general summary is based on the Internal Revenue Code of 1986, as amended (the "IRC"), the U.S. federal income tax regulations promulgated thereunder, and administrative and judicial interpretations thereof as of the date hereof, all of which are subject to change (potentially on a retroactive basis).

Each Fund intends to qualify each year as a regulated investment company under Subchapter M of the IRC, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Funds should not be subject to federal income or excise tax on net investment income or net realized capital gain, which are distributed to shareholders in accordance with the applicable timing requirements.

Each Fund intends to distribute substantially all of its net investment income (including any excess of net short-term capital gains over net long-term capital losses) and net realized capital gain (that is, any excess of net long-term capital gains over net short-term capital losses) in accordance with the timing requirements imposed by the IRC and therefore should not be required to pay any federal income or excise taxes. Net realized capital gain for a fiscal year is computed by taking into account any capital loss carryforward of a Fund. As of September 30, 2025, the Interim Fund had unused non expiring short-term and long-term capital loss carryforwards of $2,541,932 and $17,001,423 for federal income tax purposes, respectively. As of September 30, 2025, the Municipal Bond Fund had unused non expiring short-term and long-term capital loss carryforwards of $7,451,711 and $7,757,096 for federal income tax purposes, respectively.

To be treated as a regulated investment company under Subchapter M of the IRC, each Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (1) at least 50% of the market value of a Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of a Fund's assets and 10% of the outstanding voting securities of such issuer) and (2) not more than 25% of the value of its assets is invested in the securities (other than U.S. government securities or the securities of other regulated investment companies) of: (i) any one issuer, (ii) two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, (iii) or the securities of certain publicly traded partnerships.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it may be treated as a corporation for federal income tax purposes. As such, a Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of a Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. However, distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

As a regulated investment company, each Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and net realized capital gain under a prescribed formula contained in Section 4982 of the IRC. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of a Fund's ordinary income for the calendar year and at least 98.2% of its net realized capital gain (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to a Fund during the preceding calendar year. Under ordinary circumstances, each Fund expects to time its distributions so as to avoid liability for this tax.

The following discussion of U.S. federal income tax consequences is for the general information of shareholders that are U.S. persons that are subject to tax. Shareholders that are invested in IRAs or other qualified retirement plans are exempt from income taxation under the IRC. Shareholders that are non-U.S. persons, IRAs or other qualified retirement plans should consult their own tax advisors regarding the tax consequences of an investment in the Funds.

Distributions of taxable net investment income (including the excess of net short-term capital gain over net long-term realized capital loss) generally are taxable to shareholders at ordinary income tax rates. However, distributions by a Fund to a non-corporate shareholder may be subject to income tax at the shareholder's applicable tax rate for long-term capital gain, to the extent that the Fund receives qualified dividend income on the securities it holds, the Fund properly designates the distribution as qualified dividend income, and the Fund and the non-corporate shareholder receiving the distribution meets certain holding period and other requirements. Distributions of taxable net investment income (including qualified dividend income) may be subject to an additional 3.8% Medicare tax as discussed below.

Distributions of net realized capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Trust have been held by such shareholders. Under current law, capital gain dividends recognized by a non-corporate shareholder generally will be taxed at a maximum income tax rate of 20% and may be subject to an additional 3.8% Medicare tax as discussed below. Capital gains of corporate shareholders are taxed at the same rate as ordinary income.

Distributions of taxable net investment income and net realized capital gain will be taxable as described above, whether received in additional cash or shares. All distributions of taxable net investment income and net realized capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November, or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in the shareholder's Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Under the IRC, each Fund will be required to report to the Internal Revenue Service ("IRS") all distributions of taxable income and net realized capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the IRC, distributions of taxable net investment income and net realized capital gain and proceeds from the redemption or exchange of the shares of a Fund may be subject to withholding of federal income tax (currently, at a rate of 24%) in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if a Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

An additional 3.8% Medicare tax generally will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates, and trusts to the extent that any such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Shareholders should consult their tax advisors about the application of federal, state, local, and foreign tax law in light of their particular situation.

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2019. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information

that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

**Proxy Voting Policies and Procedures** 

The Board of Trustees has delegated responsibilities for decisions regarding proxy voting for securities held by each Fund to the Sub-Adviser, subject to the general oversight of the Board. The Sub-Adviser has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended, consistent with its fiduciary obligations. The Board of Trustees periodically reviews the Proxy Policy. The Proxy Policy is designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised prudently and solely in the best economic interests of the Funds and their shareholders considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote. Any conflict between the best economic interests of the Funds and the Sub- Adviser's interests will be resolved in the Funds' favor pursuant to the Proxy Policy.

The Sub-Adviser's proxy voting policies, procedures, and guidelines are attached as Appendix A.

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the pertinent Fund, P.O. Box 182330, Columbus, OH 43218-2330766 or by calling the Trust at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812. Information about how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Trust 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and on the SEC's website at http://www.sec.gov.

**Financial Statements** 

The Funds' financial statements and independent registered public accounting firm's report to the Annual Financial Statements and Additional Information to Shareholders of the State Farm Funds for the fiscal year ended September 30, 2025 are incorporated [herein by reference](https://www.sec.gov/ix?doc=/Archives/edgar/data/1516523/000206657825001696/8de294ace9c820f.htm). The Funds will provide the Annual Financial Statements and Additional Information without charge at written request or request by telephone.

PROXY VOTING POLICIES & PROCEDURES

Effective Date May 20, 2025

These policies and procedures apply to the voting of proxies by Northern Trust Corporation affiliates ("Northern Trust") for accounts over which Northern Trust has been granted proxy voting discretion.

**Table of Contents** 

---

| | |
|:---|:---|
| **SECTION 1. PROXY COMMITTEE**  | **A-3** |
| **SECTION 2. PROXY VOTING GUIDELINES**  | **A-3** |
| **SECTION 3. USE OF THIRD PARTY PROXY VOTING SERVICE PROVIDERS**  | **A-3** |
| **SECTION 4. APPLICATION OF PROXY GUIDELINES**  | **A-4** |
| **SECTION 5. PROXY VOTING CHOICE**  | **A-4** |
| **SECTION 6. MATERIAL CONFLICTS OF INTEREST**  | **A-4** |
| **SECTION 7. PROXY VOTING RECORDS; CLIENT DISCLOSURES**  | **A-5** |
| **SECTION 8. ERISA ACCOUNTS**  | **A-5** |
| **SECTION 9. MUTUAL FUNDS**  | **A-7** |
| **SECTION 10. OTHER SPECIAL SITUATIONS**  | **A-7** |
| **EXHIBIT A. PROXY GUIDELINES** |  |

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**NORTHERN TRUST PROXY VOTING POLICIES AND PROCEDURES** 

These policies and procedures apply to the voting of proxies by Northern Trust Corporation affiliates ("Northern Trust") for accounts over which Northern Trust has been granted proxy voting discretion.

The fundamental precept followed by Northern Trust in voting proxies is to ensure that the manner in which shares are voted is in the best interests of clients/beneficiaries and the value of the investment. As used in these policies and procedures, the term "clients/beneficiaries" means any person or entity having the legal or beneficial ownership interest, as the case may be, in a trust, custody or investment management account over which Northern Trust has discretionary proxy voting authority.

**SECTION 1. PROXY COMMITTEE** 

Northern Trust's Proxy Committee has responsibility for the adoption, content, interpretation and application of the Proxy Guidelines described in Section 2. Membership of the Proxy Committee consists of a group of senior Northern Trust investment and compliance officers. Meetings of the Proxy Committee may be called by the Chairperson or, in his or her absence, by any two committee members. Meetings may be conducted in person or telephonically. A majority of committee members present (in person or by proxy) will constitute a quorum for the transacting of business at any meeting. The approval of proxy votes or changes to these policies and procedures or the Proxy Guidelines may be made by majority vote of those present (in person or by proxy) at a meeting called for that purpose. Alternatively, the Committee may approve proxy votes or changes to these policies and procedures or the Proxy Guidelines described in Section 2 by a majority vote communicated telephonically (without a meeting) or electronically, provided that any action so approved is properly documented and reflected in minutes of the next meeting of the Committee.

**SECTION 2. PROXY VOTING GUIDELINES** 

Northern Trust has adopted guidelines and procedures (together and as from time to time amended, the "Proxy Guidelines") governing proxy voting for accounts over which Northern Trust has been granted proxy voting discretion.

Absent the special circumstances described in these policies and procedures, generally Northern Trust will exercise its proxy voting discretion in accordance with the applicable proxy guidelines designated in the client agreement or as otherwise disclosed to clients.

On an annual basis, Northern Trust's Proxy Committee shall review the Proxy Guidelines and notify clients/beneficiaries of any material revisions to the Proxy Guidelines.

**SECTION 3. USE OF THIRD PARTY PROXY VOTING SERVICE PROVIDERS** 

Northern Trust may delegate to one or more independent third party proxy voting services ("Proxy Voting Service" or "Proxy Voting Services"), the responsibility to review proxy proposals and to make voting recommendations to the Proxy Committee, and to execute proxy voting instructions in a manner consistent with the Proxy Guidelines. For proxy proposals described under the Proxy Guidelines, Northern Trust has provided supplementary instructions to the Proxy Voting Service(s) to guide it in making vote recommendations. In addition, Northern Trust has instructed the Proxy Voting Service not to exercise any discretion and to seek guidance from Northern Trust whenever it encounters situations that are either not covered by the Proxy Guidelines or where application of the Proxy Guidelines is unclear. In the event that the Proxy Voting Service does not or will not provide recommendations with respect to any specific proxy proposals for securities over which Northern Trust or its affiliates have proxy voting discretion, the relevant proxy analyst at Northern Trust responsible for the relevant issuer or its business sector shall be responsible for reviewing the proxy proposal and making a voting recommendation to the Proxy Committee consistent with the Proxy Guidelines.

The Proxy Committee will review the Proxy Voting Service(s) on an annual basis. In connection with that review, it generally will assess each of the following factors along with other additional factors, if any, the Proxy Committee deems relevant: (1) the Proxy Voting Service's capacity and competency in analyzing proxy issues and executing proxy related services; (2) the adequacy of the Proxy Voting Service's staffing and personnel; (3) whether the Proxy Voting Service has robust policies and procedures that enable it to make proxy voting recommendations based on current and accurate information and implement the proxy voting services offered; and (4) the Proxy Voting Service's ability to identify and address any real or potential conflicts of interests that exist or may have existed between the firm and its employees and the execution of proxy voting services provided to Northern Trust. The Proxy Committee will also regularly monitor the Proxy Voting Service(s) by requesting information from the Proxy Service(s) to determine whether any real or potential conflicts of interest exist as a result of changes to the firm's business or

internal policies. The Proxy Voting Service(s) will also be required to proactively communicate any (i) business changes or (ii) changes and updates to the firm's policies and procedures that could impact the adequacy and quality of the proxy voting services or the firm's ability to effectively manage conflicts.

**SECTION 4. APPLICATION OF PROXY GUIDELINES** 

It is intended that the Proxy Guidelines will be applied with a measure of flexibility.

Accordingly, except as otherwise specifically provided in these policies and procedures, the Proxy Committee may vote proxies contrary to the recommendations of the Proxy Voting Service, or, in the circumstances described in Section 3 above, a Northern Trust proxy analyst, if it determines such action to be in the best interests of Northern Trust clients/beneficiaries. In the exercise of such discretion the Proxy Committee may take into account a wide array of factors relating to the proxy voting matter under consideration, the nature of the proposal, and the company involved.

As a result, a proxy voting proposal may be voted in one manner in the case of one company and in a different manner in the case of another company where, for example, the past history of the company, the character and integrity of its management, the role of outside directors, and the company's record of producing performance for investors justifies a high degree of confidence in the company and the effect of the proposal on the value of the investment. Similarly, poor past performance, uncertainties about management and future directions, and other factors may lead to a conclusion that particular proposals present unacceptable investment risks and should not be supported. In addition, the proposals should be evaluated in full context. For example, a particular proxy voting proposal may be acceptable on a stand- alone basis, but objectionable when part of an existing or proposed proxy voting package, such as where the effect may be to entrench management. Special circumstances may also justify casting different votes for different clients/beneficiaries with respect to the same proxy vote after taking into account the clients/beneficiaries circumstances, including adhering to special voting instructions from the clients/beneficiaries.

**SECTION 5. PROXY VOTING CHOICE** 

Northern Trust offers fund participants in select pooled investment vehicles the option to select from a menu of Proxy Guidelines options designated by Northern Trust ("Proxy Voting Choice"). The Proxy Guidelines eligible to be used in a Proxy Voting Choice menu are described in Exhibit A.

Portfolio management teams for Northern Trust Investments, Inc. and Northern Trust Global Investments, Inc., in consultation with the appropriate subject matter experts as needed (e.g., Stewardship, Institutional Client Group, Operations, Compliance, Legal, and outside counsel), generally have the responsibility for identifying the Proxy Guidelines most suitable to a fund's investment objectives (the "Default Proxy Guidelines" of the fund).

Participation in Proxy Voting Choice is elective. Participants in eligible funds may voluntarily select from the menu of Proxy Guidelines, and once selected, proxies for the eligible fund will be voted on a pro-rata share basis in accordance with the participant's selection. The Default Proxy Guidelines shall apply to the pro-rata shares of all participants who do not choose to elect an option from the Proxy Voting Choice menu offered. Except under special circumstances, Proxy Guidelines will be applied at the account level for fund clients, and at the transfer agent or investment level for transfer agent clients. If a client holds two funds in two separate trust accounts, or direct at the transfer agent, then separate Proxy Guideline elections can be accommodated. In the event a client wants to operationally have multiple Proxy Guidelines applied for different accounts or fund investments, this can be manually applied upon written confirmation. Furthermore, in certain markets or situations where split voting is not permitted, the Default Proxy Guidelines will apply to all voting matters on behalf of all fund participants.

As a fiduciary to its pooled funds, Northern Trust must ensure that votes exercised for the pooled funds that it manages are cast in a pooled funds interest and in accordance with policies and procedures that are prudently designed to meet legal and regulatory requirements applicable to the pooled funds. As such, the Proxy Committee reviews all third-party voting policies prior to their availability for use for Proxy Voting Choice to ensure they are consistent with applicable fiduciary standards and suitable for most pooled fund investment objectives and policies. Some factors that the Proxy Committee may consider include, whether the third-party provider follows a fiduciary process in developing proxy voting procedures and guidelines, the manner in which the third-party's procedures to into consideration material facts and circumstance specific to each voting decision. The Proxy Committee may also consider client feedback in relation to specific guideline orientations or strategy approaches which they would like to have offered.

**SECTION 6. MATERIAL CONFLICTS OF INTEREST** 

Northern Trust has sought to address proxy related conflicts of interest in various ways, including the establishment, composition and authority of the Proxy Committee, and the delegation of primary responsibility for proxy review and vote recommendation functions to the Proxy Voting Service. For these reasons, the potential for conflicts of interest in the voting of proxies generally

arises only where the Proxy Committee is considering the possibility of voting in a manner contrary to a vote recommendation received from the Proxy Voting Service or where the Proxy Voting Service has not provided a vote recommendation. In these situations, the Proxy Committee will need to determine whether a material conflict of interest exists. For example, a material conflict of interest could arise when a proxy relates to the following non-exclusive types of issues:

● Securities issued by Northern Trust Corporation or its affiliates.

● Matters in which Northern Trust has a direct financial interest (such as shareholder approval of a change in mutual fund advisory fees where Northern Trust is the fund advisor).

● Instances where Northern Trust, its board members, executive officers, and/or others maintain relationships with the issuers of securities, proponents of shareholder proposals, participants in proxy contests, corporate directors or candidates for directorships.

● Instances where an attempt has been made to directly or indirectly influence the voting recommendation that is made.

Where the Proxy Committee determines that it is subject to a material conflict of interest, it may resolve the conflict in any of the following ways, which may vary, consistent with its duty of loyalty and care, depending on the facts and circumstances of each situation and the requirements of applicable law:

● Following the vote recommendation of an independent fiduciary appointed for that purpose;

● Voting pursuant to client direction;

● Abstaining; or

● Voting pursuant to a "mirror voting" arrangement (under which shares are voted in the same manner and proportion as some or all of the other shares not voted by the Proxy Committee).

For proxies issued by the Northern Trust Corporation that are held in accounts where Northern Trust has voting discretion, Northern Trust will generally abstain from voting on all votable ballot items.

**SECTION 7. PROXY VOTING RECORDS; CLIENT DISCLOSURES** 

Northern Trust will maintain the following records relating to proxy votes cast under these policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of these policies and procedures and accompanying exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A copy of each proxy statement Northern Trust receives regarding client securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A record of each vote cast by Northern Trust on behalf of a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each written client request for information on how Northern Trust voted proxies on behalf of the client, and a copy of any written response by Northern Trust to any (written or oral) client request for information on how Northern Trust voted proxies on behalf of the requesting client.

The foregoing records will be retained for such period of time as is required to comply with applicable laws and regulations. Northern Trust may rely on one or more third parties to make and retain the records referred to in items B. and C. above.

The Proxy Committee will cause copies of the foregoing records, as they relate to particular clients, to be provided to those clients upon request. It is generally the policy of Northern Trust not to disclose its proxy voting records to third parties, except as may be required by applicable laws and regulations.

**SECTION 8. ERISA ACCOUNTS** 

For plans governed by the Employee Retirement Income Security Act of 1974, as amended ("ERISA Plans"), it is considered a fiduciary act to manage the voting rights that are connected to ERISA Plan assets that are shares of stock. ERISA Plans are to be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA. In cases where sole proxy voting discretion rests with Northern Trust, the foregoing policies and procedures will be followed, subject to the fiduciary responsibility standards of ERISA, including the fiduciary duty of prudence, the exclusive benefit rule, and the duty to act in accordance with the plan documents.

These standards generally require fiduciaries to act prudently and to discharge their duties solely in the interests of participants and beneficiaries.

ERISA fiduciaries may decide not to vote on a proxy or exercise a shareholder right. When deciding whether to vote on a proxy, fiduciaries must carry out their duties: (i) prudently, and (ii) solely in the interests of the participants and beneficiaries and for the exclusive purpose of providing benefits to participants and beneficiaries and defraying the reasonable expenses of administering the ERISA Plan. Specifically, when deciding whether to vote on a proxy, a fiduciary must:

● act solely in accordance with the economic interest of the plan and its participants and beneficiaries;

● consider any costs involved;

● not subordinate the interests of the participants and beneficiaries in their retirement income or financial benefits under the plan to any other objective;

● evaluate relevant facts that form the basis for any particular proxy vote or other exercise of shareholder rights; and

● exercise prudence and diligence in the selection and monitoring of persons, if any, selected to exercise shareholder rights or otherwise advise on or assist with exercises of shareholder rights.

This Policy is designed to ensure proxy voting decisions are made in accordance with the fiduciary obligations listed above.

ERISA fiduciaries may engage with a Proxy Voting Service to provide recommendations regarding proxies. However, the fiduciary must first determine that such proxy advisor firm or service provider's proxy voting guidelines are consistent with the fiduciary's obligations described above. Northern Trust reviews the Northern Trust Proxy Guidelines and Proxy Voting Services on an annual basis, as described in Sections 2 and 3 of this Policy.

For avoidance of doubt, this Policy provides that the authority to vote a proxy shall be exercised pursuant to specific parameters prudently designed to serve the plan's interests in providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan; and is periodically reviewed for compliance, as described in Section 2 of this Policy. However, this policy does not (i) preclude a fiduciary from submitting a proxy vote when the fiduciary has prudently determined that the matter being voted upon will have a significant effect on the value of the investment, or the investment performance of the plan's assets, after accounting for the costs involved; or (ii) require a fiduciary to submit a proxy vote when the fiduciary has prudently determined that the matter being voted upon will not have a significant effect on the value of the investment, or the investment performance of the plan's assets, after accounting for the costs involved.

Generally, an ERISA Plan's trustee will have the exclusive responsibility to vote the proxies unless:

● the trustee is subject to the direction of a named fiduciary who is not a trustee;

● the named fiduciary delegates to an investment manager the authority to manage, acquire, or dispose of plan assets; or

● the named fiduciary delegates to an investment manager the authority to manage, acquire, or dispose of certain assets, but retains the right to direct the trustee when voting proxies.

The documents governing ERISA individual account plans may set forth various procedures for voting "employer securities" held by the plan. Where authority over the investment of plan assets is granted to plan participants, many individual account plans provide that proxies for employer securities will be voted in accordance with directions received from plan participants as to shares allocated to their plan accounts. In some cases, the governing plan documents may further provide that unallocated shares and/or allocated shares for which no participant directions are received will be voted in accordance with a proportional voting method in which such shares are voted proportionately in the same manner as are allocated shares for which directions from participants have been received. It is the policy of Northern Trust to follow the provisions of a plan's governing documents in the voting of employer securities unless it determines that to do so would breach its fiduciary duties under ERISA.

In general, for pooled investment vehicles that are treated as "plan assets" for purposes of ERISA, investing plan clients that are subject to ERISA will be required to accept this Policy as a condition of investment. For pooled investment vehicles that have implemented "Proxy Voting Choice," the fiduciary of an investing plan may choose guidelines other the Default Proxy Guidelines described in Section 5, except for the Climate guidelines. If the plan fiduciary chooses guidelines other than the Default Proxy Guidelines, the plan fiduciary is responsible for determining, and has made a determination that, the selected proxy voting policy is consistent with ERISA and the plan's own proxy voting policies/guidelines. Once guidelines are selected, proxies for the eligible fund will be voted on a pro-rata share basis in accordance with the guidelines that were selected. The Default Proxy Guidelines shall apply to the pro-rata shares for those who do not choose to elect an option from the Proxy Voting Choice menu.

**SECTION 9. MUTUAL FUNDS** 

Proxies of registered management investment companies will be voted subject to any applicable investment restrictions of the fund and, to the extent applicable, in accordance with any resolutions or other instructions approved by authorized persons of the fund.

**SECTION 10. OTHER SPECIAL SITUATIONS** 

Northern Trust may choose not to vote proxies in certain situations or for certain accounts either where it deems the cost of doing so to be prohibitive or where the exercise of voting rights could restrict the ability of an account's portfolio manager to freely trade the security in question. For example, in accordance with local law or business practices, many foreign companies prevent the sales of shares that have been voted for a certain period beginning prior to the shareholder

meeting and ending on the day following the meeting ("share blocking"). Due to these restrictions, Northern Trust must balance the benefits to its clients of voting proxies against the potentially serious portfolio management consequences of a reduced flexibility to sell the underlying shares at the most advantageous time. For companies in countries with share blocking periods, the disadvantage of being unable to sell the stock regardless of changing conditions generally outweighs the advantages of voting at the shareholder meeting for routine items.

Accordingly, Northern Trust will not vote those proxies in the absence of an unusual, significant vote. Various accounts over which Northern Trust has proxy voting discretion participate in securities lending programs administered by Northern Trust or a third party. Because title to loaned securities passes to the borrower, Northern Trust will be unable to vote any security that is out on loan to a borrower on a proxy record date. If Northern Trust has investment discretion, however, it reserves the right of the portfolio manager to instruct the lending agent to terminate a loan in situations where Northern Trust believes the benefits of voting the security outweigh the costs of terminating the loan, consistent with the terms and conditions of Northern Trust's procedures for recall of securities out on loan. In such instances, Northern Trust shall recall the shares on loan on a best efforts basis.

**EXHIBIT A. PROXY GUIDELINES** 

Northern Trust's Proxy Committee has responsibility for the adoption, content, interpretation and application of the Proxy Guidelines described in Section 2.

As of the of the effective date of these policies and procedures<sup>1</sup> each of the Proxy Guidelines listed below have been either internally developed or reviewed, and adopted by the Proxy Committee.

---

| | | |
|:---|:---|:---|
| **Guideline Name** | **Strategy Approach** | **Guideline Description Link(s)<sup>2</sup>** |
| **Northern Trust Proxy Guidelines** | Guidelines developed by Northern Trust's Proxy Voting Committee under a fundamental precept of ensuring the manner in which shares are voted is in the best interest of clients/beneficiaries and the value of the investment. The guidelines take into consideration common and best market practice standards in governance to promote total shareholder value and risk mitigation while applying a thoughtful and considered approach to environmental and social issues. | US Securities and Non-US Securities  |
| **Socially Responsible Investor (SRI)** | The SRI guidelines were developed by a third party to be consistent with the dual objectives of socially responsible shareholders - economic returns and good corporate governance, as well as ethical behavior of corporations and the social and environmental impact of the actions or companies in which they invest. | US Securities <br>Non-US Securities  |
| **Taft-Hartley** | Developed specifically for Taft-Hartley pension funds & investment managers, as well as AFL-CIO aligned accounts, the Taft-Hartley guidelines were developed by a third party based on the AFL-CIO. The guidelines are fully compliant with the fiduciary voting responsibilities of the Taft Hartley Labor Act. | US Securities <br>Non-US Securities  |
| **Board Aligned** | The Board-Aligned guidelines were developed by a third party for investors who generally prefer to vote in a manner that upholds foundational corporate governance principles, while generally following the board's recommendation around environmental and social matters. | US Securities <br>Non-US Securities  |

---

---

| | | |
|:---|:---|:---|
| **Guideline Name** | **Strategy Approach** | **Guideline Description Link(s)<sup>2</sup>** |
| **Climate** | The Climate guidelines were developed by a third party to be consistent with widely recognized climate frameworks including the TCFD, GRI, and SASB standards. They are intended to balance the need for good disclosure on climate-related risks along with evaluation of a company's preparedness to face and mitigate climate risks in a low carbon economy as well as alignment with global climate norms expectations (e.g. SFDR). On matters of corporate governance and executive compensation the Climate guidelines approach is based on principles of best practice and a focus on creating and preserving long-term economic value.  | US Securities <br>Non-US Securities  |

---

<sup>1</sup> This is the effective date from which the Proxy Committee has last developed or reviewed, and adopted or re-affirmed the Proxy Guideline. Each Proxy Guideline has its own effective or last amended date.

<sup>2</sup> These links are current as of the Effective Date of these policies and procedures and may be superseded by more current versions.

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**PART C** 

**OTHER INFORMATION** 

**Item 28. Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Certificate of Conversion, which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 58 dated August 7, 2017, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312517249309/d376282dex9928aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Fifth Amended and Restated Agreement and Declaration of Trust dated March 9, 2023 which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 111 dated January 25, 2024, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312524015454/d321075dex99aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Registrant's Second Amended By-Laws dated June 21, 2018, which was filed as an Exhibit to Registrant's Post-Effective Amendment No.74 dated January 28, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519016879/d683054dex9928bi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amendment to Registrant's Second Amended By-Laws dated December 12, 2018, which was filed as an Exhibit to Registrant's Post-Effective Amendment No.74 dated January 28, 2019, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312519016879/d683054dex9928bii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Investment Advisory Agreement between Registrant and State Farm Investment Management Corp. dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928di.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Investment Sub-Advisory Agreement between State Farm Investment Management Corp. and Northern Trust Investments, Inc. dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928dii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Distribution Agreement between Registrant, on behalf of the funds advised by State Farm Investment Management Corp., and Foreside Financial Services, LLC dated December 9, 2020 and Form of Dealer Agreement, which were filed as Exhibits to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, are hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928ei.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Novation of Distribution Agreement between the Registrant, on behalf of the Funds advised by State Farm Investment Management Corp., and Foreside Financial Services, LLC which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 100 filed on January 27, 2022, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312522019507/d204033dex9928eii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Bonus or Profit Sharing Contracts. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Custodial Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Custody Agreement between Registrant, on behalf of the State Farm Funds, and The Northern Trust Company dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928gi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Custody Letter Agreement between the Registrant on behalf of the Funds advised by State Farm Investment Management Corp. and The Northern Trust Company dated October 1, 2025, is filed herewith.](fp0096300-4_ex9928gii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amended and Restated Transfer Agency and Service Agreement between Registrant, on behalf of the State Farm Funds, and The Northern Trust Company dated June 5, 2024, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 115 dated January 24, 2025, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1516523/000119312525012192/d910754dex99hi.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Transfer Agency and Service Agreement between Registrant, on behalf of the State Farm Funds, and The Northern Trust Company dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928hi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Transfer Agency and Service Agreement dated September 14, 2022 which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 104, dated January 26, 2023, is hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1516523/000119312523016312/d568591dex99hii.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Fund Administration and Accounting Services Agreement between Registrant, on behalf of the State Farm Funds, and The Northern Trust Company dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928hii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amendment to Amended and Restated Fund Administration and Accounting Services Agreement dated March 7, 2024, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 115 dated January 24, 2025, is hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1516523/000119312525012192/d910754dex99hv.htm) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Services Agreement between Registrant, on behalf of the State Farm Funds, and Foreside Fund Officer Services, LLC dated December 9, 2020, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928hiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Expense Limitation Agreement between Registrant and State Farm Investment Management Corp., on behalf of the State Farm Funds dated March 11, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928hiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Legal Opinion and Consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Legal Opinion of Thompson Hine LLP, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 98 dated March 15, 2021, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312521081316/d106791dex9928ii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Legal Consent is filed herewith.](fp0096300-4_ex9928iii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Other Opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Auditor's Consent is filed herewith.](fp0096300-4_ex9928ji.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Omitted Financial Statements. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Initial Capital Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Subscription Agreement between the Trust and the Initial Investor dated July 21, 2011, which was filed as an Exhibit to Registrant's Pre-Effective Amendment No. 1 dated September 7, 2011, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000095012311083014/l43104exv99w28wl.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Rule 12b-1 Plan. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Rule 18f-3 Plan: None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Code of Ethics of the Registrant. Amended Registrant's Code of Ethics, adopted July 21, 2011, as revised June 4, 2025, is filed herewith.](fp0096300-4_ex9928pi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics of the Adviser. State Farm Investment Management Corp. Code of Ethics dated December 15, 2021 which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 104, dated January 26, 2023, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312523016312/d568591dex99pii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Code of Ethics of the Investment Sub-Adviser. Northern Trust Investments, Inc. Code of Ethics dated June 25, 2025, is filed herewith.](fp0096300-4_ex9928piii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Code of Ethics of the Distributor. Foreside Financial Group, LLC Code of Ethics dated December 31, 2022 which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 111, dated January 25, 2024, is hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1516523/000119312524015454/d321075dex99piv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) [Powers of Attorney for D'Ray Moore, Robert Gordon, and Steven R. Sutermeister are filed herewith.](fp0096300-4_ex9928q.htm)

**Item 29. Control Persons. None.** 

**Item 30. Indemnification.** 

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers' liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

**Item 31. Business and Other Connections of Investment Adviser.** 

State Farm Investment Management Corp., One State Farm Plaza, Bloomington, Illinois, is registered as an investment adviser registered under the Investment Advisers Act of 1940, as amended.

Additional information about the adviser and its officers is incorporated by reference, respectively, to the Statement of Additional Information filed herewith, and the adviser's Form ADV, file number 801-8184. Neither the adviser, nor its officers or directors, have engaged in another business of a substantial nature during the last two years.

Northern Trust Investments, Inc. ("NTI"), an indirect subsidiary of Northern Trust Corporation ("TNTC"), serves as investment adviser of the Fund. NTI is located at 50 S. LaSalle Street, Chicago, Illinois 60603. NTI is an Illinois State Banking Corporation and an investment adviser registered under the Investment Advisers Act of 1940, as amended. NTI primarily manages assets for institutional and individual separately managed accounts, investment companies and bank common and collective funds. Northern Trust Corporation is regulated by the Board of Governors of the Federal Reserve System as a financial holding company under the U.S. Bank Holding Company Act of 1956, as amended. Set forth below is a list of officers and directors of NTI, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years.

---

| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser (NTI)** | **Name of Other Company** | **Position with Other Company** |
| Bahuguna, Anwiti<br> Co-Chief Investment Officer | The Northern Trust Company | Executive Vice President |
| Carberry, Craig R. <br> Senior Vice President, Chief Legal Officer, Senior Trust Officer and Secretary | The Northern Trust Company<br> Northern Trust Securities, Inc.<br> Northern Institutional Funds<br> Northern Funds | Deputy General Counsel and Senior Vice President<br> Chief Legal Officer and Secretary<br> Chief Legal Officer<br> Chief Legal Officer |
| Caron, Judy A.<br> Assistant Trust Officer, and Assistant Secretary |  |  |
| Carroll, Stephen E.<br> Chief Financial Officer, Sr. Vice President, Treasurer & Cashier | The Northern Trust Company | Senior Vice President |
| Chappell, Darlene <br> Anti-Money Laundering Compliance Officer and Vice President | 50 South Capital Advisors, LLC<br> Northern Trust Securities, Inc.<br> Northern Institutional Funds<br> Northern Funds | AML Compliance Officer<br> AML Compliance Officer<br> AML Compliance Officer<br> AML Compliance Officer |
| Del Real, Jose J. <br> Assistant Secretary | The Northern Trust Company<br>Northern Trust Corporation<br> Northern Institutional Funds Northern Funds | Assistant General Counsel and Senior Vice President<br> Assistant General Counsel<br> Secretary<br> Secretary |
| Diwan, Kapinder<br> Business Unit Chief Information Security Officer and Senior Vice President |  |  |
| Feeney, Angelica C.<br> Assistant Secretary |  |  |
| Hawkins, Sheri B.<br> Director and Executive Vice President | The Northern Trust Company | Executive Vice President |

---

---

| | | |
|:---|:---|:---|
| **Name and Position with<br> Investment Adviser (NTI)** | **Name of Other Company** | **Position with Other Company** |
| Hunstad, Michael Ryan<br> Director, Chairman, President, and Chief Executive Officer | The Northern Trust Company<br> Northern Trust Corporation | Executive Vice President and President – Asset Management<br> Executive Vice President and President – Asset Management  |
| Kar, Paulami<br> Director, Global Head of Product and Executive Vice President | The Northern Trust Company<br> Northern Institutional Funds<br> Northern Funds | Executive Vice President<br> Trustee<br> Trustee |
| Kumar, Archana <br> Director, Chief Operating Officer and Executive Vice President | The Northern Trust Company | Executive Vice President |
| McInerney, Joseph W. <br> Chief Risk Officer and Sr. Vice President | The Northern Trust Company | Senior Vice President |
| Roth, Christian<br> Co-Chief Investment Officer and Executive Vice President | None | None |
| Teufel, Maya G. <br> Chief Compliance Officer and Sr. Vice President | None | None |
| Zielinski, Kimberly<br> Assistant Secretary | The Northern Trust Company | Assistant General Counsel and Senior Vice President |

---

**Item 32.** **Principal Underwriter.** 

(a) Foreside Financial Services, LLC (f/k/a/ BHIL Distributors, LLC), a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 13D Activist Fund, Series of Northern Lights Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 2<sup>nd</sup> Vote Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. AAMA Equity Fund, Series of Asset Management Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AAMA Income Fund, Series of Asset Management Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Adams Street Private Equity Navigator Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Advisers Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. AG Twin Brook Capital Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. AltShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. American Beacon AHL Trend ETF, Series of American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. American Beacon GLG Natural Resources ETF, American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. American Beacon Ionic Inflation Protection ETF, American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Aristotle Funds Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Boston Trust Walden Funds *(f/k/a The Boston Trust & Walden Funds)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Bow River Capital Evergreen Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Connetic Venture Capital Access Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Constitution Capital Access Fund, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Datum One Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Diamond Hill Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Diamond Hill Securitized Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Driehaus Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. EntrepreneurShares Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. FMI Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Impax Funds Series Trust I *(f/k/a Pax World Funds Series Trust I)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Impax Funds Series Trust III *(f/k/a Pax World Funds Series Trust III)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Inspire 100 ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Inspire 500 ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Inspire Corporate Bond ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Inspire Fidelis Multi Factor ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Inspire Global Hope ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Inspire International ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Inspire Growth ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Inspire Capital Appreciation ETF, Series of the Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. LifeX 2035 Income Bucket ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. LifeX 2050 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. LifeX 2050 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. LifeX 2055 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. LifeX 2055 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. LifeX 2060 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. LifeX 2060 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. LifeX 2065 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. LifeX 2065 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. LifeX Durable Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Nomura Energy Transition ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Nomura Focused Emerging Markets Equity ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. Nomura Focused International Core ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. Nomura Focused Large Growth ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. Nomura Global Listed Infrastructure ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Nomura National High-Yield Municipal Bond ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. Nomura Tax-Free USA Short Term ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Man ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. Meketa Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Nomura Alternative Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Praxis Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. Primark Meketa Private Equity Investments Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. SA Funds – Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. Sequoia Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. Simplify Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. Siren ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone Ridge Trust V

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Stone Ridge Art Risk Premium Fund, Series of Stone Ridge Trust VIII

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. TCW ETF Trust

(b) The following are the Officers and Manager of the Distributor. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

**Item 33.** **Location of Accounts and Records.** 

Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder will be maintained by the Registrant at 50 S. LaSalle St., Chicago, IL 60603 and/or by the Registrant's administrator, transfer agent, fund accounting agent and custodian, The Northern Trust Company, 50 S. LaSalle St., Chicago, IL 60603; the Registrant's compliance and financial control services service provider, Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), 190 Middle Street, Suite 301, Portland, Maine 04101; the Registrant's distributor, Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), 190 Middle Street, Suite 301, Portland, Maine 04101; State Farm Investment Management Corp., One State Farm Plaza, Bloomington, IL for certain records of the State Farm Funds; and Northern Trust Investments, Inc., 50 S. LaSalle St. Chicago, IL 60603 for certain records of the State Farm Funds.

**Item 34. Management Services. Not applicable.**

**Item 35.** **Undertakings. None** 

**SIGNATURES** 

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and that it has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Chicago, State of Illinois, on the 26th day of January, 2026.

---

| | |
|:---|:---|
| Advisers Investment Trust | Advisers Investment Trust |
| By: | /s/ Barbara J. Nelligan |
|  | Barbara J. Nelligan, President |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | &nbsp;&nbsp;Date |
| /s/ Barbara J. Nelligan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President | January 26, 2026 |
| Barbara J. Nelligan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| Robert H. Gordon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee | January 26, 2026 |
| Robert H. Gordon\* |  |  |
| D'Ray Moore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee | January 26, 2026 |
| D'Ray Moore\* |  |  |
| Steven R. Sutermeister | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee | January 26, 2026 |
| Steven R. Sutermeister\* |  |  |
| /s/ Troy A. Sheets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer | January 26, 2026 |
| Troy A. Sheets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |  |

---

---

| | |
|:---|:---|
| By: | /s/ Barbara J. Nelligan |
|  | Barbara J. Nelligan, as Attorney-in-Fact |

---

\* Pursuant to Power of Attorney

**Exhibit Index** 

---

| | |
|:---|:---|
| [Custody Letter Agreement between the Registrant on behalf of the Funds advised by State Farm Investment Management Corp. and The Northern Trust Company dated October 1, 2025](fp0096300-4_ex9928gii.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (g)(ii)](fp0096300-4_ex9928gii.htm) |
| [Legal Consent](fp0096300-4_ex9928iii.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (i)(ii)](fp0096300-4_ex9928iii.htm) |
| [Auditor Consent](fp0096300-4_ex9928ji.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (j)(i)](fp0096300-4_ex9928ji.htm) |
| [Code of Ethics of the Registrant. Amended Registrant's Code of Ethics, adopted July 21, 2011, as revised June 4, 2025](fp0096300-4_ex9928pi.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (p)(i)](fp0096300-4_ex9928pi.htm) |
| [Code of Ethics of the Investment Sub-Adviser. Northern Trust Investments, Inc. Code of Ethics dated June 25, 2025](fp0096300-4_ex9928piii.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (p)(iii)](fp0096300-4_ex9928piii.htm) |
| [Powers of Attorney for D'Ray Moore, Robert Gordon, and Steven R. Sutermeister.](fp0096300-4_ex9928q.htm) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Exhibit (q)](fp0096300-4_ex9928q.htm) |

---

## Exhibit 99.28

![](fp0096300-4_02.jpg)

**The Northern Trust Company**

50 S. LaSalle Street

Chicago, Illinois 60603

(312) 630-6000

October 1, 2025

Advisers Investment Trust

50 LaSalle Street

Chicago, IL 60603

Attention: Barbara J. Nelligan

Re: Class Action Service

Dear Barbara:

This letter agreement (the "<u>Letter Agreement</u>") sets forth the terms and conditions under which The Northern Trust Company ("<u>Northern</u>") will provide class action services (the "<u>Services</u>") to ADVISERS INVESTMENT TRUST (the "Trust"), a statutory trust organized under the laws of the State of Delaware, on behalf of the series managed by State Farm Investment Management Corp. (the "<u>Fund</u>"), and the Trust's acceptance of such Services and related terms. This Letter Agreement is entered into pursuant to, and supplements, the Custody Agreement, dated as of December 9, 2020 (as amended, restated or otherwise modified from time to time, the "<u>Agreement</u>") between the Trust on behalf of the Fund and Northern. Except as expressly modified herein, all terms and condition of the Agreement shall remain in full force and effect and shall apply to the Services described below.

In the event that Northern receives notice of a settled securities class action litigation, Northern will use reasonable endeavors to identify whether Northern held the relevant securities on behalf of the Fund at the relevant time specified in the class action. In the event that the Fund was an affected owner of the relevant securities, Northern will notify the Fund accordingly, file the proof of a claim and the required documentation directly with the third party administrator appointed to process settlement claims and/or distribute settlement proceeds (the "<u>Claims Administrator</u>") and collect and receive payment from the Claims Administrator in relation to that class action unless otherwise directed by the Trust or the Fund. The Fund acknowledges and agrees that Northern does not select and has no control over such Claims Administrators and Northern Trust shall have no liability for the actions or omissions of Claims Administrators.

In addition, Northern shall provide information to the Fund of any class action litigation opportunities of which it is notified in respect of which the Fund would be entitled to participate. Where the Fund wishes to participate in such litigation, the Trust or the Fund agrees to appoint Northern to provide an active class action administration service as more particularly described below (the "<u>Active Class Action Service</u>"). In the performance of the Active Class Action Service, the Trust, the Fund and Northern agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Northern will use its reasonable endeavors to determine whether it held the
securities to which the class action relates on behalf of the Trust at the relevant time specified in the class action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Northern will determine whether the Fund's potential recovery under
the relevant class action exceeds such materiality loss threshold as the Fund and Northern shall agree from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Northern will, without unreasonable delay, make available to the Fund information
in relation to the relevant class action; and

NTAC:3NS-20

![](fp0096300-4_02.jpg)

**The Northern Trust Company**

50 S. LaSalle Street

Chicago, Illinois 60603

(312) 630-6000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. under no circumstances will Northern, nor any
of its affiliates, foreign custodians or nominees, be named as a participant to the relevant class action, it being understood that the
Trust as beneficial owner will participate in all class actions in its name and the appointment of any law firm, litigation funder or
related party will be made by the Trust or the Fund and not by Northern.

Upon direction from the Trust or the Fund, Northern will liaise directly with the appointed law firm, litigation funders or related party during the course of the litigation process and submit to such law firm such documents as are reasonably requested. Northern shall collect and receive payment from the law firm in the relevant class action of any amounts payable to the Fund. In the absence of any direction related to such class action, Northern will take no action.

The Trust and the Fund acknowledges that Northern will use the Fund's transaction data and portfolio holdings records for the provision of the Active Class Action Service and such information may be shared on an anonymous basis with external law firms and litigation funders for the purposes of performing a preliminary loss analysis.

Northern may utilize Broadridge Financial Solutions, Inc. or another firm of recognized standing as its delegate to provide the Services. The Trust and the Fund each acknowledges that the Services are only available in certain jurisdictions and Northern will make available to the Trust and the Fund upon request details of those markets in which this service is available.

In the event that the Fund no longer wishes to receive the Services (including the Active Class Action Service), the Trust or the Fund shall provide Northern with at least ten (10) Business Days' prior notice in writing.

Attached to this Letter Agreement as Schedule C is a comprehensive fee schedule applicable to the Trust and includes fees related to the Services (the "<u>Fee Schedule</u>"). The prior fee schedule which was attached to the Agreement as Schedule C is hereby amended and superseded by the Schedule C attached hereto, and shall be deemed to amend the Agreement accordingly. Please confirm your acceptance of this Letter Agreement and agreement with the provision of the Services as described in this Letter Agreement and the fees set forth in the Fee Schedule, by signing, dating and returning a signed copy of this Letter Agreement to us.

---

| | | |
|:---|:---|:---|
|  | **THE NORTHERN TRUST COMPANY** | **THE NORTHERN TRUST COMPANY** |
| NJG-Examined as to Form |  |  |
|  | By: | /s/ Kelly Reed-Clare |
|  | Name: | Kelly Reed-Clare |
|  | Title: | Vice President |

---

NTAC:3NS-20

![](fp0096300-4_02.jpg)

**The Northern Trust Company**

50 S. LaSalle Street

Chicago, Illinois 60603

(312) 630-6000

---

| | |
|:---|:---|
| Terms of the Letter Agreement agreed to by: | Terms of the Letter Agreement agreed to by: |
| **ADVISERS INVESTMENT TRUST** | **ADVISERS INVESTMENT TRUST** |
| By: | /s/ Barbara J. Nelligan |
| Name: | Barbara J. Nelligan |
| Title: | President |
| NJG-Examined as to Form | NJG-Examined as to Form |

---

NTAC:3NS-20

## Exhibit 99.28

---

| | |
|:---|:---|
| ![](fp0096300-4_13.jpg) | ATLANTA \| CHICAGO \| CINCINNATI \| CLEVELAND<br> COLUMBUS \| DAYTON \| LOS ANGELES \| MINNEAPOLIS<br> NEW YORK \| SILICON VALLEY \| WASHINGTON, D.C. |

---

January 26, 2026

Advisers Investment Trust

50 S. LaSalle Street

Chicago, Illinois 60603

Re: Advisers Investment Trust; File Nos. 333-173080 and 811-22538

Ladies and Gentlemen:

A legal opinion that we prepared was filed with Post-Effective Amendment No. 98 to the Registration Statement for Advisers Investment Trust (the "Legal Opinion"). We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 118 to the Registration Statement (the "Amendment"), and consent to all references to us in the Amendment.

---

| |
|:---|
| Very truly yours, |
| /s/ Thompson Hine LLP |
| Thompson Hine LLP |

---

![](fp0096300-4_14.jpg)

## Exhibit 99.28

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Advisers Investment Trust of our report dated November 18, 2025, relating to the financial statements and financial highlights of State Farm Growth Fund, State Farm Balanced Fund, State Farm Interim Fund and State Farm Municipal Bond Fund, which appears in Advisers Investment Trust's Certified Shareholder Report on Form N-CSR for the year ended September 30, 2025. We also consent to the references to us under the headings "Financial Highlights" and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

January 26, 2026

## Exhibit 99.28

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS**

**Adopted Under Rule 17j-1**

The Advisers Investment Trust (the "Trust") is confident that its officers, Trustees and other persons involved with the Trust's business act with integrity and good faith. The Trust recognizes, however, that personal interests may conflict with the Trust's interests where officers, trustees and certain other persons:

● Know about the Trust's present or future portfolio transactions; or

● Have the power to influence the Trust's portfolio transactions; and

● Engage in securities transactions in their personal account(s).

In an effort to prevent conflicts of interest from arising, and in accordance with Rule 17j-1 under the Investment Company Act of 1940, the Trust has adopted this Code of Ethics (the "Code") to address transactions and conduct that may create conflicts of interest, establish reporting requirements, and create enforcement procedures. Definitions of <u>underlined</u> terms used throughout the Code are included in Appendix I.

**I.** **ABOUT THIS CODE OF ETHICS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Who is Covered by the Code?* 

 

The Trust's <u>access persons</u> are covered under this Code. The Trust's <u>access persons</u> generally are:

● All Trustees of the Trust, both <u>interested</u> and <u>independent</u>;

● All <u>Fund Officers</u>;

● Any <u>Advisory Person of a Fund or a Fund's investment Adviser</u>; and

● Any natural persons in a <u>control</u> relationship to the Trust who obtain information concerning recommendations about the <u>purchase or sale</u> of a security by the Trust ("Natural <u>Control</u> Persons").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *What Rules Apply to Me?* 

 

● This Code sets forth specific prohibitions and restrictions. They apply to all <u>access persons</u> of the Trust except where otherwise noted. The Code also sets out reporting requirements for <u>access persons</u>. For the reporting requirements that apply to you, please refer to Parts A, B and C, as indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Independent Trustees Part A

● Interested Trustees and Fund Officers Part B

● Natural <u>Control</u> Persons Part C

NTAC:3NS-20

**II.** **STATEMENT OF GENERAL PRINCIPLES** 

In recognition of the trust and confidence placed in the Trust byshareholders, and because the Trust believes that its operations should benefit its shareholders, the Trust has adopted the following principles to be followed by its <u>access persons</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The interests of the Trust's shareholders are paramount. You must place shareholder interests before
your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. You must accomplish all personal securities transactions in a manner that avoids any conflict between
your personal interests and the interests of the Trust or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. You must avoid actions or activities that allow you or your family to benefit from your position with
the Trust, or that bring into question your independence or judgment.

**III.** **GENERAL PROHIBITION AGAINST FRAUD, DECEIT AND MANIPULATION** 

<u>The Trust's access persons</u> may not, in connection with the purchase or sale, directly or indirectly, of a <u>Security held or to be acquired</u> by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Make to the Trust any untrue statement of a material fact or omit to state to the Trust a material fact
necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Engage in any manipulative practice with respect to the Trust.

**IV.** **PROHIBITIONS AND RESTRICTIONS FOR ACCESS PERSONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Blackout Period on Personal Securities Transactions.* 

 

This restriction applies to: (i) <u>access persons</u> who, in connection with their regular duties, make, participate in, or obtain information regarding the <u>purchase or sale of Securities</u> by the Trust or whose functions relate to the making of any recommendations with respect to the <u>purchases or sales</u> and (ii) Natural <u>Control</u> Persons.

These persons may not <u>purchase or sell</u>, directly or indirectly, any <u>Security</u> in which they have (or by reason of such transaction acquire) any <u>beneficial ownership</u> *on the same day* as the same (or a related) <u>Security</u> is purchased or sold by the Trust (or any series thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Pre-Approval for IPOs and Limited Offerings.* 

 

This restriction applies to: (i) <u>access persons</u> who, in connection with their duties, make or participate in making recommendations regarding <u>the purchase or sale of</u> any securities by the Trust and (ii) Natural <u>Control</u> Persons. These persons must obtain approval from the Trust Chief Compliance Officer ("CCO") before directly or indirectly acquiring <u>beneficial ownership</u> of any securities in an <u>IPO</u> or <u>limited offering</u>.

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *Limits on Accepting or Receiving Gifts.* 

 

Access persons cannot accept or receive any <u>Gift of more than a de minimis value</u> from any person or entity having a relationship with the Trust. Access persons must annually certify compliance with this policy.

**V.** **REPORTING REQUIREMENTS** 

<u>Access persons</u> of the Trust must comply with the reporting requirements set forth in Parts A-C (attached), with the exception of those <u>access persons</u> reporting subject to Section VIII of this Code.

**VI.** **REVIEW AND ENFORCEMENT OF THE CODE** 

The Trust's CCO, as administrator of the Code of Ethics, shall perform the duties described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Duties and Responsibilities.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO or a designee shall notify each person who becomes an <u>access person</u> of the Trust and who
is required to report under this Code of Ethics of their reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO or a designee will, on a quarterly basis, compare all reported personal securities transactions
with the Trust's completed portfolio transactions during the period to determine whether a Code violation may have occurred. Before
determining that a person has violated the Code, the CCO must give the person a reasonable opportunity to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If the CCO finds that a material Code violation has occurred or believes that a material Code violation
may have occurred, the CCO must submit a written report regarding the possible violation, together with the confidential report and any
explanatory material provided by the person, to the President. The CCO and the President will determine whether the person violated the
Code and may consult legal counsel for the Trust in making this determination, as necessary. If the potential violation involves the President,
the report will also go to legal counsel to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No person is required to participate in a determination of whether he or she has committed a Code violation
or discuss the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If applicable, the CCO will submit his or her own reports, if required,
to the President who shall compare all reported personal securities transactions with the Trust's completed portfolio transactions
during the period to determine whether a Code violation may have occurred. To the extent the President believes a material violation
has occurred by the CCO, the President will consult legal counsel to the Trust in making this determination, as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The CCO will create a written report detailing any approval(s) granted to <u>access</u> persons for the
acquisition of securities offered in connection with an <u>IPO</u> or <u>limited offering</u>. The report must include the rationale supporting
any decision to approve such an acquisition.

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Resolution; Sanctions*.

If the CCOand the President determine that a person has violated the Code pursuant to paragraph A(3) above, the CCO will impose upon the person a resolution of the situation and/or sanctions that the CCO deems appropriate. The CCO will submit the resolution, with a report of the violation, to the Board at the next regularly scheduled Board meeting unless, in the CCO's sole discretion, circumstances warrant an earlier report.

**VII.** **ANNUAL WRITTEN REPORTS TO THE BOARD** 

At least annually, the CCO, investment adviser(s) (including any sub-advisers), and principal underwriter(s) (if required) will provide *written* reports to the Trust's Board of Trustees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Issues arising under the Code</u>. The reports must describe any issue(s) that arose during the previous
year under the codes or procedures thereto, including any material code or procedural violations, and any resulting sanction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The CCO, investment adviser(s) (including any sub-advisers) and principal underwriter(s) may report to
the Board more frequently as they deem necessary or appropriate and shall do so as requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Certification</u>. Each report must be accompanied by a certification to the Board that the Trust,
investment adviser(s) (including any sub-advisers) and principal underwriter(s), as applicable, has adopted procedures reasonably necessary
to prevent their <u>access persons</u> from violating its code of ethics.

**VIII.** **INTERRELATIONSHIP WITH OTHER CODES OF ETHICS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *General Principle: Overlapping Responsibilities*.

A person who is both an <u>access person</u> of the Trust and an <u>access person</u> of an investment adviser or principalunderwriter to the Trust is only required to report under and otherwise comply with the investment adviser's or principal underwriter's code of ethics, provided such code has been adopted pursuant to and in compliance with Rule 17j-1. Such report will satisfy any reporting obligations under this Code. These <u>access persons</u>, however, remain subject to the principles and prohibitions in Sections II and III hereof.

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Procedures*.

Each investment adviser and principal underwriter of the Trust must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Submit to the Board of Trustees of the Trust a copy of its code of ethics adopted pursuant to or in compliance
with Rule 17j-1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Promptly furnish to the Trust, upon request, copies of any reports made under its code of ethics by any
person who is also covered by the Trust's Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly report to the Trust in writing any material amendments to its code of ethics, along with the
certification described under Section VII.C., above.

**IX.** **RECORDKEEPING** 

The Trust will maintain the following records in accordance with Rule 31a-2 under the 1940 Act and the following requirements. They will be available for examination by representatives of the U.S. Securities and Exchange Commission ("SEC") and other regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code and any other code adopted by the Trust, which is, or at any time within the past
five years has been, in effect will be preserved in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any material Code violation and of any sanctions taken will be preserved in an easily accessible
place for a period of at least five years following the end of the fiscal year in which the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each Quarterly Transaction Report, Initial Holdings Report, and Annual Holdings Report submitted
under this Code, including any information provided in lieu of any such reports made under the Code (see Parts A-C for more information
about reporting), will be preserved for a period of at least five years from the end of the fiscal year in which it is made, for the first
two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all persons, currently or within the past five years, who are or were required to submit reports
under this Code, or who are or were responsible for reviewing these reports, will be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each annual report required by Section VII of this Code must be maintained for at least five
years from the end of the fiscal year in which it is made, for the first two years in any easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A record of any decision, and the reasons supporting the decision, to approve the acquisition of securities
acquired in an <u>IPO</u> or <u>limited offering</u> must be maintained for at least five years after the end of the fiscal year in which
the approval is granted.

**X.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Confidentiality*.

All reports and other information submitted to the Trust pursuant to this Code will be treated as confidential to the maximum extent possible, provided that such reports and information may be produced to the SEC and other regulatory agencies and to persons who have a need to know for purposes of administering this Code.

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Interpretation of Provisions*.

The Board of Trustees may from time to time adopt such interpretations of this Code as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Compliance Certification*.

Within 10 days of becoming an <u>access person</u> of the Trust, and each year thereafter, each such person must complete the Compliance Certification, attached as Appendix V.

Adopted: July 21, 2011, as revised June 10, 2014, and June 4, 2025

NTAC:3NS-20

<u>**PART A - INDEPENDENT TRUSTEES**</u>

**I.** **QUARTERLY TRANSACTION AND ACCOUNT REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to Section II. (B) below, each quarter, you must report all of your <u>Securities</u> transactions
effected, as well as any securities accounts you established, during the quarter. You must submit your report to the CCO no later than
30 days after the end of each calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

**II.** **WHAT MUST BE INCLUDED IN YOUR QUARTERLY REPORTS?** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. You must report all transactions in <u>Securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. In addition, you must also report
any account you established during the quarter in which any securities were held for your direct or indirect benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding Section I above, reports of individual <u>Securities</u> transactions are required only
if you *knew* at the time of the transaction, or in the ordinary course of fulfilling your official duties as a Trustee *should have known,* that during the 15-day period immediately preceding or following the date of your transaction, the same <u>Security</u> was purchased or sold, or was being considered for purchase or sale, by the Trust (or any series thereof). Also, notwithstanding Section
I above, you are required to report the opening of a securities account only if the account holds or held securities that are the subject
of a report required under this paragraph B.

The "*should have known*" standard does not:

● imply a duty of inquiry;

● presume you should have deduced or extrapolated from discussions or memoranda dealing with the Trust's (or a series) investment strategies; or

● impute knowledge from your awareness of the Trust's (or a series) portfolio holdings, market considerations, or investment policies, objectives and restrictions.

**III.** **WHAT MAY BE EXCLUDED FROM YOUR QUARTERLY REPORTS?** 

You are not required to detail or list the following items on your quarterly report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or <u>Securities</u> held in any account,
over which you have no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that
are part of an automatic payroll deduction plan, where you purchased a <u>Security</u> issued by your employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its <u>Securities</u>, as long as you acquired these rights from the issuer, and sales of
such rights;

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written
puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and <u>high-quality short-term debt instruments</u>, including repurchase agreements; and

● Shares issued by unaffiliated registered, open-end investment companies.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>Security</u> included in the report.

NTAC:3NS-20

<u>**PART B - INTERESTED TRUSTEES AND FUND OFFICERS**</u>

**I.** **REQUIRED REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Initial Holdings Report*.

You must submit a listing of all <u>Securities</u> you <u>beneficially own</u>, as well as all of your securities accounts, as of a date no more than 45 days prior to the date the person becomes an Access Person. You must submit this list to the CCO within 10 days of the date you first become an Access Person. An Initial Holdings Report Form is attached as Appendix III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Annual Holdings Report.* 

 

Each year, you must submit to the CCO a listing of all <u>Securities</u> you <u>beneficially own,</u> as well as all of your securities accounts. Your list must be current as of a date no more than 45 days prior to the date the report is submitted.

An Annual Holdings Report Form is attached as Appendix IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Quarterly Transaction and Account Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each quarter, you must report all of your <u>Securities</u> transactions affected, as well as any securities
accounts you established, during the quarter. You must submit your report to the CCO *no later than* 30 days after the end of each
calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If you had no reportable transactions and did not open any securities accounts during the quarter, you
are still required to submit a report. Please note in your report that you had no reportable items during the quarter, and return it,
signed and dated.

**II.** **WHAT MUST BE INCLUDED IN YOUR REPORTS?** 

You must report all transactions in <u>Securities</u> that: (i) you directly or indirectly <u>beneficially own</u>; or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. In addition, you must also report all of your accounts in which any securities were held for your direct or indirect benefit.

**III.** **WHAT MAY BE EXCLUDED FROM YOUR REPORTS?** 

You are not required to detail or list the following items on your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or <u>Securities</u> held in any account,
over which you have no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that
are part of an automatic payroll deduction plan, where you purchased a <u>Security</u> issued by your employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its <u>Securities</u>, as long as you acquired these rights from the issuer, and sales of
such rights;

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written
puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and <u>high-quality short-term debt instruments</u>, including repurchase agreements; and

● Shares issued by unaffiliated registered, open-end investment companies.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>Security</u> included in the report.

NTAC:3NS-20

<u>**PART C - NATURAL CONTROL PERSONS**</u>

**I.** **REQUIRED REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Initial Holdings Report*.

You must submit a listing of all <u>Securities</u> you <u>beneficially own</u>, as well as all of your securities accounts, as of a date no more than 45 days prior to the date the person becomes an Access Person. You must submit this list to the CCO within 10 days of the date you first become an Access Person. An Initial Holdings Report Form is attached as Appendix III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Annual Holdings Report*.

Each year, you must submit to the CCO a listing of all <u>Securities</u> you <u>beneficially own,</u> as well as all of your securities accounts. Your list must be current as of a date no more than 45 days prior to the date the report is submitted.

An Annual Holdings Report Form is attached as Appendix IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Quarterly Transaction and Account Reports*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each quarter, you must report all of your <u>Securities</u> transactions effected, as well as any securities
accounts you established, during the quarter. You must submit your report to the CCO *no later than* 30 days after the end of each
calendar quarter. A Quarterly Personal Securities Transactions Report Form is included as Appendix II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If you had no reportable transactions and did not open any securities accounts during the quarter, you
are still required to submit a report. Please note in your report that you had no reportable items during the quarter, and return it,
signed and dated.

**II.** **WHAT MUST BE INCLUDED IN YOUR REPORTS?** 

You must report all transactions in <u>Securities</u> that: (i) you directly or indirectly <u>beneficially own</u>; or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. In addition, you must also report all of your accounts in which any securities were held for your direct or indirect benefit.

**III.** **WHAT MAY BE EXCLUDED FROM YOUR REPORTS?** 

You are not required to detail or list the following items on your reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities accounts, as well as purchases or sales effected for or <u>Securities</u> held in any account,
over which you have no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases you made solely with the dividend proceeds received in a dividend reinvestment plan or that
are part of an automatic payroll deduction plan, where you purchased a <u>Security</u> issued by your employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purchases effected on the exercise of rights issued by an issuer *pro rata* to all holders of a class of its <u>Securities</u>, as long as you acquired these rights from the issuer, and sales of
such rights;

NTAC:3NS-20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Purchases or sales which are non-volitional, including purchases or sales upon the exercise of written
puts or calls and securities sold at a broker's discretion from a margin account pursuant to a *bona fide* margin call; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Purchases or sales of any of the following securities:

● Direct obligations of the U.S. government;

● Bankers' acceptances, bank certificates of deposit, commercial paper and <u>high-quality short-term debt instruments</u>, including repurchase agreements; and

● Shares issued by unaffiliated registered, open-end investment companies.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>Security</u> included in the report.

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX I** 

**DEFINITIONS**

 ****

***General Note:***

*The definitions and terms used in this Code of Ethics are intended to mean the same as they do under the 1940 Act and the other federal securities laws. If a definition hereunder conflicts with the definition in the 1940 Act or other federal securities laws, or if a term used in this Code is not defined, you should follow the definitions and meanings in the 1940 Act or other federal securities laws, as applicable.*

 

<u>Access Person</u> means:

● Any Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary business is advising Funds or other advisory clients, all of the investment adviser's Trustees, officers, and general partners are presumed to be Access Persons of any Fund advised by the investment adviser. All of a Fund's Trustees, officers, and general partners are presumed to be Access Persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o If an investment adviser is primarily engaged in a business or businesses other than advising Funds or
other advisory clients, the term Access Person means any Trustee, officer, general partner or Advisory Person of the investment adviser
who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation will be made, or whose
principal function or duties relate to the determination of which recommendation will be made, or who, in connection with his or her duties,
obtains any information concerning recommendations on Covered Securities being made by the investment adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o An investment adviser is "primarily engaged in a business or businesses other than advising Funds
or other advisory clients" if, for each of its most recent three fiscal years or for the period of time since its organization, whichever
is less, the investment adviser derived, on an unconsolidated basis, more than 50 percent of its total sales and revenues and more than
50 percent of its income (or loss), before income taxes and extraordinary items, from the other business or businesses.

● Any Trustee, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase or sale of Covered Securities.

NTAC:3NS-20

<u>Advisory Person of a Fund or of a Fund's investment adviser</u> means:

● Any Trustee, officer, general partner or employee of the Fund or investment advisor (or of any company in a control relationship to the Fund or investment advisor) who, in connection with his or her regular functions or duties, makes, participates, in or obtains information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

● Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

<u>Beneficial ownership</u> means the same as it does under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should generally consider yourself the "beneficial owner" of any securities in which you have a direct or indirect pecuniary interest. In addition, you should consider yourself the beneficial owner of securities held by your spouse, your minor children, a relative who shares your home, or other persons by reason of any contract, arrangement, understanding or relationship that provides you with sole or shared voting or investment power.

<u>Control</u> means the same as it does under Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

Ownership of more than 25% of a company's outstanding voting securities is presumed to give the holder of such securities control over the company. The SEC may determine, however, that the facts and circumstances of a given situation counter this presumption.

<u>Fund officers</u> mean any person lawfully elected by the Board of Trustees and authorized to act on behalf of the Trust. Additional information regarding the Trust's officers may be found in the Trust's Statement of Additional Information.

<u>Gifts of more than *de minimis* value</u> shall mean any gift with a value of no more than $100 (per individual per year).

<u>High quality short-term debt instrument</u> means any instrument that has a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization (*e.g.*, Moody's Investors Service).

<u>Independent Trustee</u> means a Trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

<u>IPO</u> (*i.e.*, initial public offering) means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

<u>Interested Trustee</u> means a Trustee of the Trust who is an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

<u>Limited offering</u> means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2), Section 4(a)(5), Rule 504, or Rule 506 (*e.g*., private placements).

NTAC:3NS-20

<u>Purchase or sale</u> of a <u>Security</u> includes, among other things, the writing of an option to purchase or sell a <u>Security</u>.

<u>Security</u> or <u>Covered Security</u> means the same as it does under Section 2(a)(36) of the 1940 Act, except that it does not include direct obligations of the U.S. government, bankers' acceptances, bank certificates of deposit, commercial paper, <u>high quality short-term debt instruments</u>, including repurchase agreements, or shares issued by registered, open-end investment companies.

A <u>Security held or to be acquired</u> by the Trust means: (A) any <u>Security</u> that within the most recent 15 days (i) is or has been held by the Trust; or (ii) is <u>being or has been considered</u> by the Trust's adviser for purchase by the Trust; and (B) any option to purchase or sell, and any security convertible into or exchangeable for, any <u>Security</u> described in (A) of this definition.

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX II**

**QUARTERLY PERSONAL SECURITIES TRANSACTIONS REPORT**

---

| | | |
|:---|:---|:---|
| Name of Reporting Person: | __________________________________________ |  |
| Calendar Quarter Ended: | __________________________________________ | &nbsp;&nbsp;&nbsp;Date |
| Report Due: | ____________________________________ 30, ___ | &nbsp;&nbsp;&nbsp;Date |
| Report Submitted: | __________________________________________ |  |

---

\* Note: The quarterly personal securities transactions report is due no later than 30 days after the end of each calendar quarter.

*Securities Transactions:*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Date of Transaction | Name of Issuer and<br> Title of Security | No. of Shares<br> (if applicable) | Principal Amount, Maturity Date and Interest Rate<br> (if applicable) | Type of Transaction | Price | Name of Broker, Dealer or Bank Effecting Transaction | Security Account Number |

---

If you have no securities transactions to report for the quarter, please check here. [ ]

If you do not want this report to be construed as an admission that you have beneficial ownership of one or more securities reported above, please describe below and indicate which securities are at issue.

*Securities Accounts:*

 

If you established a securities account during the quarter, please provide the following information:

---

| | | | |
|:---|:---|:---|:---|
| Name of Broker, Dealer or Bank | Date Account was Established | Name(s) on and Type of Account | Account Number |

---

If you did not establish a securities account during the quarter, please check here. [ ]

*I certify that I have included on this report all securities transactions and accounts required to be reported pursuant to the Code of Ethics.*

 

    <br> Signature Date

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX III**

**INITIAL HOLDINGS REPORT**

---

| | |
|:---|:---|
| Name of Reporting Person: | ________________________________________________ |
| Date Person Became an Access Person: | ________________________________________________ |
| Information in Report Dated as of: \* | ________________________________________________ |
| Date Report Due: \* | ________________________________________________ |
| Date Report Submitted: | ________________________________________________ |

---

\* <u>Note:</u> Rule 17j-1 requires initial holdings reports to be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The initial holdings report is due within 10 days of the date you first become an Access Person.

*Securities Holdings:*

 

---

| | | |
|:---|:---|:---|
| Name of Issuer and Title of Security | No. of Shares/Par amount (if applicable) | Principal Amount, Maturity Date and Interest Rate (if applicable) |

---

If you have no securities holdings to report, please check here. [ ]

*Securities Accounts:*

 

---

| | | | |
|:---|:---|:---|:---|
| Name of Broker,<br> Dealer or Bank | Account # | Name(s) on and Type of Account | Margin Account<br> attached to this<br> Securities Account |
| | | | Yes/No |
| | | | Yes/No |
| | | | Yes/No |

---

If you have no securities accounts to report, please check here. [ ]

*I certify that I have included on this report all securities holdings and accounts required to be reported pursuant to the Code of Ethics.*

 

    <br> Signature Date

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX IV**

**ANNUAL HOLDINGS REPORT**

---

| | |
|:---|:---|
| Name of Reporting Person: | ________________________________________________ |
| Information in Report Dated as of:\* | ________________________________________________ |
| Date Report Due: | ________________________________________________ |
| Date Report Submitted: | ________________________________________________ |
| Calendar Year Ended: | December 31, ______ |

---

\* Note: The Trust will request copies of the annual holdings report as of the end of each calendar year. Rule 17j-1 requires annual holdings reports to be current as of a date no more than 45 days prior to the date the report is submitted.

*Securities Holdings:*

 

---

| | | |
|:---|:---|:---|
| Name of Issuer and Title of Security | No. of Shares (if applicable) | Principal Amount, Maturity Date and Interest Rate (if applicable) |

---

If you have no securities holdings to report, please check here. [ ]

*Securities Accounts as of December 31st:*

 

---

| | | | |
|:---|:---|:---|:---|
| Name of Broker,<br> Dealer or Bank | Account # | Name(s) on and Type of Account | Margin Account<br> attached to this<br> Securities Account |
| | | | Yes/No |
| | | | Yes/No |
| | | | Yes/No |

---

If you have no securities accounts to report, please check here. [ ]

*I certify that I have included on this report all securities holdings and accounts required to be reported pursuant to the Code of Ethics.*

 

    <br> Signature Date

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX V-A**

**INITIAL COMPLIANCE CERTIFICATION**

---

| | |
|:---|:---|
| *I certify that I:* | *(i) have received, read and reviewed the Trust's Code of Ethics;* |
|  | *(ii) understand the policies and procedures in the Code;* |
|  | *(iii) recognize that I am subject to such policies and procedures;* |
|  | *(iv) understand the penalties for non-compliance;* |
|  | *(v) will fully comply with the Trust's Code of Ethics; and* |
|  | *(vi) have fully and accurately completed this Certificate.* |

---

 

---

| | |
|:---|:---|
| Signature: | |
| Name: | |
|  | (Please print) |
| Date Submitted: | |
| Date Due: | |

---

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX V-B**

**ANNUAL COMPLIANCE CERTIFICATION**

*I certify that I:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *have received, read and reviewed the Trust's Code of Ethics* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *understand the policies and procedures in the Code;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *recognize that I am subject to such policies and procedures;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *understand the penalties for non-compliance;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* *have complied with the Trust's Code of Ethics, including the Limits on Accepting or Receiving Gifts, and any applicable reporting requirements during this past year;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)* *have fully disclosed any exceptions to my compliance with the Code below;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)* *will fully comply with the Trust's Code of Ethics; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(viii)* *have fully and accurately completed this Certificate.* 

 

*EXCEPTION(S):*

 

---

| | |
|:---|:---|
| Signature: | |
| Name: | |
|  | (Please print) |
| Date Submitted: | |
| Date Due: | |

---

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS** 

**APPENDIX V-C**

**COMPLIANCE CERTIFICATION OF RECEIPT OF AMENDED CODE OF ETHICS**

*I certify that I:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *have received, read, and reviewed the amendments to the Trust's Code of Ethics dated as of June 4, 2025;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *understand the amendments to the Code of Ethics;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *recognize that I am subject to such amendments;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* *understand the penalties for non-compliance;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)* *will fully comply with the amendments to the Trust's Code of Ethics; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)* *have fully and accurately completed this Certificate.* 

 

---

| | |
|:---|:---|
| Signature: | |
| Name: | |
|  | (Please print) |
| Date Submitted: | |
| Date Due: | |

---

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST**

**CODE OF ETHICS**

**INITIAL CERTIFICATION TO THE BOARD OF TRUSTEES**

The undersigned hereby certifies that the Advisers Investment Trust (the "Trust") has adopted a code of ethics containing provisions reasonably necessary to prevent Access Persons from engaging in conduct prohibited by Rule 17j-1(b) and that it has adopted procedures reasonably necessary to prevent Access Persons from violating such code of ethics.

    <br> Chief Compliance Officer Date <br> Advisers Investment Trust

NTAC:3NS-20

**ADVISERS INVESTMENT TRUST** 

**CODE OF ETHICS**

**ANNUAL CERTIFICATION TO THE BOARD OF TRUSTEES**

The undersigned hereby certifies that the Advisers Investment Trust (the "Trust") has adopted procedures designed to be reasonably necessary to prevent Access persons from violating the Trust's Code of Ethics (the "Code") and the required provisions of Rule 17j-1 under the Investment Company Act of 1940, as amended, and that to the best of my knowledge, there have been no violations of the Trust's Code or its related Procedures by Access Persons of the Trust for the period beginning January l, 2025 and ending December 31, 2025.

    <br> Chief Compliance Officer Date <br> Advisers Investment Trust

NTAC:3NS-20

## Exhibit 99.28

![](fp0096300-4_01.jpg)

**Northern Trust Asset Management Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Policy Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Authority** 

Rule 17j-1(c)(1) of the Investment Company Act of 1940 (the "1940 Act")

Rule 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act")

Market Abuse Regulation

FCA Handbook COBS 11.7 ("FCA Rules")

Australia Corporations Act 2001

Australian Securities and Investments Commission Regulatory Guide 121

Australian Securities and Investments Commission Regulatory Guide 181

Hong Kong Securities and Futures Commission Fund Manager Code of Conduct

Financial Instruments and Exchange Act Article 38.(9) and Article 40.(2)

Cabinet Order Ordinance on Financial Instrument Business: Article 1.4.(14), Article 117.1.(12) through (16), and Article 123.1.(5)

The Investment Trusts Association Japan:

Rules on Operations by Officers and Employees, etc. to Trade Shares, etc. on Their Own Accounts

By-laws Concerning Rules on Operations by Officers and Employees, etc. to Trade Shares, etc. on Their Own Accounts

The Singapore Securities and Futures Act

Ontario Securities Commission ("OSC")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement of Purpose** 

The policy was created to address Rule 17j-1(c)(1) under the 1940 Act and Rule 204A-1 of the Advisers Act. In the UK, the policy is intended to address relevant provisions of the Market Abuse Regulation and relevant FCA rules. In Hong Kong, the policy is intended to address relevant provisions of the Fund Manager Code of Conduct. In Australia, the policy is intended to address relevant provisions of the Australian Securities and Investment Commission and Australia Corporations Act 2001. In Japan, the policy is intended to address relevant provisions of the Financial Instruments and Exchange Act, Cabinet Order Ordinance on Financial Instrument Business, Japan Investment Trust Association Rules, and Japan Investment Advisers Association Rules. In Singapore, the policy is intended to address relevant provisions of the Securities and Futures Act. In Canada, the policy is intended to address relevant provisions of Ontario's Securities Act. The policy establishes general principles governing the conduct of all persons covered by the policy.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Scope and Applicability** 

The policy covers the following activities:

● Personal Securities Transactions

● Access Persons Reporting Requirements (Initial, Quarterly and Annual)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Governing Body with Oversight** 

Asset Management Conduct and Ethics Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Related Policies** 

The Northern Trust Corporation Securities Transaction Policy and Procedures

The Northern Trust Corporation Disclosure Policy

The Northern Trust Corporation Standards of Conduct

Northern Trust Asset Management Pay-to-Play Policy and Procedures

U.S. Northern Trust Asset Management Gifts and Entertainment Policy

U.S. Northern Trust Asset Management Insider Trading, Material Nonpublic Information, and Information Barrier Policy

NTI Self-Indexing Information Barrier Policy

NT EMEA Gifts and Entertainment toolkit

NT EMEA Conflicts of Interest and Inducements Policy

Northern Trust APAC – Gifts and Entertainment Policy

Northern Trust APAC Conflict of Interest Policy Northern Trust

Northern Trust APAC – Market Abuse and Inside Information Policy

NT Global Advisors, Inc. Insider Trading, Material Non-Public Information and Information Barriers Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Effective Date** 

June 25, 2025

NTAC:3NS-20

![](fp0096300-4_01.jpg)

**Northern Trust Asset Management**

Code of Ethics

Northern Trust Investments, Inc.

Northern Trust Global Investments Limited

Northern Trust Fund Manager (Ireland) Limited

50 South Capital Advisors, LLC

Northern Trust Asset Management Australia Pty Ltd

The Northern Trust Company of Hong Kong Limited

Northern Trust Global Investments Japan, K.K.

The Northern Trust Company, Singapore Branch

NT Global Advisors, Inc.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

**Table of Contents**

I. **Introduction** **7** 

A. General Principles 7

II. **Scope of the Code** **8** 

A. Who is Subject to the Code? 8

B. What Securities are Subject to the Code? 9

C. What Accounts are Subject to the Code? 10

D. What are Managed Accounts? 11

E. Where can Covered Accounts be Held? 11

**III.** **Personal Securities Transactions – Requirements and Restrictions** **11** 

A. Initial Public Offerings 11

B. Limited Offerings 11

C. Client Accounts and Affiliated Funds 12

D. Blackout Periods 12

E. Holding Period 12

F. Pre-Clearance 13

G. Prohibited Trading 13

H. Trading in Northern Trust Corporation Securities 13

**IV.** **Compliance Procedures** **13** 

A. Pre-Clearance 13

B. Initial and Annual Holdings Reporting 14

C. Covered Account Reporting 14

D. Quarterly Transaction Reporting 15

E. Certification of Compliance 15

F. Reporting Violations 15

**V.** **Standards of Business Conduct** **15** 

A. Compliance with Laws and Regulations 16

B. Insider Trading and Market Abuse 16

C. Gifts and Entertainment 16

D. Political Contributions and Pay-to-Play 17

NTAC:3NS-20

![](fp0096300-4_01.jpg)

E. Confidentiality 17

F. Outside Employment and Activities 17

**VI.** **Governance** **17** 

A. Oversight 17

B. Sanctions 17

C. Exceptions to the Code 18

**VII.** **Recordkeeping and Administration** **18** 

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The Code of Ethics (the "Code") has been adopted by Northern Trust Investments, Inc., Northern Trust Global Investments Limited, and 50 South Capital Advisors, LLC (collectively "the Advisors") in compliance with Rule 17j-1(c)(1) of the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act").

In addition to the Advisors, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Asset Management Australia Pty Ltd, the Northern Trust Company of Hong Kong Limited, Northern Trust Global Investments Japan, K.K., The Northern Trust Company, Singapore Branch, and NT Global Advisors, Inc. (collectively, the "Identified Entities") have adopted the Code in compliance with local laws and regulations related to personal account dealing. In the UK, the policy is intended to address relevant provisions of the Market Abuse Regulation and relevant FCA rules. In Hong Kong, the policy is intended to address relevant provisions of the Fund Manager Code of Conduct. In Australia, the policy is intended to address relevant provisions of the Australian Securities and Investment Commission and Corporations Act 2001. In Japan, the policy is intended to address relevant provisions of the Financial Instruments and Exchange Act, Cabinet Order Ordinance on Financial Instrument Business, Japan Investment Trust Association Rules, and Japan Investment Advisers Association Rules. In Singapore, the policy is intended to address relevant provisions of the Securities and Futures Act. In Canada, the policy is intended to address relevant provisions of Ontario's Securities Act.

All persons covered by the Code (defined as "Access Persons") agree to read, understand, and comply with the Code. You have an obligation to seek guidance or take any other appropriate steps to make sure you understand your obligations under the Code. Any questions relating to this document should be brought to the attention of Asset_Management_Compliance@ntrs.com. On a quarterly basis you will be required to certify in writing your understanding of, and adherence to, the Code (as amended) and your agreement to comply with its requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Principles** 

The Code establishes general principles governing the conduct of all persons covered by the Code in connection with the investment advisory services of the Identified Entities, as well as procedures to ensure compliance with these general principles. These principles emphasize the Identified Entities' fiduciary duties to clients and the obligation of persons covered under the Code to uphold these fundamental duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The duty at all times to place the interests of clients first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The requirement that all personal securities transactions be conducted in such a manner as to be consistent
with the Code and to seek to avoid, manage or mitigate any actual or potential conflict of interest or any abuse of a person's position
of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The principle that no person should take inappropriate advantage of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The fiduciary principle that information concerning the identity of security holdings and financial circumstances
of clients is confidential;

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The principle that independence in the investment decision-making process is paramount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The duty to preserve the Identified Entities' reputation for honesty, integrity and professionalism;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In personal securities investing, individuals should follow a philosophy of investment rather than trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Scope of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Who is Subject to the Code?** 

All of the following persons are deemed "Access Persons."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors
 , officers and employees of the Identified Entities <sup>1</sup> (or
 other persons occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic
information regarding the portfolio holdings of any client account the Identified Entities or their affiliates manage, or any fund which
is advised or sub-advised by the Identified Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Makes recommendations or investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Has the power to exercise a controlling influence over the management and policies over investment decisions
of the Identified Entities, or who obtains information concerning recommendations made to a client account with regard to a purchase or
sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any other person who provides investment advice and is subject to the Identified Entities' supervision
and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Any other persons deemed to be an Access Person by the Identified Entities' Chief Compliance Officers
(e.g., consultants, contractors, interns).

<sup>1</sup> Within The Northern Trust Company of Hong Kong Limited and The Northern Trust Company, Singapore Branch, only the partners of NTAM are in scope.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **What Securities are Subject to the Code?** 

---

| |
|:---|
| **Covered Securities<sup>2</sup> Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any stock, bond, future, investment contract or any other instrument that may be considered a security |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Options on securities and indexes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Limited Offerings (e.g., private placements, private equity funds, hedge funds, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Closed-end mutual funds and unit investment trusts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds registered under the 1940 Act advised or sub-advised by the Identified Entities (e.g. Northern Funds, etc.), except money market funds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities issued by Northern Trust Corporation (including NTRS incentive awards e.g., option grants, restricted stock units) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Exchange-traded funds (ETFs) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts and investment funds advised or sub-advised by the Identified Entities (e.g. Northern Trust proprietary UCITS or Australian Unit Trusts) |

---

---

| |
|:---|
| **Covered Securities Do Not Include:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the sovereign governments, including but not limited to those of the United States and United Kingdom (e.g., treasury securities) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers acceptances, bank certificates of deposit, commercial paper and high quality short- term debt obligations, including repurchase agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Registered money market funds including those registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Open-end mutual funds registered under the 1940 Act <u>NOT</u> advised or sub-advised by the Identified Entities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unit investment trusts and investment funds <u>NOT</u> advised or sub-advised by the Identified Entities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cryptocurrency (excluding initial coin offerings (ICOs) |

---

<sup>2</sup> As defined by Section 202(a)(18) of the Investment Advisers Act of 1940, "'Security' means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a ''security'', or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing

NTAC:3NS-20

![](fp0096300-4_01.jpg)

**What Accounts are Subject to the Code?**

Covered Accounts include accounts in which Covered Securities can be bought, sold or held. All of the following, if held, are subject to the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accounts in the name of the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Accounts of the Access Person's spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounts of all immediate children or other relatives (by marriage or otherwise) living in the Access
Person's home; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Accounts in which any of the foregoing Access Persons have any beneficial ownership interest or over which
he or she can exercise control or investment influence.

---

| |
|:---|
| **Covered Accounts**<br>Accounts that **<u>can</u>** buy, sell, or hold Covered Securities, including, but not limited to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Brokerage Accounts, Investment Club Accounts, Tax Efficient Wrapper Accounts (e.g. self-select Individual Savings Accounts (ISAs) or Child Trust Funds) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IRA and IRA Rollover Accounts or any Pension Plan that has a self-select option with the ability to exercise discretion in Covered Securities (e.g. Self- Invested Personal Pension Accounts (SIPPs)) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employee Stock Ownership and Purchase Plan Accounts (ESOPs/ESPPs/AESOPs) held at third party record keepers (e.g. Capita, Link Group, Fidelity) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trust and Investment Management Accounts managed by Northern Trust or third parties exercising discretionary investment authority (e.g. Managed Accounts) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Northern Fund Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● UTMA and UGMA accounts (Uniform Transfers to Minors Act/Uniform Gifts to Minors Act) |

---

---

| |
|:---|
| **Non-Covered Accounts**<br>Accounts that **<u>cannot</u>** buy, sell, or hold Covered Securities, including, but not limited to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Northern Trust Employee Stock Ownership Plan (ESOP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Personal Savings and Checking Accounts, Defined Contribution Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Dividend Reinvestment Plan (DRIP) Accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 529 College Savings Plans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mutual fund only accounts that can only hold shares of open-end mutual funds registered under the 1940 Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts that can only hold shares of non-proprietary unit investment trusts or investment funds that are not advised or sub-advised by the Identified Entities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cryptocurrency wallets, where only crypto can be held |

---

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **What are Managed Accounts?** 

Any accounts over which the Access Person has no direct or indirect influence or control, such as an account managed by a third-party investment advisor or trustee on a discretionary basis.

Evidence that this arrangement is in place must be provided to the local NTAM compliance team. Once such evidence is provided and approved by NTAM Compliance, disclosure of holdings within the account and pre-trade approval is not required. The Access Person must immediately disclose to Compliance if at any future point the Access Person has direct or indirect influence or control over the Covered Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Where can Covered Accounts be Held?** 

All U.S. based Access Persons must maintain their Covered Accounts at a designated broker as set forth in a <u>list</u> on the Corporate Anchor Point intranet page.

Non-U.S. based Access Persons do not have a designated broker requirement for Covered Accounts.

**APAC:** For Access Persons based in Hong Kong, , it is a requirement to notify and request approval from the local compliance team before new accounts are opened. Please submit a request by email to NTAM_APAC_Compliance@ntrs.com.

Access Persons based in Japan must notify Japan Compliance by email within 10 working days from the date a new account is opened.

Additionally, non-US Access Persons are required to submit brokerage statements of each Covered Account not held at a designated broker on a quarterly basis as part of their quarterly transaction reporting. These statements must include transaction information for the reportable period and holdings information as at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Personal Securities Transactions – Requirements and Restrictions** 

Access Persons must comply with the following restrictions regarding personal securities transactions in Covered Accounts. Transactions include purchases, sales, and donations of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Initial Public Offerings** 

Access Persons are prohibited from acquiring any securities in an initial public offering without pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Limited Offerings** 

Access Persons must separately pre-clear through MyCompliance any purchase or sale of a "limited offering" (e.g., private placements, private equity funds, hedge funds, etc.) as defined in Rule 204A-1of the Advisers Act of 1940, as amended.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Client Accounts and Affiliated Funds** 

No Access Person shall engage in a securities transaction when the Access Person knows at the time of the transaction that such security is being considered for purchase or sale by the Identified Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Blackout Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from knowingly buying or selling a Covered Security during the period beginning
seven calendar days before and ending seven calendar days after the day on which a client account has bought or sold that same Covered
Security. This does not apply when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A client account buys or sells Covered Securities with a market capitalization above $10 billion or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A client account buys or sells Covered Securities with a market capitalization below $10 billion and the
trading volume of securities traded by the Access Person is below 0.25% of the thirty day average daily trading volume of that security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Access Person shall purchase or sell any Covered Security for a period of five business days after
the Covered Security has been added to the list of securities that the Northern Trust Research Department provides guidance on.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Access Persons may also be prohibited from transacting in Northern Trust Securities during quarterly earnings
blackout periods as defined in the Northern Trust Corporation Securities Transactions Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from transacting in US-domiciled FlexShares ETFs with low trading volume
during the during the monthly blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from executing a transaction in constituents of NTI Indices during a reconstitution
or indicative optimization of an index as defined in the NTI Self-Indexing Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access Persons that are Portfolio Managers or
Traders based in Hong Kong are prohibited from trading one day ahead of a Hong Kong client <sup>3</sup> trade if they are aware of a forthcoming trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Holding Period** 

Access Persons are subject to a minimum 60-day holding period for any Covered Security<sup>4</sup>. This period starts on the date a security was purchased (whether or not the individual was an Access Person at the time) or, where no transaction occurred, from the date on which beneficial ownership or entitlement transferred to the Access Person.

<sup>3</sup> A trade made on behalf of a client of The Northern Trust Company of Hong Kong Limited

<sup>4</sup> For Access Persons based in Japan, additionally you are subject to minimum 6 months holding period for any equities.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Pre-Clearance** 

Access Persons are required to obtain pre-clearance approval for a transaction in a Covered Security by submitting a request through MyCompliance. Transactions in Covered Securities do not include the grant of stock or restricted stock units ("RSUs") as part of deferred compensation or other awards but do include any subsequent disposition or sale of such stock or RSUs,. Further, transactions in Covered Securities do not include acceptance of an invitation to participate in the Leveraged Coinvestment Program ("LCP"), involving a commitment to a 50 South Capital sponsored fund, and which may include an opportunity to make additional commitments as part of the LCP in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Prohibited Trading** 

Access Persons are prohibited from trading options, futures and derivative securities (e.g., swaps, warrants, etc.) and short-selling Covered Securities. Access Persons should not engage in speculative or excessive trading or execute any transactions intended to raise, lower, or maintain the price of any Covered Security or to create a false appearance of trading. On a case by case basis, the NTAM Compliance Department may prohibit other transactions in securities where deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Trading in Northern Trust Corporation Securities** 

Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Compliance Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance** 

Access Persons are required to obtain pre-clearance for a transaction in a Covered Security by submitting a request through MyCompliance. For market and limit orders, each approval for a transaction shall only be valid on the day approval is received until market close of your respective regional market. If an order has not been executed in the market by market close of your respective regional market, the approval expires and a new request must be submitted. For partners seeking to trade in markets outside of their respective regional market where there is *no overlap with local market hours*, please reach out to Compliance. **After-market hours trading is prohibited.**

If the transaction is approved and the account is not held at a designated broker, the Access Person must complete a post trade confirmation assignment in MyCompliance the day after the approval to confirm the final details of the trade. Access Persons also have the ability to upload trade confirmations or contract notes.

NTAC:3NS-20

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---

| |
|:---|
| **Exceptions to Pre-Clearance** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales of Covered Securities in trust and investment management accounts managed by Northern Trust or third parties exercising discretionary investment authority (i.e. managed accounts) approved by the NTAM Compliance Department |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales pursuant to an automatic investment plan, a program in which regular periodic purchases or withdrawals are made automatically in (or from) accounts in accordance with a predetermined schedule and allocation (including a dividend reinvestment plan) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions of Covered Securities through the grant of stock, RSUs, or restricted investments in limited offerings (private placements) as part of deferred compensation or other awards |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial and Annual Holdings Reporting** 

Access Persons must submit through MyCompliance a report of all holdings of Covered Securities within 10 calendar days of becoming an Access Person and thereafter on an annual basis. The information in the initial holdings report must be current as of a date no more than 45 days prior to the individual becoming an Access Person or the date the annual holdings report is submitted and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Title and exchange ticker symbol or CUSIP/ISIN number, type of security, number of shares and principal
amount (if applicable) of each Covered Security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Name of any broker, dealer or bank with which the Access Person maintains an account in which any securities
are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date the report is submitted.

The annual holdings report is completed in MyCompliance with the quarterly compliance certifications assigned to Access Persons in January each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Covered Account Reporting** 

Access Persons must disclose the following information about any Covered Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of the broker, dealer or bank with which the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Date the report is submitted.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Transaction Reporting** 

Access Persons must submit a quarterly transaction report through MyCompliance no later than 30 days after the end of each calendar quarter attesting to transactions in Covered Securities during the quarter where the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership. The quarterly transaction report must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Date of the transaction, the title and exchange ticker symbol or CUSIP/ISIN number, the interest rate
and maturity date (if applicable), the number of shares and the principal amount (if applicable) of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Date the quarterly transaction report is submitted.

**Non-US Access Persons:** For Access Persons not based in the US, you are required to submit brokerage statements covering the reportable period for each of your Covered Account(s) not held with a designated broker with the quarterly transaction report. These statements must include transaction information for the reportable period and holdings information as at the end of the reportable period and must be provided even if there were no transactions during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Certifications of Compliance** 

A copy of the Code will be distributed to Access Persons on an initial and quarterly basis no later than 30 days after the end of each quarter. Access Persons are required to certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, understood and complied with the terms of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have submitted all required reports and have not engaged in prohibited conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Reporting Violations** 

Access Persons must report violations of the Code promptly to the NTAM Compliance Department. Retaliation against any Access Person who reports a violation involving another Access Person is prohibited. Access Persons must also comply with the policy requiring reporting violations contained in the Northern Trust Corporation Standards of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Standards of Business Conduct** 

Behavior that does not meet the proper standards of market conduct and/or which may disadvantage investors or otherwise may manipulate a market for a security may be deemed market abuse/manipulation.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance with Laws and Regulations** 

Access Persons must comply with all applicable laws and regulations.

Access Persons are not permitted in connection with a security held by or to be acquired for a client to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. defraud such client in any manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. mislead such client, including by making a statement that is untrue or omits material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. engage in any act, practice or course of conduct that operates or would operate as a fraud or deceit upon
such client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. engage in any manipulative practice with respect to such client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. engage in any manipulative practice with respect to securities.

In the case of an investment company registered under the Investment Company Act advised or sub-advised by the Advisers, a security "held by or to be acquired for" is defined as within the most recent 15 days it (1) is or has been held by a client, (2) is being or has been considered by a client or its investment advisers for purchase by the client and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in (1) or (2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Insider Trading and Market Abuse** 

Access Persons are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information as well as communicating material, nonpublic information to others in violation of the law. Access Persons are subject to and must comply with the Northern Trust Corporation Securities Transactions Policy and Procedures and Disclosure Policy. Additionally, the US NTAM Insider Trading, Material Nonpublic Information, and Information Barrier Policy has been adopted by Northern Trust Investments, Inc. and 50 South Capital Advisors, LLC, in compliance with applicable rules and regulations.. Access Persons in APAC are subject to the Northern Trust APAC – Market Abuse and Inside Information Policy. Access Persons in Canada are subject to the Insiders Trading, Material Non-public Information and Information Barriers Policy in the NT Global Advisors, Inc. Compliance Manual. Access Persons must comply with all relevant legislation, regulatory requirements and policies relating to Market Conduct and the prohibition of Market Abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Gifts and Entertainment** 

Access Persons are subject to and must comply with the policy on Gifts, Meals and Hospitality from clients or vendors contained in the Northern Trust Corporation Standards of Conduct, as well as local applicable policies related to gifts and entertainment.. Access Persons acting for Northern Trust Investments, Inc or 50 South Capital Advisors, LLC must comply with the requirements of the U.S. NTAM Gift and Entertainment Policy. Access Persons located in or acting for, Northern Trust Global Investments Limited or Northern Trust Fund Managers (Ireland) Limited must comply with the requirements of the EMEA Gifts and Entertainment Policy. Access Persons acting for The Northern Trust Company Hong Kong Limited or Northern Trust Asset Management Australia Pty Ltd or Northern Trust Global Investments Japan, K.K. and The Northern Trust Company, Singapore Branch must comply with the requirements of the Northern Trust APAC Gifts and Entertainment Policy.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Political Contributions and Pay-to-Play** 

Certain Access Persons are subject to and must comply with the policies on Political Contributions contained in the Northern Trust Corporation Standards of Conduct and Northern Trust Asset Management Pay-to-Play Policy and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Confidentiality** 

Client information is confidential. Access Persons must keep all information concerning clients (including former clients) in strict confidence, including the client's identity (unless the client consents), the financial circumstances, the security holdings and advice furnished to the client by the Identified Entities.

Access Persons are prohibited from sharing information with persons employed by affiliated entities, except for legitimate business purposes and in accordance with applicable policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Outside Employment and Activities** 

In accordance with the Northern Trust Standards of Conduct an Access Person must obtain approval through MyCompliance to accept outside employment; serve as a director, officer, partner, sole proprietor, consultant, or controlling stockholder of any-for-profit company or entity that is not affiliated with Northern Trust; or serve as an elected or appointed official for any governmental entity, including a school board, village board, zoning board, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Governance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Oversight** 

The Code is governed by the Asset Management Conduct and Ethics Committee which meets quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Sanctions** 

Failure to comply with the Code may result in disciplinary action by Northern Trust up to and including termination. Additional sanctions may be imposed by the Asset Management Conduct and Ethics Committee, including but not limited to unwinding of a transaction, disgorgement of profit, and suspension of trading privileges. Code violations may also result in referral to civil or criminal authorities where appropriate.

NTAC:3NS-20

![](fp0096300-4_01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Exceptions to the Code** 

Exceptions to the requirements of the Code may be granted from time-to-time, in the discretion of the Asset Management Conduct and Ethics Committee, or the NTAM Compliance Department, based upon individual facts and circumstances. Such exceptions will not serve as precedent for additional exceptions, even under similar circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Recordkeeping and Administration** 

The Identified Entities' compliance departments shall preserve in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A record of any violation of the Code and any action taken as a result of such violation, for a period
of five years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each report (or broker confirmations and statements provided in lieu thereof) made by an Access
Person for a period of five years from the end of the fiscal year in which the report was made, the first two years in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A list of all Access Persons who are, or within the prior five years have been, required to make reports
and a list of all Access Persons responsible for reviewing such reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A copy of each report furnished to the board of any registered investment company pursuant to the 1940
Act, describing issues arising under the Code and certifying that the Advisors have adopted procedures reasonably designed to prevent
violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A record of any decision, and the reasons supporting the decision, to approve the acquisition by Access
Persons of securities in initial public offerings and limited offerings, for at least five years after the end of the fiscal year in which
the approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A record of all written acknowledgements for each Access Person who is currently, or within the past five
years was, required to acknowledge their receipt of the Code and any amendments thereto. All acknowledgements for an Access Person must
be kept for the period such person is an Access Person and until five years after the person ceases to be an Access Person of the Identified
Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Code also adheres to The Northern Trust Company's Records Information Management Program, which
governs the retention and destruction of all business records created or received on behalf of firm employees.

As amended: April 1, 2016; July 1, 2017; October 3, 2018; July 1, 2019; April 1, 2020; April 1, 2021; December 13, 2022; March 14, 2023; January 11, 2024; November 1, 2024; March 26, 2025; June 25, 2025

NTAC:3NS-20

## Exhibit 99.28

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Kara M. Schneider, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day of December, 2025.

---

| |
|:---|
| /s/ Robert H. Gordon |
| Robert H. Gordon |
| Trustee |

---

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Kara M. Schneider, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day of December, 2025.

---

| |
|:---|
| /s/D'Ray Moore |
| D'Ray Moore |
| Trustee |

---

**<u>POWER OF ATTORNEY</u>**

WHEREAS, Advisers Investment Trust, a statutory trust organized under the laws of the State of Delaware (the "Trust"), periodically files amendments to its Registration Statement with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended; and

WHEREAS, the undersigned is a Trustee of the Trust.

IT IS THEREFORE RESOLVED, that the undersigned hereby constitutes and appoints Michael V. Wible, Barbara J. Nelligan, Kara M. Schneider, and Troy A. Sheets as attorneys for it and in its name, place and stead, and its capacity as a Trustee, to execute and file any Amendment or Amendments to the Trust's Registration Statement hereby giving and granting to said attorneys full power and authority to do and perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do if personally present at the time doing thereof, hereby ratifying and confirming all that said attorneys may or shall lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has hereunto set his hand this 10th day of December, 2025.

---

| |
|:---|
| /s/ Steven R. Sutermeister |
| Steven R. Sutermeister |
| Trustee |

---