# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001145549-23-011305
**Filing Date:** 2023-2
**Character Count:** 409570
**Document Hash:** 975210d213b2e4eb369e5180d6c156db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-011305.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001145549-23-011305

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisers Investment Trust
- **CENTRAL INDEX KEY:** 0001516523
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 23674110

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### ADVISERS INVESTMENT TRUST

#### STATE FARM GROWTH FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM GROWTH FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM GROWTH FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

---

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

---

(a) Non-income producing security.

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

(c) Discount rate at the time of purchase.

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

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

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM BALANCED FUND

#### SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

(e) Discount rate at the time of purchase.

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

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM INTERIM FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

---

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

---

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

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

------

#### ADVISERS INVESTMENT TRUST

#### STATE FARM MUNICIPAL BOND FUND

#### SCHEDULE OF INVESTMENTS (continued)

#### December 31, 2021 (Unaudited)

---

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

---

---

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

---

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $591815892.47

**Total Liabilities:** $576659.27

**Net Assets:** $591239233.20

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1587.239304628312 | **1-Year:** 32002.214700578176 | **5-Year:** 101670.297053913462 | **10-Year:** 139891.043983823748 | **30-Year:** 9750.920556863905

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225898 | -0.40%               | 4.22%                | 0.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1144571.03             | $-2729017.78                               |
| Month 2  | $-738029.43              | $23995434.66                               |
| Month 3  | $-796529.78              | $1924819.14                                |

### Schedule of Portfolio Investments

| Name                                                                           | Title                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MASSACHUSETTS ST                                                               | MA MAS 5 12/01/2038              | CUSIP: 57582RMD5<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058101.20   | 0.18%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                                            | WI WISMED 5 07/01/2038           | CUSIP: 97712D2D7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023150.50   | 0.17%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA LOC GOVT ENVIRONMENTAL FACS & CMNTY DEV AUTH                         | LA LASFAC 5 08/15/2037           | CUSIP: 546275AN8<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041222.90   | 0.18%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN VIEW-WHISMAN CALIF SCH DIST                                           | CA MOUSCD 4 09/01/2038           | CUSIP: 62451FLZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506935.10    | 0.09%             | 2038-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TECHNICAL COLLEGE                                                     | TX TXSHGR 5.25 08/01/2035        | CUSIP: 88276RFF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1155193.60   | 0.20%             | 2035-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL O HARE INTL ARPT                                                   | IL CHITRN 5 01/01/2038           | CUSIP: 167593VV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1081445.72   | 0.18%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIV PORT AUTH                                                         | PA DRVTRN 5 01/01/2037           | CUSIP: 246352GK8<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009805.20   | 0.17%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DANVILLE VA                                                                    | VA DAN 4 09/01/2039              | CUSIP: 236866VN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1652837.88   | 0.28%             | 2039-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEASTERN PA TRANSN AUTH PA                                                 | PA SEPTRN 5 06/01/2038           | CUSIP: 842039FJ3<br>LEI: 5493000NDNE24ONUHZ06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120265.40   | 0.19%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE-WESTLAND CMNTY SCHS MICH                                                 | MI WAYSCD 4 11/01/2038           | CUSIP: 946498JT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983836.70    | 0.17%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP                                                     | NY NYSDEV 5 03/15/2035           | CUSIP: 650035R59<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102213.20   | 0.36%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOLEDO OHIO                                                                    | OH TOL 5.25 12/01/2034           | CUSIP: 889278ZQ3<br>LEI: 549300I365GIDPR4BM68 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143799.50   | 0.19%             | 2034-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                                            | TX TXSWTR 4 10/15/2036           | CUSIP: 882854J37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018211.60   | 0.17%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                                   | NE CLMGEN 4 12/15/2028           | CUSIP: 199437MG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155942.43    | 0.03%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DESCHUTES CNTY ORE ADMINISTRATIVE SCH DIST NO 1                                | OR DESSCD 3 06/15/2035           | CUSIP: 250325UB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2705515.19   | 0.46%             | 2035-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                                          | CT CTSMED 07/01/2042             | CUSIP: 20774YJ99<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5700000 | PA      | $5400897.63   | 0.91%             | 2042-07-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                                      | OH HUDSCD 4 12/01/2032           | CUSIP: 444089BV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $388238.33    | 0.07%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 5 04/01/2034           | CUSIP: 097464F89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $262015.30    | 0.04%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2037              | CUSIP: 122062YZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    440000 | PA      | $481488.13    | 0.08%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.5 09/01/2030            | CUSIP: 0331614Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1478444.54   | 0.25%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TEXAS WATER DEV BRD                                                            | TX TXSWTR 4.45 10/15/2036        | CUSIP: 88285ABA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068049.90   | 0.18%             | 2036-10-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| CENTER GROVE IND MULTI-FAC SCH BLDG CORP                                       | IN CGMEDU 5 07/10/2038           | CUSIP: 15147TGX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    975000 | PA      | $1064417.93   | 0.18%             | 2038-07-10      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON AREA WIS SCH DIST                                                   | WI BURSCD 3.12 04/01/2031        | CUSIP: 121493KF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996954.10    | 0.17%             | 2031-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CALIF UNI SCH DIST                                                     | CA ANCSCD 4 08/01/2033           | CUSIP: 037105MN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    385000 | PA      | $403322.46    | 0.07%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RICHARDSON TEX INDPT SCH DIST                                                  | TX RCNSCD 5 02/15/2036           | CUSIP: 7632617P3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154309.80   | 0.20%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KNOX CNTY TENN                                                                 | TN KNO 3 06/01/2032              | CUSIP: 499513ED7<br>LEI: 549300WT27UFXOLT2D56 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1065389.40   | 0.18%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST HEALTH & EDL FACS AUTH                                            | WI WISMED 5 11/15/2039           | CUSIP: 97712DQV1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020522.10   | 0.17%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOWLING GREEN KY                                                               | KY BOWUTL 3 06/01/2033           | CUSIP: 102745PH3<br>LEI: 54930080VGM7PSGOKL96 | Long             | DBT              | MUN               | US        |   3115000 | PA      | $2937102.04   | 0.50%             | 2033-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WASATCH CNTY UTAH SCH DIST                                                     | UT WCHSCD 5 06/01/2034           | CUSIP: 936785AK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $858285.38    | 0.15%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUNDEE MICH CMNTY SCH DIST                                                     | MI DUNSCD 5 05/01/2037           | CUSIP: 265201JV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104062.90   | 0.19%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CASCADE CNTY MONT HIGH SCH DIST NO A                                           | MT CASSCD 5 07/01/2034           | CUSIP: 147249JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $795246.19    | 0.13%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA MO                                                                    | MO CLMWTR 3 10/01/2035           | CUSIP: 198072ZZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2520000 | PA      | $2266207.02   | 0.38%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE ORION MICH CMNTY SCH DIST                                                 | MI LORSCD 4 05/01/2039           | CUSIP: 510336TK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990670.60    | 0.17%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS A & M UNIV                                                               | TX TAMHGR 5.25 05/15/2036        | CUSIP: 88213AST3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1160655.30   | 0.20%             | 2036-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                                              | Northern Inst Fds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  16321205 | NS      | $16321204.66  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA S C                                                                   | SC COLWTR 4 02/01/2029           | CUSIP: 198504WM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1094332.46   | 0.19%             | 2029-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SARASOTA CNTY FLA                                                              | FL SARUTL 5.25 10/01/2039        | CUSIP: 803321RG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143698.10   | 0.19%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                                     | TX TAREDU 11/15/2052             | CUSIP: 87638QSF7<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055785.50   | 0.18%             | 2052-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| BRAXTON CNTY W VA                                                              | WV BRAEDU 5 05/01/2027           | CUSIP: 105745CA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $553731.91    | 0.09%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST WTR DEV AUTH                                                           | OH OHSWTR 5 12/01/2039           | CUSIP: 67765QKQ8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1646866.14   | 0.28%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO-NORWAY WIS SCH DIST                                                    | WI MSNSCD 4 04/01/2033           | CUSIP: 627627RS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051381.80   | 0.18%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX                                                              | NM ALBGEN 5 07/01/2035           | CUSIP: 01354PJE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1152257.90   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB                                                                 | NE SAR 3.5 06/01/2037            | CUSIP: 80373FMZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970022.60    | 0.16%             | 2037-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS UNI SCH DIST NO 233                                          | KS JOHSCD 5 09/01/2033           | CUSIP: 4787182A6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1157023.20   | 0.20%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KLEIN TEX INDPT SCH DIST                                                       | TX KLNSCD 5 08/01/2035           | CUSIP: 498531SF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1148103.30   | 0.19%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CEDAR PARK TEX                                                                 | TX CDP 5 02/15/2037              | CUSIP: 1504615T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108745.10   | 0.19%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORENCE TEX INDPT SCH DIST                                                    | TX FLOSCD 5 08/15/2039           | CUSIP: 340369HK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $630585.07    | 0.11%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUCHESNE SCH DIST UTAH MUN BLDG AUTH                                           | UT DUCFAC 5 06/01/2036           | CUSIP: 26410TAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1223139.31   | 0.21%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILBERT ARIZ                                                                   | AZ GBTWTR 5 07/15/2036           | CUSIP: 37530ABZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $576597.35    | 0.10%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST MONROE LA                                                                 | LA WSMGEN 5 12/01/2039           | CUSIP: 954625DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $901846.05    | 0.15%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                               | CA LOSUTL 5 07/01/2037           | CUSIP: 544532FN9<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135384.80   | 0.19%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WOODFORD CNTY KY SCH DIST FIN CORP                                             | KY WOOEDU 5 08/01/2039           | CUSIP: 979385NL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086659.50   | 0.18%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                              | DC DISGEN 5 07/01/2039           | CUSIP: 25477GUR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1409349.25   | 0.24%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UTAH                                                     | UT INTPWR 5 07/01/2029           | CUSIP: 45884AA29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1134847.90   | 0.19%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ SCH DIST NO 28 KYRENE ELEM                                  | AZ MARSCD 5 07/01/2034           | CUSIP: 567137T87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $814646.47    | 0.14%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BETHLEHEM PA AUTH                                                              | PA BETWTR 5 11/15/2034           | CUSIP: 087401KK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125477.00   | 0.19%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RANGE VIEW LIBR DIST COLO                                                      | CO RAVFAC 5 12/15/2037           | CUSIP: 75289FBP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $704488.33    | 0.12%             | 2037-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHORELINE WASH                                                                 | WA SHO 4 12/01/2034              | CUSIP: 82519PDJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038291.50   | 0.18%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRINITY RIVER AUTH TEX                                                         | TX TRIUTL 3.5 08/01/2036         | CUSIP: 89658HYP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966153.90    | 0.16%             | 2036-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FOWLERVILLE MICH CMNTY SCHS SCH DIST                                           | MI FOWSCD 4 05/01/2038           | CUSIP: 351280QW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1451765.97   | 0.25%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE BEACH ALA WTR SWR & FIRE PROTN AUTH                                     | AL ORAWTR 4 05/15/2035           | CUSIP: 68407MAU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034007.80   | 0.17%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                   | NY NYC 5 05/01/2035              | CUSIP: 64966QB25<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133339.00   | 0.19%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                                                | FL MMBUTL 5 09/01/2034           | CUSIP: 593241BT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $813412.88    | 0.14%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                                    | WI MSK 4 06/01/2034              | CUSIP: 627636VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1438272.75   | 0.24%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUN PRAIRIE WIS AREA SCH DIST                                                  | WI SUNSCD 3 03/01/2036           | CUSIP: 866854SF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1535000 | PA      | $1417434.35   | 0.24%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY                                                                   | KY OWEWTR 3.25 09/15/2029        | CUSIP: 691106MA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1735000 | PA      | $1720142.50   | 0.29%             | 2029-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REDONDO BEACH CALIF UNI SCH DIST                                               | CA RDBSCD 3 08/01/2031           | CUSIP: 757710SS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $741307.95    | 0.13%             | 2031-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PEMBROKE PINES FLA                                                             | FL PEM 5 09/01/2031              | CUSIP: 70643FCW0<br>LEI: 549300SN43D5ZR09V008 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2212279.65   | 0.37%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                                                | OH MYVWTR 4 12/01/2033           | CUSIP: 574486FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $241265.38    | 0.04%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHBRIDGE MASS                                                               | MA NBD 3 06/01/2032              | CUSIP: 663804HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $964153.30    | 0.16%             | 2032-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PERRYSBURG OHIO EXMP VLG SCH DIST                                              | OH PYBSCD 4 12/01/2027           | CUSIP: 715093HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280552.13   | 0.22%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                                      | MT MISSCD 5 06/15/2033           | CUSIP: 605815EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1081617.58   | 0.18%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATANUSKA-SUSITNA BORO ALASKA                                                  | AK MAT 5 08/01/2031              | CUSIP: 576544K74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1238341.48   | 0.21%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SPARTANBURG S C SAN SWR DIST                                                   | SC SPAUTL 5 03/01/2030           | CUSIP: 847175KG0<br>LEI: 549300FVRXYUI1JB6W32 | Long             | DBT              | MUN               | US        |   2160000 | PA      | $2166775.49   | 0.37%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                                  | NE SARSCD 4 12/15/2025           | CUSIP: 803770QP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $186371.84    | 0.03%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW ALBANY FLOYD CNTY IND SCH BLDG CORP                                        | IN NEWEDU 4 07/15/2028           | CUSIP: 641667RE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $522878.65    | 0.09%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN KY WTR DIST                                                           | KY NKYWTR 4 02/01/2028           | CUSIP: 665306LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1118125.20   | 0.19%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                                      | MT MISSCD 5.25 06/15/2035        | CUSIP: 605815EL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    880000 | PA      | $955769.94    | 0.16%             | 2035-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ROCKFORD MICH PUB SCHS                                                         | MI ROCSCD 4 05/01/2035           | CUSIP: 773318VQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1816546.97   | 0.31%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SALISBURY N C                                                                  | NC SALUTL 5 02/01/2037           | CUSIP: 795375CK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100408.30   | 0.19%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT HIGH DIST NO 1                                              | MT MISSCD 4 07/01/2032           | CUSIP: 60580TEP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1054876.22   | 0.18%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                                    | WI MSK 4 06/01/2031              | CUSIP: 627636VL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $313610.46    | 0.05%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                                  | ID ISUHGR 4 04/01/2036           | CUSIP: 451470QJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $201113.82    | 0.03%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANON IND                                                                    | IN LEBUTL 4 07/01/2035           | CUSIP: 522534FK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $916449.39    | 0.16%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MINN INDPT SCH DIST NO 276                                          | MN MTKSCD 3 02/01/2027           | CUSIP: 604195C62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1590000 | PA      | $1589954.69   | 0.27%             | 2027-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                                   | NE CLMGEN 4 12/15/2029           | CUSIP: 199437MH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259357.63    | 0.04%             | 2029-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                                      | OH DUBSCD 4 12/01/2034           | CUSIP: 26371GTU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523615.60    | 0.09%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST SIDE UN HIGH SCH DIST CALIF                                               | CA ESDSCD 3.5 08/01/2027         | CUSIP: 275282KK6<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014791.70   | 0.17%             | 2027-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD OHIO CITY SCH DIST                                                   | OH FAISCD 5 11/01/2030           | CUSIP: 304657MZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1358103.91   | 0.23%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS NEB                                                                   | NE CLMGEN 4 12/15/2030           | CUSIP: 199437MJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $336318.68    | 0.06%             | 2030-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                                      | OH DUBSCD 4 12/01/2035           | CUSIP: 26371GTV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517844.95    | 0.09%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELLSWORTH WIS CMNTY SCH DIST                                                   | WI ELLSCD 4 04/01/2027           | CUSIP: 289171GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $344985.39    | 0.06%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FARGO N D                                                                      | ND FAR 3 05/01/2033              | CUSIP: 30747NHW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1317679.79   | 0.22%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CONTRA COSTA CALIF CMNTY COLLEGE DIST                                          | CA CTCHGR 3 08/01/2036           | CUSIP: 212204LC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1691382.75   | 0.29%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                                      | OH DUBSCD 4 12/01/2033           | CUSIP: 26371GTT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528095.80    | 0.09%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COUNTY WTR-SWR DIST COLLIER CNTY FLA                                           | FL COLUTL 3 07/01/2033           | CUSIP: 222642KC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5080000 | PA      | $4952879.10   | 0.84%             | 2033-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EAGAN MINN                                                                     | MN EAG 3.25 02/01/2032           | CUSIP: 269408PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1253257.46   | 0.21%             | 2032-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ESTES PARK COLO                                                                | CO ESTPWR 4 11/01/2034           | CUSIP: 29747TAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1894099.31   | 0.32%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                                              | MT FLASCD 4 07/01/2034           | CUSIP: 338815EB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $586640.97    | 0.10%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAROLINE CNTY MD                                                               | MD CRL 3 01/15/2032              | CUSIP: 144240LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1111741.11   | 0.19%             | 2032-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COWLITZ CNTY WASH PUB UTIL DIST NO 1                                           | WA COWUTL 5 09/01/2030           | CUSIP: 223769BZ2<br>LEI: TS0L3NF45PNBQM207L23 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2141083.56   | 0.36%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EANES TEX INDPT SCH DIST                                                       | TX EANSCD 3.5 08/01/2026         | CUSIP: 270083E38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1670000 | PA      | $1685713.20   | 0.29%             | 2026-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ESTES PARK COLO                                                                | CO ESTPWR 4 11/01/2035           | CUSIP: 29747TAR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $1020022.02   | 0.17%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                                              | MT FLASCD 4 07/01/2035           | CUSIP: 338815EC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $872596.26    | 0.15%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 3 04/01/2035           | CUSIP: 097464J77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $281989.89    | 0.05%             | 2035-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ELLSWORTH WIS CMNTY SCH DIST                                                   | WI ELLSCD 4 04/01/2029           | CUSIP: 289171GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $405865.16    | 0.07%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2036              | CUSIP: 122062ZU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $999408.14    | 0.17%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EVERETT WASH                                                                   | WA EVEUTL 3.12 12/01/2029        | CUSIP: 300060PH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2029571.60   | 0.34%             | 2029-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 3 04/01/2037           | CUSIP: 097464J93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $278894.97    | 0.05%             | 2037-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY WASH SCH DIST NO 98 HOCKINSON                                       | WA CLASCD 4 12/01/2027           | CUSIP: 181208EY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1125069.99   | 0.19%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROADWATER CNTY MONT K-12 SCH DIST NO 1 TOWNSEND                               | MT BROSCD 3 07/01/2037           | CUSIP: 111423CD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $407453.93    | 0.07%             | 2037-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL UTAH WTR CONSERVANCY DIST                                              | UT CUTWTR 4 10/01/2033           | CUSIP: 15567RBK8<br>LEI: 5493001AT8W3NBIEDB45 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2615590.50   | 0.44%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CEDAR RAPIDS IOWA                                                              | IA CDRWTR 3 06/01/2029           | CUSIP: 150591HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    950000 | PA      | $922495.03    | 0.16%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHPWR 3.75 06/01/2027        | CUSIP: 046879MH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $653134.80    | 0.11%             | 2027-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2033              | CUSIP: 122062YV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $211326.00    | 0.04%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CREEK COLO SCH DIST NO RE 1                                              | CO CLESCD 4 12/01/2035           | CUSIP: 184508GW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1479256.66   | 0.25%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DE WITT FORD ETC CNTYS ILL CMNTY COLLEGE DIST NO 540                           | IL DWTHGR 3 12/01/2032           | CUSIP: 242015JA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1401027.00   | 0.24%             | 2032-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TWIN VALLEY PA SCH DIST                                                        | PA TWVSCD 3 04/01/2034           | CUSIP: 901766PK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1221877.54   | 0.21%             | 2034-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST DEPT MGMT SVCS                                                      | FL FLACTF 3 11/01/2035           | CUSIP: 34160PEU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $913055.60    | 0.15%             | 2035-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST FIN CORP                                               | KY KENEDU 2 02/01/2032           | CUSIP: 491089A57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1522972.78   | 0.26%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SWAMPSCOTT MASS                                                                | MA SWA 3 03/01/2034              | CUSIP: 869648YU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942368.20    | 0.16%             | 2034-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTERN WIS TECHNICAL COLLEGE DIST WIS                                         | WI WWIHGR 4 04/01/2031           | CUSIP: 95988MKR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054210.30   | 0.18%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HSG & MTG FIN CORP                                                | RI RISHSG 2.2 10/01/2033         | CUSIP: 76221RV34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $652424.60    | 0.11%             | 2033-10-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| TIPPECANOE VY-AKRON SCH BLDG CORP IND                                          | IN TIPEDU 5 07/15/2039           | CUSIP: 88789FDG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089667.70   | 0.18%             | 2039-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UPPER BRUSHY CREEK WTR CTL & IMPT DIST TEX                                     | TX UBCWTR 3 08/15/2031           | CUSIP: 915556AJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969920.90    | 0.16%             | 2031-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RED ROCK CENT MINN INDPT SCH DIST NO 2884                                      | MN RRKSCD 3 02/01/2034           | CUSIP: 75700RAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977361.60    | 0.17%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                                                 | NY NYCHSG 2.75 11/01/2033        | CUSIP: 64972EM97<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1318120.50   | 0.22%             | 2033-11-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| RED LAKE CNTY MINN INDPT SCH DIST NO 2906                                      | MN RLSSCD 4 02/01/2039           | CUSIP: 756627AQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510561.90    | 0.09%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA VISTA NEB                                                                   | NE LAV 3 09/15/2041              | CUSIP: 505318VV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $811294.20    | 0.14%             | 2041-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL CMNTY CONS SCH DIST NO 64 PARK RIDGE                             | IL COOSCD 3 12/01/2034           | CUSIP: 213669JW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $938770.30    | 0.16%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BIG LAKE MINN INDPT SCH DIST NO 727                                            | MN BIGSCD 3 02/01/2033           | CUSIP: 089275PT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $557498.65    | 0.09%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL SCH DIST NO 186 SPRINGFIELD                                  | IL SGCSCD 3 02/01/2035           | CUSIP: 800766NK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $920218.50    | 0.16%             | 2035-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA MUN GAS AGY                                                          | MN MGAUTL 12/01/2052             | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3008640.30   | 0.51%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                       | PA PASSFH 2.7 04/01/2033         | CUSIP: 70879QQY2<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1323375.45   | 0.22%             | 2033-04-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BERNALILLO CNTY N MEX                                                          | NM BER 3 08/15/2025              | CUSIP: 085275N27<br>LEI: 549300HH7LOB1GPMU667 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1237762.45   | 0.21%             | 2025-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHPWR 4 06/01/2028           | CUSIP: 046879MJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $674328.35    | 0.11%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHUTL 3 05/01/2028           | CUSIP: 047033HX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $969799.28    | 0.16%             | 2028-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D PUB SCH DIST NO 1                                                 | ND BISSCD 3.12 05/01/2030        | CUSIP: 091608PT0<br>LEI: 549300FIMS917YZKLB75 | Long             | DBT              | MUN               | US        |   1695000 | PA      | $1708853.91   | 0.29%             | 2030-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WARSAW IND MULTI-SCH BLDG CORP                                                 | IN WRWEDU 4 07/15/2028           | CUSIP: 93638RDF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031264.20   | 0.17%             | 2028-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                                                  | WA WAS 4 07/01/2026              | CUSIP: 93974C8E3<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2517554.00   | 0.43%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST VIEW PA MUN AUTH                                                          | PA WSVWTR 5 11/15/2031           | CUSIP: 956432RB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1420627.03   | 0.24%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY ARK                                                                 | AR UNIVHG 5 11/01/2030           | CUSIP: 914072UK7<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    785000 | PA      | $815623.01    | 0.14%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                                    | OH LKWSCD 4 11/01/2032           | CUSIP: 512624SB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $230281.96    | 0.04%             | 2032-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                                      | OH HUDSCD 4 12/01/2031           | CUSIP: 444089BU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $362799.22    | 0.06%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON IOWA CMNTY SCH DIST                                                   | IA JOHSCD 3 06/01/2026           | CUSIP: 479376KE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2445000 | PA      | $2444454.03   | 0.41%             | 2026-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                                   | FL LEEUTL 5 10/01/2032           | CUSIP: 523530KN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $761635.58    | 0.13%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUDOUN CNTY VA SANTN AUTH                                                     | VA LDNUTL 4 01/01/2027           | CUSIP: 545904KY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $650000.00    | 0.11%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOPEWELL VALLEY N J REGL SCH DIST                                              | NJ HWVSCD 4 01/15/2032           | CUSIP: 439686LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056064.60   | 0.35%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                                  | CA LMSGEN 4 08/01/2032           | CUSIP: 503642DA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518871.50    | 0.09%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                                     | TX LARUTL 5 03/01/2033           | CUSIP: 517039VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $219617.60    | 0.04%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LIVINGSTON TWP N J SCH DIST                                                    | NJ LIVSCD 4 07/15/2029           | CUSIP: 539158JB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033812.90   | 0.17%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                                  | ID ISUHGR 4 04/01/2033           | CUSIP: 451470QF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $184747.79    | 0.03%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY OHIO CMNTY COLLEGE DIST                                              | OH LAKHGR 3 12/01/2026           | CUSIP: 509432BC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $358059.43    | 0.06%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                                     | TX LARUTL 4 03/01/2035           | CUSIP: 517039VP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $205169.86    | 0.03%             | 2035-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS CRUCES N MEX SCH DIST NO 2                                                 | NM LASSCD 3.25 08/01/2027        | CUSIP: 517534UV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $912018.15    | 0.15%             | 2027-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS UNI SCH DIST NO 233                                          | KS JOHSCD 3 09/01/2027           | CUSIP: 478718N21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1492404.41   | 0.25%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GARFIELD PITKIN & EAGLE CNTYS COLO SCH DIST NO RE-1 ROARG FK                   | CO GARSCD 2.5 12/15/2027         | CUSIP: 365892MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2962559.10   | 0.50%             | 2027-12-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                                       | CA KENSCD 5 08/01/2037           | CUSIP: 490818MD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523688.00    | 0.09%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON-FAYETTE URBAN CNTY GOVT KY                                           | KY LEX 3.12 10/01/2030           | CUSIP: 52908EP72<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1088221.18   | 0.18%             | 2030-10-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH                                                             | MI GRO 4 10/01/2033              | CUSIP: 399064FT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $654636.21    | 0.11%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH PUB SCH SYS                                                 | MI GROSCD 5 05/01/2036           | CUSIP: 399100KW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1801936.12   | 0.30%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                                   | IN HMLEDU 4.5 07/15/2028         | CUSIP: 40785EU61<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $518582.15    | 0.09%             | 2028-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| POYNETTE WIS SCH DIST                                                          | WI POYSCD 3.12 04/01/2032        | CUSIP: 73941JDK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1497135.40   | 0.25%             | 2032-04-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| MONTANA ST BRD REGENTS                                                         | MT MTSEDU 3 11/15/2035           | CUSIP: 61212LRT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3334198.51   | 0.56%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                                                 | NM SFE 4 08/01/2029              | CUSIP: 802071HT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $756068.03    | 0.13%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                                  | NE SARSCD 3 12/15/2024           | CUSIP: 803770QN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145015.81    | 0.02%             | 2024-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEVADA SYS HIGHER ED                                                           | NV NVSEDU 4 07/01/2030           | CUSIP: 641496NF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3045000 | PA      | $3155664.13   | 0.53%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                                                 | IN FORUTL 3 12/01/2035           | CUSIP: 349316MM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $633673.25    | 0.11%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH                                                             | MI GRO 4 10/01/2032              | CUSIP: 399064FS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $623022.77    | 0.11%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                                    | AL MADUTL 4 12/01/2037           | CUSIP: 556589JA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $272079.97    | 0.05%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS UNI SCH DIST NO 512 SHAWNEE MISSION                          | KS JOHSCD 3 10/01/2027           | CUSIP: 478740RU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994678.40    | 0.17%             | 2027-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HALL CNTY NEB SCH DIST NO 2 GRAND IS NAME CHANGED TO GRAND ISLAND NEB SCH DIST | NE HALSCD 5 12/15/2030           | CUSIP: 406036GV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $727940.71    | 0.12%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2032              | CUSIP: 122062YU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $195147.63    | 0.03%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN KY WTR DIST                                                           | KY NKYWTR 3 02/01/2031           | CUSIP: 665306NU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3660000 | PA      | $3593441.44   | 0.61%             | 2031-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ                                                                 | AZ PIM 4 07/01/2026              | CUSIP: 721663WN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999927.80   | 0.34%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARAPAHOE CNTY COLO SCH DIST NO 5 CHERRY CREEK                                  | CO ARASCD 3 12/15/2023           | CUSIP: 0386815X6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3300268.29   | 0.56%             | 2023-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT ZUMWALT MO SCH DIST                                                       | MO FTZSCD 4 03/01/2028           | CUSIP: 349545U92<br>LEI: 549300GAUDH543HQW865 | Long             | DBT              | MUN               | US        |    400000 | PA      | $405132.64    | 0.07%             | 2028-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.5 09/01/2029            | CUSIP: 0331614Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1429863.25   | 0.24%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                                   | IN HMLEDU 5 07/15/2036           | CUSIP: 40785E2Z8<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    700000 | PA      | $761214.72    | 0.13%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KITSAP CNTY WASH SCH DIST NO 303 BAINBRIDGE ISLAND                             | WA KITSCD 4 12/01/2034           | CUSIP: 498062PS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $526570.51    | 0.09%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                                      | FL FLSGEN 3.25 08/01/2033        | CUSIP: 34282CQV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $527243.30    | 0.09%             | 2033-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX MUN SCH DIST NO 12                                           | NM ALBSCD 5 08/01/2035           | CUSIP: 013595VX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2845185.72   | 0.48%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                                  | SC FTMUTL 3.5 12/01/2027         | CUSIP: 34802PBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    380000 | PA      | $382151.37    | 0.06%             | 2027-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                                      | MT MISSCD 5 06/15/2034           | CUSIP: 605815EK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $543934.09    | 0.09%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MATTAWAN MICH CONS SCH DIST                                                    | MI MATSCD 5 05/01/2027           | CUSIP: 577056HU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1005000 | PA      | $1058140.38   | 0.18%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.25 09/01/2028           | CUSIP: 0331615T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1071259.88   | 0.18%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HARPETH VY UTILS DIST TENN                                                     | TN HPVUTL 5 09/01/2031           | CUSIP: 413581MB2<br>LEI: 549300J843AGEC2L3Y44 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1102569.79   | 0.19%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                                                 | IN FORUTL 3 12/01/2033           | CUSIP: 349316MH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $612665.89    | 0.10%             | 2033-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS WTR DIST NO 001                                              | KS JOHWTR 3 01/01/2032           | CUSIP: 47875PBD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2457587.25   | 0.42%             | 2032-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                                      | FL FLSGEN 3 08/01/2032           | CUSIP: 34282CQU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $499537.06    | 0.08%             | 2032-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GRAND RIVER DAM AUTH OKLA                                                      | OK GRRPWR 5 06/01/2031           | CUSIP: 386442VP9<br>LEI: 549300XGK5KWQHON4Q79 | Long             | DBT              | MUN               | US        |   1835000 | PA      | $1885196.24   | 0.32%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                                   | IN HMLEDU 4 07/15/2027           | CUSIP: 40785EU53<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1219963.49   | 0.21%             | 2027-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ELLSWORTH WIS CMNTY SCH DIST                                                   | WI ELLSCD 4 04/01/2028           | CUSIP: 289171GH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $279032.30    | 0.05%             | 2028-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DES MOINES IOWA MET WASTEWATER RECLAMATION AUTH SWR                            | IA DESUTL 3 06/01/2027           | CUSIP: 250119DW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1610000 | PA      | $1607793.98   | 0.27%             | 2027-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EAST GRAND RAPIDS MICH PUB SCH DIST                                            | MI EGRSCD 5 05/01/2028           | CUSIP: 272497NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $785969.64    | 0.13%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 6 COLUMBIA FALLS                                | MT FLASCD 4 07/01/2034           | CUSIP: 338768DE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047944.60   | 0.18%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX PUB SCH DIST                                                    | NM SFESCD 3.62 08/01/2029        | CUSIP: 802088ND2<br>LEI: 54930082JUO16DJWGD91 | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3135640.54   | 0.53%             | 2029-08-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SPOKANE WASH                                                                   | WA SPO 3 12/01/2025              | CUSIP: 849067S38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1302615.12   | 0.22%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                                  | NE SARSCD 5 12/15/2028           | CUSIP: 803770QS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $266942.40    | 0.05%             | 2028-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                                             | NY NYCUTL 5 06/15/2035           | CUSIP: 64972GDQ4<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2556941.25   | 0.43%             | 2035-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI DEV BK                                                             | MS MSSDEV 4.25 12/01/2028        | CUSIP: 60534TK53<br>LEI: 549300122LOI8CB50V38 | Long             | DBT              | MUN               | US        |   2305000 | PA      | $2411084.86   | 0.41%             | 2028-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MUNSTER IND SCH BLDG CORP                                                      | IN MUNFAC 4 07/15/2032           | CUSIP: 626388WW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2285000 | PA      | $2384093.60   | 0.40%             | 2032-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ UNI SCH DIST NO 10 AMPHITHEATER                                 | AZ PIMSCD 5 07/01/2026           | CUSIP: 721832KA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $560719.61    | 0.09%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                                  | ID ISUHGR 4 04/01/2032           | CUSIP: 451470QE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $272605.58    | 0.05%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                                  | CA LMSGEN 3.5 08/01/2029         | CUSIP: 503642CX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1208868.88   | 0.20%             | 2029-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB                                                                    | NE LINUTL 3 06/15/2035           | CUSIP: 534323KS8<br>LEI: 549300YUMTVQH8VHOB91 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1055410.86   | 0.18%             | 2035-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                                    | AL MADUTL 4 12/01/2028           | CUSIP: 556589FL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2165000 | PA      | $2231404.88   | 0.38%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARIN CALIF CMNTY COLLEGE DIST                                                 | CA MRNHGR 4 08/01/2030           | CUSIP: 56781RFU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1152986.82   | 0.20%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                                                | FL MMBUTL 5 09/01/2033           | CUSIP: 593241BS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $818386.95    | 0.14%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEQUOIA CALIF UN HIGH SCH DIST                                                 | CA SEQSCD 3 07/01/2031           | CUSIP: 817409J89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000714.00   | 0.34%             | 2031-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ UN HIGH SCH DIST NO 210 PHOENIX                             | AZ MARSCD 4 07/01/2024           | CUSIP: 567505LK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1166047.80   | 0.20%             | 2024-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ SCH DIST NO 79 LITCHFIELD ELEM                              | AZ MARSCD 5 07/01/2023           | CUSIP: 567385FU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010158.60   | 0.17%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWIS & CLARK CNTY MONT SCH DIST NO 9 EAST HELENA                              | MT LEWSCD 4.5 07/01/2033         | CUSIP: 527650GK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $602199.98    | 0.10%             | 2033-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HOPEWELL VALLEY N J REGL SCH DIST                                              | NJ HWVSCD 3.5 01/15/2027         | CUSIP: 439686LA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3330000 | PA      | $3370203.09   | 0.57%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                                  | CA LMSGEN 4 08/01/2031           | CUSIP: 503642CZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $415418.84    | 0.07%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                                     | TX LARUTL 5 03/01/2032           | CUSIP: 517039VL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275036.50    | 0.05%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KITSAP CNTY WASH SCH DIST NO 303 BAINBRIDGE ISLAND                             | WA KITSCD 4 12/01/2033           | CUSIP: 498062PR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    840000 | PA      | $873544.39    | 0.15%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JORDAN VY WTR CONSERVANCY DIST UTAH WTR CONSERVANCY                            | UT JORWTR 4 10/01/2033           | CUSIP: 480780JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041734.00   | 0.18%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEWIS & CLARK CNTY MONT SCH DIST NO 9 EAST HELENA                              | MT LEWSCD 5 07/01/2034           | CUSIP: 527650GL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    805000 | PA      | $889421.24    | 0.15%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWELL MICH AREA SCHS                                                          | MI LOWSCD 4 05/01/2036           | CUSIP: 547694PB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $883339.12    | 0.15%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                                    | OH LKWSCD 4 11/01/2030           | CUSIP: 512624RZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $247623.31    | 0.04%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                                       | CA KENSCD 5 08/01/2036           | CUSIP: 490818MC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419859.00    | 0.07%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEXINGTON-FAYETTE URBAN CNTY GOVT KY                                           | KY LEX 3 10/01/2029              | CUSIP: 52908EP64<br>LEI: 549300CQQJVZ2ZU0TG79 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1051260.41   | 0.18%             | 2029-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                                    | AL MADUTL 4 12/01/2036           | CUSIP: 556589HZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $313604.77    | 0.05%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY GA SCH DIST                                                        | GA HRRSCD 3 03/01/2035           | CUSIP: 413885DV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $228244.68    | 0.04%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                                  | ID ISUHGR 4 04/01/2034           | CUSIP: 451470QG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $260519.02    | 0.04%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE OHIO LOC SCH DIST STARK CNTY                                              | OH LAKSCD 3 12/01/2025           | CUSIP: 510281FE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $190038.97    | 0.03%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                                     | TX LARUTL 4 03/01/2036           | CUSIP: 517039VQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $329728.10    | 0.06%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAS CRUCES N MEX SCH DIST NO 2                                                 | NM LASSCD 3.5 08/01/2028         | CUSIP: 517534UW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $915958.08    | 0.15%             | 2028-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY PA                                                              | PA JEF 3 12/15/2035              | CUSIP: 473450FP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $738246.32    | 0.12%             | 2035-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN DELLS WIS SCH DIST                                                   | WI WDLSCD 3.25 03/01/2031        | CUSIP: 976626EA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1398883.40   | 0.24%             | 2031-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TULSA OKLA                                                                     | OK TUL 4 03/01/2023              | CUSIP: 899645VG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2501711.00   | 0.42%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPPER ST CLAIR TWP PA                                                          | PA USC 4 06/01/2028              | CUSIP: 916456HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $355378.61    | 0.06%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAUKEE IOWA CMNTY SCH DIST                                                     | IA WKESCD 2 06/01/2027           | CUSIP: 942833WX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1987076.07   | 0.34%             | 2027-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX PUB SCH DIST                                                    | NM SFESCD 4 08/01/2030           | CUSIP: 802088NE0<br>LEI: 54930082JUO16DJWGD91 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044303.90   | 0.18%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                                                 | NM SFE 4 08/01/2027              | CUSIP: 802071HR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $705613.09    | 0.12%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SNYDERVILLE UTAH BASIN SPL REC DIST                                            | UT SNYUTL 3 12/15/2025           | CUSIP: 833558GA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1268466.19   | 0.21%             | 2025-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                                                | OH MYVWTR 4 12/01/2032           | CUSIP: 574486FJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323538.58    | 0.05%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                                      | MT MISSCD 5 06/15/2032           | CUSIP: 605815EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $1018263.96   | 0.17%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MINN INDPT SCH DIST NO 276                                          | MN MTKSCD 3 02/01/2026           | CUSIP: 604195C54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999971.50    | 0.17%             | 2026-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ UNI SCH DIST NO 69 PARADISE VY                              | AZ MARSCD 3 07/01/2023           | CUSIP: 567373ZC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1255158.88   | 0.21%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT TRANSN                                                          | KS KSSTRN 5 09/01/2033           | CUSIP: 485424RL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5458192.50   | 0.92%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                                      | OH HUDSCD 4 12/01/2030           | CUSIP: 444089BT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $778332.68    | 0.13%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAREDO TEX                                                                     | TX LARUTL 4 03/01/2034           | CUSIP: 517039VN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $288677.62    | 0.05%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MILWAUKEE WIS MET SEW DIST                                                     | WI MLWUTL 2.5 10/01/2024         | CUSIP: 602409JU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1983695.60   | 0.34%             | 2024-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| MOORESTOWN TWP N J                                                             | NJ MRT 4 01/15/2030              | CUSIP: 616004SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1140525.54   | 0.19%             | 2030-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MATTAWAN MICH CONS SCH DIST                                                    | MI MATSCD 5 05/01/2028           | CUSIP: 577056HV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $631725.60    | 0.11%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOHNSON CNTY KANS UNI SCH DIST NO 233                                          | KS JOHSCD 3 09/01/2026           | CUSIP: 478718M97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2740000 | PA      | $2744421.54   | 0.46%             | 2026-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                                                                 | MS MSS 3 11/01/2026              | CUSIP: 605581GT8<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023842.20   | 0.51%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KNOXVILLE TENN                                                                 | TN KXVWTR 3 03/01/2025           | CUSIP: 499818ZE5<br>LEI: 5493002KM0TCCHHCDT47 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1170388.91   | 0.20%             | 2025-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LINCOLN NEB                                                                    | NE LINUTL 3 06/15/2034           | CUSIP: 534323KR0<br>LEI: 549300YUMTVQH8VHOB91 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1048790.75   | 0.18%             | 2034-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FLA                                                                | FL MMBUTL 4 09/01/2032           | CUSIP: 593241BR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $565096.01    | 0.10%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                                    | OH LKWSCD 4 11/01/2031           | CUSIP: 512624SA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $231437.32    | 0.04%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY PA                                                              | PA JEF 3 12/15/2037              | CUSIP: 473450FQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $678646.97    | 0.11%             | 2037-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ADAMS 12 FIVE STAR SCHS COLO                                                   | CO ADASCD 5 12/15/2034           | CUSIP: 006449GZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2690011.75   | 0.45%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHUTL 3.12 05/01/2029        | CUSIP: 047033HY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1001747.19   | 0.17%             | 2029-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                                   | ND BIS 3.12 05/01/2028           | CUSIP: 091582B62<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |    845000 | PA      | $845942.34    | 0.14%             | 2028-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| CENTRAL CALIF UNI SCH DIST                                                     | CA CENSCD 3 08/01/2035           | CUSIP: 15276PPL7<br>LEI: 549300AKOP2UG4D0YH67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $275487.42    | 0.05%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HALL CNTY NEB SCH DIST NO 2 GRAND IS NAME CHANGED TO GRAND ISLAND NEB SCH DIST | NE HALSCD 5 12/15/2032           | CUSIP: 406036GX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $587552.14    | 0.10%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARKANSAS ST                                                                    | AR ARS 4 06/01/2027              | CUSIP: 041042ZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3053528.70   | 0.52%             | 2027-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BUNCOMBE CNTY N C MET SEW DIST                                                 | NC BUNUTL 4 07/01/2027           | CUSIP: 120532JF4<br>LEI: 254900U5AA2F4DQUFZ71 | Long             | DBT              | MUN               | US        |   1210000 | PA      | $1218163.63   | 0.21%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2034              | CUSIP: 122062YW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $282803.87    | 0.05%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 5 04/01/2035           | CUSIP: 097464F97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270848.90    | 0.05%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON WIS SCH DIST                                                          | WI HAMSCD 3.25 04/01/2032        | CUSIP: 408172GT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3404590.90   | 0.58%             | 2032-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BURLINGTON AREA WIS SCH DIST                                                   | WI BURSCD 3.25 04/01/2032        | CUSIP: 121493KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1114217.10   | 0.19%             | 2032-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                                  | SC FTMUTL 4 12/01/2028           | CUSIP: 34802PBJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $525942.14    | 0.09%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHPWR 3.5 06/01/2026         | CUSIP: 046879MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221736.02    | 0.04%             | 2026-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2035              | CUSIP: 122062YX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $292229.15    | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                                      | OH HUDSCD 4 12/01/2033           | CUSIP: 444089BW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413435.76    | 0.07%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LA MESA CALIF                                                                  | CA LMSGEN 4 08/01/2030           | CUSIP: 503642CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $561304.03    | 0.09%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAUPACA CNTY WIS                                                               | WI WPC 3.25 03/01/2031           | CUSIP: 943198GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1160000 | PA      | $1160088.51   | 0.20%             | 2031-03-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WORTHINGTON OHIO CITY SCH DIST                                                 | OH WORSCD 4 12/01/2035           | CUSIP: 982038RX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $490664.22    | 0.08%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH SCH DIST NO 414 LAKE WASHINGTON                                 | WA KINSCD 4 12/01/2033           | CUSIP: 495260H95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5214148.50   | 0.88%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YAKIMA CNTY WASH SCH DIST                                                      | WA YAKSCD 4.38 12/01/2034        | CUSIP: 984402KY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1100048.14   | 0.19%             | 2034-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JORDAN VY WTR CONSERVANCY DIST UTAH WTR CONSERVANCY                            | UT JORWTR 4 10/01/2034           | CUSIP: 480780JR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034962.40   | 0.18%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSONVILLE MICH PUB SCHS                                                      | MI HDVSCD 4 05/01/2026           | CUSIP: 444240PV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1295852.21   | 0.22%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TUSTIN CALIF UNI SCH DIST                                                      | CA TUSSCD 4 08/01/2033           | CUSIP: 901070DH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $573618.49    | 0.10%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS                            | OH NWOSCD 5 12/01/2029           | CUSIP: 667712BN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203748.64    | 0.03%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POYNETTE WIS SCH DIST                                                          | WI POYSCD 3 04/01/2031           | CUSIP: 73941JDJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $833700.66    | 0.14%             | 2031-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OKANOGAN CNTY WASH PUB UTIL DIST NO 001                                        | WA OKAPWR 4 12/01/2037           | CUSIP: 678331DU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $816453.92    | 0.14%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAGLE RIV COLO WTR & SANTN DIST                                                | CO ELRUTL 4 12/01/2030           | CUSIP: 26983AAQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    465000 | PA      | $486133.32    | 0.08%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL BROWN CNTY WTR AUTH WIS                                                | WI CENWTR 5 11/01/2031           | CUSIP: 152708CK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2282235.78   | 0.39%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.25 09/01/2028           | CUSIP: 0331614X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1117171.01   | 0.19%             | 2028-09-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                                   | ND BIS 3.25 05/01/2029           | CUSIP: 091582B70<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |    835000 | PA      | $835981.79    | 0.14%             | 2029-05-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBUQUERQUE N MEX MUN SCH DIST NO 12                                           | NM ALBSCD 5 08/01/2034           | CUSIP: 013595VW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1985548.50   | 0.34%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY WASH PUB UTIL DIST NO 1                                             | WA CLAUTL 5 01/01/2034           | CUSIP: 181126LY7<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1078161.87   | 0.18%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST ALA                                                 | AL BBEUTL 02/01/2053             | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042420.70   | 0.18%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                                                                  | WA WAS 4 02/01/2034              | CUSIP: 93974C6U9<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000466.20   | 0.17%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                                   | ND BIS 3.12 05/01/2032           | CUSIP: 091582F27<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1042540.95   | 0.18%             | 2032-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ATHENS ALA                                                                     | AL ATHPWR 3.25 06/01/2025        | CUSIP: 046879MF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $602350.98    | 0.10%             | 2025-06-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CAMPBELL CALIF UN HIGH SCH DIST                                                | CA CMESCD 3.25 08/01/2029        | CUSIP: 134159VU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1965000 | PA      | $1983351.92   | 0.34%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                                                      | IL ILSTRN 5 01/01/2038           | CUSIP: 452252JH3<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010896.10   | 0.17%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.5 09/01/2029            | CUSIP: 0331615U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1121259.67   | 0.19%             | 2029-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ATASCADERO CALIF UNI SCH DIST                                                  | CA ATASCD 5 08/01/2025           | CUSIP: 046558BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232598.14    | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERNALILLO CNTY N MEX                                                          | NM BER 2 08/15/2023              | CUSIP: 085275L37<br>LEI: 549300HH7LOB1GPMU667 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1021930.47   | 0.17%             | 2023-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2034              | CUSIP: 122062ZS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $454704.27    | 0.08%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CALIF UNI SCH DIST                                                     | CA ANCSCD 3 08/01/2035           | CUSIP: 037105ML4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1056035.11   | 0.18%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BRAXTON CNTY W VA                                                              | WV BRAEDU 4 05/01/2026           | CUSIP: 105745BZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259418.23    | 0.04%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HUDSON OHIO CITY SCH DIST                                                      | OH HUDSCD 4 12/01/2034           | CUSIP: 444089BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $895477.28    | 0.15%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NEV SCH DIST                                                        | NV CLASCD 4 06/15/2037           | CUSIP: 181059YS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984892.60   | 0.34%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL BROWN CNTY WTR AUTH WIS                                                | WI CENWTR 5 11/01/2030           | CUSIP: 152708CJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2074759.80   | 0.35%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA S C                                                                   | SC COLWTR 3 02/01/2035           | CUSIP: 198504ZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1620977.58   | 0.27%             | 2035-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CLAYTON N C                                                                    | NC CLAUTL 5 08/01/2039           | CUSIP: 184383AQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $801864.07    | 0.14%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY ILL CMNTY CONS SCH DIST NO 65 EVANSTON                               | IL COOSCD 5 12/01/2039           | CUSIP: 213687QD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102164.40   | 0.19%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COWETA CNTY GA PUB FACS AUTH                                                   | GA CWTFAC 5 09/01/2035           | CUSIP: 22366HAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $636549.71    | 0.11%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANAHEIM CALIF HSG & PUB IMPT AUTH                                              | CA ANAHSG 5 10/01/2033           | CUSIP: 032556MG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1098074.50   | 0.19%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KEARNEY NEB                                                                    | NE KEA 4 05/15/2035              | CUSIP: 4868907K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502604.10    | 0.09%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAVILAN CALIF JT CMNTY COLLEGE DIST                                            | CA GAVHGR 3 08/01/2036           | CUSIP: 368079JS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $895855.00    | 0.15%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON MICH CMNTY SCHS DIST                                                  | MI HMLSCD 4 05/01/2027           | CUSIP: 407594GF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514461.85    | 0.09%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE ALASKA                                                               | AK ANC 3.5 09/01/2030            | CUSIP: 0331615V8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1155034.80   | 0.20%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ATASCADERO CALIF UNI SCH DIST                                                  | CA ATASCD 5 08/01/2027           | CUSIP: 046558BP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1114781.83   | 0.19%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BERNALILLO CNTY N MEX                                                          | NM BER 2.25 08/15/2024           | CUSIP: 085275L45<br>LEI: 549300HH7LOB1GPMU667 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1039281.18   | 0.18%             | 2024-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ANTIOCH CALIF UNI SCH DIST                                                     | CA ANCSCD 3 08/01/2036           | CUSIP: 037105MM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $537513.00    | 0.09%             | 2036-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST MUN LN COUNCIL                                                      | FL FLSGEN 4 08/01/2034           | CUSIP: 34282CQW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $572233.58    | 0.10%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT WAYNE IND                                                                 | IN FORUTL 3 12/01/2034           | CUSIP: 349316MK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $623482.92    | 0.11%             | 2034-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| TUSTIN CALIF UNI SCH DIST                                                      | CA TUSSCD 4 08/01/2033           | CUSIP: 901070DT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $625765.62    | 0.11%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WEST DES MOINES IOWA                                                           | IA WES 3 06/01/2031              | CUSIP: 9525304T7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1751029.49   | 0.30%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| EL PASO CNTY COLO SCH DIST NO 20                                               | CO ELPSCD 4 12/15/2025           | CUSIP: 283461D65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026341.70   | 0.17%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTERN WIS TECHNICAL COLLEGE DIST WIS                                         | WI WWIHGR 3 04/01/2032           | CUSIP: 95988MDN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2195822.27   | 0.37%             | 2032-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WEST LAFAYETTE IND                                                             | IN WTLUTL 4 07/01/2030           | CUSIP: 953701CT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $764987.93    | 0.13%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY TENN                                                           | TN WSH 3 06/01/2030              | CUSIP: 938650QS0<br>LEI: 549300JIK0HTR7E37995 | Long             | DBT              | MUN               | US        |    935000 | PA      | $924796.81    | 0.16%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WESTMINSTER COLO                                                               | CO WESUTL 4 12/01/2036           | CUSIP: 960686CW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036234.00   | 0.18%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEZ PERCE CNTY IDAHO INDPT SCHDIST NO 001 LEWISTON                             | ID NZPSCD 4 09/15/2031           | CUSIP: 653335BH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $3032437.25   | 0.51%             | 2031-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS                            | OH NWOSCD 5 12/01/2028           | CUSIP: 667712BM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $229217.22    | 0.04%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PLYMOUTH-CANTON MICH CMNTY SCH DIST                                            | MI PLYSCD 4 05/01/2026           | CUSIP: 729429MS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $3862994.14   | 0.65%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWELL MICH AREA SCHS                                                          | MI LOWSCD 4 05/01/2035           | CUSIP: 547694PA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414720.52    | 0.07%             | 2035-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JOHNSTON IOWA CMNTY SCH DIST                                                   | IA JOHSCD 3 06/01/2025           | CUSIP: 479376KD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2370000 | PA      | $2369470.78   | 0.40%             | 2025-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL CALIF UNI SCH DIST                                                     | CA CENSCD 3 08/01/2037           | CUSIP: 15276PPP8<br>LEI: 549300AKOP2UG4D0YH67 | Long             | DBT              | MUN               | US        |    755000 | PA      | $659325.19    | 0.11%             | 2037-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OKANOGAN CNTY WASH PUB UTIL DIST NO 001                                        | WA OKAPWR 4 12/01/2035           | CUSIP: 678331DS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520779.25    | 0.09%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTEE CALIF SCH DIST                                                          | CA STESCD 3.5 08/01/2028         | CUSIP: 802853LM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1587292.80   | 0.27%             | 2028-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| STAFFORD CNTY VA                                                               | VA STA 4 07/01/2030              | CUSIP: 852427KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1215092.96   | 0.21%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SARPY CNTY NEB SCH DIST NO 37                                                  | NE SARSCD 5 12/15/2029           | CUSIP: 803770QT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $277620.10    | 0.05%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN DELLS WIS SCH DIST                                                   | WI WDLSCD 3.12 03/01/2030        | CUSIP: 976626DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1595000 | PA      | $1587719.62   | 0.27%             | 2030-03-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WENTZVILLE R-IV SCH DIST MO                                                    | MO WENSCD 4 03/01/2034           | CUSIP: 950732ZP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3084373.20   | 0.52%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                                   | FL LEEUTL 5 10/01/2026           | CUSIP: 523530KG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406205.64    | 0.07%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH SCH DIST NO 414 LAKE WASHINGTON                                 | WA KINSCD 3.5 12/01/2025         | CUSIP: 495260C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023453.90   | 0.17%             | 2025-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LAKEWOOD OHIO CITY SCH DIST                                                    | OH LKWSCD 4 11/01/2033           | CUSIP: 512624SC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $387046.12    | 0.07%             | 2033-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH ST PAUL-MAPLEWOOD MINN INDPT SCH DIST NO 622                             | MN NSPSCD 3 02/01/2034           | CUSIP: 662152FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3225293.28   | 0.55%             | 2034-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                                            | NY PORTRN 5 12/01/2032           | CUSIP: 73358WQW7<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3055416.00   | 0.52%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TACOMA WASH                                                                    | WA TACUTL 3.25 12/01/2028        | CUSIP: 873545JH1<br>LEI: 549300R2ZDWKQB6DIV86 | Long             | DBT              | MUN               | US        |    350000 | PA      | $355472.71    | 0.06%             | 2028-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NEW ALBANY FLOYD CNTY IND SCH BLDG CORP                                        | IN NEWEDU 4 07/15/2029           | CUSIP: 641667RG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2090144.60   | 0.35%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                                                 | NM SFE 4 08/01/2028              | CUSIP: 802071HS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $730770.86    | 0.12%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SONOMA CNTY CALIF JR COLLEGE DIST                                              | CA SONHGR 3.25 08/01/2029        | CUSIP: 835569FK5<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $2855154.02   | 0.48%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ROGERS ARK SCH DIST NO 30                                                      | AR ROGSCD 3 02/01/2033           | CUSIP: 775082R77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1444738.20   | 0.24%             | 2033-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CNTY MD                                                             | MD MON 3 12/01/2028              | CUSIP: 6133405F1<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000579.20   | 0.34%             | 2028-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PIMA CNTY ARIZ UNI SCH DIST NO 10 AMPHITHEATER                                 | AZ PIMSCD 5 07/01/2027           | CUSIP: 721832KC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $404122.24    | 0.07%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY                                                                   | KY OWEWTR 3.5 09/15/2031         | CUSIP: 691106MC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1857884.25   | 0.31%             | 2031-09-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| RIO RANCHO N MEX PUB SCH DIST NO 94                                            | NM RIOSCD 3 08/01/2027           | CUSIP: 767171PK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1524745.09   | 0.26%             | 2027-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SALISBURY N C                                                                  | NC SALUTL 5 02/01/2033           | CUSIP: 795375CF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $849476.18    | 0.14%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MINN                                                               | MN MIN 3 12/01/2035              | CUSIP: 60375BHC3<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1862821.00   | 0.32%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MUNSTER IND SCH BLDG CORP                                                      | IN MUNFAC 3.38 01/15/2031        | CUSIP: 626388WU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1109018.85   | 0.19%             | 2031-01-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SONOMA CNTY CALIF JR COLLEGE DIST                                              | CA SONHGR 4 08/01/2030           | CUSIP: 835569EU4<br>LEI: 549300C1BQ28FZTVYK25 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1669219.04   | 0.28%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS TENN                                                                   | TN MEMPWR 3 12/01/2035           | CUSIP: 586158QX8<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899479.90    | 0.15%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ UNI SCH DIST NO 93 CAVE CREEK                               | AZ MARSCD 4 07/01/2027           | CUSIP: 56643FGC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1133937.86   | 0.19%             | 2027-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNETONKA MINN INDPT SCH DIST NO 276                                          | MN MTKSCD 2.38 02/01/2025        | CUSIP: 604195C47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2805000 | PA      | $2803540.28   | 0.47%             | 2025-02-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MUSKEGO WIS                                                                    | WI MSK 4 06/01/2032              | CUSIP: 627636VM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $704515.25    | 0.12%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EAST NOBLE IND SCH BLDG CORP                                                   | IN ENBFAC 2 01/15/2027           | CUSIP: 273893EX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1146367.59   | 0.19%             | 2027-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FAIRFIELD OHIO CITY SCH DIST                                                   | OH FAISCD 5 11/01/2029           | CUSIP: 304657MY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $813845.04    | 0.14%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 4 04/01/2032           | CUSIP: 097464F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $466534.13    | 0.08%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                                   | IN HMLEDU 5 07/15/2035           | CUSIP: 40785E2Y1<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    600000 | PA      | $656005.68    | 0.11%             | 2035-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLAY CNTY MO PUB SCH DIST                                                      | MO CLASCD 4 03/01/2033           | CUSIP: 18347AJT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027566.90   | 0.17%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BISMARCK N D                                                                   | ND BIS 3.12 05/01/2031           | CUSIP: 091582E93<br>LEI: 5493004YS3DDNIKCWV33 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1002675.67   | 0.17%             | 2031-05-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| FORT ZUMWALT MO SCH DIST                                                       | MO FTZSCD 4 03/01/2027           | CUSIP: 349545U84<br>LEI: 549300GAUDH543HQW865 | Long             | DBT              | MUN               | US        |    465000 | PA      | $470998.69    | 0.08%             | 2027-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL BROWN CNTY WTR AUTH WIS                                                | WI CENWTR 5 11/01/2029           | CUSIP: 152708CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037379.90   | 0.18%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMAS WASH                                                                     | WA CAMWTR 4 12/01/2028           | CUSIP: 131879GE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1089439.79   | 0.18%             | 2028-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY WASH PUB UTIL DIST NO 1                                             | WA CLAUTL 5 01/01/2030           | CUSIP: 181126LB7<br>LEI: 549300YCT5BMOWZSMQ97 | Long             | DBT              | MUN               | US        |    985000 | PA      | $1003725.74   | 0.17%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COUNCIL BLUFFS IOWA                                                            | IA COU 3 06/01/2029              | CUSIP: 2221296Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1042701.45   | 0.18%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| DUBLIN OHIO CITY SCH DIST                                                      | OH DUBSCD 4 12/01/2036           | CUSIP: 26371GTW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026102.70   | 0.17%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GASTONIA N C                                                                   | NC GSTUTL 5 05/01/2029           | CUSIP: 367319ES5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $278522.55    | 0.05%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                                              | MT FLASCD 4 07/01/2033           | CUSIP: 338815EA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    520000 | PA      | $542094.44    | 0.09%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 6 COLUMBIA FALLS                                | MT FLASCD 4 07/01/2036           | CUSIP: 338768DG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $991485.10    | 0.17%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                                            | ID BSUHGR 3 04/01/2033           | CUSIP: 097464J51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $528152.31    | 0.09%             | 2033-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GREGORY PORTLAND TEX INDPT SCH DIST                                            | TX GGYSCD 4 02/15/2034           | CUSIP: 397586QF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1566658.27   | 0.26%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BRAXTON CNTY W VA                                                              | WV BRAEDU 2.25 05/01/2026        | CUSIP: 105745CE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $121764.99    | 0.02%             | 2026-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CLACKAMAS CNTY ORE SCH DIST NO 12 NORTH CLACKAMAS                              | OR CLASCD 5 06/15/2028           | CUSIP: 179093GC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2578883.00   | 0.44%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON VT                                                                  | VT BUR 5 11/01/2035              | CUSIP: 122062ZT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    435000 | PA      | $479696.90    | 0.08%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESTES PARK COLO                                                                | CO ESTPWR 4 11/01/2036           | CUSIP: 29747TAS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036795.00   | 0.18%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLAY CNTY MO PUB SCH DIST                                                      | MO CLASCD 4 03/01/2034           | CUSIP: 18347AJU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2558014.75   | 0.43%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 6 COLUMBIA FALLS                                | MT FLASCD 4 07/01/2035           | CUSIP: 338768DF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777827.78    | 0.13%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MISSOULA CNTY MONT SCH DIST NO 4 HELLGATE                                      | MT MISSCD 3.5 06/15/2025         | CUSIP: 605815EA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    860000 | PA      | $870399.55    | 0.15%             | 2025-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MARYSVILLE OHIO                                                                | OH MYVWTR 4 12/01/2035           | CUSIP: 574486FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1908848.13   | 0.32%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                                       | CA KENSCD 5 08/01/2035           | CUSIP: 490818MB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $373430.89    | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWIS & CLARK CNTY MONT SCH DIST NO 9 EAST HELENA                              | MT LEWSCD 5 07/01/2035           | CUSIP: 527650GM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2115209.83   | 0.36%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON ALA                                                                    | AL MADUTL 4 12/01/2035           | CUSIP: 556589HY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $219828.06    | 0.04%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY MO REORG SCH DIST NO 7 LEES SUMMIT                                | MO JACSCD 5 03/01/2036           | CUSIP: 467520WR9<br>LEI: 549300HKYX7HMV5CWZ34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023006.90   | 0.17%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTFIELD CALIF SCH DIST                                                       | CA KENSCD 5 08/01/2034           | CUSIP: 490818MA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210960.62    | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY PA                                                              | PA JEF 3 12/15/2033              | CUSIP: 473450FN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $380504.24    | 0.06%             | 2033-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                                  | ID ISUHGR 4 04/01/2035           | CUSIP: 451470QH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176892.59    | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKE TRAVIS TEX INDPT SCH DIST                                                 | TX LKTSCD 4 02/15/2033           | CUSIP: 511074SF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039121.70   | 0.18%             | 2033-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LEBANON IND                                                                    | IN LEBUTL 4 07/01/2034           | CUSIP: 522534FH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $891364.42    | 0.15%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WASH SCH DIST NO 405 BELLEVUE                                        | WA KINSCD 3 12/01/2033           | CUSIP: 495098B61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5095000 | PA      | $4849331.84   | 0.82%             | 2033-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON SOUTHEASTERN IND CONS SCH BLDG CORP                                   | IN HMLEDU 5 07/15/2034           | CUSIP: 40785E2X3<br>LEI: 5493000FC485CIXGCV15 | Long             | DBT              | MUN               | US        |    335000 | PA      | $368794.13    | 0.06%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COWLITZ CNTY WASH PUB UTIL DIST NO 1                                           | WA COWUTL 5 09/01/2029           | CUSIP: 223769BY5<br>LEI: TS0L3NF45PNBQM207L23 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019792.60   | 0.17%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORSYTH CNTY N C                                                               | NC FOR 3 03/01/2032              | CUSIP: 346623HB0<br>LEI: 549300QZDXNB40E8SI64 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978352.20    | 0.17%             | 2032-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GUNNISON WATERSHED COLO SCH DIST NO RE-1J                                      | CO GUNSCD 4 12/01/2031           | CUSIP: 402892DA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024441.70   | 0.17%             | 2031-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OHIO CMNTY COLLEGE DIST                                               | OH CUYHGR 4 12/01/2032           | CUSIP: 232392AS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1803165.18   | 0.30%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GASTONIA N C                                                                   | NC GSTUTL 5 05/01/2028           | CUSIP: 367319ER7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $735798.63    | 0.12%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MICH                                                             | MI GRO 4 10/01/2034              | CUSIP: 399064FU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $694373.19    | 0.12%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| EDMOND OKLA PUB WKS AUTH                                                       | OK EDMFAC 5 07/01/2032           | CUSIP: 28112NHS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1649146.50   | 0.28%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ENERGY NORTHWEST WASH                                                          | WA ENEPWR 5 07/01/2030           | CUSIP: 29270CJ55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5270797.50   | 0.89%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FARGO N D                                                                      | ND FAR 3 05/01/2034              | CUSIP: 30747NHX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1485261.77   | 0.25%             | 2034-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FORT ZUMWALT MO SCH DIST                                                       | MO FTZSCD 4 03/01/2029           | CUSIP: 349545V26<br>LEI: 549300GAUDH543HQW865 | Long             | DBT              | MUN               | US        |    425000 | PA      | $430433.63    | 0.07%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GAVILAN CALIF JT CMNTY COLLEGE DIST                                            | CA GAVHGR 3 08/01/2035           | CUSIP: 368079JR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918291.40    | 0.16%             | 2035-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAMILTON MICH CMNTY SCHS DIST                                                  | MI HMLSCD 4 05/01/2028           | CUSIP: 407594GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $308179.77    | 0.05%             | 2028-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORT MILL S C                                                                  | SC FTMUTL 4 12/01/2030           | CUSIP: 34802PBL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    535000 | PA      | $540088.22    | 0.09%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GREGORY PORTLAND TEX INDPT SCH DIST                                            | TX GGYSCD 4 02/15/2035           | CUSIP: 397586QG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2710000 | PA      | $2712871.52   | 0.46%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| D C EVEREST AREA SCH DIST WIS MARATHON CNTY                                    | WI DCESCD 3.38 04/01/2031        | CUSIP: 233087QD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3933399.60   | 0.67%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EAST GRAND RAPIDS MICH PUB SCH DIST                                            | MI EGRSCD 5 05/01/2027           | CUSIP: 272497NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027411.30   | 0.17%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLATHEAD CNTY MONT SCH DIST NO 44                                              | MT FLASCD 4 07/01/2036           | CUSIP: 338815ED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    585000 | PA      | $601882.16    | 0.10%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CUYAHOGA OHIO CMNTY COLLEGE DIST                                               | OH CUYHGR 4 12/01/2034           | CUSIP: 232392AU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023402.60   | 0.17%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROGERS ARK SCH DIST NO 30                                                      | AR ROGSCD 3.12 02/01/2030        | CUSIP: 775082M23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2880000 | PA      | $2871388.22   | 0.49%             | 2030-02-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| WEST BLOOMFIELD MICH SCH DIST                                                  | MI WBTSCD 3 05/01/2036           | CUSIP: 951452RY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3825000 | PA      | $3480278.76   | 0.59%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ZEELAND MICH PUB SCHS                                                          | MI ZEESCD 5 05/01/2029           | CUSIP: 989258MQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $731046.75    | 0.12%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORK CNTY S C SCH DIST NO 4 FORT MILL                                          | SC YORSCD 4 03/01/2023           | CUSIP: 986525QX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2315000 | PA      | $2317042.99   | 0.39%             | 2023-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OWENSBORO KY                                                                   | KY OWEWTR 3.38 09/15/2030        | CUSIP: 691106MB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1796357.16   | 0.30%             | 2030-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| TAMPA FLA                                                                      | FL TAMGEN 5 04/01/2035           | CUSIP: 875231LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070357.90   | 0.18%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TUSTIN CALIF UNI SCH DIST                                                      | CA TUSSCD 4 08/01/2032           | CUSIP: 901070DG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    510000 | PA      | $535178.50    | 0.09%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VALPARAISO IND MULTI-SCHS BLDG CORP                                            | IN VALEDU 5 07/15/2029           | CUSIP: 920284GE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3185933.10   | 0.54%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZEELAND MICH PUB SCHS                                                          | MI ZEESCD 5 05/01/2030           | CUSIP: 989258MR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1148535.63   | 0.19%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RIO RANCHO N MEX PUB SCH DIST NO 94                                            | NM RIOSCD 3.12 08/01/2028        | CUSIP: 767171PL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1528593.64   | 0.26%             | 2028-08-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| SALISBURY N C                                                                  | NC SALUTL 5 02/01/2035           | CUSIP: 795375CH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120726.40   | 0.19%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                                                 | NC UNIGEN 3 06/01/2031           | CUSIP: 906400EB8<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   2850000 | PA      | $2792579.63   | 0.47%             | 2031-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEWARK CALIF UNI SCH DIST                                                      | CA NEWSCD 3 08/01/2028           | CUSIP: 650264UP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $751985.55    | 0.13%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS                            | OH NWOSCD 5 12/01/2027           | CUSIP: 667712BL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $178248.42    | 0.03%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST OHIO LOC SCH DIST HAMILTON & BUTLER CNTYS                            | OH NWOSCD 4 12/01/2030           | CUSIP: 667712BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    365000 | PA      | $369895.20    | 0.06%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANTEE CALIF SCH DIST                                                          | CA STESCD 3.5 08/01/2029         | CUSIP: 802853LN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1744986.89   | 0.30%             | 2029-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                                                      | OR ORS 2.8 06/01/2025            | CUSIP: 68609BWS2<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    155000 | PA      | $154487.46    | 0.03%             | 2025-06-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| SHAKOPEE MINN INDPT SCH DIST NO 720                                            | MN SHASCD 3.25 02/01/2026        | CUSIP: 819190TM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3860000 | PA      | $3864586.07   | 0.65%             | 2026-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| SANTA FE N MEX                                                                 | NM SFE 4 08/01/2026              | CUSIP: 802071HQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226808.98    | 0.04%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                              | IL ILSGEN 4 08/01/2038           | CUSIP: 45203HE81<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995495.40    | 0.17%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BORDEN-HENRYVILLE MULTI-SCH BLDG CORP IND                                      | IN BORSCD 5 07/15/2034           | CUSIP: 099590AV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1435015.55   | 0.24%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SUGAR LAND TEX                                                                 | TX SUG 5 02/15/2038              | CUSIP: 864856LE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $698500.95    | 0.12%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST HSG FIN & DEV AUTH                                           | SC SCSHSG 2.75 03/01/2024        | CUSIP: 83712DZ41<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994884.00    | 0.17%             | 2024-03-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| MOBILE CNTY ALA BRD SCH COMMRS                                                 | AL MOBSCD 5 03/01/2037           | CUSIP: 607298BG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1092733.00   | 0.18%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA PUB PWR DIST NEB                                                         | NE OMAPWR 5 02/01/2036           | CUSIP: 682001HF2<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |    750000 | PA      | $859752.38    | 0.15%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PFLUGERVILLE TEX                                                               | TX PFL 4 08/01/2039              | CUSIP: 7170876W5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1561825.58   | 0.26%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                                        | NY NYCGEN 5.25 11/01/2036        | CUSIP: 64971X2K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1742263.95   | 0.29%             | 2036-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH                                                      | MI GRTWTR 5 07/01/2035           | CUSIP: 39081JEL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $843860.85    | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST PORTS AUTH                                                          | GA GASTRN 5.25 07/01/2039        | CUSIP: 373586HN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1436686.75   | 0.24%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HARLANDALE TEX INDPT SCH DIST                                                  | TX HLDSCD 5.25 08/15/2039        | CUSIP: 412707LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1143004.20   | 0.19%             | 2039-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                                  | CA CAS 5 09/01/2035              | CUSIP: 13063DS58<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3469377.90   | 0.59%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                            | IN INSUTL 4 10/01/2039           | CUSIP: 45505MJV9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1717096.33   | 0.29%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SANGER TEX INDPT SCH DIST                                                      | TX SGRSCD 4 08/15/2038           | CUSIP: 800885PS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250763.63   | 0.21%             | 2038-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE CNTY MD                                                              | MD BAL 4 03/01/2038              | CUSIP: 05914FX21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1775808.48   | 0.30%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VAN BUREN MICH PUB SCHS                                                        | MI VANSCD 4 11/01/2035           | CUSIP: 920729JP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1543642.29   | 0.26%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                              | DC DIS 5 06/01/2038              | CUSIP: 25476FNT1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1528335.60   | 0.26%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBREY TEX INDPT SCH DIST                                                      | TX AUBSCD 5 02/15/2039           | CUSIP: 050195WN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108240.30   | 0.19%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BALTIMORE MD                                                                   | MD BALGEN 5 07/01/2035           | CUSIP: 05922KW54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1144307.80   | 0.19%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                                   | NY NYC 5 09/01/2035              | CUSIP: 64966QF47<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1701201.30   | 0.29%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH                                                          | MI MISFAC 5 10/15/2039           | CUSIP: 594615KH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114849.30   | 0.19%             | 2039-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MANHEIM PA CENT SCH DIST                                                       | PA MANSCD 4 05/01/2038           | CUSIP: 563168NS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1337290.83   | 0.23%             | 2038-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                                       | MN MNSHSG 5 08/01/2030           | CUSIP: 60416TTG3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1343673.01   | 0.23%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TULSA OKLA                                                                     | OK TUL 3 04/01/2028              | CUSIP: 899645YZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3001404.60   | 0.51%             | 2028-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UPPER ST CLAIR TWP PA                                                          | PA USC 4 06/01/2029              | CUSIP: 916456HY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $318133.91    | 0.05%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LAKEHAVEN WASH WTR & SWR DIST                                                  | WA LKHUTL 3 10/01/2035           | CUSIP: 511528AM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $661978.52    | 0.11%             | 2035-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| LAKE CNTY ILL CMNTY CONS SCH DIST NO 73 HAWTHORN                               | IL LAKSCD 4 01/01/2038           | CUSIP: 508759MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1989054.80   | 0.34%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST HSG FIN AGY                                                        | NY NYSHSG 11/01/2061             | CUSIP: 64987JRC7<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1782159.00   | 0.30%             | 2061-11-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                                | NY TRBTRN 3 05/15/2032           | CUSIP: 89602HBR7<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2219921.33   | 0.38%             | 2032-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY SCH DIST FIN CORP                                               | KY KENEDU 2 12/01/2031           | CUSIP: 491089ZH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1565000 | PA      | $1359365.89   | 0.23%             | 2031-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BARTOW CNTY GA DEV AUTH                                                        | GA BTWPOL 09/01/2029             | CUSIP: 069643BL7<br>LEI: 5493006KLI0V8YELKW50 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $892247.70    | 0.15%             | 2029-09-01      | Variable      | 1.80%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST MTG AGY                                                            | NY NYSHSG 2.4 10/01/2034         | CUSIP: 64988YBZ9<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $830456.90    | 0.14%             | 2034-10-01      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| WEST LAFAYETTE IND                                                             | IN WTLUTL 3.75 07/01/2029        | CUSIP: 953701CS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $223977.16    | 0.04%             | 2029-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                                       | PA PASSFH 2.2 04/01/2033         | CUSIP: 70879QPV9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2331268.36   | 0.39%             | 2033-04-01      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                                         | ID IDSMED 4 03/01/2034           | CUSIP: 451295C31<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404879.24    | 0.07%             | 2034-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLASSIC CTR AUTH FOR CLARKE CNTY GA                                            | GA CLCGEN 4 05/01/2037           | CUSIP: 18274AAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $399490.20    | 0.07%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WORTHINGTON OHIO CITY SCH DIST                                                 | OH WORSCD 4 12/01/2033           | CUSIP: 982038RV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $830013.58    | 0.14%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                                                                       | TX TXS 2.25 08/01/2032           | CUSIP: 882724VY0<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    750000 | PA      | $649742.40    | 0.11%             | 2032-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| PORTAGE MICH PUB SCHS                                                          | MI PORSCD 3 11/01/2038           | CUSIP: 735779NU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $865830.70    | 0.15%             | 2038-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FOND DU LAC WIS                                                                | WI FON 2 03/01/2031              | CUSIP: 344461MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    895000 | PA      | $793846.03    | 0.13%             | 2031-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY ARK                                                                 | AR UNIVHG 5 11/01/2028           | CUSIP: 914072UJ0<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    365000 | PA      | $379238.72    | 0.06%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY TENN                                                           | TN WSH 3 06/01/2030              | CUSIP: 938650RN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $840724.38    | 0.14%             | 2030-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALASKA ST HSG FIN CORP                                                         | AK AKSHSG 5 12/01/2032           | CUSIP: 01170RMK5<br>LEI: 549300HJ8NOJNYW6ER36 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1122337.80   | 0.19%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SANGAMON CNTY ILL                                                              | IL SGC 3 12/15/2033              | CUSIP: 800711CX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $755495.20    | 0.13%             | 2033-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SUN PRAIRIE WIS AREA SCH DIST                                                  | WI SUNSCD 3 03/01/2035           | CUSIP: 866854SE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1329571.45   | 0.22%             | 2035-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MAINE ST HSG AUTH                                                              | ME MESHSG 5 06/15/2034           | CUSIP: 56052UBH4<br>LEI: 549300SO05LH6D240016 | Long             | DBT              | MUN               | US        |   2265000 | PA      | $2563861.54   | 0.43%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer