# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-001692
**Filing Date:** 2025-11
**Character Count:** 150984
**Document Hash:** ab4610d5a94cda17779f233a3835ee12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001692.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002066578-25-001692

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251531107

**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

### River Canyon Total Return Bond Fund (Series ID: S000048359)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000152732 | Institutional Shares | RCTIX           |

?xml version='1.0' encoding='ASCII'? 7d60fa71-bc33-4a8d-864a-94f4fe058054

116811.8592 103988.7835 104523.2722 100000 105192.545 172847.461 144605.8536 143564.0764 122706.7335 105268.9744 128683.0298 111250.1835 121608.3205 132800.6316 162141.2034 103853.9994 100000 104553.5667 116615.1113 114695.5996 135518.8636 119978.0008 0001516523 false N-1A 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-09-30 2015-09-30 0001516523 ait:C000152732Member 2015-09-30 2015-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2017-09-30 0001516523 ait:C000152732Member 2015-10-01 2017-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2018-09-30 0001516523 ait:C000152732Member 2015-10-01 2018-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2019-09-30 0001516523 ait:C000152732Member 2015-10-01 2019-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2021-09-30 0001516523 ait:C000152732Member 2015-10-01 2021-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2022-09-30 0001516523 ait:C000152732Member 2015-10-01 2022-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2023-09-30 0001516523 ait:C000152732Member 2015-10-01 2023-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2024-09-30 0001516523 ait:C000152732Member 2015-10-01 2024-09-30 0001516523 2024-10-01 2025-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2020-09-30 0001516523 ait:C000152732Member 2015-10-01 2020-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2020-10-01 2025-09-30 0001516523 ait:C000152732Member 2020-10-01 2025-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2016-09-30 0001516523 ait:C000152732Member 2015-10-01 2016-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2024-10-01 2025-09-30 0001516523 ait:C000152732Member 2024-10-01 2025-09-30 0001516523 ait:BloombergUSAggregateBondIndexMember 2015-10-01 2025-09-30 0001516523 ait:C000152732Member 2015-10-01 2025-09-30 0001516523 ait:C000152732Member 2025-09-30 0001516523 ait:C000152732Member ait:AllOtherAssetTypesLessThan2Member 2025-09-30 0001516523 ait:C000152732Member us-gaap:AssetBackedSecuritiesMember 2025-09-30 0001516523 ait:C000152732Member ait:BankDebtsMember 2025-09-30 0001516523 ait:C000152732Member us-gaap:CorporateBondSecuritiesMember 2025-09-30 0001516523 ait:C000152732Member ait:ForeignIssuerBondsMember 2025-09-30 0001516523 ait:C000152732Member us-gaap:MortgageBackedSecuritiesMember 2025-09-30 0001516523 ait:C000152732Member us-gaap:MunicipalBondsMember 2025-09-30 0001516523 ait:C000152732Member us-gaap:ShortTermInvestmentsMember 2025-09-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:sharesutr:Dait:Holding

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22538

#### 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)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 866-638-5859

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is included herewith.

![TSR - Fund Logo - Canyon](images_7504.jpg)

### River Canyon Total Return Bond Fund

### Institutional Shares \| RCTIX
ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the River Canyon Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at rivercanyonfunds.com/documents/. You can also request this information by contacting us at 800-245-0371 (toll free) or 312-557-0164.

#### What were the Fund expenses for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| River Canyon Total Return Bond Fund <br>(Institutional Shares/RCTIX) | $67 | 0.65% |

---

#### Management's Discussion of Fund Performance
The Fund outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, over the fiscal year, returning 6.60% net of fees, vs. the benchmark return of 2.88%. The Fund's relative outperformance to its benchmark was driven by the Fund's focus on security selection, maintaining exposure to higher coupon, lower volatility, shorter duration credits, and active allocation across credit sectors to optimize relative value. The Fund enjoyed its most significant inflows during its ten fiscal years, and the portfolio management team opportunistically deployed this capital across various fixed-income sectors, focusing on consumer Asset-Backed Finance securities and home equity non-agency residential Mortgage-Backed Securities. Most of the Fund's sector exposures produced positive returns during the year, with the primary contributors to performance being the Fund's exposure to Corporate, Asset-Backed, and non-agency Residential Mortgage-Backed securities.

#### Key Sector Exposure and Attribution
Exposure to credit sectors drove the Fund's outperformance relative to its benchmark over the reporting period, most notably fund exposure to U.S. corporate, asset backed, residential mortgage backed, and municipal securities drove this outperformance. Asset class hedges detracted from performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Sector** | **Starting Allocation** | **Ending Allocation** | **Change in Allocation** | **Gross Return Contribution** |
| Asset Backed | 34% | 29% | -5% | 2.02% |
| Collateralized Loan Obligations | 2% | 2% | 0% | 0.62% |
| Commercial Mortgaged Backed | 2% | 1% | -1% | 0.09% |
| Corporate | 35% | 31% | -4% | 3.07% |
| Municipal | 4% | 4% | 0% | 0.27% |
| RMBS – Agency | 5% | 5% | 0% | -0.80% |
| RMBS non- Agency | 9% | 20% | 11% | 1.41% |
| US Treasury | 3% | 0% | -3% | 0.42% |
| Other | 6% | 8% | 2% | 0.67% |

---

#### Fund Allocation Analysis
The Fund maintained a tactical duration focus on the shorter end of the yield curve, given more attractive yield levels, and to reduce the Fund's exposure to movements in interest rates. The Fund's strategic allocation throughout the year to the Asset Backed Finance and Corporate sectors played a key role in the Fund's performance, as these two sectors were the primary drivers of the Fund's returns. The Fund experienced significant inflows during the year, leading to a slightly higher allocation to cash, which was a slight drag on relative performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](chartimages_3113804.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 year | 5 year | 10 year |
| River Canyon Total Return Bond Fund (Institutional Shares/RCTIX) | 6.60% | 5.41% | 5.63% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | (0.45)% | 1.84% |

---

 ***The performance data quoted represents past performance; past performance does not guarantee future results.*** 

**Visit** rivercanyonfunds.com/documents/ **for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1664605412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net advisory fees paid | &nbsp;&nbsp;&nbsp;&nbsp;$5928253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;56.78% |

---

PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Asset-Backed Securities | 44.8% |
| Corporate Bonds | 16.1% |
| Mortgage-Backed Securities | 12.6% |
| Bank Debts | 10.5% |
| Short-Term Investments | 9.5% |
| Foreign Issuer Bonds | 4.3% |
| Municipal Bonds | 3.8% |
| All other asset types less than 2% | —% |

---

Where can I find more information?

![TSR - QR Code - Canyon](images_7508.jpg)

At rivercanyonfunds.com/documents/, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 800-245-0371 (toll free) or 312-557-0164.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-245-0371 (toll free) or 312-557-0164 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

River Canyon Total Return Bond Fund

------

(b) Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
As of September 30, 2025, the registrant had adopted a "code of ethics" (as such term is defined in Item 2 of Form N-CSR) that applies to the registrant's principal executive officer and principal financial officer. This code is filed as Exhibit 19(a)(1) hereto. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined the registrant has at least one "audit committee financial expert" (as such term is defined in Item 3 of Form N-CSR) serving on its Audit Committee. The "audit committee financial expert" is Mr. Steven R. Sutermeister, who is "independent" for purposes of this Item 3 of Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

River Canyon Total Return Bond Fund

2025: $43,680

2024: $41,600

The fees paid to Deloitte & Touche LLP relate to the audit of the registrant's annual financial statements and letters for the filings of the registrant's Form N-CEN and Form N-1A.

(b) Audit-Related Fees

River Canyon Total Return Bond Fund

2025: $0

2024: $0

(c) Tax Fees

River Canyon Total Return Bond Fund

2025: $7,665

2024: $7,300

The fees to Deloitte & Touche LLP relate to the preparation of the registrant's tax returns, review of annual distributions and additional tax provision support services.

(d) All Other Fees

River Canyon Total Return Bond Fund

2025: $0

2024: $0

(e)(1) Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the registrant's audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to the registrant, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)(2) River Canyon Total Return Bond Fund

2025: 0%

2024: 0%

(f) Not applicable

(g) River Canyon Total Return Bond Fund

2025: $7,665

2024: $7,300

(h) The Audit Committee considered the non-audit services rendered to each of the registrant's investment advisers and believes the services are compatible with each principal accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](imgf8c7aa8c1.gif)

------

RIVER CANYON TOTAL RETURN

BOND FUND

ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION

September 30, 2025

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND**

**TABLE OF CONTENTS**

**September 30, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_SOI-TOCPageHeader-1125_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_SOI-TOCPageHeader-1125_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets & Liabilities](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_FS-FundBookHeader2-1125_1)** | **17** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_FS-FundBookHeader2-1125_2)** | **18** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_FS-FundBookHeader2-1125_3)** | **19** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_FS-FundBookHeader2-1125_4)** | **20** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_NTF-NotestoFinancialStatements-1125_1)** | **21** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_RPA-AuditReport-TOCHeader-1125_1)** | **30** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Additional Information](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_AI-AdditionalInformation-1125_1)** | **31** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_CAD-CAD-TOC-1125_1)** | **32** |
| **[PROXY DISCLOSURES](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_PD-PD-TOC-1125_1)** | **33** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_RPDOO-RPDOO-TOC-1125_1)** | **34** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_bbfa74b8-fb18-45e9-b46b-f1f500cd5f18_SRBA-BA-TOC-1125_1)** | **35** |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 44.8<br> %<br>|  |  |
| A&D Mortgage Trust Series 2024-NQM5<sup>(a)(b)</sup> <br>7.71%, 11/25/69<br>|  | $6308000 | &nbsp;&nbsp; $6341371 |
| A&D Mortgage Trust Series 2025-NQM4<sup>(a)</sup> <br>7.15%, 10/25/70<br>|  | 4000000 | &nbsp;&nbsp; 4003162 |
| ACHM Trust Series 2025-HE1<sup>(a)</sup> <br>6.80%, 03/25/55<br>|  | 8951202 | &nbsp;&nbsp; 9183549 |
| ADMT Series 2024-NQM6<sup>(a)(b)</sup> <br>7.30%, 01/25/70<br>|  | 4000000 | &nbsp;&nbsp; 4080223 |
| Ally Bank Auto Credit-Linked Notes Series 2024-A<sup>(a)</sup> <br>9.89%, 05/17/32<br>|  | 548996 | &nbsp;&nbsp; 567401 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>8.04%, 09/15/32<br>|  | 789700 | &nbsp;&nbsp; 802261 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>11.40%, 09/15/32<br>|  | 4606583 | &nbsp;&nbsp; 4699385 |
| Ally Bank Auto Credit-Linked Notes Series 2025-A<sup>(a)</sup> <br>10.22%, 06/15/33<br>|  | 4646828 | &nbsp;&nbsp; 4691208 |
| Aqua Finance Issuer Trust Series 2025-A<sup>(a)</sup> <br>6.77%, 12/19/50<br>|  | 2000000 | &nbsp;&nbsp; 2040297 |
| Aqua Finance Trust Series 2024-A<sup>(a)</sup> <br>6.53%, 04/18/50<br>|  | 4000000 | &nbsp;&nbsp; 4089020 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.80%, 04/15/30<br>|  | 20280000 | &nbsp;&nbsp; 20667153 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>13.15%, 04/15/30<br>|  | 17000000 | &nbsp;&nbsp; 17683941 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.98%, 05/15/29<br>|  | 7000000 | &nbsp;&nbsp; 7085842 |
| Avant Credit Card Master Trust Series 2025-1A<sup>(a)</sup> <br>7.67%, 04/15/31<br>|  | 15619000 | &nbsp;&nbsp; 15582797 |
| Avant Credit Card Master Trust Series 2025-1A<sup>(a)</sup> <br>10.79%, 04/15/31<br>|  | 6056000 | &nbsp;&nbsp; 6041307 |
| Avant Loans Funding Trust Series 2023-REV1<br> (Step to 12.31% on 10/15/25)<sup>(a)(c)</sup> <br>12.12%, 09/15/32<br>|  | 4200000 | &nbsp;&nbsp; 4342556 |
| Avant Loans Funding Trust Series 2023-REV1<sup>(a)(d)</sup> <br>12.75%, 07/15/34<br>|  | 11420000 | &nbsp;&nbsp; 11418994 |
| Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>8.00%, 10/15/33<br>|  | 12445000 | &nbsp;&nbsp; 12525875 |
| Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>9.00%, 10/15/33<br>|  | 4070000 | &nbsp;&nbsp; 3823333 |
| Avant Loans Funding Trust Series 2025-REV1<sup>(a)</sup> <br>12.81%, 05/15/34<br>|  | 4988000 | &nbsp;&nbsp; 5181059 |
| Bayview Opportunity Master Fund VII LLC Series 2024-CAR1<br> (Floating, U.S. 30-Day Average SOFR + 3.60%)<sup>(a)(b)</sup> <br>7.96%, 12/26/31<br>|  | 695208 | &nbsp;&nbsp; 703261 |
| BHG Securitization Trust Series 2025-1CON<sup>(a)</sup> <br>8.62%, 04/17/36<br>|  | 2000000 | &nbsp;&nbsp; 2083080 |
| BHG Securitization Trust Series 2025-2CON<sup>(a)</sup> <br>5.95%, 09/17/36<br>|  | 4250000 | &nbsp;&nbsp; 4314856 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| BHG Securitization Trust Series 2025-2CON<sup>(a)</sup> <br>7.76%, 09/17/36<br>|  | $3000000 | &nbsp;&nbsp; $3037540 |
| Bridgepoint CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.65%, 6.65% Floor)<sup>(a)(b)</sup> <br>8.68%, 11/14/36<br>|  | 1500000 | &nbsp;&nbsp; 1762007 |
| Builders Capital Loan Acquisition Trust Series 2024-NPL1<sup>(a)(e)</sup> <br>9.00%, 09/25/29<br>|  | 20000000 | &nbsp;&nbsp; 19888008 |
| Capital Four CLO VII DAC Series 7A<br> (Floating, Euribor 3M + 6.79%, 6.79% Floor)<sup>(a)(b)</sup> <br>8.73%, 04/25/37<br>|  | 1000000 | &nbsp;&nbsp; 1176338 |
| Carmax Select Receivables Trust Series 2025-B<sup>(a)(f)(g)</sup> <br>0.00%, 09/15/32<br>|  | 9899 | &nbsp;&nbsp; 6967720 |
| Cascade Funding Mortgage Trust Series 2024-RM5<sup>(a)(b)</sup> <br>4.00%, 10/25/54<br>|  | 18000000 | &nbsp;&nbsp; 16226690 |
| Cascade Funding Mortgage Trust Series 2025-HB16<sup>(a)</sup> <br>3.00%, 03/25/35<br>|  | 3000000 | &nbsp;&nbsp; 2821840 |
| Cascade MH Asset Trust Series 2024-MH1<sup>(a)(b)(d)</sup> <br>8.22%, 11/25/56<br>|  | 8936000 | &nbsp;&nbsp; 7171140 |
| Cascade MH Asset Trust Series 2024-MH1<sup>(a)(d)(g)(h)</sup> <br>0.00%, 11/25/56<br>|  | 133683836 | &nbsp;&nbsp; 3272983 |
| CFMT LLC Series 2024-HB15<sup>(a)</sup> <br>4.00%, 08/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3853239 |
| CFMT LLC Series 2024-NR1<br> (Step to 12.32% on 12/25/27)<sup>(a)(c)</sup> <br>9.32%, 11/25/29<br>|  | 10000000 | &nbsp;&nbsp; 10138331 |
| Chase Auto Owner Trust Series 2024-1A<sup>(a)(f)</sup> <br>0.00%, 06/25/31<br>|  | 8850 | &nbsp;&nbsp; 1569756 |
| Chase Auto Owner Trust Series 2024-2A<sup>(a)(f)(g)</sup> <br>0.00%, 08/25/31<br>|  | 6875 | &nbsp;&nbsp; 1522494 |
| Clsec Holdings 22t LLC Series 2021-1<sup>(a)</sup> <br>6.17%, 05/11/37<br>|  | 12620277 | &nbsp;&nbsp; 11973303 |
| Cross Mortgage Trust Series 2023-H1<sup>(a)(b)</sup> <br>8.29%, 03/25/68<br>|  | 2618000 | &nbsp;&nbsp; 2635636 |
| Deutsche Bank AG<br> (Floating, U.S. SOFR + 7.25%)<sup>(a)(b)(d)</sup> <br>11.62%, 01/21/35<br>|  | 8000000 | &nbsp;&nbsp; 8060000 |
| EFMT Series 2024-RM3<sup>(a)</sup> <br>5.00%, 12/25/54<br>|  | 3410048 | &nbsp;&nbsp; 3265613 |
| EFMT Series 2025-CES2<sup>(a)</sup> <br>7.53%, 03/25/50<br>|  | 6477000 | &nbsp;&nbsp; 6556441 |
| EFMT Series 2025-CES2<sup>(a)(b)</sup> <br>8.52%, 03/25/50<br>|  | 3445000 | &nbsp;&nbsp; 3485795 |
| EFMT Series 2025-RM1<sup>(a)</sup> <br>5.00%, 05/25/55<br>|  | 8421303 | &nbsp;&nbsp; 7248365 |
| FAT Brands Fazoli's Native I LLC Series 2021-1<sup>(a)</sup> <br>7.00%, 07/25/51<br>|  | 15340324 | &nbsp;&nbsp; 14223504 |
| FAT Brands GFG Royalty I LLC Series 2021-1A<sup>(a)(e)</sup> <br>7.00%, 07/25/51<br>|  | 15072000 | &nbsp;&nbsp; 13866240 |
| FIGRE Trust Series 2024-HE2<sup>(a)</sup> <br>8.20%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2094276 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| FIGRE Trust Series 2024-HE3<sup>(a)</sup> <br>7.55%, 07/25/54<br>|  | $2000000 | &nbsp;&nbsp; $2076501 |
| FIGRE Trust Series 2024-HE5<sup>(a)</sup> <br>7.01%, 10/25/54<br>|  | 4109000 | &nbsp;&nbsp; 4155425 |
| FIGRE Trust Series 2025-HE2<sup>(a)(b)(i)</sup> <br>8.73%, 06/25/32<br>|  | 5000000 | &nbsp;&nbsp; 5293887 |
| FIGRE Trust Series 2025-HE3<sup>(a)</sup> <br>6.77%, 05/25/55<br>|  | 1750000 | &nbsp;&nbsp; 1821686 |
| FIGRE Trust Series 2025-HE3<sup>(a)(b)</sup> <br>8.10%, 05/25/55<br>|  | 1750000 | &nbsp;&nbsp; 1865359 |
| FIGRE Trust Series 2025-HE3<sup>(a)(b)</sup> <br>9.08%, 05/25/55<br>|  | 1600000 | &nbsp;&nbsp; 1708450 |
| Foundation Finance Trust Series 2023-2A<sup>(a)</sup> <br>9.10%, 06/15/49<br>|  | 2661931 | &nbsp;&nbsp; 2849330 |
| Foundation Finance Trust Series 2025-1A<sup>(a)</sup> <br>8.37%, 04/15/50<br>|  | 5000000 | &nbsp;&nbsp; 5064064 |
| Goldman Home Improvement Issuer Trust Series 2022-GRN1<sup>(a)(d)(f)</sup> <br>0.00%, 06/25/52<br>|  | 50000 | &nbsp;&nbsp; 1981557 |
| GoodLeap Home Improvement Solutions Trust Series 2024-1<sup>(a)</sup> <br>8.94%, 10/20/46<br>|  | 844202 | &nbsp;&nbsp; 880819 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A<sup>(a)</sup> <br>8.65%, 03/25/60<br>|  | 2000000 | &nbsp;&nbsp; 2075713 |
| Harvest CLO Series 6A<br> (Floating, Euribor 3M + 8.24%)<sup>(a)(b)</sup> <br>10.32%, 07/15/38<br>|  | 1500000 | &nbsp;&nbsp; 1748743 |
| Harvest SBA Loan Trust Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 3.75%)<sup>(a)(b)</sup> <br>8.19%, 12/25/51<br>|  | 2823739 | &nbsp;&nbsp; 2829122 |
| Hertz Vehicle Financing III LLC Series 2024-2A<sup>(a)</sup> <br>9.41%, 01/27/31<br>|  | 6250000 | &nbsp;&nbsp; 6546681 |
| HOA Funding LLC Series 2021-1A<sup>(a)(d)</sup> <br>4.72%, 08/20/51<br>|  | 14221951 | &nbsp;&nbsp; 10285315 |
| Horizon Aircraft Finance I Ltd. Series 2018-1<sup>(a)</sup> <br>4.46%, 12/15/38<br>|  | 2069191 | &nbsp;&nbsp; 2043306 |
| HTAP Issuer Trust Series 2024-2<sup>(a)</sup> <br>6.50%, 04/25/42<br>|  | 10881419 | &nbsp;&nbsp; 10850889 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 5.25%)<sup>(a)(b)</sup> <br>9.64%, 05/20/32<br>|  | 1016886 | &nbsp;&nbsp; 1041622 |
| Huntington Bank Auto Credit-Linked Notes Series 2025-1<br> (Floating, U.S. 30-Day Average SOFR + 3.50%)<sup>(a)(b)</sup> <br>7.89%, 03/21/33<br>|  | 3839664 | &nbsp;&nbsp; 3854841 |
| ICG U.S. CLO Ltd. Series 2020-1A<br> (Floating, CME Term SOFR 3M + 3.86%, 3.60% Floor)<sup>(a)(b)</sup> <br>8.19%, 01/20/35<br>|  | 3000000 | &nbsp;&nbsp; 3001528 |
| Lendingpoint Asset Securitization Trust Series 2022-C<sup>(a)(d)(g)(j)</sup> <br>13.09%, 02/15/30<br>|  | 6400000 | &nbsp;&nbsp; — |
| Lendmark Funding Trust Series 2021-2A<sup>(a)</sup> <br>3.09%, 04/20/32<br>|  | 3160000 | &nbsp;&nbsp; 2970743 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 3.75%, 3.75% Floor)<sup>(a)(b)(d)</sup> <br>8.06%, 05/21/34<br>|  | $1840000 | &nbsp;&nbsp; $1839080 |
| LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 10.50%, 10.50% Floor)<sup>(a)(b)(d)</sup> <br>14.81%, 05/21/34<br>|  | 2400000 | &nbsp;&nbsp; 2402400 |
| Mariner Finance Issuance Trust Series 2021-BA<sup>(a)</sup> <br>3.42%, 11/20/36<br>|  | 1980000 | &nbsp;&nbsp; 1877412 |
| Momnt Technologies Trust Series 2023-1A<sup>(a)</sup> <br>8.29%, 03/20/45<br>|  | 3000000 | &nbsp;&nbsp; 3079121 |
| Momnt Technologies Trust Series 2023-1A<sup>(a)(g)</sup> <br>11.24%, 03/20/45<br>|  | 9180000 | &nbsp;&nbsp; 9355657 |
| MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>8.35%, 07/22/41<br>|  | 4440000 | &nbsp;&nbsp; 4518884 |
| MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>11.25%, 07/22/41<br>|  | 5965000 | &nbsp;&nbsp; 6084137 |
| MPOWER Education Trust Series 2025-A<sup>(a)</sup> <br>8.47%, 07/21/42<br>|  | 8000000 | &nbsp;&nbsp; 8077853 |
| NRZ Excess Spread-Collateralized Notes Series 2021-GTN1<sup>(a)</sup> <br>3.47%, 11/25/26<br>|  | 3313467 | &nbsp;&nbsp; 3241807 |
| Octane Receivables Trust Series 2024-RVM1<sup>(a)</sup> <br>8.42%, 01/22/46<br>|  | 2000000 | &nbsp;&nbsp; 2154008 |
| OnDeck Asset Securitization Trust IV LLC Series 2023-1A<sup>(a)</sup> <br>9.93%, 08/19/30<br>|  | 6000000 | &nbsp;&nbsp; 6046513 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-1A<sup>(a)</sup> <br>8.99%, 06/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3094159 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>7.03%, 10/17/31<br>|  | 2250000 | &nbsp;&nbsp; 2255491 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>9.49%, 10/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3041360 |
| Onity Loan Investment Trust Series 2024-HB2<sup>(a)</sup> <br>5.00%, 08/25/37<br>|  | 2000000 | &nbsp;&nbsp; 1952659 |
| Oportun Funding Trust Series 2024-3<sup>(a)</sup> <br>9.60%, 08/15/29<br>|  | 4000000 | &nbsp;&nbsp; 4113188 |
| Oportun Issuance Trust Series 2021-C<sup>(a)</sup> <br>3.61%, 10/08/31<br>|  | 1189422 | &nbsp;&nbsp; 1174013 |
| Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>7.25%, 02/08/33<br>|  | 8500000 | &nbsp;&nbsp; 8516827 |
| Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>10.00%, 02/08/33<br>|  | 6500000 | &nbsp;&nbsp; 6528494 |
| Oportun Issuance Trust Series 2025-B<sup>(a)</sup> <br>9.40%, 05/09/33<br>|  | 3000000 | &nbsp;&nbsp; 3030227 |
| Oportun Issuance Trust Series 2025-C<sup>(a)</sup> <br>5.91%, 07/08/33<br>|  | 13000000 | &nbsp;&nbsp; 13053374 |
| Oportun Issuance Trust Series 2025-C<sup>(a)</sup> <br>9.20%, 07/08/33<br>|  | 12500000 | &nbsp;&nbsp; 12556380 |
| Pagaya AI Debt Grantor Trust and Pagaya AI Debt Trust Series 2024-6<sup>(a)</sup> <br>11.35%, 11/15/31<br>|  | 2532035 | &nbsp;&nbsp; 2609183 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Pagaya AI Debt Grantor Trust Series 2024-10<sup>(a)</sup> <br>10.41%, 06/15/32<br>|  | $3648582 | &nbsp;&nbsp; $3756692 |
| Pagaya AI Debt Grantor Trust Series 2025-1<sup>(a)</sup> <br>10.08%, 07/15/32<br>|  | 2999744 | &nbsp;&nbsp; 3046744 |
| Pagaya AI Debt Grantor Trust Series 2025-5<sup>(a)</sup> <br>5.87%, 03/15/33<br>|  | 2500000 | &nbsp;&nbsp; 2521267 |
| PenFed Auto Receivables Owner Trust Series 2024-A<sup>(a)(f)</sup> <br>0.00%, 09/15/32<br>|  | 37500 | &nbsp;&nbsp; 4209968 |
| PenFed Auto Receivables Owner Trust Series 2025-A<sup>(a)(f)(g)</sup> <br>0.00%, 10/17/33<br>|  | 40000 | &nbsp;&nbsp; 5919198 |
| Penta CLO 19 DAC Series 2025-19A<br> (Floating, Euribor 3M + 8.57%)<sup>(a)(b)</sup> <br>10.70%, 07/15/38<br>|  | 1300000 | &nbsp;&nbsp; 1541944 |
| Point Securitization Trust Series 2025-1<sup>(a)</sup> <br>6.25%, 06/25/55<br>|  | 973953 | &nbsp;&nbsp; 974100 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.47% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 2000000 | &nbsp;&nbsp; 1876448 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.47% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 8000000 | &nbsp;&nbsp; 7393354 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.47% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 3000000 | &nbsp;&nbsp; 2739322 |
| PRET Trust Series 2025-RPL2<br> (Step to 4.26% on 4/25/29)<sup>(a)(c)</sup> <br>4.00%, 08/25/64<br>|  | 7000000 | &nbsp;&nbsp; 6343609 |
| PRET Trust Series 2025-RPL4<br> (Step to 4.75% on 10/25/29)<sup>(a)(c)</sup> <br>4.00%, 03/25/65<br>|  | 3000000 | &nbsp;&nbsp; 2748012 |
| Project Silver Series 2019-1<sup>(a)</sup> <br>3.97%, 07/15/44<br>|  | 2471004 | &nbsp;&nbsp; 2392006 |
| Providus CLO XII DAC Series 12A<br> (Floating, Euribor 3M + 8.57%)<sup>(a)(b)</sup> <br>10.59%, 08/18/38<br>|  | 1000000 | &nbsp;&nbsp; 1174623 |
| PRPM LLC Series 2024-7<br> (Step to 11.84% on 12/25/27)<sup>(a)(c)</sup> <br>8.84%, 11/25/29<br>|  | 5000000 | &nbsp;&nbsp; 5002435 |
| PRPM LLC Series 2025-RCF2<br> (Step to 5.00% on 5/25/29)<sup>(a)(c)</sup> <br>4.00%, 10/25/64<br>|  | 5000000 | &nbsp;&nbsp; 4652339 |
| RRE 18 Loan Management DAC Series 18A<br> (Floating, Euribor 3M + 6.42%, 6.42% Floor)<sup>(a)(b)</sup> <br>8.45%, 04/15/39<br>|  | 1280000 | &nbsp;&nbsp; 1503585 |
| SAFCO Auto Receivables Trust Series 2022-1A<sup>(a)</sup> <br>8.62%, 11/19/29<br>|  | 3000000 | &nbsp;&nbsp; 2991007 |
| SAIF Securitization Trust Series 2025-CES1<sup>(a)</sup> <br>7.23%, 06/25/65<br>|  | 3990500 | &nbsp;&nbsp; 3999677 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 2.95%)<sup>(a)(b)</sup> <br>7.31%, 06/25/55<br>|  | $1500000 | &nbsp;&nbsp; $1501454 |
| Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 4.00%)<sup>(a)(b)</sup> <br>8.36%, 06/25/55<br>|  | 4000000 | &nbsp;&nbsp; 4020566 |
| Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 5.00%)<sup>(a)(b)</sup> <br>9.36%, 06/25/55<br>|  | 1000000 | &nbsp;&nbsp; 1005068 |
| Saluda Grade Alternative Mortgage Trust Series 2025-NPL1<br> (Step to 12.05% on 1/25/28)<sup>(a)(c)</sup> <br>9.05%, 01/25/30<br>|  | 6000000 | &nbsp;&nbsp; 6033390 |
| Saluda Grade Alternative Mortgage Trust Series 2025-NPL2<sup>(a)(e)</sup> <br>7.77%, 05/25/30<br>|  | 6689909 | &nbsp;&nbsp; 6694130 |
| Santander Bank Auto Credit-Linked Notes Series 2023-A<sup>(a)</sup> <br>7.08%, 06/15/33<br>|  | 205896 | &nbsp;&nbsp; 206482 |
| Santander Bank Auto Credit-Linked Notes Series 2023-B<sup>(a)</sup> <br>12.24%, 12/15/33<br>|  | 5554828 | &nbsp;&nbsp; 5778379 |
| Santander Mortgage Asset Receivable Trust Series 2025-NQM2<sup>(a)(b)</sup> <br>7.15%, 02/25/65<br>|  | 3214800 | &nbsp;&nbsp; 3156491 |
| SBNA Auto Receivables Trust Series 2025-SF1<sup>(a)</sup> <br>8.71%, 06/15/33<br>|  | 3500000 | &nbsp;&nbsp; 3562122 |
| SEB Funding LLC Series 2024-1A<sup>(a)</sup> <br>7.39%, 04/30/54<br>|  | 7500000 | &nbsp;&nbsp; 7670282 |
| Service Experts Issuer LLC Series 2021-1A<sup>(a)</sup> <br>5.37%, 02/02/32<br>|  | 3000000 | &nbsp;&nbsp; 2792151 |
| Service Experts Issuer LLC Series 2024-1A<sup>(a)</sup> <br>8.08%, 11/20/35<br>|  | 4000000 | &nbsp;&nbsp; 4151431 |
| Service Experts Issuer LLC Series 2025-1A<sup>(a)</sup> <br>7.62%, 01/20/37<br>|  | 5000000 | &nbsp;&nbsp; 5041369 |
| Skyline Aircraft Series 2006-S3<sup>(d)</sup> <br>6.17%, 08/17/33<br>|  | 3700423 | &nbsp;&nbsp; 3557032 |
| Sound Point CLO XXX Ltd. Series 2021-2A<br> (Floating, CME Term SOFR 3M + 3.61%, 3.35% Floor)<sup>(a)(b)</sup> <br>7.93%, 07/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3911751 |
| Sound Point CLO XXXI Ltd. Series 2021-3A<br> (Floating, CME Term SOFR 3M + 3.51%, 3.25% Floor)<sup>(a)(b)</sup> <br>7.83%, 10/25/34<br>|  | 2750000 | &nbsp;&nbsp; 2687381 |
| Sound Point Euro CLO X Funding DAC Series 10A<br> (Floating, Euribor 3M + 6.52%, 6.52% Floor)<sup>(a)(b)</sup> <br>8.54%, 04/20/38<br>|  | 2000000 | &nbsp;&nbsp; 2411087 |
| Stream Innovations Issuer Trust Series 2024-1A<sup>(a)</sup> <br>7.89%, 07/15/44<br>|  | 1249800 | &nbsp;&nbsp; 1340663 |
| Towd Point Mortgage Trust Series 2024-CES1<sup>(a)</sup> <br>6.86%, 01/25/64<br>|  | 1000000 | &nbsp;&nbsp; 1006833 |
| Trinitas Euro CLO IX DAC Series 9A<br> (Floating, Euribor 3M + 8.32%)<sup>(a)(b)</sup> <br>10.48%, 05/15/39<br>|  | 1500000 | &nbsp;&nbsp; 1786206 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Trinitas Euro CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.38%, 6.38% Floor)<sup>(a)(b)</sup> <br>8.41%, 04/15/37<br>|  | $2000000 | &nbsp;&nbsp; $2353164 |
| Twin Hospitality I LLC Series 2024-1A<sup>(a)(d)</sup> <br>9.00%, 10/26/54<br>|  | 7396875 | &nbsp;&nbsp; 7396875 |
| Twin Hospitality I LLC Series 2024-1A<sup>(a)</sup> <br>9.00%, 10/26/54<br>|  | 21697500 | &nbsp;&nbsp; 21378666 |
| U.S. Auto Funding Trust Series 2022-1A<sup>(a)</sup> <br>3.98%, 10/15/25<br>|  | 12178 | &nbsp;&nbsp; 12170 |
| U.S. Auto Funding Trust Series 2022-1A<sup>(a)(d)(g)(j)</sup> <br>11.79%, 06/15/29<br>|  | 5000000 | &nbsp;&nbsp; — |
| U.S. Bank N.A. Series 2023-1<sup>(a)</sup> <br>13.60%, 08/25/32<br>|  | 1121643 | &nbsp;&nbsp; 1142794 |
| U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 2.70%)<sup>(a)(b)</sup> <br>7.06%, 02/25/32<br>|  | 3070991 | &nbsp;&nbsp; 3081588 |
| U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 7.50%)<sup>(a)(b)(d)</sup> <br>11.86%, 02/25/32<br>|  | 9596846 | &nbsp;&nbsp; 9596846 |
| Unlock HEA Trust Series 2024-2<sup>(a)</sup> <br>6.00%, 10/25/39<br>|  | 6485000 | &nbsp;&nbsp; 5007330 |
| Unlock HEA Trust Series 2025-1<sup>(a)</sup> <br>6.75%, 07/25/41<br>|  | 16941117 | &nbsp;&nbsp; 16985557 |
| Upstart Securitization Trust Series 2022-3<sup>(a)(d)(f)</sup> <br>0.00%, 06/20/32<br>|  | 5575 | &nbsp;&nbsp; 151488 |
| US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 2.20%)<sup>(a)(b)</sup> <br>6.59%, 08/31/32<br>|  | 8000000 | &nbsp;&nbsp; 8008074 |
| US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 3.70%)<sup>(a)(b)</sup> <br>8.09%, 08/31/32<br>|  | 7000000 | &nbsp;&nbsp; 6999881 |
| US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 6.50%)<sup>(a)(b)</sup> <br>10.89%, 08/31/32<br>|  | 10250000 | &nbsp;&nbsp; 10249685 |
| USB Auto Owner Trust Series 2025-1<sup>(a)(f)</sup> <br>0.00%, 12/15/32<br>|  | 22500 | &nbsp;&nbsp; 6770529 |
| Vista Point Securitization Trust Series 2024-CES1<sup>(a)(b)</sup> <br>10.35%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2060293 |
| Vista Point Securitization Trust Series 2024-CES2<sup>(a)</sup> <br>7.50%, 10/25/54<br>|  | 1483000 | &nbsp;&nbsp; 1495615 |
| Vista Point Securitization Trust Series 2024-CES3<sup>(a)(b)</sup> <br>9.49%, 01/25/55<br>|  | 3077000 | &nbsp;&nbsp; 3185940 |
| Vista Point Securitization Trust Series 2025-CES1<br> (Step to 7.53% on 4/25/29)<sup>(a)(c)</sup> <br>6.53%, 04/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2018328 |
| Vista Point Securitization Trust Series 2025-CES1<sup>(a)</sup> <br>7.62%, 04/25/55<br>|  | 3179000 | &nbsp;&nbsp; 3185495 |
| Vista Point Securitization Trust Series 2025-CES1<sup>(a)(b)</sup> <br>8.96%, 04/25/55<br>|  | 2696000 | &nbsp;&nbsp; 2785043 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Vista Point Securitization Trust Series 2025-CES2<br> (Step to 7.37% on 8/25/29)<sup>(a)(c)</sup> <br>6.37%, 08/25/55<br>|  | $2000000 | &nbsp;&nbsp; $2013275 |
| Vista Point Securitization Trust Series 2025-CES2<sup>(a)</sup> <br>8.15%, 08/25/55<br>|  | 3125000 | &nbsp;&nbsp; 3147990 |
| Wilton Park CLO DAC Series 1A<br> (Floating, Euribor 3M + 5.70%)<sup>(a)(b)</sup> <br>7.69%, 07/15/38<br>|  | 3000000 | &nbsp;&nbsp; 3546538 |
| TOTAL ASSET-BACKED SECURITIES<br> (Cost $756,434,029)<br>|  |  | &nbsp;&nbsp; 745990760 |
| BANK DEBTS<sup>(b)</sup> | 10.5<br> %<br>|  |  |
| Brock Holdings III LLC<sup>(g)(k)</sup> <br>05/02/30<br>|  | 3989924 | &nbsp;&nbsp; 3910126 |
| Clover Holdings LLC<br> (1M USD CME Term SOFR + 3.75%)<br> 7.94%, 12/09/31<br>|  | 6154575 | &nbsp;&nbsp; 6152667 |
| CMG Media Corp.<br> (3M USD CME Term SOFR + 3.50%)<br> 7.60%, 06/18/29<br>|  | 22512181 | &nbsp;&nbsp; 21483600 |
| Cobham Ultra SeniorCo S.a r.l.<br> (6M USD CME Term SOFR + 3.75%)<br> 8.37%, 08/03/29<br>|  | 39493593 | &nbsp;&nbsp; 39470687 |
| Confluence Technology<br> (3M USD CME Term SOFR + 5.00%, 0.50% Floor)<br> 9.23%, 07/30/28<br>|  | 3213515 | &nbsp;&nbsp; 3189413 |
| CSC Holdings LLC<br> (3M USD PRIME + 1.50%, 1.00% Floor)<br> 8.75%, 04/15/27<br>|  | 19907860 | &nbsp;&nbsp; 19242141 |
| CSC Holdings LLC<sup>(k)</sup> <br>04/15/27<br>|  | 5000000 | &nbsp;&nbsp; 4832800 |
| Electro Rent LLC<br> (3M USD CME Term SOFR + 7.50%, 2.00% Floor)<sup>(d)</sup> <br>11.92%, 12/15/28<br>|  | 4631094 | &nbsp;&nbsp; 4492161 |
| Form Technologies LLC<br> (3M USD CME Term SOFR + 5.75%, 0.50% Floor)<br> 10.08%, 07/19/30<br>|  | 5090242 | &nbsp;&nbsp; 4458187 |
| Galaxy US Opco, Inc.<br> (3M USD CME Term SOFR + 5.75%, 0.50% Floor)<br> 10.06%, 07/31/30<br>|  | 2996284 | &nbsp;&nbsp; 2713525 |
| Galaxy US Opco, Inc.<sup>(k)</sup> <br>07/31/30<br>|  | 3748011 | &nbsp;&nbsp; 3394311 |
| Gateway Casinos & Entertainment Ltd.<sup>(g)(k)</sup> <br>12/18/30<br>|  | 997494 | &nbsp;&nbsp; 993753 |
| Houghton Mifflin Harcourt Co.<sup>(g)(k)</sup> <br>04/07/28<br>|  | 2000000 | &nbsp;&nbsp; 1943340 |
| NEP Group, Inc.<sup>(g)(k)</sup> <br>08/19/26<br>|  | 5815904 | &nbsp;&nbsp; 5767457 |
| NEP Group, Inc.<sup>(g)(k)</sup> <br>08/19/26<br>|  | 2184096 | &nbsp;&nbsp; 2173176 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Northeast Grocery, Inc.<br> (3M USD CME Term SOFR + 7.50%, 1.00% Floor)<br> 11.69%, 12/13/28<br>|  | $5619260 | &nbsp;&nbsp; $5642693 |
| Optiv Parent, Inc.<br> (3M USD CME Term SOFR + 5.25%, 1.00% Floor)<br> 9.56%, 07/31/26<br>|  | 5909548 | &nbsp;&nbsp; 4609447 |
| Park River Holdings, Inc.<br> (3M USD CME Term SOFR + 3.25%, 0.75% Floor)<br> 7.80%, 12/28/27<br>|  | 2152023 | &nbsp;&nbsp; 2149096 |
| Park River Holdings, Inc.<sup>(k)</sup> <br>12/28/27<br>|  | 5770911 | &nbsp;&nbsp; 5763063 |
| Pluto Acquisition I, Inc.<br> (3M USD CME Term SOFR + 5.50%, 1.00% Floor)<br> 9.50%, 06/20/28<br>|  | 7798973 | &nbsp;&nbsp; 7779475 |
| Pluto Acquisition I, Inc.<br> (3M USD CME Term SOFR + 4.00%)<br> 8.24%, 09/20/28<br>|  | 17125331 | &nbsp;&nbsp; 12587118 |
| PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 7.00%)<br> 11.19%, 04/01/29<br>|  | 1404588 | &nbsp;&nbsp; 1439703 |
| PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 5.50%)<br> 9.65%, 12/31/28<br>|  | 1088697 | &nbsp;&nbsp; 1061479 |
| PREIT Associates, L.P.<sup>(l)</sup> <br>12/31/28<br>|  | 911303 | &nbsp;&nbsp; 888521 |
| Pretium PKG Holdings, Inc.<br> (3M USD CME Term SOFR + 3.75%, 1.00% Floor)<br> 8.07%, 10/02/28<br>|  | 8759909 | &nbsp;&nbsp; 8687640 |
| TOTAL BANK DEBTS<br> (Cost $177,792,801)<br>|  |  | &nbsp;&nbsp; 174825579 |
| CORPORATE BONDS | 16.1<br> %<br>|  |  |
| Ahead DB Holdings LLC<sup>(a)</sup> <br>6.63%, 05/01/28<br>|  | 17059000 | &nbsp;&nbsp; 17062787 |
| Ambac Assurance Corp.<sup>(a)(g)</sup> <br>5.10%, 12/31/49<br>|  | 14858808 | &nbsp;&nbsp; 18573511 |
| AMC Networks, Inc.<sup>(a)</sup> <br>10.25%, 01/15/29<br>|  | 3446000 | &nbsp;&nbsp; 3631222 |
| Ardagh Metal Packaging Finance U.S.A. LLC<sup>(a)</sup> <br>4.00%, 09/01/29<br>|  | 2000000 | &nbsp;&nbsp; 1851033 |
| Brand Industrial Services, Inc.<sup>(a)</sup> <br>10.38%, 08/01/30<br>|  | 5325000 | &nbsp;&nbsp; 5308029 |
| Brookfield Property REIT, Inc.<sup>(a)</sup> <br>5.75%, 05/15/26<br>|  | 20454000 | &nbsp;&nbsp; 20397754 |
| Champ Acquisition Corp.<sup>(a)</sup> <br>8.38%, 12/01/31<br>|  | 5000000 | &nbsp;&nbsp; 5315675 |
| Cobra AcquisitionCo LLC<sup>(a)</sup> <br>12.25%, 11/01/29<br>|  | 3000000 | &nbsp;&nbsp; 3060205 |
| CTR Partnership L.P.<sup>(a)</sup> <br>3.88%, 06/30/28<br>|  | 10000000 | &nbsp;&nbsp; 9726557 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Dana, Inc.<br> 4.50%, 02/15/32<br>|  | $3292000 | &nbsp;&nbsp; $3241504 |
| DISH DBS Corp.<br> 7.75%, 07/01/26<br>|  | 65000000 | &nbsp;&nbsp; 64379340 |
| DISH Network Corp.<sup>(a)</sup> <br>11.75%, 11/15/27<br>|  | 8300000 | &nbsp;&nbsp; 8783533 |
| Ferrellgas L.P.<sup>(a)</sup> <br>5.38%, 04/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4949620 |
| Freedom Funding Center LLC<sup>(a)(d)(m)</sup> <br>12.00%, 07/25/37<br>|  | 2460000 | &nbsp;&nbsp; 2460000 |
| HAH Group Holding Co. LLC<sup>(a)</sup> <br>9.75%, 10/01/31<br>|  | 16766000 | &nbsp;&nbsp; 15929016 |
| Hewlett Packard Enterprise Co.<br> 4.85%, 10/15/31<br>|  | 5000000 | &nbsp;&nbsp; 5052205 |
| LABL, Inc.<sup>(a)</sup> <br>10.50%, 07/15/27<br>|  | 27749000 | &nbsp;&nbsp; 22858498 |
| LABL, Inc.<sup>(a)</sup> <br>8.63%, 10/01/31<br>|  | 5200000 | &nbsp;&nbsp; 3820095 |
| Martin Midstream Partners L.P.<sup>(g)</sup> <br>11.50%, 02/15/28<br>|  | 11201000 | &nbsp;&nbsp; 11912880 |
| Pagaya US Holdings Co. LLC<sup>(a)</sup> <br>8.88%, 08/01/30<br>|  | 3500000 | &nbsp;&nbsp; 3258985 |
| TKC Holdings, Inc.<sup>(a)</sup> <br>10.50%, 05/15/29<br>|  | 16447000 | &nbsp;&nbsp; 16843159 |
| Trident TPI Holdings, Inc.<sup>(a)</sup> <br>12.75%, 12/31/28<br>|  | 5395000 | &nbsp;&nbsp; 5752413 |
| VICI Properties L.P.<sup>(a)</sup> <br>4.25%, 12/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4980892 |
| Staples, Inc.<sup>(a)</sup> <br>10.75%, 09/01/29<br>|  | 9000000 | &nbsp;&nbsp; 8898925 |
| TOTAL CORPORATE BONDS<br> (Cost $273,349,169)<br>|  |  | &nbsp;&nbsp; 268047838 |
| FOREIGN ISSUER BONDS | 4.3<br> %<br>|  |  |
| Avianca Midco 2 PLC<sup>(a)</sup> <br>9.00%, 12/01/28<br>|  | 5600000 | &nbsp;&nbsp; 5593000 |
| Avianca Midco 2 PLC<sup>(a)</sup> <br>9.63%, 02/14/30<br>|  | 15000000 | &nbsp;&nbsp; 14920500 |
| Digicel International Finance Ltd.<sup>(a)</sup> <br>8.63%, 08/01/32<br>|  | 5000000 | &nbsp;&nbsp; 5140916 |
| Latam Airlines Group S.A.<sup>(a)</sup> <br>7.88%, 04/15/30<br>|  | 2839000 | &nbsp;&nbsp; 2953838 |
| Latam Airlines Group S.A.<sup>(a)</sup> <br>7.63%, 01/07/31<br>|  | 5000000 | &nbsp;&nbsp; 5177180 |
| Pembroke Olive Downs Pty Ltd.<br> 11.50%, 02/18/30<br>|  | 5000000 | &nbsp;&nbsp; 4925000 |
| Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup> <br>8.25%, 12/15/29<br>|  | 3490000 | &nbsp;&nbsp; 3694521 |
| Stonegate Pub Co. Financing 2019 PLC<sup>(a)</sup> <br>10.75%, 07/31/29<br>|  | 13958000 | &nbsp;&nbsp; 18891138 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Stonegate Pub Co. Financing 2019 PLC<br> 10.75%, 07/31/29<br>|  | $1665000 | &nbsp;&nbsp; $2253456 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>11.25%, 02/15/27<br>|  | 2000000 | &nbsp;&nbsp; 2167690 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>9.75%, 04/15/29<br>|  | 5000000 | &nbsp;&nbsp; 5622324 |
| TOTAL FOREIGN ISSUER BONDS<br> (Cost $69,095,487)<br>|  |  | &nbsp;&nbsp; 71339563 |
| MORTGAGE-BACKED SECURITIES | 12.6<br> %<br>|  |  |
| PRIVATE | 6.2<br> %<br>|  |  |
| Home Equity | 2.8<br> %<br>|  |  |
| Angel Oak Mortgage Trust Series 2022-3<sup>(a)(b)</sup> <br>4.13%, 01/10/67<br>|  | 5225711 | &nbsp;&nbsp; 4942012 |
| Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4021920 | &nbsp;&nbsp; 3373392 |
| Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4450880 | &nbsp;&nbsp; 3426853 |
| CFMT LLC Series 2023-H12<sup>(a)</sup> <br>4.25%, 04/25/33<br>|  | 5000000 | &nbsp;&nbsp; 4876643 |
| CWHEQ Home Equity Loan Trust Series 2006-S2<sup>(d)</sup> <br>5.60%, 07/25/27<br>|  | 272073 | &nbsp;&nbsp; 257112 |
| CWHEQ Home Equity Loan Trust Series 2006-S3<br> (Step to 6.04% on 11/25/25)<sup>(c)(n)</sup> <br>5.45%, 06/25/21<br>|  | 1 | &nbsp;&nbsp; 562675 |
| CWHEQ Home Equity Loan Trust Series 2006-S5<sup>(n)</sup> <br>5.75%, 06/25/35<br>|  | 2 | &nbsp;&nbsp; 1515080 |
| FIGRE Trust Series 2024-HE1<sup>(a)(b)</sup> <br>10.03%, 03/25/54<br>|  | 1000000 | &nbsp;&nbsp; 1080867 |
| GS Mortgage-Backed Securities Trust Series 2025-HE1<br> (Floating, U.S. 30-Day Average SOFR + 2.45%)<sup>(a)(b)</sup> <br>6.81%, 10/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2004812 |
| GS Mortgage-Backed Securities Trust Series 2025-HE1<br> (Floating, U.S. 30-Day Average SOFR + 3.30%)<sup>(a)(b)</sup> <br>7.66%, 10/25/55<br>|  | 2500000 | &nbsp;&nbsp; 2518037 |
| Home Equity Mortgage Trust Series 2006-3<br> (Floating, CME Term SOFR 1M + 0.57%, 0.46% Floor)<sup>(b)</sup> <br>4.73%, 09/25/36<br>|  | 2708000 | &nbsp;&nbsp; 135 |
| Home Equity Mortgage Trust Series 2006-3<br> (Step to 5.61% on 10/25/25)<sup>(c)</sup> <br>6.09%, 09/25/36<br>|  | 2612532 | &nbsp;&nbsp; 152123 |
| Home Equity Mortgage Trust Series 2006-4<br> (Floating, ICE LIBOR USD 1M + 0.61%, 0.61% Floor)<sup>(b)(d)(g)</sup> <br>3.99%, 11/25/36<br>|  | 4391000 | &nbsp;&nbsp; 128 |
| Home Equity Mortgage Trust Series 2006-4<br> (Floating, CME Term SOFR 1M + 0.61%, 0.50% Floor)<sup>(b)</sup> <br>4.77%, 11/25/36<br>|  | 1354000 | &nbsp;&nbsp; 1174 |
| Home Equity Mortgage Trust Series 2006-4<sup>(e)</sup> <br>6.23%, 11/25/36<br>|  | 1613431 | &nbsp;&nbsp; 103359 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Home Equity Mortgage Trust Series 2006-5<br> (Floating, CME Term SOFR 1M + 0.51%, 0.40% Floor)<sup>(b)(d)</sup> <br>4.67%, 01/25/37<br>|  | $254839 | &nbsp;&nbsp; $12742 |
| Imperial Fund Mortgage Trust Series 2022-NQM4<br> (Step to 4.98% on 11/25/25)<sup>(a)(c)</sup> <br>5.04%, 06/25/67<br>|  | 4000000 | &nbsp;&nbsp; 3248118 |
| Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.24% on 4/25/32)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 3000000 | &nbsp;&nbsp; 2989153 |
| Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.24% on 4/25/32)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 1125000 | &nbsp;&nbsp; 1120704 |
| Indymac Residential Mortgage-Backed Trust Series 2005-L3<br> (Floating, CME Term SOFR 1M + 0.55%, 0.44% Floor)<sup>(b)</sup> <br>4.71%, 12/16/35<br>|  | 964803 | &nbsp;&nbsp; 771842 |
| PRPM Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.16%, 04/25/67<br>|  | 2600000 | &nbsp;&nbsp; 2212200 |
| Residential Asset Securitization Trust Series 2006-A6<br> (Floating, 5.79% - CME Term SOFR 1M, 5.90% Cap)<sup>(b)(g)(h)</sup> <br>1.47%, 07/25/36<br>|  | 11987946 | &nbsp;&nbsp; 874738 |
| Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3<sup>(a)(b)</sup> <br>10.25%, 06/01/53<br>|  | 10502250 | &nbsp;&nbsp; 10564218 |
| Total Home Equity<br> (Cost $47,042,058)<br>|  |  | &nbsp;&nbsp; 46608117 |
| Commercial Mortgage-Backed Securities | 3.4<br> %<br>|  |  |
| FREMF Mortgage Trust Series 2019-KF59<br> (Floating, U.S. 30-Day Average SOFR + 6.11%, 6.00% Floor)<sup>(a)(b)</sup> <br>10.47%, 02/25/29<br>|  | 19291012 | &nbsp;&nbsp; 19099164 |
| Velocity Commercial Capital Loan Trust Series 2025-1<sup>(a)(b)</sup> <br>10.15%, 02/25/55<br>|  | 8489131 | &nbsp;&nbsp; 8616490 |
| Velocity Commercial Capital Loan Trust Series 2025-3<sup>(a)(b)</sup> <br>7.38%, 06/25/55<br>|  | 2146759 | &nbsp;&nbsp; 2185026 |
| Velocity Commercial Capital Loan Trust Series 2025-4<sup>(a)(g)</sup> <br>6.31%, 09/25/55<br>|  | 13970314 | &nbsp;&nbsp; 13912397 |
| Velocity Commercial Capital Loan Trust Series 2025-4<sup>(a)(g)</sup> <br>9.35%, 09/25/55<br>|  | 12972434 | &nbsp;&nbsp; 12918263 |
| Total Commercial Mortgage-Backed Securities<br> (Cost $57,003,275)<br>|  |  | &nbsp;&nbsp; 56731340 |
| U.S. GOVERNMENT AGENCIES | 6.4<br> %<br>|  |  |
| Fannie Mae REMICS Series 2013-67<br> (Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.68%, 07/25/43<br>|  | 6659190 | &nbsp;&nbsp; 747228 |
| Fannie Mae REMICS Series 2020-27<br> (Floating, 5.84% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(g)(h)</sup> <br>1.53%, 05/25/50<br>|  | 14509141 | &nbsp;&nbsp; 1598479 |
| Fannie Mae REMICS Series 2022-19<br> (Floating, 5.60% - U.S. 30-Day Average SOFR, 5.60% Cap)<sup>(b)(g)(h)</sup> <br>1.29%, 04/25/52<br>|  | 27953660 | &nbsp;&nbsp; 2651614 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae REMICS Series 2024-9<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 03/25/50<br>|  | $46188598 | &nbsp;&nbsp; $5584779 |
| Freddie Mac Multifamily Structured Credit Risk Series 2021-MN3<br> (Floating, U.S. 30-Day Average SOFR + 6.85%)<sup>(a)(b)</sup> <br>11.21%, 11/25/51<br>|  | 5000000 | &nbsp;&nbsp; 5301658 |
| Freddie Mac Multifamily Structured Credit Risk Series 2024-MN9<br> (Floating, U.S. 30-Day Average SOFR + 6.00%)<sup>(a)(b)</sup> <br>10.35%, 10/25/44<br>|  | 3000000 | &nbsp;&nbsp; 3192553 |
| Freddie Mac Multifamily Structured Credit Risk Series 2025-MN11<br> (Floating, U.S. 30-Day Average SOFR + 4.40%)<sup>(a)(b)</sup> <br>8.76%, 07/25/45<br>|  | 12000000 | &nbsp;&nbsp; 12288289 |
| Freddie Mac REMICS Series 4833<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 10/15/44<br>|  | 15087073 | &nbsp;&nbsp; 1612120 |
| Freddie Mac REMICS Series 5240<br> (Floating, 5.89% - U.S. 30-Day Average SOFR)<sup>(b)(g)(h)</sup> <br>1.58%, 03/25/50<br>|  | 14480043 | &nbsp;&nbsp; 1579689 |
| Freddie Mac REMICS Series 5370<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 05/15/48<br>|  | 44820163 | &nbsp;&nbsp; 5182264 |
| Freddie Mac REMICS Series 5386<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 03/15/48<br>|  | 48937642 | &nbsp;&nbsp; 5781336 |
| Freddie Mac REMICS Series 5564<br> (Floating, 5.80% - U.S. 30-Day Average SOFR)<sup>(b)(g)(h)</sup> <br>1.44%, 08/25/55<br>|  | 61600129 | &nbsp;&nbsp; 4715003 |
| Government National Mortgage Association Series 2013-9<br> (Floating, 6.64% - CME Term SOFR 1M, 6.75% Cap)<sup>(b)(g)(h)</sup> <br>2.28%, 01/20/43<br>|  | 15040438 | &nbsp;&nbsp; 2002117 |
| Government National Mortgage Association Series 2016-116<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.63%, 09/20/46<br>|  | 9562069 | &nbsp;&nbsp; 1229901 |
| Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 09/20/49<br>|  | 40177677 | &nbsp;&nbsp; 5069792 |
| Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 09/20/49<br>|  | 8668046 | &nbsp;&nbsp; 1064819 |
| Government National Mortgage Association Series 2019-115<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(h)</sup> <br>1.63%, 09/20/49<br>|  | 17025394 | &nbsp;&nbsp; 2177345 |
| Government National Mortgage Association Series 2020-47<br> (Floating, 5.89% - CME Term SOFR 1M, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.53%, 02/20/49<br>|  | 33101269 | &nbsp;&nbsp; 3249297 |
| Government National Mortgage Association Series 2020-7<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 01/20/50<br>|  | 15227950 | &nbsp;&nbsp; 1901225 |
| Government National Mortgage Association Series 2021-160<br> (Floating, 6.19% - CME Term SOFR 1M, 6.30% Cap)<sup>(b)(g)(h)</sup> <br>1.83%, 09/20/51<br>|  | 11931411 | &nbsp;&nbsp; 1729085 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Government National Mortgage Association Series 2021-205<br> (Floating, 3.20% - U.S. 30-Day Average SOFR, 3.20% Cap)<sup>(b)(g)(h)</sup> <br>0.00%, 11/20/51<br>|  | $142130803 | &nbsp;&nbsp; $2213204 |
| Government National Mortgage Association Series 2021-41<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 02/20/49<br>|  | 21657678 | &nbsp;&nbsp; 2605841 |
| Government National Mortgage Association Series 2022-190<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.63%, 08/20/49<br>|  | 28121899 | &nbsp;&nbsp; 3296907 |
| Government National Mortgage Association Series 2023-135<br> (Floating, 28.17% - U.S. 30-Day Average SOFR \* 4.33, 28.17% Cap)<sup>(b)</sup> <br>9.15%, 09/20/53<br>|  | 2496776 | &nbsp;&nbsp; 2787836 |
| Government National Mortgage Association Series 2023-147<br> (Floating, 6.25% - U.S. 30-Day Average SOFR, 6.25% Cap)<sup>(b)(g)(h)</sup> <br>1.90%, 04/20/51<br>|  | 28322447 | &nbsp;&nbsp; 4018596 |
| Government National Mortgage Association Series 2023-75<br> (Floating, 6.09% - CME Term SOFR 1M, 6.20% Cap)<sup>(b)(g)(h)</sup> <br>1.73%, 04/20/48<br>|  | 79987350 | &nbsp;&nbsp; 10591437 |
| Government National Mortgage Association Series 2024-128<br> (Floating, 18.29% - U.S. 30-Day Average SOFR \* 2.75, 18.29% Cap)<sup>(b)</sup> <br>6.22%, 08/20/54<br>|  | 4397839 | &nbsp;&nbsp; 4707043 |
| Government National Mortgage Association Series 2024-171<br> (Floating, 5.95% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(g)(h)</sup> <br>1.60%, 09/20/52<br>|  | 50932921 | &nbsp;&nbsp; 4792426 |
| Government National Mortgage Association Series 2024-173<br> (Floating, 6.59% - CME Term SOFR 1M, 6.70% Cap)<sup>(b)(g)(h)</sup> <br>2.23%, 11/20/43<br>|  | 25449904 | &nbsp;&nbsp; 3317769 |
| TOTAL U.S. GOVERNMENT AGENCIES<br> (Cost $104,897,185)<br>|  |  | &nbsp;&nbsp; 106989652 |
| TOTAL MORTGAGE-BACKED SECURITIES<br> (Cost $208,942,518)<br>|  |  | &nbsp;&nbsp; 210329109 |
| MUNICIPAL BONDS | 3.8<br> %<br>|  |  |
| GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue <br> Bond<br> 7.50%, 08/20/40<br>|  | 15854946 | &nbsp;&nbsp; 15404428 |
| Commonwealth of Puerto Rico<sup>(o)</sup> <br>0.00%, 11/01/43<br>|  | 33142857 | &nbsp;&nbsp; 21915714 |
| PR Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 521000 | &nbsp;&nbsp; 69670 |
| PRCCDA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 1415000 | &nbsp;&nbsp; 317098 |
| PRHTA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 12/06/49<br>|  | 2545000 | &nbsp;&nbsp; 630563 |
| PRHTA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 12/06/49<br>|  | 1855000 | &nbsp;&nbsp; 361825 |
| PRHTA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 12/06/49<br>|  | 2490000 | &nbsp;&nbsp; 471535 |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 36764000 | &nbsp;&nbsp; 8725163 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | $73420000 | &nbsp;&nbsp; $14109907 |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 4128000 | &nbsp;&nbsp; 970089 |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 1325000 | &nbsp;&nbsp; 278344 |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 1029000 | &nbsp;&nbsp; 279622 |
| PRIFA Custodial Trust<sup>(g)(o)</sup> <br>0.00%, 03/15/49<br>|  | 1345000 | &nbsp;&nbsp; 331947 |
| TOTAL MUNICIPAL BONDS<br> (Cost $64,589,955)<br>|  |  | &nbsp;&nbsp; 63865905 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| WARRANTS | 0.0<br> %<br>|  |  |
| Twin Hospitality Group, Inc., Expires on 01/30/30, Strike Price USD 0.00<sup>(d)(g)</sup> <br>|  | 160755 | &nbsp;&nbsp; — |
| TOTAL WARRANTS<br> (Cost $—)<br>|  |  | &nbsp;&nbsp; — |
| SHORT-TERM INVESTMENTS | 9.5<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.95%<sup>(p)</sup> <br>|  | 157595818 | &nbsp;&nbsp; 157595818 |
| TOTAL SHORT-TERM INVESTMENTS<br> (Cost $157,595,818)<br>|  |  | &nbsp;&nbsp; 157595818 |
| TOTAL INVESTMENTS<br> (Cost $1,707,799,777)<br>| 101.6<br> %<br>|  | &nbsp;&nbsp; 1691994572 |
| NET OTHER ASSETS (LIABILITIES) | (1.6)%<br>|  | &nbsp;&nbsp; (27389160)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1664605412 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without <br> registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. As of September 30, <br> 2025, these securities had a total market value of $1,109,927,593 or 67% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at September 30, 2025, and the related index and spread are shown parenthetically for each <br> security, when applicable.<br>|
| <sup>(c)</sup>Step coupon bond. Rate as of September 30, 2025 is disclosed. |
| <sup>(d)</sup>Security valued pursuant to Level 3 unobservable inputs. |
| <sup>(e)</sup>The interest rate on this certificate may increase 0.50% per annum after the first possible optional termination date. |
| <sup>(f)</sup>Equity tranche security. |
| <sup>(g)</sup>Non-income producing security. |
| <sup>(h)</sup>Interest only security. |
| <sup>(i)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(j)</sup>Issuer has defaulted on terms of debt obligation. Income is not being accrued. |
| <sup>(k)</sup>Position is unsettled. Contract rate was not determined at September 30, 2025 and does not take effect until settlement date. |
| <sup>(l)</sup>Position is unfunded. Contract rate was not determined at September 30, 2025 and does not take effect until drawn. |
| <sup>(m)</sup>Security is a payment in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| <sup>(n)</sup>FGIC insured bond in which the current value primarily relates to pending insurance payments. |
| <sup>(o)</sup>Zero coupon bond. |
| <sup>(p)</sup>7-day current yield as of September 30, 2025 is disclosed. |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**September 30, 2025** 

------

---

| |
|:---|
| Abbreviations: |
| CLO – Collateralized Loan Obligation |
| SOFR – Secured Overnight Financing Rate |
| USD – United States Dollar |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF ASSETS & LIABILITIES**

**September 30, 2025** 

------

---

| | |
|:---|:---|
|  | **River Canyon**<br> **Total Return** <br> **Bond Fund** <br>|
| Assets: |  |
| Investments, at value (Cost: $1,707,799,777) | &nbsp;&nbsp; $1691994572 |
| Cash | &nbsp;&nbsp; 4013346 |
| Cash held at broker | &nbsp;&nbsp; 90000 |
| Foreign currencies (Cost: $311,491) | &nbsp;&nbsp; 314800 |
| Receivable for interest | &nbsp;&nbsp; 14248694 |
| Receivable for dividends | &nbsp;&nbsp; 638990 |
| Receivable for investments sold | &nbsp;&nbsp; 264502 |
| Receivables for capital shares sold | &nbsp;&nbsp; 2662526 |
| Prepaid expenses | &nbsp;&nbsp; 26469 |
| Total Assets | &nbsp;&nbsp; 1714253899 |
| Liabilities: |  |
| Securities purchased payable | &nbsp;&nbsp; 45843849 |
| Capital shares redeemed payable | &nbsp;&nbsp; 2656864 |
| Collateral due to broker | &nbsp;&nbsp; 90000 |
| Investment advisory fees payable | &nbsp;&nbsp; 631914 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 203591 |
| Regulatory and Compliance fees payable | &nbsp;&nbsp; 94812 |
| Trustee fees payable | &nbsp;&nbsp; 888 |
| Other accrued expenses and payables | &nbsp;&nbsp; 126569 |
| Total Liabilities | &nbsp;&nbsp; 49648487 |
| Net Assets | &nbsp;&nbsp; $1664605412 |
| Institutional Shares: |  |
| Net assets | &nbsp;&nbsp; $1664605412 |
| Shares of common stock outstanding | &nbsp;&nbsp; 164821953 |
| Net asset value per share | &nbsp;&nbsp; $10.10 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $1739473741 |
| Distributable earnings (loss) | &nbsp;&nbsp; (74868329)<br>|
| Net Assets | &nbsp;&nbsp; $1664605412 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF OPERATIONS**

**For the year ended September 30, 2025** 

------

---

| | |
|:---|:---|
|  | **River Canyon**<br> **Total Return** <br> **Bond Fund** <br>|
| Investment Income: |  |
| Dividend income | &nbsp;&nbsp; $5065553 |
| Interest income | &nbsp;&nbsp; 95302038 |
| Total investment income | &nbsp;&nbsp; 100367591 |
| Operating expenses: |  |
| Investment advisory | &nbsp;&nbsp; 7902040 |
| Accounting and Administration | &nbsp;&nbsp; 1006129 |
| Regulatory and Compliance | &nbsp;&nbsp; 464642 |
| Trustees | &nbsp;&nbsp; 84801 |
| Legal | &nbsp;&nbsp; 78463 |
| Other | &nbsp;&nbsp; 339755 |
| Total expenses before reductions | &nbsp;&nbsp; 9875830 |
| Expenses reduced by Adviser | &nbsp;&nbsp; (1973787)<br>|
| Net expenses | &nbsp;&nbsp; 7902043 |
| Net investment income | &nbsp;&nbsp; 92465548 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp; (3188846)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (362994)<br>|
| Foreign currency | &nbsp;&nbsp; (371859)<br>|
| Swap agreements | &nbsp;&nbsp; (768061)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (4691760)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (5742557)<br>|
| Foreign currency translations | &nbsp;&nbsp; (9499)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (122216)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (5874272)<br>|
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (10566032)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $81899516 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended September 30, 2025 and 2024**

------

---

| | | |
|:---|:---|:---|
|  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  |
|  | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $92465548 | &nbsp;&nbsp; $53177010 |
| Net realized gains (losses) from investment transactions | &nbsp;&nbsp; (4691760)<br>| &nbsp;&nbsp; (7529568)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (5874272)<br>| &nbsp;&nbsp; 31583823 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 81899516 | &nbsp;&nbsp; 77231265 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings | &nbsp;&nbsp; (94408702)<br>| &nbsp;&nbsp; (53912268)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (94408702)<br>| &nbsp;&nbsp; (53912268)<br>|
| Capital Transactions: |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 1154900222 | &nbsp;&nbsp; 475612516 |
| Value of shares issued to shareholders in reinvestment of dividends | &nbsp;&nbsp; 87140588 | &nbsp;&nbsp; 50839244 |
| Value of shares redeemed | &nbsp;&nbsp; (477412248)<br>| &nbsp;&nbsp; (170339237)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 764628562 | &nbsp;&nbsp; 356112523 |
| Change in net assets | &nbsp;&nbsp; 752119376 | &nbsp;&nbsp; 379431520 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp; 912486036 | &nbsp;&nbsp; 533054516 |
| End of year | &nbsp;&nbsp; $1664605412 | &nbsp;&nbsp; $912486036 |
| Share Transactions: |  |  |
| Sold | &nbsp;&nbsp; 114414081 | &nbsp;&nbsp; 47158298 |
| Reinvested | &nbsp;&nbsp; 8662336 | &nbsp;&nbsp; 5060222 |
| Redeemed | &nbsp;&nbsp; (47458626)<br>| &nbsp;&nbsp; (16952945)<br>|
| Change | &nbsp;&nbsp; 75617791 | &nbsp;&nbsp; 35265575 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  |
|  | **Year Ended**<br> **September 30,**<br> **2025** <br>| **Year Ended**<br> **September 30,**<br> **2024** <br>| **Year Ended**<br> **September 30,**<br> **2023** <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022** <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2021** <br>|
| Net asset value, beginning of year | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $11.14 | &nbsp;&nbsp;&nbsp; $10.92 |
| Income (loss) from operations: |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.77 | 0.80 | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Net realized and unrealized <br> gains (losses) from <br> investments<br>| &nbsp;&nbsp; (0.13)<br>| 0.35 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment <br> operations<br>| 0.64 | 1.15 | 0.64 | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>|
| From net realized gains on <br> investments<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.13)<br>| 0.35 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net asset value, end of year | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $11.14 |
| Total return | 6.60<br> %<br>| 12.13<br> %<br>| 6.70 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (5.60<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> %<br>|
| <u>Ratios/Supplemental data:</u> |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $1664605 | &nbsp;&nbsp; $912486 | &nbsp;&nbsp; $533055 | &nbsp;&nbsp;&nbsp; $500577 | &nbsp;&nbsp;&nbsp; $868654 |
| Ratio of net expenses to average net <br> assets<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.67 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>(c)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 7.60<br> %<br>| 7.90<br> %<br>| 7.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>|
| Ratio of gross expenses to average <br> net assets<sup>(d)</sup><br>| 0.81<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Portfolio turnover rate | 56.78<br> %<br>| 63.11<br> %<br>| 71.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 122.12 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.64<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The per share amounts are computed based on average shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser reimbursed the Fund $67,395 during the period in connection with an error.
 Such reimbursement was 0.02% to the Fund's total return on the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Expenses include interest expense on reverse repurchase agreements of 0.01% and 0.02%
 for the year ended September 30, 2021 and September 30, 2023, respectively, which is excluded from the Fund's contractual expense limit.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the years shown, certain fees were reduced. If such fee reductions had not
 occurred, the ratio would have been as indicated.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The portfolio turnover rate increased during the year in connection with increased
 shareholder activity in the Fund.

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

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. As an open-end registered investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The River Canyon Total Return Bond Fund (the "Fund") is a series of the Trust which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Fund's Institutional Shares class commenced operations on December 30, 2014. Prior to April 6, 2015 shares of the Fund were not registered under the Securities Act of 1933, as amended (the "1933 Act"). During that time, investments in the Fund were made only by individuals or entities that were "accredited investors" within the meaning of Regulation D under the 1933 Act, and shares were issued solely in private placement transactions that did not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Effective April 6, 2015, the Fund became publicly available for investment. These financial statements and notes only relate to the Fund.

The investment objective of the Fund is to seek to maximize total return. The Fund has been managed as a diversified fund pursuant to Section 5(b) of the 1940 Act since July 2018. Effective April 26, 2021, the Fund determined to continue to be managed as a diversified fund.

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Fund. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.

**A. Significant accounting policies are as follows:** 

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Fund, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 —quoted prices in active markets for identical assets

• Level 2 —other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 —significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an approved independent third party pricing service as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Fund is calculated.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an approved independent pricing source. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as a Level 1 in the fair value hierarchy.

Spot and forward foreign currency exchange contracts are generally valued using an independent pricing service. Forward contracts are typically classified within Level 2 of the fair value hierarchy.

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty as noted in the "Swap Contracts" note in these notes to financial statements.

The Trustees have designated River Canyon Fund Management LLC (the "Adviser" or "River Canyon"), as investment adviser to the Fund, as the Fund's Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) according to policies approved by the Board.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of the Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of September 30, 2025 in valuing the Fund's investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **Investments in Securities:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $678857050 | &nbsp;&nbsp; $67133710 | &nbsp;&nbsp; $745990760 |
| Bank Debts | &nbsp;&nbsp; — | &nbsp;&nbsp; 170333418 | &nbsp;&nbsp; 4492161 | &nbsp;&nbsp; 174825579 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 265587838 | &nbsp;&nbsp; 2460000 | &nbsp;&nbsp; 268047838 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 71339563 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71339563 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 210059127 | &nbsp;&nbsp; 269982 | &nbsp;&nbsp; 210329109 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 63865905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63865905 |
| Short-Term Investments | &nbsp;&nbsp; 157595818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 157595818 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| **Total Investments in Securities** | &nbsp;&nbsp; $157595818 | &nbsp;&nbsp; $1460042901 | &nbsp;&nbsp; $74355853 | &nbsp;&nbsp; $1691994572 |
| **Total Investments** | &nbsp;&nbsp; $157595818 | &nbsp;&nbsp; $1460042901 | &nbsp;&nbsp; $74355853 | &nbsp;&nbsp; $1691994572 |

---

\* Amount is $0.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

Below is a reconciliation that details the activity of securities classified as Level 3 during the year ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at value** | **Beginning**<br> **Value**<br>| **Current**<br> **Year**<br> **Amortization**<br>| **Purchases** | **Sales** | **Realized**<br> **Gains**<br> **(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Transfers**<br> **into**<br> **Level 3**<br>| **Transfers**<br> **out of**<br> **Level 3**<br>| **Ending**<br> **Value**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **from Investments**<br> **still held**<br> **End of Period**<br>|
| Asset-Backed <br> Securities<br>| $7594716 | $104850<br>| $49962634 | $(3388967)<br>| $— | $(1666318)<br>| $14526795 | $— | $67133710 | $(2706286)<br>|
| Bank Debts | 5433298<br>| 28310<br>| 4640187<br>| (5626964)<br>| 40031<br>| (22701)<br>|  |  | 4492161<br>| (42077)<br>|
| Bankruptcy Claims | 31575000<br>|  |  | (33137669)<br>| 1562669<br>|  |  |  |  |  |
| Corporate Bonds | 10075000<br>| (7796)<br>| 26400500 | (33496001)<br>| (136841)<br>| (374862)<br>|  |  | 2460000 |  |
| Mortgage-Backed <br> Securities<br>| 538837 | 66186<br>|  | (57195)<br>| 36468<br>| (57522)<br>|  | (256792)<br>| 269982 | (609)<br>|
| Warrants |  |  |  |  |  |  |  |  |  |  |
| Total | $55216851 | $191550<br>| $81003321 | $(75706796)<br>| $1502327<br>| $(2121403)<br>| $14526795 | $(256792)<br>| $74355853 | $(2748972)<br>|

---

The following is a summary of the valuation techniques and unobservable inputs used in valuing the Fund's securities classified as Level 3 as of September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Level 3 Securities** | **Value** | **Valuation Techniques** | **Unobservable Inputs** |
| Asset-Backed Securities: | &nbsp;&nbsp; $18083827 | Broker quotes | Price |
|  | &nbsp;&nbsp; 2133045 | Independent pricing services | Price |
|  | &nbsp;&nbsp; 46916838 | Transactions | Price |
|  | &nbsp;&nbsp; — | Worthless | Worthless |
| Bank Debts: | &nbsp;&nbsp; 4492161 | Market comparable companies | EBITDA Multiple (4.3x) |
| Corporate Bonds: | &nbsp;&nbsp; 2460000 | Transactions | Price |
| Mortgage-Backed Securities: | &nbsp;&nbsp; 12742 | Broker quotes | Price |
|  | &nbsp;&nbsp; 257112 | Independent pricing services | Price |
|  | &nbsp;&nbsp; 128 | Transactions | Price |
| Warrants | &nbsp;&nbsp; — | Worthless | Worthless |
| Total Investments in Level 3 Securities | &nbsp;&nbsp; $74355853<br>|  |  |

---

**FORWARD COMMITMENTS**

The Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (i.e., "when issued," "delayed delivery," "forward commitment," or "TBA transaction") consistent with the Fund's ability to manage its investment portfolio. No interest will be earned by the Fund on such purchases until the securities are delivered, however the market value may change prior to delivery. When the Fund makes a commitment to purchase a security on a forward commitment basis, cash or liquid securities equal to the amount of such Fund's commitments will be reserved for payment of the commitment.

The Fund may enter into TBA sale commitments to help manage portfolio duration, hedge its positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date.

Unsettled TBA sale (purchase) commitments are valued at the current market value of the underlying securities. The contract is adjusted to market value daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale (purchase) commitment is closed through the acquisition of an offsetting purchase (sale) commitment, the Fund realizes a gain or loss from the sale of the securities based upon the unit price established at the date the commitment was entered.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

**REVERSE REPURCHASE AGREEMENTS**

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund delivers securities in exchange for cash to a counterparty, with a simultaneous agreement to repurchase the same or substantially same securities at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the securities delivered to the counterparty during the term of the agreement. Cash received in exchange for the securities delivered will accrue interest to be paid by the Fund to the counterparty and is recorded as a component of interest expense on the Statement of Operations. The Fund will earmark and reserve Fund assets, in cash or liquid securities, in an amount at least equal to its purchase obligations under the agreements. During the year ended September 30, 2025, there were no reverse repurchase agreements held by the Fund.

**DERIVATIVE FINANCIAL INSTRUMENTS**

The Fund may engage in various portfolio strategies to seek to increase their return by hedging the portfolio against adverse movements in the equity, debt and currency markets. Losses may arise due to changes in the value of the contract if the counterparty does not perform under the contract. The Fund, in its normal course of business, may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's exposure may include future claims that may be made against the Fund that have not yet occurred.

**Forward Foreign Currency Contracts** — The Fund may enter into forward foreign currency contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets & Liabilities. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

**Swap Contracts** — The Fund may enter into swap agreements, such as total return swaps.

Swap agreements are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of the Fund's portfolio, to protect the Fund's value from changes in interest rates, to expose the Fund to a different security or market or to help the Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, the Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the agreement).

Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available; and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets & Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued pursuant to guidelines established by the Board. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Fund's Valuation Designee.

Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets & Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gains or losses on the Statement of Operations. If any, realized gains/losses on swap agreements would be included in Net realized gain (loss) on swap agreements in the Statement of Operations.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets & Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

**INVESTMENT TRANSACTIONS AND INCOME**

Investments are recorded as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a fund in the Trust are charged to that fund, while expenses that are attributable to more than one fund in the Trust are allocated among the applicable funds on a pro-rata basis to each adviser's series of funds based on relative net assets or another reasonable basis.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund intends to distribute substantially all of its net investment income as dividends to shareholders on a monthly basis. The Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains at least once a year.

Distributions from net investment income and from net realized capital gain are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., treatment of certain dividend distributions, gains/losses, return of capital, redemption in-kind, etc.), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**FEDERAL INCOME TAX INFORMATION**

No provision is made for federal income taxes as the Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

As of September 30, 2025, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund's tax return for the tax years ended September 30, 2025, 2024, 2023 and 2022 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

**OPERATING SEGMENTS**

In this reporting period, the Fund adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Management of the Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus based on a defined investment strategy which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, and is consistent with the financial information presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets & Liabilities as "total assets", and significant segment expenses are listed on the accompanying Statement of Operations.

**B. Fees and Transactions with Affiliates and Other Parties**

River Canyon, which is registered under the Investment Advisers Act of 1940, as amended, serves as the investment adviser to the Fund. Under the terms of the Trust's Second Amended and Restated Investment Advisory Agreement (the "Agreement") with the Adviser, the Fund pays the Adviser an advisory fee computed and accrued daily and paid monthly at the annual rate of 0.65% of average daily net assets. Total fees incurred pursuant to the Agreement are reflected as "Investment advisory" expenses on the Statement of Operations.

Foreside Financial Services, LLC (the "Distributor") provides distribution services to the Fund pursuant to a distribution agreement with the Trust, on behalf of the Fund. 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 Fund on a continuous basis. The Adviser, at its own expense, pays the Distributor an annual $25,000 fee for these services and reimbursement for certain expenses incurred on behalf of the Fund.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian and fund accounting agent for the Fund pursuant to written agreements between the Trust, on behalf of the Fund, and Northern Trust. The Fund has agreed to pay Northern Trust a tiered basis-point fee based on the Fund's daily net assets, subject to a minimum annual fee of $150,000 relating to these services, and reimburse for certain expenses incurred on behalf of the Fund as well as other charges for additional service activities. Total fees paid to Northern Trust pursuant to these agreements are reflected as "Accounting and Administration" expenses on the Statement of Operations.

Foreside Fund Officer Services, LLC ("Foreside", d/b/a ACA Group) provides compliance and financial control services for the Fund pursuant to a written agreement with the Trust, on behalf of the Fund, including providing certain officers to the Fund. The Fund pays Foreside an annual asset-based fee, a basis-point fee based on the Fund's daily net assets, subject to an overall annual minimum fee of $125,000 for these services, and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Foreside pursuant to these agreements are reflected as "Regulatory and Compliance" fees on the Statement of Operations.

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2025, the Trust paid each Trustee who is not an "interested person," as that term is defined in the 1940 Act (each, an "Independent Trustee" and, collectively, the "Independent Trustees") compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. Effective April 1, 2025, the Trust pays an annual retainer of $145,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the year ended September 30, 2025, the aggregate Trustee compensation paid by the Trust was $415,500. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as "Trustees" fees on the Statement of Operations.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

The Adviser has contractually agreed to waive fees or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.65% of the average daily net assets of the Fund until January 28, 2026. 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 in which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to exceed the applicable expense limitation in effect at the time of repayment or 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 at any time and will terminate automatically upon termination of the Agreement.

For the year ended September 30, 2025, the Fund incurred advisory fees payable to River Canyon, expense waivers/reimbursements from River Canyon, and paid expense recoupments to River Canyon as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **River Canyon**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by River Canyon**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by River Canyon**<br>|
| River Canyon Total Return Bond Fund  | $7902040 | $1973787 | $— |

---

The balances of recoverable expenses to River Canyon by the Fund at September 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **For the:** | **Expiring** | **River Canyon**<br> **Total Return Bond Fund** <br>|
| Year Ended September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; $973234 |
| Year Ended September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 1264398 |
| Year Ended September 30, 2025 | September 30, 2028 | &nbsp;&nbsp; 1973787 |
| Balances of Recoverable Expenses to the Adviser |  | &nbsp;&nbsp; $4211419 |

---

**C. Investment Transactions**

For the year ended September 30, 2025, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $1238103685 | &nbsp;&nbsp; $638788094 |

---

**D. Derivative Instruments**

The following table, set forth by primary risk exposure, displays the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contract Type** | **Statement of Operations Location** | **Amount of Realized Gain**<br> **(Loss) on Derivative Contracts**<br>|
| River Canyon Total <br> Return Bond Fund <br>| Foreign exchange contracts | Net realized gain (loss) from forward foreign <br> currency exchange contracts<br>| $(362994)<br>|
|  | Equity contracts | Net realized gain (loss) from swap agreements | (768061)<br>|

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contract Type** | **Statement of Operations Location** | **Change in Unrealized Appreciation**<br> **(Depreciation) on Derivative Contracts**<br>|
| River Canyon Total Return <br> Bond Fund <br>| Foreign exchange<br> contracts<br>| Change in unrealized appreciation (depreciation) on <br> forward foreign currency exchange contracts<br>| $(122216)<br>|

---

Volume of derivative activity for the fiscal year ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Foreign Exchange**<br> **Contracts** | **Foreign Exchange**<br> **Contracts** | **Equity**<br> **Contracts** | **Equity**<br> **Contracts** |
| **Fund** | &nbsp;&nbsp; **Number**<br> **Of**<br> **Trades**<br>| **Average**<br> **Notional**<br> **Amount**<br>| &nbsp;&nbsp; **Number**<br> **Of**<br> **Trades**<br>| **Average**<br> **Notional**<br> **Amount**<br>|
| River Canyon Total Return Bond Fund  | 6 | &nbsp;&nbsp; $10418825 | 8 | &nbsp;&nbsp; $23300 |

---

**E. Federal Income Tax**

As of September 30, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $1715695014<br>| &nbsp;&nbsp; $34268398<br>| &nbsp;&nbsp; $(57968840) <br>| &nbsp;&nbsp; $(23700442) <br>|

---

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2025 and September 30, 2024 for the Fund was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **River Canyon Total Return Bond Fund**  | **Ordinary Income** | **Net Long**<br> **Term Gains**<br>| **Total Taxable**<br> **Distributions**<br>| **Tax Return**<br> **of Capital**<br>| **Total Distributions**<br> **Paid**<br>|
| 2025 | &nbsp;&nbsp; $94408702 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94408702 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $94408702 |
| 2024 | &nbsp;&nbsp; $53912268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53912268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53912268 |

---

As of the latest tax year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed**<br> **Ordinary Income**<br>| **Undistributed Long**<br> **Term Capital**<br> **Gains**<br>| **Accumulated**<br> **Earnings**<br>| **Distributions**<br> **Payable**<br>| **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| **Unrealized**<br> **(Depreciation)**<br>| **Total**<br> **Accumulated**<br> **(Deficit)**<br>|
| River Canyon Total Return Bond Fund  | $3693156 | $— | $3693156 | $— | $(54866176)<br>| $(23695309)<br>| $(74868329)<br>|

---

As of the latest tax year ended September 30, 2025, capital losses incurred by the Fund are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $37915251 | &nbsp;&nbsp; $16950925 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

------

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

**F. Concentration of Ownership**

A significant portion of the Fund's shares may be held in a limited number of shareholder accounts. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by the Fund, this could have a disruptive impact on the efficient implementation of the Fund's investment strategy.

**G. Other Risks**

The Fund is subject to market risk, which is the risk related to investments in securities in general and the daily fluctuations in the securities markets. The market prices of the Fund's securities may go up or down, sometimes rapidly or unpredictably, due to many factors, including fluctuation in interest rates, lack of liquidity in the bond market, national and international economic conditions, adverse investor sentiment, natural disasters, pandemics, climate change and climate-related events, disruptions to business operations and supply chains, staffing shortages, regulatory events and governmental or quasi-governmental actions and general market conditions. Global economies and financial markets are increasingly interconnected and 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. These events can have a significant impact on the Fund's operations and performance.

------

**Report of Independent Registered Public Accounting Firm** 

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders of the River Canyon Total Return Bond Fund and the Board of Trustees of Advisers Investment Trust

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the River Canyon Total Return Bond Fund (the "Fund"), one of the funds constituting Advisers Investment Trust (the "Trust"), as of September 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the of the Fund as of September 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche, LLP

Chicago, Illinois

November 20, 2025

We have served as the auditor of one or more River Canyon Fund Management LLC investment companies since 2015.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**ADDITIONAL INFORMATION**

**September 30, 2025 (Unaudited)**

------

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

**A. Other Federal Tax Information**

For the fiscal year ended September 30, 2025, the percentage of taxable ordinary income distributions that are designated as interest related dividends (QII) Qualified Interest Income under the Internal Revenue Code Section 871(k)(l)(c) for the Fund were as follows:

---

| | |
|:---|:---|
| **Fund** | **QII Percentage** |
| River Canyon Total Return Bond Fund | 87.71<br> %<br>|

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**PROXY DISCLOSURES**

**September 30, 2025 (Unaudited)**

------

Not applicable.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**September 30, 2025 (Unaudited)**

------

Included on pages 26 - 27 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**September 30, 2025 (Unaudited)**

------

Section 15 of the 1940 Act requires that the Second Amended and Restated Investment Advisory Agreement (the "Agreement") between the Trust and the Adviser with respect to the Fund be approved by a majority of the Board including a majority of Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to the Fund and its shareholders. The Board considered and approved the Agreement for the Fund at a meeting held on September 10, 2025.

The Board requested, and the Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by the Adviser to the Fund; (ii) the investment performance of the Fund and the Adviser (iii) the costs of the services to be provided and the profits to be realized by the Adviser from its relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of the Fund's shareholders.

The Board examined the nature, extent, and quality of the advisory services provided by the Adviser. The Board considered the terms of the Agreement, information and reports provided by the Adviser regarding its business, personnel and operations, and advisory services the Adviser provides to the Fund. The Board reviewed the Adviser's investment philosophy and portfolio construction processes, the Adviser's compliance program, pending material litigation (if any), insurance coverage, cybersecurity insurance coverage, succession plans for key personnel, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser, there had been no material compliance issues or concerns raised or encountered since the last renewal of the Agreement with respect to the Fund or any other fund managed by the Adviser. The Board then considered key risks associated with the Fund and ways in which those risks were mitigated. Taking into account the personnel involved in servicing the Fund, as well as the materials provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services received from the Adviser.

The Board reviewed the investment performance for the Fund. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the "FUSE Report"). The FUSE Report consisted of comparisons of the performance of the Fund to the performance of (i) its selected benchmark; (ii) the Fund and 13 other multisector bond funds selected by FUSE with similar pricing characteristics (the "Peer Group"); and (iii) the Fund and Peer Group and all other multisector bond funds with similar pricing features (the "Peer Universe"). The Board reviewed the methodology used to select the Peer Group and the Peer Universe. The Board reviewed the performance of the River Canyon Fund for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended June 30, 2025, compared to the Peer Group, Peer Universe, and the selected benchmark and noted the River Canyon Fund's outperformance for all periods. After considering the information, the Board expressed satisfaction with the performance of the Fund and the Adviser.

The Board reviewed the cost of services provided and the profits realized by the Adviser, including assertions related to compensation and profitability. The Board discussed the advisory fee paid by the Fund and the total operating expenses of the Fund. The Board noted that the Adviser received a management fee of 0.65% of average daily net assets of the Fund. The Board reviewed the total net expenses and gross and net advisory fees paid by the River Canyon Fund in comparison to the median total net expenses and median gross and net investment advisory fees paid by the Peer Group and the Peer Universe. The Board noted that the River Canyon Fund net advisory fee was lower than the median and average advisory fees paid by the Peer Group and that the River Canyon Fund's total net operating expenses were lower than the median and average for the Peer Group and lower than the median for the Peer Universe as set forth in the FUSE Report. The Board then considered the expense cap in place for the Fund, noting that the Adviser had contractually agreed to waive fees and/or reimburse expenses to limit total annual fund operating expenses to 0.65% of average daily net assets. After considering the comparative fee and expense data, as well as performance data, provided by the Adviser, the Board concluded that the advisory fees and expense ratios were reasonable.

The Board examined the profitability of the Adviser's relationship with the Fund and considered the information provided by the Adviser. Among other things, the Board considered the overall financial condition and profitability of the Adviser and representations made thereto and to the overall importance of the Fund's relationship to the Adviser's business strategy. The Board concluded that, based on both the written and oral reports provided by the Adviser, the Fund's profitability to River Canyon was reasonable.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**September 30, 2025 (Unaudited)**

------

In considering the economies of scale for the Fund, the Board considered the marketing and distribution plans for the Fund, the Fund's capacity, and the Fund's breakeven point. The Board noted that other than the investment advisory fee, the Adviser derived no other fees or monetary benefits from the Fund.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to various factors considered.

------

(This page has been intentionally left blank)

------

**Investment Adviser**

River Canyon Fund Management LLC

2728 North Harwood Street, 2nd Floor

Dallas, Texas 75201

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered**

**Public Accounting Firm**

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

**Distributor**

Foreside Financial Services, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**For Additional Information, cal**l

800-245-0371 (toll free) or 312-557-0164

RC 09/25

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

------

#### Item 19. Exhibits.
(a)(1) [The Code of Ethics that is the subject of the disclosure required by Item 2 of this Form N-CSR is filed herewith.](Exhibit_a1.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Advisers Investment Trust

---

| | |
|:---|:---|
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | November 26, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |
| Date:  | November 26, 2025  |
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | November 26, 2025  |

---

------

## Ex-99.Cert

#### Certifications
I, Barbara J. Nelligan, certify that:

1. I have reviewed this report on Form N-CSR of the Advisers Investment Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

---

------

I, Troy A. Sheets, certify that:

1. I have reviewed this report on Form N-CSR of the Advisers Investment Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: November 26, 2025  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |

---

------

## Ex-99.Code

Advisers Investment Trust

<u>Principal Executive and Principal Financial Officers Code of Ethics</u>

I. **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Advisers Investment Trust (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

● accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview. A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.** 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or

the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

● not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

● report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

● service as a director on the board of any public company;

● the receipt of any non-nominal gifts;

● the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

● any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

III. **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

● Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. **Reporting and Accountability** 

Each Covered Officer must:

● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;

● annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

● notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

● the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

● the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

● if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

● any matter that the Compliance Officer believes is a violation will be reported to the Committee;

● if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● the Board will be responsible for granting waivers, as appropriate; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

VIII. **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

#### Exhibit A

------

#### Persons Covered by this Code of Ethics

#### Barbara J. Nelligan - President and Principal Executive Officer

#### Troy Sheets - Treasurer and Principal Financial Officer
As of: December 16, 2021

#### Exhibit B-1

#### Advisers Investment Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit B-2

#### Advisers Investment Trust

#### Covered Officer Affirmation of Understanding
In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.

---

| | |
|:---|:---|
| <br> Date: ___________________  |  |
|  | Troy Sheets  |
|  | Principal Financial Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit C-1

#### Advisers Investment Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending September 30, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | <br> Barbara J. Nelligan  |
|  | Principal Executive Officer  |
|  | Advisers Investment Trust  |

---

#### Exhibit C-2

#### Advisers Investment Trust

#### Covered Officer Annual Affirmation
For the fiscal period ending September 30, <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the "Code"), the undersigned Covered Officer of the Company (as defined in the Code) hereby affirms to the Board that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the Code.

------

---

| | |
|:---|:---|
| Date: ___________________  |  |
|  | Troy Sheets  |
|  | Principal Financial Officer  |
|  | Advisers Investment Trust  |

---

------

## Exhibit 99.906

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2025 of the Advisers Investment Trust (the "registrant").

Barbara J. Nelligan, Principal Executive Officer, and Troy A. Sheets, Principal Financial Officer, of registrant each certify to the best of his/her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| November 26, 2025  | November 26, 2025  |
| Date  | Date  |
| /s/ Barbara J. Nelligan  | /s/ Troy A. Sheets  |
| Barbara J. Nelligan  | Troy A. Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------