# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-25-001696
**Filing Date:** 2025-11
**Character Count:** 394921
**Document Hash:** e7ddceeb505eee6c272386cea33eb9c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-001696.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002066578-25-001696

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**EFFECTIVENESS DATE**: 20251126

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251531385

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22538

#### Advisers Investment Trust
(Exact name of registrant as specified in charter)

------

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices) (Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

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

#### 866-638-5859

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

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

![TSR - Fund Logo](images_7618.jpg)

### State Farm Growth Fund

### Ticker \| STFGX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the State Farm Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus. You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Farm Growth Fund | $13 | 0.12% |

---

#### What impacted Fund performance over the reporting period?
The Fund invests under normal circumstances at least 80% of its assets in equity securities that at the time of investment are expected to appreciate over the long-term. Equity securities include, among other things, common stocks, preferred stocks, and American Depositary Receipts.

For the 12-month period ended September 30, 2025, the Growth Fund underperformed the S&P 500 Index. During that timeframe, the Growth Fund's bias to defensive factors and sectors led to underperformance as much of the market's momentum was temporarily propelled by a relatively small number of mega-cap and tech adjacent names.

The following table outlines key factors that affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Companies with strong fundamentals (High Quality) | Negative | Companies with strong fundamentals, as measured by their management efficiency, profitability and cash flow, outperformed those with weaker fundamentals. However, this effect was most pronounced in moderately strong names. The strategy was only moderately underweight this group in favor of the highest quality stocks, leading to modest underperformance. |
| Companies that are less volatile (Low Volatility) | Negative | The highest volatility companies significantly outperformed the overall index, leading to underperformance in low volatility companies. |
| Dividend paying companies | Negative | Dividend payers underperformed non-dividend payers, hampering performance. |
| Sectors | Negative | The Fund was underweight information technology relative to the S&P 500 Index, which outperformed. Additionally, the Fund was overweight health care, consumer staples, and materials relative to the S&P 500 Index, which underperformed. |

---

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3153342.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| State Farm Growth Fund | 15.38% | 15.67% | 13.70% |
| Benchmark: S&P 500 Index | 17.60% | 16.47% | 15.30% |

---

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

**Visit www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8813282970 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net fees paid to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;$5410924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

Industry Sector as a % of Net Assets

---

| | |
|:---|:---|
| Information Technology | 31.11% |
| Health Care | 12.82% |
| Communication Services | 10.43% |
| Industrials | 9.15% |
| Consumer Staples | 9.07% |
| Materials | 7.45% |
| Financials | 5.65% |
| Consumer Discretionary | 5.55% |
| Energy | 2.40% |
| Utilities | 2.03% |
| Other less than 2% | 4.32% |

---

Where can I find more information?

![TSR - QR Code](images_7631.jpg)

At https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

STATE FARM FUNDS

![TSR - Fund Logo](images_7618.jpg)

### State Farm Balanced Fund

### Ticker \| STFBX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the State Farm Balanced Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus. You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Farm Balanced Fund | $15 | 0.14% |

---

#### What impacted Fund performance over the reporting period?
Under normal market conditions, the Fund invests approximately 65% of its total assets in common stocks, and ordinarily limits its common stock investments to no more than 75% of its total assets. The Sub-Adviser believes this allocation is appropriate for investors seeking the Fund's balanced approach to equity and fixed income exposures.

The Balanced Fund's 12-month underperformance was driven primarily by the equity portion of the Fund. The equity portfolio's bias to defensive factors and sectors led to underperformance as much of the market's momentum was temporarily propelled by a relatively small number of mega-cap tech and tech adjacent names.

The following table outlines key factors that affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Companies with strong fundamentals (High Quality) | Negative | Companies with strong fundamentals, as measured by their management efficiency, profitability and cash flow, outperformed those with weaker fundamentals. However, this effect was most pronounced in moderately strong names. The strategy was only moderately underweight this group in favor of the highest quality stocks, leading to modest underperformance. |
| Companies that are less volatile (Low Volatility) | Negative | The highest volatility companies significantly outperformed the overall index, leading to underperformance in low volatility companies. |
| Dividend paying companies | Negative | Dividend payers underperformed non-dividend payers, hampering performance. |
| Sectors | Negative | The Fund's equity allocation was underweight information technology relative to the S&P 500 Index, which outperformed. Additionally, the Fund was overweight health care, consumer staples, and materials relative to the S&P 500 Index, which underperformed. |

---

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3153287.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| State Farm Balanced Fund | 10.86% | 11.11% | 9.96% |
| Benchmark: S&P 500 Index | 17.60% | 16.47% | 15.30% |
| Benchmark: Bloomberg Intermediate U.S. Government/Credit Index | 4.01% | 0.81% | 2.10% |

---

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

**Visit www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2605657434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net fees paid to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;$1893911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stocks/Bonds Allocation | &nbsp;&nbsp;&nbsp;&nbsp;70% / 30% |

---

Industry Sector as a % of Net Assets

---

| | |
|:---|:---|
| Information Technology | 20.75% |
| Health Care | 9.73% |
| Communication Services | 8.62% |
| Industrials | 8.06% |
| Consumer Staples | 6.10% |
| Materials | 5.93% |
| Financials | 3.92% |
| Consumer Discretionary | 2.61% |
| U.S. Treasury Obligations | 17.97% |
| Corporate Bonds | 8.01% |
| Other | 8.25% |

---

Where can I find more information?

![TSR - QR Code](images_7631.jpg)

At https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

STATE FARM FUNDS

![TSR - Fund Logo](images_7618.jpg)

### State Farm Interim Fund

### Ticker \| SFITX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the State Farm Interim Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus. You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Farm Interim Fund | $16 | 0.16% |

---

#### What impacted Fund performance over the reporting period?
Under normal circumstances, the Fund will invest substantially all its net assets in a representative sample of the U.S. Treasury obligations included in the Bloomberg 1-5 Year U.S. Treasury Index (the "Index"). The Index is an unmanaged index that includes a range of U.S. Treasury obligations and is considered representative of short to intermediate term U.S. Treasury bond performance overall.

For the 12-month period ended September 30, 2025, the State Farm Interim Fund experienced a total return of 3.59% after expenses, compared to a 3.77% return for the Bloomberg 1-5 Year U.S. Treasury Index. The impact of expenses, and to a smaller extent the duration and security selection effects associated with sampling from the benchmark, the Bloomberg 1-5 Year U.S. Treasury Index, contributed to the Fund's relatively mild underperformance.

The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Sampling (security selection, curve position, sector allocation) | Negative | A sampling approach to portfolio construction results in small over/underweight positions in the Fund at the security level relative to the benchmark. |
| Transaction costs | Neutral | Transaction costs are experienced by the Fund but not reflected in the benchmark index return. |
| Expenses | Negative | Fund expenses have a negative impact to returns relative to the benchmark. |

---

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3153359.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| State Farm Interim Fund | 3.59% | 0.83% | 1.46% |
| Benchmark: Bloomberg U.S. Government/Credit Bond Index | 2.67% | (0.61)% | 1.99% |
| Benchmark: Bloomberg U.S. Treasury: 1-5 Year Index | 3.77% | 1.05% | 1.63% |

---

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

**Visit www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$299040731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net fees paid to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;$78940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

Maturity Range as a % of Net Assets

---

| | |
|:---|:---|
| 0 - 1 Years | 0.24% |
| 1 - 2 Years | 32.33% |
| 2 - 3 Years | 25.57% |
| 3 - 4 Years | 19.88% |
| 4 - 5 Years | 19.79% |
| 5 - 6 Years | 1.30% |

---

Where can I find more information?

![TSR - QR Code](images_7631.jpg)

At https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

STATE FARM FUNDS

![TSR - Fund Logo](images_7618.jpg)

### State Farm Municipal Bond Fund

### Ticker \| SFBDX

#### ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the State Farm Municipal Bond Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus. You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| State Farm Municipal Bond Fund | $16 | 0.16% |

---

#### What impacted Fund performance over the reporting period?
Under normal circumstances, the Fund invests so that either (1) at least 80% of the Fund's net investment income is exempt from regular federal income tax or (2) at least 80% of the Fund's net assets are invested in securities that produce income exempt from regular federal income tax.

For the 12-month period ended September 30, 2025, the State Farm Municipal Bond Fund experienced a total return of 2.79% after expenses, compared to a 3.48% return for the Bloomberg 7-Year Municipal Bond Index. Generally, lower rated, intermediate duration revenue bonds outperformed. Curve was the largest detractor to performance. The blended maturity structure of the Fund has created a persistent underweight to the outperforming 6 to 8-year duration bucket which detracted from performance. While exposure to single-A and BBB ratings was positive, the underweight detracted from performance. Exposure to housing and hospital sectors was positive, but an overall underweight to revenue sectors also detracted from performance.

The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Inflation Easing and Labor Market Softening | Positive | Easing inflation and a softening of the labor market fueled interest rate cut expectations that drove both demand and bond prices higher in general supporting performance. |
| Strong demand for lower rated credit | Negative | Investor demand for lower rated credit drove spreads tighter. An underweight to these segments negatively impacted Fund performance. |

---

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3153414.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| State Farm Municipal Bond Fund | 2.79% | 0.95% | 2.15% |
| Benchmark: Bloomberg 7-Year Municipal Bond Index | 3.48% | 1.12% | 2.29% |
| Benchmark: Bloomberg 1-15 Year Municipal Index | 2.61% | 1.15% | 2.24% |

---

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

**Visit www.statefarm.com/finances/mutual-funds/resources/associate-funds-performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$506442983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net fees paid to Adviser | &nbsp;&nbsp;&nbsp;&nbsp;$396474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Maturity Range as a % of Net Assets

---

| | |
|:---|:---|
| 0-6 Years | 25.92% |
| 6-12 Years | 53.24% |
| 12-22 Years | 21.31% |
| 22+ Years | 0.00% |

---

Where can I find more information?

![TSR - QR Code](images_7631.jpg)

At https://www.statefarm.com/finances/mutual-funds/resources/associate-funds-prospectus, you can find additional information about the Fund, including the Fund's prospectus, financial information, fund holdings and proxy voting information.

You can also request this information by contacting us at 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

**Householding**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

STATE FARM FUNDS

------

(b) Not Applicable.

------

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

------

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

------

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

State Farm Funds

2025: $136,780

2024: $132,800

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

(b) Audit-Related Fees

State Farm Funds

2025: $0

2024: $0

(c) Tax Fees

State Farm Funds

2025: $29,460

2024: $28,600

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

(d) All Other Fees

State Farm Funds

2025: $0

2024: $0

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

(e)(2) State Farm Funds

2025: 0%

2024: 0%

(f) Not applicable.

(g) State Farm Funds

2025: $29,460

2024: $28,600

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

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

(j) The registrant is not a foreign issuer.

------

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

------

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

(b) Not applicable.

------

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

------

September 30, 2025

State Farm Funds

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION**

State Farm Growth Fund

State Farm Balanced Fund

State Farm Interim Fund

State Farm Municipal Bond Fund

![](img6f55f29b1.jpg)

![](imge3122e7e2.gif)

![](img200f779c3.gif)

------

---

| | |
|:---|:---|
| **Advisers Investment Trust** | **Advisers Investment Trust** |
| **State Farm Funds** | **State Farm Funds** |
| **Table of Contents** | **Table of Contents** |
| **September 30, 2025** | **September 30, 2025** |
| **[Schedules of Investments](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SOI-ContinuedHeader_1)** |  |
| [State Farm Growth Fund](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SOI-ContinuedHeader_1) | 1 |
| [State Farm Balanced Fund](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SOI-ContinuedHeader_6) | 6 |
| [State Farm Interim Fund](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SOI-ContinuedHeader_34) | 34 |
| [State Farm Municipal Bond Fund](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SOI-ContinuedHeader_36) | 36 |
| **[Financial Statements](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_FS-ContinuedHeader_1)** |  |
| [Statements of Assets and Liabilities](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_FS-ContinuedHeader_1) | 47 |
| [Statements of Operations](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_FS-ContinuedHeader_2) | 48 |
| [Statements of Changes in Net Assets](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_FS-ContinuedHeader_3) | 49 |
| **[Financial Highlights](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_FIHI-ContinuedHeader_1)** | 51 |
| **[Notes to Financial Statements](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_NTF-ContinuedHeader_1)** | 55 |
| **[Report of Independent Registered Public Accounting Firm](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_AUD-ContinuedHeader_1)** | 67 |
| **[Additional Information](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_BOARD-ContinuedHeader_1)** | 68 |
| **[Changes in and Disagreements with Accountants](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_CAD-ContinuedHeader_1)** | 69 |
| **[Proxy Disclosures](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_PD-ContinuedHeader_1)** | 70 |
| **[Remuneration Paid to Directors, Officers, and Others](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_RPDOO-ContinuedHeader_1)** | 71 |
| &nbsp;&nbsp; **[Statement Regarding Basis For Approval of Investment Advisory and](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SRBA-ContinuedHeader_1)**<br> **[Sub-Advisory Contracts](#xx_483f406d-8662-4186-8fb8-9003fb2e9df9_SRBA-ContinuedHeader_1)**<br>| 72 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (98.31%)** | **Common Stocks (98.31%)** | **Common Stocks (98.31%)** |
| **Advertising & Marketing (0.13%)** | **Advertising & Marketing (0.13%)** | **Advertising & Marketing (0.13%)** |
| Interpublic Group of Cos. Inc., The | 339100 | $9464281 |
| Trade Desk Inc., The, Class A(a) | 43100 | 2112331 |
|  |  | 11576612 |
| **Aerospace & Defense (0.37%)** | **Aerospace & Defense (0.37%)** | **Aerospace & Defense (0.37%)** |
| Axon Enterprise Inc.(a) | 5600 | 4018784 |
| General Dynamics Corp. | 32000 | 10912000 |
| General Electric Co. | 6400 | 1925248 |
| Lockheed Martin Corp. | 30700 | 15325747 |
|  |  | 32181779 |
| **Apparel & Textile Products (0.25%)** | **Apparel & Textile Products (0.25%)** | **Apparel & Textile Products (0.25%)** |
| Tapestry Inc. | 196300 | 22225086 |
| VF Corp. | 100 | 1443 |
|  |  | 22226529 |
| **Asset Management (0.64%)** | **Asset Management (0.64%)** | **Asset Management (0.64%)** |
| Ameriprise Financial Inc. | 17300 | 8498625 |
| Blackstone Inc. | 100 | 17085 |
| Charles Schwab Corp., The | 100 | 9547 |
| Franklin Resources Inc. | 333800 | 7720794 |
| Invesco Ltd. | 944800 | 21673712 |
| Janus Henderson Group PLC | 419700 | 18680847 |
| KKR & Co. Inc. | 100 | 12995 |
|  |  | 56613605 |
| **Automotive (1.11%)** | **Automotive (1.11%)** | **Automotive (1.11%)** |
| Tesla Inc.(a) | 220800 | 98194176 |
| **Banking (2.45%)** | **Banking (2.45%)** | **Banking (2.45%)** |
| Bank of America Corp. | 122800 | 6335252 |
| Citigroup Inc. | 163500 | 16595250 |
| Citizens Financial Group Inc. | 100 | 5316 |
| Comerica Inc. | 100 | 6852 |
| Cullen/Frost Bankers Inc. | 81500 | 10331755 |
| Fifth Third Bancorp | 12000 | 534600 |
| Huntington Bancshares Inc. | 100 | 1727 |
| JPMorgan Chase & Co. | 170900 | 53906987 |
| KeyCorp | 103600 | 1936284 |
| M&T Bank Corp. | 62000 | 12252440 |
| Regions Financial Corp. | 100 | 2637 |
| Truist Financial Corp. | 100 | 4572 |
| US Bancorp | 100 | 4833 |
| Wells Fargo & Co. | 1359500 | 113953290 |
| Zions Bancorp NA | 100 | 5658 |
|  |  | 215877453 |
| **Beverages (1.01%)** | **Beverages (1.01%)** | **Beverages (1.01%)** |
| Coca-Cola Co., The | 745000 | 49408400 |
| PepsiCo Inc. | 283300 | 39786652 |
|  |  | 89195052 |
| **Biotechnology & Pharmaceuticals (10.79%)** | **Biotechnology & Pharmaceuticals (10.79%)** | **Biotechnology & Pharmaceuticals (10.79%)** |
| AbbVie Inc. | 612600 | 141841404 |
| Amgen Inc. | 96285 | 27171627 |
| Bristol-Myers Squibb Co. | 175800 | 7928580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Eli Lilly & Co. | 233400 | $178084200 |
| Gilead Sciences Inc. | 172300 | 19125300 |
| Johnson & Johnson | 2125520 | 394113918 |
| Merck & Co. Inc. | 128150 | 10755630 |
| Pfizer Inc. | 2537532 | 64656315 |
| Zoetis Inc. | 733896 | 107383663 |
|  |  | 951060637 |
| **Chemicals (2.65%)** | **Chemicals (2.65%)** | **Chemicals (2.65%)** |
| Air Products and Chemicals Inc. | 724900 | 197694728 |
| Ecolab Inc. | 4200 | 1150212 |
| International Flavors & <br> Fragrances Inc.<br>| 524541 | 32280253 |
| Linde PLC | 5100 | 2422500 |
|  |  | 233547693 |
| **Commercial Support Services (0.91%)** | **Commercial Support Services (0.91%)** | **Commercial Support Services (0.91%)** |
| Automatic Data Processing Inc. | 109900 | 32255650 |
| Cintas Corp. | 79300 | 16277118 |
| H&R Block Inc. | 609700 | 30832529 |
| Paychex Inc. | 4600 | 583096 |
|  |  | 79948393 |
| **Computers (0.03%)** | **Computers (0.03%)** | **Computers (0.03%)** |
| Super Micro Computer Inc.(a) | 49400 | 2368236 |
| **Construction Materials (2.95%)** | **Construction Materials (2.95%)** | **Construction Materials (2.95%)** |
| Vulcan Materials Co. | 844800 | 259877376 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 7100 | 1558592 |
| **Containers & Packaging (0.73%)** | **Containers & Packaging (0.73%)** | **Containers & Packaging (0.73%)** |
| AptarGroup Inc. | 391597 | 52340855 |
| Packaging Corp of America | 55600 | 12116908 |
|  |  | 64457763 |
| **Diversified Industrials (2.28%)** | **Diversified Industrials (2.28%)** | **Diversified Industrials (2.28%)** |
| 3M Co. | 91900 | 14261042 |
| Emerson Electric Co. | 126400 | 16581152 |
| Illinois Tool Works Inc. | 652300 | 170093748 |
|  |  | 200935942 |
| **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** | **E-Commerce Discretionary (2.22%)** |
| Amazon.com Inc.(a) | 870100 | 191047857 |
| eBay Inc. | 51800 | 4711210 |
| Etsy Inc.(a) | 100 | 6639 |
|  |  | 195765706 |
| **Electric Utilities (1.25%)** | **Electric Utilities (1.25%)** | **Electric Utilities (1.25%)** |
| AES Corp., The | 713600 | 9390976 |
| Brookfield Renewable Corp. | 239600 | 8247032 |
| Clearway Energy Inc., Class C | 283700 | 8014525 |
| Consolidated Edison Inc. | 126200 | 12685624 |
| Constellation Energy Corp. | 3400 | 1118838 |
| Duke Energy Corp. | 82800 | 10246500 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Edison International | 235000 | $12990800 |
| Evergy Inc. | 136000 | 10338720 |
| NRG Energy Inc. | 2300 | 372485 |
| OGE Energy Corp. | 287800 | 13316506 |
| Public Service Enterprise <br> Group Inc.<br>| 24100 | 2011386 |
| Southern Co., The | 156800 | 14859936 |
| Vistra Corp. | 32900 | 6445768 |
|  |  | 110039096 |
| **Electrical Equipment (0.61%)** | **Electrical Equipment (0.61%)** | **Electrical Equipment (0.61%)** |
| AMETEK Inc. | 7400 | 1391200 |
| GE Vernova Inc. | 52900 | 32528210 |
| Generac Holdings Inc.(a) | 100 | 16740 |
| Rockwell Automation Inc. | 10300 | 3600159 |
| Vertiv Holdings Co., Class A | 109100 | 16458826 |
|  |  | 53995135 |
| **Entertainment Content (3.43%)** | **Entertainment Content (3.43%)** | **Entertainment Content (3.43%)** |
| Electronic Arts Inc. | 18800 | 3791960 |
| Netflix Inc.(a) | 68200 | 81766344 |
| Paramount Skydance Corp., <br> Class B<br>| 100 | 1892 |
| Take-Two Interactive <br> Software Inc.(a)<br>| 2500 | 645900 |
| Walt Disney Co., The | 1885840 | 215928680 |
| Warner Bros Discovery Inc.(a) | 100 | 1953 |
|  |  | 302136729 |
| **Food (0.80%)** | **Food (0.80%)** | **Food (0.80%)** |
| Ingredion Inc. | 58400 | 7131224 |
| Kellanova | 70300 | 5766006 |
| McCormick & Co. Inc. | 856600 | 57315106 |
|  |  | 70212336 |
| **Gas & Water Utilities (0.33%)** | **Gas & Water Utilities (0.33%)** | **Gas & Water Utilities (0.33%)** |
| National Fuel Gas Co. | 115300 | 10650261 |
| UGI Corp. | 549500 | 18276370 |
|  |  | 28926631 |
| **Health Care Facilities & Services (0.54%)** | **Health Care Facilities & Services (0.54%)** | **Health Care Facilities & Services (0.54%)** |
| Cardinal Health Inc. | 54400 | 8538624 |
| Cencora Inc. | 21700 | 6781901 |
| Chemed Corp. | 17300 | 7745902 |
| Encompass Health Corp. | 13800 | 1752876 |
| McKesson Corp. | 20000 | 15450800 |
| Medpace Holdings Inc.(a) | 5500 | 2827880 |
| UnitedHealth Group Inc. | 12800 | 4419840 |
|  |  | 47517823 |
| **Home & Office Products (0.72%)** | **Home & Office Products (0.72%)** | **Home & Office Products (0.72%)** |
| HNI Corp. | 1235100 | 57864435 |
| Scotts Miracle-Gro Co., The | 100000 | 5695000 |
|  |  | 63559435 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Household Products (1.80%)** | **Household Products (1.80%)** | **Household Products (1.80%)** |
| Clorox Co., The | 17900 | $2207070 |
| Colgate-Palmolive Co. | 367600 | 29385944 |
| Kenvue Inc. | 1427196 | 23163391 |
| Procter & Gamble Co., The | 674755 | 103676106 |
|  |  | 158432511 |
| **Institutional Financial Services (0.48%)** | **Institutional Financial Services (0.48%)** | **Institutional Financial Services (0.48%)** |
| Cboe Global Markets Inc. | 38600 | 9466650 |
| CME Group Inc. | 3900 | 1053741 |
| Coinbase Global Inc., Class A(a) | 20400 | 6884796 |
| Goldman Sachs Group Inc., The | 4100 | 3265035 |
| Interactive Brokers Group Inc., <br> Class A<br>| 6800 | 467908 |
| Intercontinental Exchange Inc. | 49900 | 8407152 |
| Jefferies Financial Group Inc. | 86700 | 5671914 |
| Morgan Stanley | 7200 | 1144512 |
| Northern Trust Corp. | 20600 | 2772760 |
| Virtu Financial Inc., Class A, Class A | 93700 | 3326350 |
|  |  | 42460818 |
| **Insurance (1.03%)** | **Insurance (1.03%)** | **Insurance (1.03%)** |
| Allstate Corp., The | 24500 | 5258925 |
| American Financial Group Inc. | 58900 | 8582908 |
| Assurant Inc. | 65200 | 14122320 |
| Berkshire Hathaway Inc., Class B(a) | 10100 | 5077674 |
| Equitable Holdings Inc. | 245800 | 12481724 |
| Hartford Insurance Group Inc., The | 54400 | 7256416 |
| Lincoln National Corp. | 187200 | 7549776 |
| Loews Corp. | 69100 | 6936949 |
| Old Republic International Corp. | 175700 | 7461979 |
| Willis Towers Watson PLC | 47200 | 16305240 |
|  |  | 91033911 |
| **Internet Media & Services (6.42%)** | **Internet Media & Services (6.42%)** | **Internet Media & Services (6.42%)** |
| Airbnb Inc., Class A(a) | 100 | 12142 |
| Alphabet Inc., Class A | 1473100 | 358110610 |
| Alphabet Inc., Class C | 118420 | 28841191 |
| Booking Holdings Inc. | 400 | 2159708 |
| Expedia Group Inc. | 3300 | 705375 |
| GoDaddy Inc., Class A(a) | 49700 | 6800451 |
| Match Group Inc. | 14500 | 512140 |
| Meta Platforms Inc., Class A | 210970 | 154932149 |
| Uber Technologies Inc.(a) | 18600 | 1822242 |
| VeriSign Inc. | 42800 | 11965596 |
|  |  | 565861604 |
| **IT Services (0.19%)** | **IT Services (0.19%)** | **IT Services (0.19%)** |
| Amdocs Ltd. | 119100 | 9772155 |
| DXC Technology Co.(a) | 100 | 1363 |
| Gartner Inc.(a) | 25700 | 6755759 |
|  |  | 16529277 |
| **Leisure Facilities & Services (0.71%)** | **Leisure Facilities & Services (0.71%)** | **Leisure Facilities & Services (0.71%)** |
| Caesars Entertainment Inc.(a) | 100 | 2702 |
| Carnival Corp.(a) | 111600 | 3226356 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Leisure Facilities & Services (Cont.)** | **Leisure Facilities & Services (Cont.)** | **Leisure Facilities & Services (Cont.)** |
| Chipotle Mexican Grill Inc.(a) | 100 | $3919 |
| Domino's Pizza Inc. | 23500 | 10145185 |
| Las Vegas Sands Corp. | 100 | 5379 |
| McDonald's Corp. | 9500 | 2886955 |
| MGM Resorts International(a) | 100 | 3466 |
| Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2463 |
| Royal Caribbean Cruises Ltd. | 51700 | 16729086 |
| TKO Group Holdings Inc. | 39900 | 8058204 |
| Vail Resorts Inc. | 15800 | 2363206 |
| Wendy's Co., The | 476600 | 4365656 |
| Wingstop Inc. | 5300 | 1333904 |
| Wyndham Hotels & Resorts Inc. | 28100 | 2245190 |
| Wynn Resorts Ltd. | 100 | 12827 |
| Yum! Brands Inc. | 74900 | 11384800 |
|  |  | 62769298 |
| **Machinery (4.68%)** | **Machinery (4.68%)** | **Machinery (4.68%)** |
| Caterpillar Inc. | 858021 | 409404720 |
| MSA Safety Inc. | 12900 | 2219703 |
| Snap-on Inc. | 2700 | 935631 |
|  |  | 412560054 |
| **Medical Equipment & Devices (1.50%)** | **Medical Equipment & Devices (1.50%)** | **Medical Equipment & Devices (1.50%)** |
| Abbott Laboratories | 393800 | 52745572 |
| Agilent Technologies Inc. | 548071 | 70344913 |
| Dexcom Inc.(a) | 100 | 6729 |
| Insulet Corp.(a) | 100 | 30873 |
| ResMed Inc. | 19900 | 5447227 |
| Solventum Corp.(a) | 23075 | 1684475 |
| STERIS PLC | 3000 | 742320 |
| Thermo Fisher Scientific Inc. | 1600 | 776032 |
|  |  | 131778141 |
| **Metals & Mining (0.55%)** | **Metals & Mining (0.55%)** | **Metals & Mining (0.55%)** |
| Rio Tinto PLC Sponsored ADR | 479900 | 31678199 |
| Royal Gold Inc. | 85000 | 17049300 |
|  |  | 48727499 |
| **Oil & Gas Supply Chain (2.40%)** | **Oil & Gas Supply Chain (2.40%)** | **Oil & Gas Supply Chain (2.40%)** |
| Antero Midstream Corp. | 190000 | 3693600 |
| APA Corp. | 41000 | 995480 |
| Cheniere Energy Inc. | 40600 | 9540188 |
| Chevron Corp. | 956600 | 148550414 |
| Civitas Resources Inc. | 173800 | 5648500 |
| ConocoPhillips | 26673 | 2522999 |
| Devon Energy Corp. | 100 | 3506 |
| Diamondback Energy Inc. | 24200 | 3463020 |
| EOG Resources Inc. | 101600 | 11391392 |
| EQT Corp. | 100 | 5443 |
| Exxon Mobil Corp. | 129800 | 14634950 |
| Occidental Petroleum Corp. | 42100 | 1989225 |
| Targa Resources Corp. | 31500 | 5277510 |
| Texas Pacific Land Corp. | 4300 | 4014652 |
|  |  | 211730879 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Baker Hughes Co. | 100 | $4872 |
| **Publishing & Broadcasting (0.13%)** | **Publishing & Broadcasting (0.13%)** | **Publishing & Broadcasting (0.13%)** |
| Nexstar Media Group Inc. | 58500 | 11567790 |
| **Real Estate Investment Trusts (1.78%)** | **Real Estate Investment Trusts (1.78%)** | **Real Estate Investment Trusts (1.78%)** |
| Alexandria Real Estate Equities Inc. | 100 | 8334 |
| AvalonBay Communities Inc. | 42900 | 8286993 |
| Camden Property Trust | 97600 | 10421728 |
| CubeSmart | 101300 | 4118858 |
| EPR Properties | 312000 | 18099120 |
| Essex Property Trust Inc. | 31900 | 8538354 |
| Highwoods Properties Inc. | 309200 | 9838744 |
| Host Hotels & Resorts Inc. | 320900 | 5461718 |
| Iron Mountain Inc. | 129400 | 13191036 |
| Kilroy Realty Corp. | 362900 | 15332525 |
| Lamar Advertising Co., Class A | 157000 | 19219940 |
| Mid-America Apartment <br> Communities Inc.<br>| 70200 | 9809046 |
| Prologis Inc. | 2700 | 309204 |
| Public Storage | 38100 | 11005185 |
| Simon Property Group Inc. | 125900 | 23627653 |
|  |  | 157268438 |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | 15756 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3539 |
| **Retail - Consumer Staples (3.18%)** | **Retail - Consumer Staples (3.18%)** | **Retail - Consumer Staples (3.18%)** |
| Costco Wholesale Corp. | 30600 | 28324278 |
| Walmart Inc. | 2443000 | 251775580 |
|  |  | 280099858 |
| **Retail - Discretionary (0.98%)** | **Retail - Discretionary (0.98%)** | **Retail - Discretionary (0.98%)** |
| AutoZone Inc.(a) | 4600 | 19735104 |
| Bath & Body Works Inc. | 100 | 2576 |
| Best Buy Co. Inc. | 143800 | 10874156 |
| Dick's Sporting Goods Inc. | 7400 | 1644428 |
| Lowe's Cos. Inc. | 48600 | 12213666 |
| O'Reilly Automotive Inc.(a) | 107300 | 11568013 |
| TJX Cos. Inc., The | 37000 | 5347980 |
| Williams-Sonoma Inc. | 126300 | 24685335 |
|  |  | 86071258 |
| **Semiconductors (13.44%)** | **Semiconductors (13.44%)** | **Semiconductors (13.44%)** |
| Advanced Micro Devices Inc.(a) | 57600 | 9319104 |
| Analog Devices Inc. | 13200 | 3243240 |
| Applied Materials Inc. | 6300 | 1289862 |
| ASML Holding NV NY Reg. Shares | 205333 | 198780824 |
| Broadcom Inc. | 617400 | 203686434 |
| Intel Corp.(a) | 100 | 3355 |
| KLA Corp. | 52900 | 57057940 |
| Lam Research Corp. | 146000 | 19549400 |
| Micron Technology Inc. | 100 | 16732 |
| NVIDIA Corp. | 3615600 | 674598648 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| QUALCOMM Inc. | 4300 | $715348 |
| Skyworks Solutions Inc. | 134800 | 10376904 |
| Texas Instruments Inc. | 31726 | 5829018 |
|  |  | 1184466809 |
| **Software (6.90%)** | **Software (6.90%)** | **Software (6.90%)** |
| Adobe Inc.(a) | 5816 | 2051594 |
| Appfolio Inc., Class A(a) | 21400 | 5899124 |
| Bentley Systems Inc., Class B | 73100 | 3763188 |
| Crowdstrike Holdings Inc., <br> Class A(a)<br>| 23700 | 11622006 |
| Datadog Inc., Class A(a) | 3000 | 427200 |
| Dayforce Inc.(a) | 100 | 6889 |
| Dropbox Inc., Class A(a) | 227900 | 6884859 |
| Fortinet Inc.(a) | 29700 | 2497176 |
| Gen Digital Inc. | 14000 | 397460 |
| Intuit Inc. | 69700 | 47598827 |
| Microsoft Corp. | 859869 | 445369149 |
| Oracle Corp. | 72400 | 20361776 |
| Palantir Technologies Inc., <br> Class A(a)<br>| 206100 | 37596762 |
| Palo Alto Networks Inc.(a) | 2400 | 488688 |
| Paycom Software Inc. | 21600 | 4495824 |
| Pegasystems Inc. | 68000 | 3910000 |
| PTC Inc.(a) | 100 | 20302 |
| Roper Technologies Inc. | 2100 | 1047249 |
| Salesforce Inc. | 7700 | 1824900 |
| ServiceNow Inc.(a) | 500 | 460140 |
| Tyler Technologies Inc.(a) | 22400 | 11718784 |
|  |  | 608441897 |
| **Specialty Finance (1.59%)** | **Specialty Finance (1.59%)** | **Specialty Finance (1.59%)** |
| AGNC Investment Corp. | 847900 | 8300941 |
| Ally Financial Inc. | 6500 | 254800 |
| Broadridge Financial Solutions Inc. | 36500 | 8693205 |
| Credit Acceptance Corp.(a) | 22400 | 10459232 |
| Fair Isaac Corp.(a) | 300 | 448959 |
| Fidelity National Information <br> Services Inc.<br>| 95400 | 6290676 |
| Global Payments Inc. | 100 | 8308 |
| Mastercard Inc., Class A | 1864 | 1060262 |
| MGIC Investment Corp. | 400700 | 11367859 |
| MSCI Inc. | 9200 | 5220172 |
| OneMain Holdings Inc. | 350000 | 19761000 |
| PayPal Holdings Inc.(a) | 100 | 6706 |
| Rithm Capital Corp. | 853000 | 9715670 |
| Starwood Property Trust Inc. | 844300 | 16354091 |
| UWM Holdings Corp. | 131119 | 798515 |
| Verisk Analytics Inc. | 49700 | 12500047 |
| Visa Inc., Class A | 47512 | 16219646 |
| Western Union Co., The | 1597400 | 12763226 |
|  |  | 140223315 |
| **Steel (0.51%)** | **Steel (0.51%)** | **Steel (0.51%)** |
| Nucor Corp. | 331800 | 44935674 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Technology Hardware (10.58%)** | **Technology Hardware (10.58%)** | **Technology Hardware (10.58%)** |
| Apple Inc. | 3344968 | $851729202 |
| Cisco Systems Inc. | 153700 | 10516154 |
| Corning Inc. | 530400 | 43508712 |
| Dell Technologies Inc., Class C | 100 | 14177 |
| F5 Inc.(a) | 3500 | 1131165 |
| HP Inc. | 8800 | 239624 |
| Motorola Solutions Inc. | 21500 | 9831735 |
| Teledyne Technologies Inc.(a) | 26100 | 15295644 |
|  |  | 932266413 |
| **Telecommunications (0.68%)** | **Telecommunications (0.68%)** | **Telecommunications (0.68%)** |
| AT&T Inc. | 320200 | 9042448 |
| Millicom International Cellular SA | 301600 | 14639664 |
| T-Mobile US Inc. | 58000 | 13884040 |
| Verizon Communications Inc. | 505500 | 22216725 |
|  |  | 59782877 |
| **Tobacco & Cannabis (0.59%)** | **Tobacco & Cannabis (0.59%)** | **Tobacco & Cannabis (0.59%)** |
| Altria Group Inc. | 409800 | 27071388 |
| Philip Morris International Inc. | 155500 | 25222100 |
|  |  | 52293488 |
| **Transportation & Logistics (0.28%)** | **Transportation & Logistics (0.28%)** | **Transportation & Logistics (0.28%)** |
| American Airlines Group Inc.(a) | 100 | 1124 |
| Delta Air Lines Inc. | 100 | 5675 |
| Expeditors International of <br> Washington Inc.<br>| 12700 | 1556893 |
| Landstar System Inc. | 54800 | 6716288 |
| Ryder System Inc. | 31000 | 5847840 |
| Union Pacific Corp. | 32100 | 7587477 |
| United Airlines Holdings Inc.(a) | 31500 | 3039750 |
|  |  | 24755047 |
| **Wholesale - Consumer Staples (1.69%)** | **Wholesale - Consumer Staples (1.69%)** | **Wholesale - Consumer Staples (1.69%)** |
| Archer-Daniels-Midland Co. | 2487154 | 148582580 |
| **Total Common Stocks** <br>(cost $2,329,077,758)<br>|  | 8664436332 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.08%)** | **U.S. Treasury Obligations (0.08%)** | **U.S. Treasury Obligations (0.08%)** |
| U.S. Treasury Bill<br> 3.973%, 11/28/2025(b),(c)<br>| $6872000 | 6827719 |
| **Total U.S. Treasury Obligations** <br>(cost $6,828,007)<br>|  | 6827719 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.57%)** | **Short-term Investments (1.57%)** | **Short-term Investments (1.57%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.95%(d)<br>| 138709472 | $138709472 |
| **Total Short-term Investments** <br>(cost $138,709,472)<br>|  | 138709472 |
| **TOTAL INVESTMENTS (99.96%)** <br>(cost $2,474,615,237)<br>|  | 8809973523 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.04%)**<br>|  | 3309447 |
| **NET ASSETS (100.00%)** |  | $8813282970 |

---

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

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

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

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

PLC

Public Limited Company

ADR

American Depositary Receipt

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)\***<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| E-Mini <br> S&P 500<br>| 324 | 12/19/2025 | USD | 109167750 | $1374309 |

---

<sup>\*</sup>Includes cumulative appreciation/depreciation on futures contracts. Only the <br> current day's variation margin is reported within the Statements of Assets and <br> Liabilities.<br>

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (70.40%)** | **Common Stocks (70.40%)** | **Common Stocks (70.40%)** |
| **Advertising & Marketing (0.14%)** | **Advertising & Marketing (0.14%)** | **Advertising & Marketing (0.14%)** |
| AppLovin Corp., Class A(a) | 4600 | $3305284 |
| Interpublic Group of Cos. Inc., The | 8400 | 234444 |
|  |  | 3539728 |
| **Aerospace & Defense (0.29%)** | **Aerospace & Defense (0.29%)** | **Aerospace & Defense (0.29%)** |
| Axon Enterprise Inc.(a) | 2000 | 1435280 |
| General Dynamics Corp. | 7000 | 2387000 |
| General Electric Co. | 1900 | 571558 |
| Lockheed Martin Corp. | 6100 | 3045181 |
|  |  | 7439019 |
| **Apparel & Textile Products (0.29%)** | **Apparel & Textile Products (0.29%)** | **Apparel & Textile Products (0.29%)** |
| Tapestry Inc. | 67400 | 7631028 |
| **Asset Management (0.38%)** | **Asset Management (0.38%)** | **Asset Management (0.38%)** |
| Ameriprise Financial Inc. | 3200 | 1572000 |
| Blue Owl Capital Inc. | 28000 | 474040 |
| Charles Schwab Corp., The | 100 | 9547 |
| Franklin Resources Inc. | 47400 | 1096362 |
| Invesco Ltd. | 128100 | 2938614 |
| Janus Henderson Group PLC | 24900 | 1108299 |
| KKR & Co. Inc. | 100 | 12995 |
| Robinhood Markets Inc., Class A(a) | 18700 | 2677466 |
|  |  | 9889323 |
| **Automotive (0.53%)** | **Automotive (0.53%)** | **Automotive (0.53%)** |
| Tesla Inc.(a) | 30900 | 13741848 |
| **Banking (1.90%)** | **Banking (1.90%)** | **Banking (1.90%)** |
| Bank of America Corp. | 19700 | 1016323 |
| Citigroup Inc. | 6400 | 649600 |
| Comerica Inc. | 19800 | 1356696 |
| Cullen/Frost Bankers Inc. | 16900 | 2142413 |
| JPMorgan Chase & Co. | 28000 | 8832040 |
| M&T Bank Corp. | 19000 | 3754780 |
| Wells Fargo & Co. | 379300 | 31792926 |
|  |  | 49544778 |
| **Beverages (0.62%)** | **Beverages (0.62%)** | **Beverages (0.62%)** |
| Coca-Cola Co., The | 147257 | 9766084 |
| PepsiCo Inc. | 46400 | 6516416 |
|  |  | 16282500 |
| **Biotechnology & Pharmaceuticals (8.32%)** | **Biotechnology & Pharmaceuticals (8.32%)** | **Biotechnology & Pharmaceuticals (8.32%)** |
| AbbVie Inc. | 70600 | 16346724 |
| Amgen Inc. | 44950 | 12684890 |
| Eli Lilly & Co. | 75000 | 57225000 |
| Gilead Sciences Inc. | 36400 | 4040400 |
| Johnson & Johnson | 391909 | 72667767 |
| Merck & Co. Inc. | 40100 | 3365593 |
| Moderna Inc.(a) | 100 | 2583 |
| Pfizer Inc. | 613440 | 15630451 |
| Zoetis Inc. | 238595 | 34911220 |
|  |  | 216874628 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** |
| Comcast Corp., Class A | 2000 | $62840 |
| **Chemicals (2.33%)** | **Chemicals (2.33%)** | **Chemicals (2.33%)** |
| Air Products and Chemicals Inc. | 195500 | 53316760 |
| International Flavors & <br> Fragrances Inc.<br>| 119888 | 7377908 |
|  |  | 60694668 |
| **Commercial Support Services (0.66%)** | **Commercial Support Services (0.66%)** | **Commercial Support Services (0.66%)** |
| Automatic Data Processing Inc. | 38600 | 11329100 |
| Cintas Corp. | 16400 | 3366264 |
| H&R Block Inc. | 51300 | 2594241 |
|  |  | 17289605 |
| **Computers (0.01%)** | **Computers (0.01%)** | **Computers (0.01%)** |
| Sandisk Corp.(a) | 33 | 3703 |
| Super Micro Computer Inc.(a) | 4500 | 215730 |
|  |  | 219433 |
| **Construction Materials (1.26%)** | **Construction Materials (1.26%)** | **Construction Materials (1.26%)** |
| Vulcan Materials Co. | 106400 | 32730768 |
| **Consumer Services (0.02%)** | **Consumer Services (0.02%)** | **Consumer Services (0.02%)** |
| Grand Canyon Education Inc.(a) | 2900 | 636608 |
| **Containers & Packaging (0.60%)** | **Containers & Packaging (0.60%)** | **Containers & Packaging (0.60%)** |
| AptarGroup Inc. | 97500 | 13031850 |
| Packaging Corp of America | 11400 | 2484402 |
|  |  | 15516252 |
| **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** | **Diversified Financial Services (0.02%)** |
| Blackrock Inc. | 500 | 582935 |
| **Diversified Industrials (1.93%)** | **Diversified Industrials (1.93%)** | **Diversified Industrials (1.93%)** |
| 3M Co. | 53000 | 8224540 |
| Emerson Electric Co. | 62400 | 8185632 |
| Illinois Tool Works Inc. | 130400 | 34003104 |
|  |  | 50413276 |
| **E-Commerce Discretionary (0.90%)** | **E-Commerce Discretionary (0.90%)** | **E-Commerce Discretionary (0.90%)** |
| Amazon.com Inc.(a) | 106200 | 23318334 |
| eBay Inc. | 100 | 9095 |
| Etsy Inc.(a) | 100 | 6639 |
|  |  | 23334068 |
| **Electric Utilities (0.73%)** | **Electric Utilities (0.73%)** | **Electric Utilities (0.73%)** |
| AES Corp., The | 133100 | 1751596 |
| Clearway Energy Inc., Class C | 54500 | 1539625 |
| Consolidated Edison Inc. | 18300 | 1839516 |
| Constellation Energy Corp. | 800 | 263256 |
| Duke Energy Corp. | 20100 | 2487375 |
| Edison International | 36700 | 2028776 |
| Evergy Inc. | 31500 | 2394630 |
| NRG Energy Inc. | 3200 | 518240 |
| OGE Energy Corp. | 59200 | 2739184 |
| Public Service Enterprise Group Inc. | 3600 | 300456 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Southern Co., The | 33500 | $3174795 |
| Vistra Corp. | 100 | 19592 |
|  |  | 19057041 |
| **Electrical Equipment (0.20%)** | **Electrical Equipment (0.20%)** | **Electrical Equipment (0.20%)** |
| GE Vernova Inc. | 6600 | 4058340 |
| Generac Holdings Inc.(a) | 100 | 16740 |
| Vertiv Holdings Co., Class A | 8300 | 1252138 |
|  |  | 5327218 |
| **Entertainment Content (2.26%)** | **Entertainment Content (2.26%)** | **Entertainment Content (2.26%)** |
| Electronic Arts Inc. | 200 | 40340 |
| Netflix Inc.(a) | 1700 | 2038164 |
| Paramount Skydance Corp., Class B | 100 | 1892 |
| Take-Two Interactive <br> Software Inc.(a)<br>| 100 | 25836 |
| Walt Disney Co., The | 496695 | 56871577 |
| Warner Bros Discovery Inc.(a) | 100 | 1953 |
|  |  | 58979762 |
| **Food (0.35%)** | **Food (0.35%)** | **Food (0.35%)** |
| Ingredion Inc. | 12800 | 1563008 |
| Kellanova | 91600 | 7513032 |
| Nestle SA Sponsored ADR | 100 | 9177 |
|  |  | 9085217 |
| **Gas & Water Utilities (0.25%)** | **Gas & Water Utilities (0.25%)** | **Gas & Water Utilities (0.25%)** |
| National Fuel Gas Co. | 26400 | 2438568 |
| UGI Corp. | 123500 | 4107610 |
|  |  | 6546178 |
| **Health Care Facilities & Services (0.33%)** | **Health Care Facilities & Services (0.33%)** | **Health Care Facilities & Services (0.33%)** |
| Cencora Inc. | 4700 | 1468891 |
| Chemed Corp. | 3800 | 1701412 |
| Encompass Health Corp. | 4500 | 571590 |
| McKesson Corp. | 4500 | 3476430 |
| Medpace Holdings Inc.(a) | 900 | 462744 |
| UnitedHealth Group Inc. | 2800 | 966840 |
|  |  | 8647907 |
| **Home & Office Products (0.35%)** | **Home & Office Products (0.35%)** | **Home & Office Products (0.35%)** |
| HNI Corp. | 160000 | 7496000 |
| Scotts Miracle-Gro Co., The | 27900 | 1588905 |
|  |  | 9084905 |
| **Household Products (2.25%)** | **Household Products (2.25%)** | **Household Products (2.25%)** |
| Kenvue Inc. | 205557 | 3336190 |
| Procter & Gamble Co., The | 359200 | 55191080 |
|  |  | 58527270 |
| **Institutional Financial Services (0.24%)** | **Institutional Financial Services (0.24%)** | **Institutional Financial Services (0.24%)** |
| Cboe Global Markets Inc. | 8400 | 2060100 |
| CME Group Inc. | 500 | 135095 |
| Coinbase Global Inc., Class A(a) | 100 | 33749 |
| Goldman Sachs Group Inc., The | 800 | 637080 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Intercontinental Exchange Inc. | 10000 | $1684800 |
| Morgan Stanley | 1700 | 270232 |
| Northern Trust Corp. | 3400 | 457640 |
| Virtu Financial Inc., Class A, Class A | 26200 | 930100 |
|  |  | 6208796 |
| **Insurance (0.56%)** | **Insurance (0.56%)** | **Insurance (0.56%)** |
| Allstate Corp., The | 4000 | 858600 |
| American Financial Group Inc. | 12700 | 1850644 |
| Assurant Inc. | 14400 | 3119040 |
| Berkshire Hathaway Inc., Class B(a) | 1700 | 854658 |
| Hanover Insurance Group Inc., The | 100 | 18163 |
| Hartford Insurance Group Inc., The | 11600 | 1547324 |
| Lincoln National Corp. | 15600 | 629148 |
| Loews Corp. | 13900 | 1395421 |
| Old Republic International Corp. | 28500 | 1210395 |
| Willis Towers Watson PLC | 8800 | 3039960 |
|  |  | 14523353 |
| **Internet Media & Services (6.14%)** | **Internet Media & Services (6.14%)** | **Internet Media & Services (6.14%)** |
| Airbnb Inc., Class A(a) | 100 | 12142 |
| Alphabet Inc., Class A | 394040 | 95791124 |
| Alphabet Inc., Class C | 71180 | 17335889 |
| DoorDash Inc., Class A(a) | 100 | 27199 |
| Expedia Group Inc. | 100 | 21375 |
| GoDaddy Inc., Class A(a) | 10900 | 1491447 |
| Match Group Inc. | 100 | 3532 |
| Meta Platforms Inc., Class A | 57730 | 42395757 |
| Uber Technologies Inc.(a) | 4100 | 401677 |
| VeriSign Inc. | 9300 | 2600001 |
|  |  | 160080143 |
| **IT Services (0.14%)** | **IT Services (0.14%)** | **IT Services (0.14%)** |
| Accenture PLC, Class A | 270 | 66582 |
| Amdocs Ltd. | 25500 | 2092275 |
| DXC Technology Co.(a) | 100 | 1363 |
| Gartner Inc.(a) | 5400 | 1419498 |
|  |  | 3579718 |
| **Leisure Facilities & Services (0.24%)** | **Leisure Facilities & Services (0.24%)** | **Leisure Facilities & Services (0.24%)** |
| Caesars Entertainment Inc.(a) | 100 | 2703 |
| Carnival Corp.(a) | 100 | 2891 |
| Chipotle Mexican Grill Inc.(a) | 100 | 3919 |
| Domino's Pizza Inc. | 5200 | 2244892 |
| McDonald's Corp. | 1500 | 455835 |
| MGM Resorts International(a) | 100 | 3466 |
| Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2463 |
| Royal Caribbean Cruises Ltd. | 200 | 64716 |
| Wendy's Co., The | 37900 | 347164 |
| Wingstop Inc. | 2400 | 604032 |
| Wynn Resorts Ltd. | 100 | 12827 |
| Yum! Brands Inc. | 16800 | 2553600 |
|  |  | 6298508 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Machinery (4.53%)** | **Machinery (4.53%)** | **Machinery (4.53%)** |
| Caterpillar Inc. | 221500 | $105688725 |
| Deere & Co. | 20002 | 9146115 |
| Donaldson Co. Inc. | 36517 | 2988916 |
| MSA Safety Inc. | 2000 | 344140 |
|  |  | 118167896 |
| **Medical Equipment & Devices (1.08%)** | **Medical Equipment & Devices (1.08%)** | **Medical Equipment & Devices (1.08%)** |
| Abbott Laboratories | 53975 | 7229412 |
| Agilent Technologies Inc. | 143587 | 18429391 |
| Dexcom Inc.(a) | 100 | 6729 |
| Insulet Corp.(a) | 100 | 30873 |
| ResMed Inc. | 4700 | 1286531 |
| Solventum Corp.(a) | 13250 | 967250 |
| Thermo Fisher Scientific Inc. | 300 | 145506 |
|  |  | 28095692 |
| **Metals & Mining (0.42%)** | **Metals & Mining (0.42%)** | **Metals & Mining (0.42%)** |
| Rio Tinto PLC Sponsored ADR | 110100 | 7267701 |
| Royal Gold Inc. | 17800 | 3570324 |
|  |  | 10838025 |
| **Oil & Gas Supply Chain (1.78%)** | **Oil & Gas Supply Chain (1.78%)** | **Oil & Gas Supply Chain (1.78%)** |
| Antero Midstream Corp. | 100 | 1944 |
| APA Corp. | 100 | 2428 |
| Cheniere Energy Inc. | 8900 | 2091322 |
| Chevron Corp. | 215300 | 33433937 |
| Civitas Resources Inc. | 75200 | 2444000 |
| EOG Resources Inc. | 19200 | 2152704 |
| Exxon Mobil Corp. | 54400 | 6133600 |
| Occidental Petroleum Corp. | 100 | 4725 |
|  |  | 46264660 |
| **Publishing & Broadcasting (0.04%)** | **Publishing & Broadcasting (0.04%)** | **Publishing & Broadcasting (0.04%)** |
| News Corp., Class A | 100 | 3071 |
| Nexstar Media Group Inc. | 5800 | 1146892 |
|  |  | 1149963 |
| **Real Estate Investment Trusts (1.06%)** | **Real Estate Investment Trusts (1.06%)** | **Real Estate Investment Trusts (1.06%)** |
| AvalonBay Communities Inc. | 9500 | 1835115 |
| Camden Property Trust | 20000 | 2135600 |
| EPR Properties | 57800 | 3352978 |
| Essex Property Trust Inc. | 6900 | 1846854 |
| Highwoods Properties Inc. | 76300 | 2427866 |
| Host Hotels & Resorts Inc. | 68100 | 1159062 |
| Iron Mountain Inc. | 100 | 10194 |
| Kilroy Realty Corp. | 45200 | 1909700 |
| Lamar Advertising Co., Class A | 20100 | 2460642 |
| Mid-America Apartment <br> Communities Inc.<br>| 16800 | 2347464 |
| Prologis Inc. | 500 | 57260 |
| Public Storage | 7900 | 2281915 |
| Simon Property Group Inc. | 30200 | 5667634 |
|  |  | 27492284 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | $15756 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3539 |
| First Solar Inc.(a) | 100 | 22053 |
|  |  | 25592 |
| **Retail - Consumer Staples (1.36%)** | **Retail - Consumer Staples (1.36%)** | **Retail - Consumer Staples (1.36%)** |
| Costco Wholesale Corp. | 7050 | 6525692 |
| Walgreens Boots Alliance Inc.(a),(b) | 100 | 0 |
| Walmart Inc. | 281400 | 29001084 |
|  |  | 35526776 |
| **Retail - Discretionary (0.53%)** | **Retail - Discretionary (0.53%)** | **Retail - Discretionary (0.53%)** |
| AutoZone Inc.(a) | 900 | 3861216 |
| Bath & Body Works Inc. | 100 | 2576 |
| Best Buy Co. Inc. | 13900 | 1051118 |
| Builders FirstSource Inc.(a) | 100 | 12125 |
| Lowe's Cos. Inc. | 10800 | 2714148 |
| O'Reilly Automotive Inc.(a) | 19200 | 2069952 |
| TJX Cos. Inc., The | 9700 | 1402038 |
| Williams-Sonoma Inc. | 14400 | 2814480 |
|  |  | 13927653 |
| **Semiconductors (7.73%)** | **Semiconductors (7.73%)** | **Semiconductors (7.73%)** |
| Advanced Micro Devices Inc.(a) | 100 | 16179 |
| Analog Devices Inc. | 2300 | 565110 |
| Applied Materials Inc. | 100 | 20474 |
| ASML Holding NV NY Reg. Shares | 12921 | 12508691 |
| Broadcom Inc. | 94000 | 31011540 |
| Intel Corp.(a) | 100 | 3355 |
| KLA Corp. | 5600 | 6040160 |
| Lam Research Corp. | 4900 | 656110 |
| Microchip Technology Inc. | 100 | 6422 |
| Micron Technology Inc. | 100 | 16732 |
| Monolithic Power Systems Inc. | 100 | 92064 |
| NVIDIA Corp. | 796600 | 148629628 |
| NXP Semiconductors NV | 100 | 22773 |
| ON Semiconductor Corp.(a) | 100 | 4931 |
| Qorvo Inc.(a) | 100 | 9108 |
| QUALCOMM Inc. | 1700 | 282812 |
| Skyworks Solutions Inc. | 19700 | 1516506 |
|  |  | 201402595 |
| **Software (4.37%)** | **Software (4.37%)** | **Software (4.37%)** |
| Adobe Inc.(a) | 700 | 246925 |
| Appfolio Inc., Class A(a) | 4800 | 1323168 |
| Autodesk Inc.(a) | 100 | 31767 |
| Bentley Systems Inc., Class B | 15500 | 797940 |
| Dayforce Inc.(a) | 100 | 6889 |
| Dropbox Inc., Class A(a) | 52800 | 1595088 |
| Fortinet Inc.(a) | 100 | 8408 |
| Gen Digital Inc. | 100 | 2839 |
| Intuit Inc. | 11500 | 7853465 |
| Microsoft Corp. | 168121 | 87078272 |
| Oracle Corp. | 300 | 84372 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| Palantir Technologies Inc., Class A(a) | 55500 | $10124310 |
| Palo Alto Networks Inc.(a) | 200 | 40724 |
| Paycom Software Inc. | 5100 | 1061514 |
| Pegasystems Inc. | 900 | 51750 |
| Roper Technologies Inc. | 500 | 249345 |
| Salesforce Inc. | 2200 | 521400 |
| ServiceNow Inc.(a) | 100 | 92028 |
| Tyler Technologies Inc.(a) | 5000 | 2615800 |
|  |  | 113786004 |
| **Specialty Finance (1.34%)** | **Specialty Finance (1.34%)** | **Specialty Finance (1.34%)** |
| AGNC Investment Corp. | 334800 | 3277692 |
| Annaly Capital Management Inc. | 75600 | 1527876 |
| Broadridge Financial Solutions Inc. | 8600 | 2048262 |
| Credit Acceptance Corp.(a) | 4800 | 2241264 |
| Fidelity National Information <br> Services Inc.<br>| 5800 | 382452 |
| Fiserv Inc.(a) | 100 | 12893 |
| GATX Corp. | 4200 | 734160 |
| Mastercard Inc., Class A | 439 | 249708 |
| MGIC Investment Corp. | 86600 | 2456842 |
| MSCI Inc. | 1700 | 964597 |
| OneMain Holdings Inc. | 77800 | 4392588 |
| PayPal Holdings Inc.(a) | 100 | 6706 |
| Rithm Capital Corp. | 325900 | 3712001 |
| Starwood Property Trust Inc. | 184800 | 3579576 |
| Verisk Analytics Inc. | 10800 | 2716308 |
| Visa Inc., Class A | 11330 | 3867835 |
| Western Union Co., The | 342500 | 2736575 |
|  |  | 34907335 |
| **Steel (1.26%)** | **Steel (1.26%)** | **Steel (1.26%)** |
| Nucor Corp. | 242000 | 32774060 |
| **Technology Hardware (8.49%)** | **Technology Hardware (8.49%)** | **Technology Hardware (8.49%)** |
| Apple Inc. | 775904 | 197568435 |
| Corning Inc. | 214892 | 17627591 |
| Dell Technologies Inc., Class C | 100 | 14177 |
| F5 Inc.(a) | 1900 | 614061 |
| Motorola Solutions Inc. | 4700 | 2149263 |
| Teledyne Technologies Inc.(a) | 5700 | 3340428 |
| Western Digital Corp. | 100 | 12006 |
|  |  | 221325961 |
| **Telecommunications (0.45%)** | **Telecommunications (0.45%)** | **Telecommunications (0.45%)** |
| AT&T Inc. | 31500 | 889560 |
| EchoStar Corp., Class A(a) | 35 | 2673 |
| Millicom International Cellular SA | 61000 | 2960940 |
| T-Mobile US Inc. | 12700 | 3040126 |
| Verizon Communications Inc. | 107200 | 4711440 |
|  |  | 11604739 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Tobacco & Cannabis (0.26%)** | **Tobacco & Cannabis (0.26%)** | **Tobacco & Cannabis (0.26%)** |
| Altria Group Inc. | 55500 | $3666330 |
| Philip Morris International Inc. | 18800 | 3049360 |
|  |  | 6715690 |
| **Transportation & Logistics (0.20%)** | **Transportation & Logistics (0.20%)** | **Transportation & Logistics (0.20%)** |
| American Airlines Group Inc.(a) | 100 | 1124 |
| Expeditors International of <br> Washington Inc.<br>| 4800 | 588432 |
| Landstar System Inc. | 10600 | 1299136 |
| Union Pacific Corp. | 14166 | 3348417 |
|  |  | 5237109 |
| **Wholesale - Consumer Staples (1.26%)** | **Wholesale - Consumer Staples (1.26%)** | **Wholesale - Consumer Staples (1.26%)** |
| Archer-Daniels-Midland Co. | 550461 | 32884540 |
| **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** |
| Copart Inc.(a) | 100 | 4497 |
| **Total Common Stocks** <br>(cost $435,612,736)<br>|  | 1834516148 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **Corporate Bonds (8.01%)** | **Corporate Bonds (8.01%)** | **Corporate Bonds (8.01%)** |
| **Advertising & Marketing (0.01%)** | **Advertising & Marketing (0.01%)** | **Advertising & Marketing (0.01%)** |
| AppLovin Corp.<br> 5.500%, 12/01/2034<br>| $150000 | 154837 |
|  |  | 154837 |
| **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** | **Aerospace & Defense (0.12%)** |
| RTX Corp.<br> 5.750%, 11/08/2026<br>| 100000 | 101650 |
| 6.000%, 03/15/2031 | 200000 | 215876 |
| 5.150%, 02/27/2033 | 250000 | 258936 |
| L3Harris Technologies Inc.<br> 5.400%, 01/15/2027<br>| 150000 | 152461 |
| 5.400%, 07/31/2033 | 100000 | 104234 |
| Boeing Co., The<br> 5.040%, 05/01/2027<br>| 150000 | 151607 |
| 6.259%, 05/01/2027 | 100000 | 102892 |
| 3.250%, 02/01/2028 | 250000 | 244179 |
| 5.150%, 05/01/2030 | 250000 | 256539 |
| 3.625%, 02/01/2031 | 150000 | 143669 |
| 6.528%, 05/01/2034 | 200000 | 221093 |
| Lockheed Martin Corp.<br> 5.100%, 11/15/2027<br>| 250000 | 256218 |
| 4.450%, 05/15/2028 | 250000 | 252805 |
| 5.250%, 01/15/2033 | 250000 | 262901 |
| 4.800%, 08/15/2034 | 100000 | 101106 |
| HEICO Corp.<br> 5.250%, 08/01/2028<br>| 150000 | 153946 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Aerospace & Defense (Cont.)** | **Aerospace & Defense (Cont.)** | **Aerospace & Defense (Cont.)** |
| General Electric Co.<br> 4.300%, 07/29/2030<br>| $100000 | $100594 |
| Northrop Grumman Corp.<br> 4.900%, 06/01/2034<br>| 100000 | 101438 |
|  |  | 3182144 |
| **Asset Management (0.18%)** | **Asset Management (0.18%)** | **Asset Management (0.18%)** |
| Blackstone Private Credit Fund<br> 3.250%, 03/15/2027<br>| 500000 | 490454 |
| 4.000%, 01/15/2029 | 250000 | 244090 |
| 6.000%, 11/22/2034 | 100000 | 102405 |
| Blue Owl Credit Income Corp.<br> 7.750%, 09/16/2027<br>| 250000 | 262687 |
| 7.950%, 06/13/2028 | 100000 | 107110 |
| 5.800%, 03/15/2030 | 100000 | 101405 |
| Blackstone Secured Lending Fund<br> 5.875%, 11/15/2027<br>| 150000 | 153702 |
| UBS AG(Variable, U.S. SOFR + <br> 0.72%)<br> 4.864%, 01/10/2028(c)<br>| 250000 | 252118 |
| 5.650%, 09/11/2028 | 200000 | 209090 |
| Brookfield Finance Inc.<br> 3.900%, 01/25/2028<br>| 100000 | 99286 |
| 5.675%, 01/15/2035 | 100000 | 103724 |
| Charles Schwab Corp., The<br> 2.000%, 03/20/2028<br>| 100000 | 95526 |
| 6.196%, 11/17/2029(c) | 100000 | 106128 |
| 4.625%, 03/22/2030 | 50000 | 50937 |
| 5.853%, 05/19/2034(c) | 150000 | 160535 |
| 6.136%, 08/24/2034(c) | 100000 | 108929 |
| Ares Capital Corp.<br> 5.875%, 03/01/2029<br>| 150000 | 154329 |
| 5.950%, 07/15/2029 | 150000 | 154974 |
| Blue Owl Capital Corp.<br> 5.950%, 03/15/2029<br>| 100000 | 101933 |
| 6.200%, 07/15/2030 | 50000 | 51415 |
| Ares Strategic Income Fund<br> 6.350%, 08/15/2029<br>| 100000 | 103591 |
| 5.600%, 02/15/2030 | 100000 | 100976 |
| FS K.K.R Capital Corp.<br> 6.875%, 08/15/2029<br>| 100000 | 102429 |
| Sixth Street Lending Partners<br> 5.750%, 01/15/2030<br>| 100000 | 101613 |
| BlackRock Inc.<br> 2.400%, 04/30/2030<br>| 250000 | 232725 |
| 4.750%, 05/25/2033 | 150000 | 153263 |
| HA Sustainable Infrastructure <br> Capital, Inc.<br> 6.150%, 01/15/2031<br>| 50000 | 51364 |
| 6.375%, 07/01/2034 | 50000 | 50886 |
| Apollo Debt Solutions BDC<br> 6.700%, 07/29/2031<br>| 50000 | 52991 |
| 6.550%, 03/15/2032(d) | 100000 | 104939 |
| Ameriprise Financial Inc.<br> 4.500%, 05/13/2032<br>| 250000 | 251085 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Asset Management (Cont.)** | **Asset Management (Cont.)** | **Asset Management (Cont.)** |
| 5.150%, 05/15/2033 | $100000 | $103622 |
| Brookfield Capital Finance LLC<br> 6.087%, 06/14/2033<br>| 100000 | 107680 |
|  |  | 4627941 |
| **Auto Manufacturers (0.01%)** | **Auto Manufacturers (0.01%)** | **Auto Manufacturers (0.01%)** |
| Toyota Motor Corp.<br> 5.053%, 06/30/2035<br>| 200000 | 204765 |
|  |  | 204765 |
| **Automotive (0.24%)** | **Automotive (0.24%)** | **Automotive (0.24%)** |
| American Honda Finance Corp.<br> 4.400%, 10/05/2026<br>| 50000 | 50145 |
| 4.900%, 03/12/2027 | 50000 | 50575 |
| 4.550%, 07/09/2027 | 50000 | 50407 |
| 4.900%, 07/09/2027 | 50000 | 50706 |
| 5.125%, 07/07/2028 | 250000 | 256358 |
| 5.650%, 11/15/2028 | 100000 | 104259 |
| 4.800%, 03/05/2030 | 100000 | 101709 |
| 5.850%, 10/04/2030 | 100000 | 106314 |
| 5.150%, 07/09/2032 | 50000 | 51231 |
| 4.900%, 01/10/2034 | 100000 | 100743 |
| Ford Motor Credit Co. LLC<br> 5.800%, 03/05/2027<br>| 200000 | 202023 |
| 5.850%, 05/17/2027 | 200000 | 202473 |
| 6.800%, 05/12/2028 | 200000 | 207717 |
| 6.798%, 11/07/2028 | 200000 | 208811 |
| 5.875%, 11/07/2029 | 200000 | 203483 |
| 7.350%, 03/06/2030 | 200000 | 214080 |
| 7.200%, 06/10/2030 | 200000 | 213816 |
| 6.050%, 03/05/2031 | 200000 | 204626 |
| 7.122%, 11/07/2033 | 200000 | 213775 |
| General Motors Financial Co. Inc.<br> 5.000%, 04/09/2027<br>| 250000 | 252291 |
| 5.400%, 05/08/2027 | 100000 | 101695 |
| 6.000%, 01/09/2028 | 250000 | 258939 |
| 5.800%, 06/23/2028 | 250000 | 259067 |
| 5.850%, 04/06/2030 | 250000 | 261471 |
| 5.450%, 07/15/2030 | 50000 | 51509 |
| 5.600%, 06/18/2031 | 100000 | 103489 |
| 6.400%, 01/09/2033 | 250000 | 268087 |
| 5.450%, 09/06/2034 | 100000 | 100595 |
| 5.900%, 01/07/2035 | 50000 | 51587 |
| 6.150%, 07/15/2035 | 50000 | 52290 |
| Toyota Motor Corp.<br> 4.186%, 06/30/2027<br>| 100000 | 100591 |
| 5.118%, 07/13/2028 | 250000 | 257539 |
| 4.450%, 06/30/2030 | 50000 | 50523 |
| 5.123%, 07/13/2033 | 250000 | 260810 |
| Toyota Motor Credit Corp.<br> 4.550%, 09/20/2027<br>| 250000 | 252884 |
| 4.350%, 10/08/2027 | 100000 | 100848 |
| 4.550%, 05/17/2030 | 100000 | 101584 |
| 4.800%, 01/05/2034 | 100000 | 101768 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automotive (Cont.)** | **Automotive (Cont.)** | **Automotive (Cont.)** |
| General Motors Co.<br> 5.625%, 04/15/2030<br>| $50000 | $51836 |
| 5.600%, 10/15/2032 | 100000 | 103853 |
| Aptiv Swiss Holdings Ltd.<br> 3.250%, 03/01/2032<br>| 100000 | 91979 |
| Magna International Inc.<br> 5.500%, 03/21/2033<br>| 200000 | 207731 |
| Honda Motor Co. Ltd.<br> 5.337%, 07/08/2035<br>| 50000 | 50946 |
|  |  | 6287163 |
| **Banking (1.79%)** | **Banking (1.79%)** | **Banking (1.79%)** |
| Wells Fargo & Co.<br> 3.000%, 10/23/2026<br>| 250000 | 247459 |
| 3.526%, 03/24/2028(c) | 250000 | 247769 |
| 5.707%, 04/22/2028(c) | 150000 | 153485 |
| 3.584%, 05/22/2028(c) | 364000 | 360715 |
| 2.393%, 06/02/2028(c) | 150000 | 145816 |
| 4.150%, 01/24/2029 | 186000 | 185920 |
| 5.574%, 07/25/2029(c) | 200000 | 207270 |
| 6.303%, 10/23/2029(c) | 100000 | 105916 |
| 5.198%, 01/23/2030(c) | 150000 | 154485 |
| 5.244%, 01/24/2031(c) | 100000 | 103461 |
| 5.150%, 04/23/2031(c) | 100000 | 103130 |
| 3.350%, 03/02/2033(c) | 500000 | 465437 |
| 4.897%, 07/25/2033(c) | 500000 | 507964 |
| 5.389%, 04/24/2034(c) | 150000 | 155859 |
| 5.557%, 07/25/2034(c) | 150000 | 157560 |
| 5.499%, 01/23/2035(c) | 250000 | 260773 |
| 5.605%, 04/23/2036(c) | 150000 | 157418 |
| JPMorgan Chase Bank N.A.<br> 5.110%, 12/08/2026<br>| 250000 | 253146 |
| HSBC U.S.A. Inc.<br> 5.294%, 03/04/2027<br>| 200000 | 203385 |
| Bank of Montreal<br> 2.650%, 03/08/2027<br>| 150000 | 147215 |
| 4.700%, 09/14/2027 | 150000 | 151837 |
| 5.203%, 02/01/2028 | 150000 | 153666 |
| 3.088%, 01/10/2037(c) | 150000 | 133522 |
| Canadian Imperial Bank of <br> Commerce<br> 3.450%, 04/07/2027<br>| 150000 | 148845 |
| 5.001%, 04/28/2028 | 150000 | 153440 |
| 5.245%, 01/13/2031(c) | 125000 | 129075 |
| 6.092%, 10/03/2033 | 150000 | 163222 |
| U.S. Bancorp<br> 3.150%, 04/27/2027<br>| 250000 | 246847 |
| 6.787%, 10/26/2027(c) | 250000 | 256698 |
| 3.900%, 04/26/2028 | 250000 | 249567 |
| 4.548%, 07/22/2028(c) | 150000 | 151136 |
| 4.653%, 02/01/2029(c) | 150000 | 151659 |
| 5.775%, 06/12/2029(c) | 250000 | 260181 |
| 5.384%, 01/23/2030(c) | 100000 | 103392 |
| 4.839%, 02/01/2034(c) | 150000 | 150657 |
| 5.836%, 06/12/2034(c) | 250000 | 266397 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.678%, 01/23/2035(c) | $250000 | $263223 |
| Toronto-Dominion Bank, The<br> 4.108%, 06/08/2027<br>| 150000 | 150219 |
| 4.693%, 09/15/2027 | 250000 | 253230 |
| 5.156%, 01/10/2028 | 150000 | 153567 |
| 5.523%, 07/17/2028 | 150000 | 155693 |
| 4.808%, 06/03/2030 | 125000 | 127730 |
| 5.298%, 01/30/2032 | 200000 | 208876 |
| National Australia Bank Ltd.<br> 3.905%, 06/09/2027<br>| 250000 | 249959 |
| 4.944%, 01/12/2028 | 250000 | 255460 |
| 4.900%, 06/13/2028 | 250000 | 256062 |
| Royal Bank of Canada<br> 4.240%, 08/03/2027<br>| 150000 | 150864 |
| 6.000%, 11/01/2027 | 250000 | 259939 |
| 4.900%, 01/12/2028 | 150000 | 153060 |
| 5.200%, 08/01/2028 | 150000 | 154684 |
| 4.696%, 08/06/2031(c) | 200000 | 202618 |
| 5.000%, 02/01/2033 | 150000 | 154920 |
| 5.000%, 05/02/2033 | 125000 | 128690 |
| Banco Santander SA<br> 5.294%, 08/18/2027<br>| 200000 | 203819 |
| 5.552%, 03/14/2028(c) | 200000 | 203613 |
| 4.175%, 03/24/2028(c) | 200000 | 199701 |
| 5.588%, 08/08/2028 | 200000 | 207761 |
| 5.565%, 01/17/2030 | 200000 | 208741 |
| 6.921%, 08/08/2033 | 200000 | 222417 |
| Westpac Banking Corp.<br> 4.043%, 08/26/2027<br>| 250000 | 251009 |
| 5.457%, 11/18/2027 | 250000 | 257998 |
| 5.535%, 11/17/2028 | 100000 | 104682 |
| 5.050%, 04/16/2029 | 100000 | 103220 |
| 6.820%, 11/17/2033 | 100000 | 111923 |
| 5.618%, 11/20/2035(c) | 100000 | 103113 |
| 3.020%, 11/18/2036(c) | 100000 | 89189 |
| Deutsche Bank AG<br> 5.371%, 09/09/2027<br>| 250000 | 256232 |
| 2.552%, 01/07/2028(c) | 250000 | 244522 |
| 6.720%, 01/18/2029(c) | 250000 | 262535 |
| 6.819%, 11/20/2029(c) | 150000 | 160449 |
| 3.742%, 01/07/2033(c) | 250000 | 230266 |
| Barclays PLC(Variable, U.S. SOFR + <br> 1.88%)<br> 6.496%, 09/13/2027(c)<br>| 250000 | 255065 |
| 5.674%, 03/12/2028(c) | 200000 | 203890 |
| 6.490%, 09/13/2029(c) | 200000 | 211830 |
| 5.746%, 08/09/2033(c) | 250000 | 262806 |
| 7.437%, 11/02/2033(c) | 250000 | 286856 |
| 6.224%, 05/09/2034(c) | 250000 | 268945 |
| 7.119%, 06/27/2034(c) | 250000 | 279480 |
| Bank of America Corp.(Variable, <br> U.S. SOFR + 1.34%)<br> 5.933%, 09/15/2027(c)<br>| 250000 | 254145 |
| 2.551%, 02/04/2028(c) | 250000 | 244845 |
| 4.376%, 04/27/2028(c) | 250000 | 250901 |
| 4.948%, 07/22/2028(c) | 150000 | 152159 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 6.204%, 11/10/2028(c) | $250000 | $260525 |
| 3.419%, 12/20/2028(c) | 250000 | 246186 |
| 3.970%, 03/05/2029(c) | 250000 | 248785 |
| 5.202%, 04/25/2029(c) | 250000 | 256266 |
| 2.087%, 06/14/2029(c) | 250000 | 236807 |
| 4.271%, 07/23/2029(c) | 150000 | 150519 |
| 5.819%, 09/15/2029(c) | 100000 | 104570 |
| 3.974%, 02/07/2030(c) | 250000 | 248155 |
| 3.194%, 07/23/2030(c) | 250000 | 240799 |
| 2.572%, 10/20/2032(c) | 250000 | 224066 |
| 2.972%, 02/04/2033(c) | 500000 | 455318 |
| 4.571%, 04/27/2033(c) | 500000 | 499897 |
| 5.015%, 07/22/2033(c) | 500000 | 510884 |
| 5.288%, 04/25/2034(c) | 250000 | 258655 |
| 5.872%, 09/15/2034(c) | 175000 | 187514 |
| 5.468%, 01/23/2035(c) | 250000 | 261058 |
| 2.482%, 09/21/2036(c) | 250000 | 217044 |
| 3.846%, 03/08/2037(c) | 250000 | 233572 |
| JPMorgan Chase & Co.(Variable, <br> U.S. SOFR + 1.33%)<br> 6.070%, 10/22/2027(c)<br>| 250000 | 254971 |
| 5.040%, 01/23/2028(c) | 100000 | 101134 |
| 2.947%, 02/24/2028(c) | 250000 | 246076 |
| 5.571%, 04/22/2028(c) | 100000 | 102184 |
| 4.323%, 04/26/2028(c) | 150000 | 150371 |
| 4.851%, 07/25/2028(c) | 250000 | 253305 |
| 2.069%, 06/01/2029(c) | 250000 | 237220 |
| 4.203%, 07/23/2029(c) | 150000 | 150290 |
| 5.299%, 07/24/2029(c) | 250000 | 257583 |
| 6.087%, 10/23/2029(c) | 100000 | 105528 |
| 4.452%, 12/05/2029(c) | 150000 | 151241 |
| 5.012%, 01/23/2030(c) | 150000 | 153668 |
| 5.581%, 04/22/2030(c) | 250000 | 261122 |
| 3.702%, 05/06/2030(c) | 250000 | 245700 |
| 4.565%, 06/14/2030(c) | 250000 | 252816 |
| 4.995%, 07/22/2030(c) | 250000 | 256436 |
| 1.953%, 02/04/2032(c) | 250000 | 220992 |
| 2.580%, 04/22/2032(c) | 250000 | 227203 |
| 2.545%, 11/08/2032(c) | 250000 | 224230 |
| 2.963%, 01/25/2033(c) | 250000 | 228711 |
| 4.586%, 04/26/2033(c) | 500000 | 501557 |
| 4.912%, 07/25/2033(c) | 500000 | 509854 |
| 5.717%, 09/14/2033(c) | 250000 | 264382 |
| 5.350%, 06/01/2034(c) | 250000 | 260489 |
| 6.254%, 10/23/2034(c) | 250000 | 275481 |
| 5.336%, 01/23/2035(c) | 250000 | 259844 |
| 5.766%, 04/22/2035(c) | 100000 | 106539 |
| 4.946%, 10/22/2035(c) | 100000 | 100849 |
| 5.572%, 04/22/2036(c) | 50000 | 52701 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027<br>| 250000 | 245841 |
| KeyBank N.A.<br> 5.850%, 11/15/2027<br>| 250000 | 257921 |
| Santander Holdings U.S.A. <br> Inc.(Variable, U.S. SOFR + 1.25%)<br> 2.490%, 01/06/2028(c)<br>| 250000 | 243940 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.741%, 03/20/2031(c) | $100000 | $103238 |
| 6.342%, 05/31/2035(c) | 75000 | 79932 |
| Santander UK Group Holdings <br> PLC(Variable, U.S. SOFR + 1.22%)<br> 2.469%, 01/11/2028(c)<br>| 250000 | 244179 |
| 6.534%, 01/10/2029(c) | 250000 | 261655 |
| Sumitomo Mitsui Financial <br> Group Inc.<br> 5.520%, 01/13/2028<br>| 250000 | 257922 |
| 5.800%, 07/13/2028 | 250000 | 261294 |
| 3.040%, 07/16/2029 | 200000 | 191217 |
| 5.710%, 01/13/2030 | 250000 | 263625 |
| 5.766%, 01/13/2033 | 250000 | 267145 |
| 5.632%, 01/15/2035 | 200000 | 212171 |
| Mitsubishi UFJ Financial <br> Group Inc.(Variable, U.S. Treasury <br> Yield Curve Rate CMT 1Y + <br> 0.83%)<br> 2.341%, 01/19/2028(c)<br>| 250000 | 244211 |
| 5.017%, 07/20/2028(c) | 250000 | 253763 |
| 5.422%, 02/22/2029(c) | 200000 | 205708 |
| 5.258%, 04/17/2030(c) | 200000 | 206284 |
| 2.309%, 07/20/2032(c) | 200000 | 177134 |
| 5.441%, 02/22/2034(c) | 200000 | 209451 |
| 5.406%, 04/19/2034(c) | 200000 | 209419 |
| Manufacturers & Traders Trust Co.<br> 4.700%, 01/27/2028<br>| 250000 | 253343 |
| Citigroup Inc.(Variable, U.S. SOFR + <br> 1.28%)<br> 3.070%, 02/24/2028(c)<br>| 250000 | 246164 |
| 4.643%, 05/07/2028(c) | 250000 | 251729 |
| 4.658%, 05/24/2028(c) | 150000 | 151128 |
| 5.174%, 02/13/2030(c) | 250000 | 256454 |
| 3.980%, 03/20/2030(c) | 150000 | 148182 |
| 4.952%, 05/07/2031(c) | 150000 | 152850 |
| 2.561%, 05/01/2032(c) | 250000 | 225325 |
| 3.057%, 01/25/2033(c) | 500000 | 455190 |
| 3.785%, 03/17/2033(c) | 500000 | 474992 |
| 4.910%, 05/24/2033(c) | 500000 | 506042 |
| 6.270%, 11/17/2033(c) | 250000 | 272841 |
| 6.174%, 05/25/2034(c) | 250000 | 266003 |
| 5.827%, 02/13/2035(c) | 250000 | 259288 |
| 5.449%, 06/11/2035(c) | 250000 | 259245 |
| 5.333%, 03/27/2036(c) | 100000 | 102220 |
| NatWest Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.10%)<br> 5.583%, 03/01/2028(c)<br>| 200000 | 203713 |
| 5.808%, 09/13/2029(c) | 200000 | 208532 |
| 5.076%, 01/27/2030(c) | 200000 | 204267 |
| 5.778%, 03/01/2035(c) | 200000 | 210907 |
| Lloyds Banking Group PLC(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.80%)<br> 3.750%, 03/18/2028(c)<br>| 250000 | 248301 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.087%, 11/26/2028(c) | $200000 | $203561 |
| 5.679%, 01/05/2035(c) | 200000 | 209660 |
| 6.068%, 06/13/2036(c) | 200000 | 209941 |
| ING Groep N.V.(Variable, U.S. SOFR + <br> 1.83%)<br> 4.017%, 03/28/2028(c)<br>| 200000 | 199404 |
| 5.335%, 03/19/2030(c) | 200000 | 206381 |
| 5.550%, 03/19/2035(c) | 200000 | 207771 |
| HSBC Holdings PLC(Variable, <br> U.S. SOFR + 2.11%)<br> 4.755%, 06/09/2028(c)<br>| 250000 | 252084 |
| 5.210%, 08/11/2028(c) | 250000 | 254270 |
| 7.390%, 11/03/2028(c) | 250000 | 265516 |
| 6.161%, 03/09/2029(c) | 250000 | 260728 |
| 5.286%, 11/19/2030(c) | 200000 | 206301 |
| 5.240%, 05/13/2031(c) | 200000 | 205810 |
| 5.402%, 08/11/2033(c) | 250000 | 259458 |
| 8.113%, 11/03/2033(c) | 250000 | 293189 |
| 6.254%, 03/09/2034(c) | 250000 | 272278 |
| 6.547%, 06/20/2034(c) | 200000 | 215883 |
| 7.399%, 11/13/2034(c) | 200000 | 227618 |
| 5.450%, 03/03/2036(c) | 200000 | 206392 |
| Bank of Nova Scotia, The<br> 5.250%, 06/12/2028<br>| 150000 | 154720 |
| 4.850%, 02/01/2030 | 250000 | 255955 |
| 4.588%, 05/04/2037(c) | 150000 | 145161 |
| Huntington Bancshares Inc.(Variable, <br> U.S. SOFR + 1.97%)<br> 4.443%, 08/04/2028(c)<br>| 100000 | 100437 |
| 5.272%, 01/15/2031(c) | 200000 | 206134 |
| 5.709%, 02/02/2035(c) | 100000 | 104228 |
| Citibank N.A.<br> 5.803%, 09/29/2028<br>| 250000 | 262226 |
| Truist Financial Corp.(Variable, <br> U.S. SOFR + 1.44%)<br> 4.873%, 01/26/2029(c)<br>| 100000 | 101505 |
| 7.161%, 10/30/2029(c) | 150000 | 162465 |
| 5.435%, 01/24/2030(c) | 100000 | 103470 |
| 5.071%, 05/20/2031(c) | 100000 | 102529 |
| 5.153%, 08/05/2032(c) | 100000 | 102916 |
| 5.867%, 06/08/2034(c) | 150000 | 158929 |
| 5.711%, 01/24/2035(c) | 100000 | 104937 |
| Mizuho Financial Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.50%)<br> 5.667%, 05/27/2029(c)<br>| 200000 | 207481 |
| 5.382%, 07/10/2030(c) | 200000 | 206971 |
| 5.739%, 05/27/2031(c) | 200000 | 210863 |
| 5.748%, 07/06/2034(c) | 200000 | 212504 |
| 5.323%, 07/08/2036(c) | 200000 | 205587 |
| PNC Financial Services Group Inc., <br> The(Variable, U.S. SOFR + 1.84%)<br> 5.582%, 06/12/2029(c)<br>| 250000 | 259058 |
| 5.492%, 05/14/2030(c) | 100000 | 104080 |
| 5.222%, 01/29/2031(c) | 100000 | 103322 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.812%, 10/21/2032(c) | $100000 | $101376 |
| 6.037%, 10/28/2033(c) | 150000 | 161854 |
| 5.939%, 08/18/2034(c) | 150000 | 160896 |
| 5.401%, 07/23/2035(c) | 100000 | 103514 |
| 5.575%, 01/29/2036(c) | 100000 | 104340 |
| Fifth Third Bancorp(Variable, <br> U.S. SOFR + 2.34%)<br> 6.339%, 07/27/2029(c)<br>| 150000 | 158050 |
| 4.772%, 07/28/2030(c) | 150000 | 151686 |
| Citizens Financial <br> Group Inc.(Variable, U.S. SOFR + <br> 2.01%)<br> 5.841%, 01/23/2030(c)<br>| 100000 | 104228 |
| 5.253%, 03/05/2031(c) | 100000 | 102487 |
| 6.645%, 04/25/2035(c) | 100000 | 110031 |
|  |  | 46561278 |
| **Beverages (0.13%)** | **Beverages (0.13%)** | **Beverages (0.13%)** |
| Constellation Brands Inc.<br> 4.350%, 05/09/2027<br>| 250000 | 250719 |
| 4.750%, 05/09/2032 | 250000 | 251342 |
| 4.900%, 05/01/2033 | 100000 | 100935 |
| Coca-Cola Co., The<br> 1.450%, 06/01/2027<br>| 100000 | 96276 |
| 1.000%, 03/15/2028 | 100000 | 93683 |
| 3.450%, 03/25/2030 | 100000 | 97555 |
| 2.000%, 03/05/2031 | 200000 | 179705 |
| 5.000%, 05/13/2034 | 100000 | 104097 |
| Diageo Capital PLC<br> 5.300%, 10/24/2027<br>| 250000 | 256163 |
| 5.500%, 01/24/2033 | 200000 | 210713 |
| PepsiCo Inc.<br> 3.600%, 02/18/2028<br>| 250000 | 248785 |
| 4.450%, 05/15/2028 | 250000 | 253894 |
| 4.100%, 01/15/2029 | 50000 | 50177 |
| 4.300%, 07/23/2030 | 100000 | 100610 |
| 3.900%, 07/18/2032 | 100000 | 97657 |
| 4.450%, 02/15/2033 | 100000 | 100936 |
| 5.000%, 02/07/2035 | 100000 | 102364 |
| 5.000%, 07/23/2035 | 50000 | 50932 |
| Anheuser-Busch InBev <br> Worldwide Inc.<br> 3.500%, 06/01/2030<br>| 350000 | 340757 |
| Keurig Dr. Pepper Inc.<br> 4.050%, 04/15/2032<br>| 250000 | 238881 |
| 5.150%, 05/15/2035 | 50000 | 49524 |
| Brown-Forman Corp.<br> 4.750%, 04/15/2033<br>| 100000 | 101173 |
|  |  | 3376878 |
| **Biotechnology & Pharmaceuticals (0.30%)** | **Biotechnology & Pharmaceuticals (0.30%)** | **Biotechnology & Pharmaceuticals (0.30%)** |
| Bristol-Myers Squibb Co.<br> 4.900%, 02/22/2027<br>| 100000 | 101303 |
| 5.100%, 02/22/2031 | 300000 | 311964 |
| 2.950%, 03/15/2032 | 250000 | 229566 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| 5.200%, 02/22/2034 | $100000 | $103696 |
| Astrazeneca Finance LLC<br> 4.800%, 02/26/2027<br>| 100000 | 101125 |
| 4.875%, 03/03/2028 | 250000 | 255478 |
| 4.900%, 03/03/2030 | 250000 | 257521 |
| 4.875%, 03/03/2033 | 150000 | 154500 |
| 5.000%, 02/26/2034 | 100000 | 103129 |
| Johnson & Johnson<br> 4.500%, 03/01/2027<br>| 100000 | 101134 |
| 0.950%, 09/01/2027 | 100000 | 95142 |
| 4.800%, 06/01/2029 | 100000 | 103102 |
| 4.850%, 03/01/2032 | 200000 | 207482 |
| AbbVie Inc.<br> 4.800%, 03/15/2027<br>| 100000 | 101136 |
| 4.650%, 03/15/2028 | 100000 | 101647 |
| 4.250%, 11/14/2028 | 100000 | 100793 |
| 3.200%, 11/21/2029 | 250000 | 241188 |
| 4.875%, 03/15/2030 | 150000 | 154404 |
| 4.950%, 03/15/2031 | 100000 | 103363 |
| 5.050%, 03/15/2034 | 100000 | 102902 |
| 5.200%, 03/15/2035 | 100000 | 103494 |
| Eli Lilly & Co.<br> 4.150%, 08/14/2027<br>| 100000 | 100652 |
| 3.375%, 03/15/2029 | 207000 | 203215 |
| 4.700%, 02/27/2033 | 150000 | 153041 |
| 4.700%, 02/09/2034 | 100000 | 101104 |
| 5.100%, 02/12/2035 | 100000 | 103447 |
| Amgen Inc.<br> 5.150%, 03/02/2028<br>| 250000 | 255836 |
| 3.000%, 02/22/2029 | 250000 | 240711 |
| 4.050%, 08/18/2029 | 250000 | 249030 |
| 5.250%, 03/02/2030 | 250000 | 259155 |
| 3.350%, 02/22/2032 | 150000 | 140848 |
| 4.200%, 03/01/2033 | 150000 | 145876 |
| 5.250%, 03/02/2033 | 250000 | 258960 |
| GlaxoSmithKline Capital Inc.<br> 3.875%, 05/15/2028<br>| 250000 | 249653 |
| Merck & Co. Inc.<br> 4.050%, 05/17/2028<br>| 250000 | 251363 |
| 3.400%, 03/07/2029 | 150000 | 146956 |
| 4.300%, 05/17/2030 | 50000 | 50402 |
| 4.500%, 05/17/2033 | 150000 | 150814 |
| Pfizer Investment Enterprises Pte. <br> Ltd.<br> 4.450%, 05/19/2028<br>| 250000 | 252850 |
| 4.650%, 05/19/2030 | 250000 | 254688 |
| 4.750%, 05/19/2033 | 250000 | 252563 |
| Sanofi SA<br> 3.625%, 06/19/2028<br>| 150000 | 149158 |
| Pfizer Inc.<br> 3.450%, 03/15/2029<br>| 150000 | 147575 |
| Gilead Sciences Inc.<br> 1.650%, 10/01/2030<br>| 300000 | 266006 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Zoetis Inc.<br> 5.600%, 11/16/2032<br>| $250000 | $265885 |
| Novartis Capital Corp.<br> 4.200%, 09/18/2034<br>| 100000 | 97786 |
|  |  | 7881643 |
| **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** | **Cable & Satellite (0.08%)** |
| Comcast Corp.<br> 3.300%, 04/01/2027<br>| 200000 | 198079 |
| 5.350%, 11/15/2027 | 250000 | 256840 |
| 4.550%, 01/15/2029 | 250000 | 253244 |
| 5.500%, 11/15/2032 | 250000 | 264928 |
| 4.650%, 02/15/2033 | 250000 | 251108 |
| 4.800%, 05/15/2033 | 250000 | 252533 |
| 5.300%, 05/15/2035 | 100000 | 102820 |
| Charter Communications Operating <br> LLC/Charter Communications <br> Operating Capital<br> 2.250%, 01/15/2029<br>| 250000 | 232510 |
| 4.400%, 04/01/2033 | 250000 | 237125 |
|  |  | 2049187 |
| **Chemicals (0.08%)** | **Chemicals (0.08%)** | **Chemicals (0.08%)** |
| Albemarle Corp.<br> 4.650%, 06/01/2027<br>| 150000 | 150154 |
| 5.050%, 06/01/2032 | 150000 | 148090 |
| Ecolab Inc.<br> 5.250%, 01/15/2028<br>| 150000 | 154068 |
| Sherwin-Williams Co., The<br> 4.550%, 03/01/2028<br>| 50000 | 50480 |
| 2.950%, 08/15/2029 | 70000 | 66853 |
| 4.800%, 09/01/2031 | 50000 | 51048 |
| Nutrien Ltd.<br> 4.900%, 03/27/2028<br>| 150000 | 152598 |
| Air Products and Chemicals Inc.<br> 4.600%, 02/08/2029<br>| 100000 | 101801 |
| 4.800%, 03/03/2033 | 100000 | 101999 |
| 4.850%, 02/08/2034 | 100000 | 101615 |
| Cabot Corp.<br> 5.000%, 06/30/2032<br>| 150000 | 151755 |
| Eastman Chemical Co.<br> 5.750%, 03/08/2033<br>| 100000 | 105003 |
| Avery Dennison Corp.<br> 5.750%, 03/15/2033<br>| 100000 | 105691 |
| Dow Chemical Co., The<br> 6.300%, 03/15/2033<br>| 150000 | 161213 |
| 5.150%, 02/15/2034 | 100000 | 100280 |
| 5.350%, 03/15/2035 | 50000 | 49712 |
| FMC Corp.<br> 5.650%, 05/18/2033<br>| 60000 | 59987 |
| LYB International Finance III LLC<br> 5.500%, 03/01/2034<br>| 100000 | 100578 |
| 6.150%, 05/15/2035 | 50000 | 52106 |
|  |  | 1965031 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Commercial Services (0.00%)** | **Commercial Services (0.00%)** | **Commercial Services (0.00%)** |
| Verisk Analytics Inc.<br> 5.250%, 03/15/2035<br>| $100000 | $101944 |
|  |  | 101944 |
| **Commercial Support Services (0.07%)** | **Commercial Support Services (0.07%)** | **Commercial Support Services (0.07%)** |
| Waste Management Inc.<br> 4.875%, 02/15/2029<br>| 150000 | 154012 |
| 4.625%, 02/15/2030 | 100000 | 101704 |
| 4.800%, 03/15/2032 | 100000 | 102178 |
| 4.150%, 04/15/2032 | 100000 | 98933 |
| 4.625%, 02/15/2033 | 100000 | 101127 |
| RELX Capital Inc.<br> 4.000%, 03/18/2029<br>| 150000 | 149151 |
| 3.000%, 05/22/2030 | 150000 | 142047 |
| Republic Services Inc.<br> 4.875%, 04/01/2029<br>| 150000 | 153745 |
| 4.750%, 07/15/2030 | 50000 | 51218 |
| 2.375%, 03/15/2033 | 100000 | 87219 |
| Waste Connections Inc.<br> 2.600%, 02/01/2030<br>| 200000 | 187708 |
| 5.000%, 03/01/2034 | 100000 | 102096 |
| Paychex Inc.<br> 5.100%, 04/15/2030<br>| 60000 | 61742 |
| 5.350%, 04/15/2032 | 60000 | 62259 |
| 5.600%, 04/15/2035 | 60000 | 62813 |
| GXO Logistics Inc.<br> 2.650%, 07/15/2031<br>| 150000 | 133687 |
|  |  | 1751639 |
| **Construction Materials (0.02%)** | **Construction Materials (0.02%)** | **Construction Materials (0.02%)** |
| Owens Corning<br> 5.500%, 06/15/2027<br>| 100000 | 102159 |
| 3.500%, 02/15/2030 | 100000 | 96469 |
| CRH SMW Finance DAC<br> 5.125%, 01/09/2030<br>| 200000 | 205853 |
| Amrize Finance U.S. LLC<br> 4.950%, 04/07/2030(d)<br>| 100000 | 102208 |
| 5.400%, 04/07/2035(d) | 130000 | 133918 |
|  |  | 640607 |
| **Consumer Services (0.01%)** | **Consumer Services (0.01%)** | **Consumer Services (0.01%)** |
| Trustees of Dartmouth College<br> 4.273%, 06/01/2030<br>| 50000 | 50354 |
| Trustees of Princeton University, The<br> 4.647%, 07/01/2030<br>| 50000 | 51041 |
| Leland Stanford Junior University, <br> The<br> 4.146%, 08/01/2030<br>| 50000 | 50174 |
| 4.679%, 03/01/2035 | 50000 | 50225 |
| President and Fellows of Harvard <br> College<br> 4.609%, 02/15/2035<br>| 50000 | 50310 |
|  |  | 252104 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** | **Containers & Packaging (0.01%)** |
| Berry Global Inc.<br> 5.500%, 04/15/2028<br>| $100000 | $102816 |
| WRKCo Inc.<br> 4.900%, 03/15/2029<br>| 100000 | 101898 |
| Amcor Finance U.S.A. Inc.<br> 5.625%, 05/26/2033<br>| 100000 | 104294 |
| Amcor Flexibles North America Inc.<br> 5.500%, 03/17/2035<br>| 40000 | 41188 |
|  |  | 350196 |
| **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** | **Diversified Industrials (0.05%)** |
| Parker-Hannifin Corp.<br> 4.250%, 09/15/2027<br>| 150000 | 150691 |
| 4.500%, 09/15/2029 | 150000 | 152031 |
| 3M Co.<br> 2.875%, 10/15/2027<br>| 100000 | 97978 |
| 2.375%, 08/26/2029 | 100000 | 93651 |
| 4.800%, 03/15/2030 | 50000 | 51123 |
| Honeywell International Inc.<br> 4.950%, 02/15/2028<br>| 150000 | 153361 |
| 4.250%, 01/15/2029 | 150000 | 150704 |
| 5.000%, 02/15/2033 | 125000 | 128585 |
| 4.500%, 01/15/2034 | 100000 | 99067 |
| 5.000%, 03/01/2035 | 100000 | 101666 |
|  |  | 1178857 |
| **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** | **E-Commerce Discretionary (0.08%)** |
| Amazon.com Inc.<br> 3.300%, 04/13/2027<br>| 150000 | 148901 |
| 4.550%, 12/01/2027 | 250000 | 253753 |
| 3.450%, 04/13/2029 | 250000 | 246389 |
| 4.650%, 12/01/2029 | 150000 | 153875 |
| 2.100%, 05/12/2031 | 150000 | 134949 |
| 3.600%, 04/13/2032 | 250000 | 241647 |
| 4.700%, 12/01/2032 | 250000 | 256949 |
| eBay Inc.<br> 5.950%, 11/22/2027<br>| 250000 | 259725 |
| 6.300%, 11/22/2032 | 250000 | 274607 |
|  |  | 1970795 |
| **Electric Utilities (0.60%)** | **Electric Utilities (0.60%)** | **Electric Utilities (0.60%)** |
| National Rural Utilities Cooperative <br> Finance Corp.<br> 4.800%, 02/05/2027<br>| 50000 | 50483 |
| 5.100%, 05/06/2027 | 50000 | 50814 |
| 4.800%, 03/15/2028 | 150000 | 152776 |
| 5.150%, 06/15/2029 | 50000 | 51789 |
| 4.950%, 02/07/2030 | 50000 | 51504 |
| 5.000%, 02/07/2031 | 100000 | 103025 |
| 2.750%, 04/15/2032 | 50000 | 45125 |
| 5.800%, 01/15/2033 | 50000 | 53641 |
| Eversource Energy<br> 2.900%, 03/01/2027<br>| 150000 | 147315 |
| 4.600%, 07/01/2027 | 150000 | 150847 |
| 5.450%, 03/01/2028 | 150000 | 154076 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.850%, 04/15/2031 | $100000 | $105938 |
| 5.125%, 05/15/2033 | 150000 | 152089 |
| 5.950%, 07/15/2034 | 100000 | 106081 |
| Exelon Corp.<br> 2.750%, 03/15/2027<br>| 150000 | 147049 |
| 5.150%, 03/15/2028 | 150000 | 153422 |
| 5.300%, 03/15/2033 | 150000 | 155409 |
| Virginia Electric and Power Co.<br> 3.750%, 05/15/2027<br>| 150000 | 149314 |
| 5.000%, 04/01/2033 | 150000 | 152654 |
| 5.300%, 08/15/2033 | 150000 | 155569 |
| 5.000%, 01/15/2034 | 100000 | 101124 |
| 5.150%, 03/15/2035 | 50000 | 50914 |
| 4.900%, 09/15/2035 | 100000 | 99477 |
| Southern California Edison Co.<br> 4.700%, 06/01/2027<br>| 150000 | 150536 |
| 5.850%, 11/01/2027 | 150000 | 153903 |
| 5.300%, 03/01/2028 | 150000 | 152691 |
| 5.950%, 11/01/2032 | 150000 | 158083 |
| Pacific Gas and Electric Co.<br> 5.450%, 06/15/2027<br>| 150000 | 152508 |
| 4.550%, 07/01/2030 | 150000 | 148958 |
| 4.400%, 03/01/2032 | 150000 | 146071 |
| 5.900%, 06/15/2032 | 150000 | 156820 |
| 6.400%, 06/15/2033 | 150000 | 161242 |
| 6.950%, 03/15/2034 | 100000 | 110919 |
| 5.800%, 05/15/2034 | 100000 | 103616 |
| NextEra Energy Capital Holdings Inc.<br> 4.625%, 07/15/2027<br>| 150000 | 151470 |
| 4.900%, 02/28/2028 | 150000 | 152624 |
| 4.900%, 03/15/2029 | 100000 | 102281 |
| 5.000%, 02/28/2030 | 150000 | 154643 |
| 5.000%, 07/15/2032 | 150000 | 153369 |
| 5.050%, 02/28/2033 | 150000 | 153213 |
| 6.700%, 09/01/2054(c) | 50000 | 51725 |
| Southern Co., The<br> 5.113%, 08/01/2027<br>| 150000 | 152537 |
| 4.850%, 06/15/2028 | 150000 | 152741 |
| 5.500%, 03/15/2029 | 50000 | 51989 |
| 5.700%, 10/15/2032 | 150000 | 158834 |
| 5.200%, 06/15/2033 | 150000 | 154208 |
| 3.750%, 09/15/2051(c) | 100000 | 98666 |
| Alabama Power Co.<br> 3.750%, 09/01/2027<br>| 150000 | 149716 |
| WEC Energy Group Inc.<br> 5.150%, 10/01/2027<br>| 150000 | 152849 |
| 4.750%, 01/15/2028 | 150000 | 152106 |
| American Electric Power Co. Inc.<br> 5.750%, 11/01/2027<br>| 150000 | 154861 |
| 5.950%, 11/01/2032 | 150000 | 160809 |
| 7.050%, 12/15/2054(c) | 50000 | 52280 |
| Public Service Enterprise Group Inc.<br> 5.850%, 11/15/2027<br>| 150000 | 155304 |
| 5.400%, 03/15/2035 | 40000 | 41215 |
| Duke Energy Corp.<br> 5.000%, 12/08/2027<br>| 150000 | 152755 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 4.300%, 03/15/2028 | $150000 | $150697 |
| 4.850%, 01/05/2029 | 100000 | 101896 |
| 5.450%, 06/15/2034 | 50000 | 52007 |
| 4.950%, 09/15/2035 | 100000 | 99344 |
| 6.450%, 09/01/2054(c) | 100000 | 105628 |
| Consumers Energy Co.<br> 4.650%, 03/01/2028<br>| 150000 | 151943 |
| 4.625%, 05/15/2033 | 150000 | 150134 |
| Constellation Energy Generation LLC<br> 5.600%, 03/01/2028<br>| 150000 | 155019 |
| Black Hills Corp.<br> 5.950%, 03/15/2028<br>| 150000 | 155747 |
| Florida Power & Light Co.<br> 5.050%, 04/01/2028<br>| 150000 | 153921 |
| 4.400%, 05/15/2028 | 150000 | 151691 |
| 5.150%, 06/15/2029 | 50000 | 51886 |
| 4.625%, 05/15/2030 | 150000 | 152763 |
| 5.100%, 04/01/2033 | 150000 | 155201 |
| 4.800%, 05/15/2033 | 150000 | 152584 |
| 5.300%, 06/15/2034 | 50000 | 52158 |
| Berkshire Hathaway Energy Co.<br> 3.250%, 04/15/2028<br>| 80000 | 78576 |
| 3.700%, 07/15/2030 | 50000 | 48951 |
| System Energy Resources Inc.<br> 6.000%, 04/15/2028<br>| 100000 | 104027 |
| Georgia Power Co.<br> 4.650%, 05/16/2028<br>| 150000 | 152223 |
| 4.700%, 05/15/2032 | 150000 | 151811 |
| 4.950%, 05/17/2033 | 150000 | 153014 |
| 5.250%, 03/15/2034 | 100000 | 103154 |
| DTE Energy Co.<br> 4.875%, 06/01/2028<br>| 150000 | 152599 |
| 5.100%, 03/01/2029 | 50000 | 51233 |
| 5.200%, 04/01/2030 | 100000 | 103040 |
| 5.850%, 06/01/2034 | 50000 | 53125 |
| AES Corp., The<br> 5.450%, 06/01/2028<br>| 150000 | 153630 |
| National Grid PLC<br> 5.602%, 06/12/2028<br>| 150000 | 155226 |
| 5.809%, 06/12/2033 | 150000 | 159908 |
| San Diego Gas & Electric Co.<br> 4.950%, 08/15/2028<br>| 150000 | 153643 |
| Duke Energy Carolinas LLC<br> 3.950%, 11/15/2028<br>| 90000 | 89979 |
| 4.850%, 03/15/2030 | 100000 | 102712 |
| 4.950%, 01/15/2033 | 150000 | 154215 |
| 4.850%, 01/15/2034 | 100000 | 101240 |
| 5.250%, 03/15/2035 | 50000 | 51741 |
| Duke Energy Progress LLC<br> 3.450%, 03/15/2029<br>| 100000 | 98004 |
| 5.050%, 03/15/2035 | 50000 | 50806 |
| Sempra<br> 3.700%, 04/01/2029<br>| 100000 | 97990 |
| 5.500%, 08/01/2033 | 200000 | 208458 |
| 6.400%, 10/01/2054(c) | 50000 | 51090 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 6.875%, 10/01/2054(c) | $50000 | $51808 |
| 6.625%, 04/01/2055(c) | 50000 | 50773 |
| Edison International<br> 5.450%, 06/15/2029<br>| 50000 | 50387 |
| Consolidated Edison Company of <br> New York, Inc.<br> 3.350%, 04/01/2030<br>| 50000 | 48413 |
| 5.500%, 03/15/2034 | 50000 | 52604 |
| 5.125%, 03/15/2035 | 50000 | 51332 |
| Tennessee Valley Authority<br> 7.125%, 05/01/2030<br>| 250000 | 284996 |
| 4.875%, 05/15/2035 | 160000 | 165773 |
| Dayton Power & Light Co., The<br> 4.550%, 08/15/2030(d)<br>| 50000 | 49860 |
| PacifiCorp<br> 5.300%, 02/15/2031<br>| 100000 | 103670 |
| 5.450%, 02/15/2034 | 100000 | 102433 |
| Puget Energy Inc.<br> 4.224%, 03/15/2032<br>| 150000 | 143652 |
| 5.725%, 03/15/2035 | 50000 | 51596 |
| AEP Texas Inc.<br> 4.700%, 05/15/2032<br>| 150000 | 149612 |
| Xcel Energy Inc.<br> 4.600%, 06/01/2032<br>| 150000 | 148821 |
| 5.450%, 08/15/2033 | 150000 | 155182 |
| Dominion Energy Inc.<br> 5.375%, 11/15/2032<br>| 150000 | 155863 |
| 6.875%, 02/01/2055(c) | 50000 | 52334 |
| Entergy Louisiana LLC<br> 4.000%, 03/15/2033<br>| 100000 | 95989 |
| 5.350%, 03/15/2034 | 100000 | 103765 |
| 5.150%, 09/15/2034 | 100000 | 102107 |
| CenterPoint Energy Houston Electric <br> LLC<br> 6.950%, 03/15/2033<br>| 100000 | 113649 |
| DTE Electric Co.<br> 5.200%, 04/01/2033<br>| 50000 | 51927 |
| 5.250%, 05/15/2035 | 50000 | 51445 |
| Southwestern Electric Power Co.<br> 5.300%, 04/01/2033<br>| 100000 | 102210 |
| PPL Electric Utilities Corp.<br> 5.000%, 05/15/2033<br>| 150000 | 154371 |
| 4.850%, 02/15/2034 | 100000 | 101143 |
| Ameren Illinois Co.<br> 4.950%, 06/01/2033<br>| 150000 | 153965 |
| Public Service Electric and Gas Co.<br> 5.200%, 08/01/2033<br>| 150000 | 155767 |
| Arizona Public Service Co.<br> 5.550%, 08/01/2033<br>| 150000 | 156887 |
| 5.700%, 08/15/2034 | 100000 | 104775 |
| Oncor Electric Delivery Co. LLC<br> 5.650%, 11/15/2033<br>| 100000 | 106435 |
| 5.350%, 04/01/2035(d) | 50000 | 51715 |
| Duke Energy Florida LLC<br> 5.875%, 11/15/2033<br>| 100000 | 107893 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Dominion Energy South Carolina Inc.<br> 5.300%, 01/15/2035<br>| $100000 | $103267 |
| Union Electric Co.<br> 5.250%, 04/15/2035<br>| 50000 | 51531 |
| Northern States Power Co.<br> 5.050%, 05/15/2035<br>| 50000 | 50996 |
| Duke Energy Ohio Inc.<br> 5.300%, 06/15/2035<br>| 50000 | 51560 |
| AEP Transmission Co. LLC<br> 5.375%, 06/15/2035<br>| 50000 | 51731 |
| Interstate Power and Light Co.<br> 5.600%, 06/29/2035<br>| 50000 | 51947 |
| Entergy Corp.<br> 7.125%, 12/01/2054(c)<br>| 50000 | 52245 |
|  |  | 15765420 |
| **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** | **Electrical Equipment (0.03%)** |
| Otis Worldwide Corp.<br> 5.250%, 08/16/2028<br>| 150000 | 154614 |
| Lennox International Inc.<br> 5.500%, 09/15/2028<br>| 100000 | 103376 |
| Amphenol Corp.<br> 5.050%, 04/05/2029<br>| 50000 | 51591 |
| 5.000%, 01/15/2035 | 50000 | 51015 |
| Johnson Controls International <br> PLC/Tyco Fire & Security Finance <br> SCA<br> 5.500%, 04/19/2029<br>| 50000 | 52055 |
| Vontier Corp.<br> 2.950%, 04/01/2031<br>| 150000 | 137009 |
| Allegion U.S. Holding Co. Inc.<br> 5.411%, 07/01/2032<br>| 150000 | 156620 |
| Trane Technologies Financing Ltd.<br> 5.250%, 03/03/2033<br>| 100000 | 104052 |
|  |  | 810332 |
| **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** | **Engineering & Construction (0.01%)** |
| Quanta Services Inc.<br> 4.750%, 08/09/2027<br>| 50000 | 50571 |
| 5.100%, 08/09/2035 | 50000 | 50128 |
| Jacobs Engineering Group Inc.<br> 6.350%, 08/18/2028<br>| 100000 | 105595 |
| MasTec Inc.<br> 5.900%, 06/15/2029<br>| 50000 | 52334 |
|  |  | 258628 |
| **Entertainment Content (0.02%)** | **Entertainment Content (0.02%)** | **Entertainment Content (0.02%)** |
| Netflix Inc.<br> 4.375%, 11/15/2026<br>| 100000 | 100451 |
| 4.875%, 04/15/2028 | 100000 | 102197 |
| Walt Disney Co., The<br> 3.800%, 03/22/2030<br>| 150000 | 148324 |
| 6.200%, 12/15/2034 | 150000 | 169241 |
|  |  | 520213 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Food (0.09%)** | **Food (0.09%)** | **Food (0.09%)** |
| Conagra Brands Inc.<br> 5.300%, 10/01/2026<br>| $250000 | $252543 |
| Mondelez International Inc.<br> 2.625%, 03/17/2027<br>| 250000 | 244810 |
| JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. <br> S.a.r.l.<br> 3.000%, 02/02/2029<br>| 250000 | 239638 |
| 3.625%, 01/15/2032 | 250000 | 233041 |
| 5.750%, 04/01/2033 | 73000 | 76236 |
| General Mills Inc.<br> 4.875%, 01/30/2030<br>| 100000 | 102090 |
| 4.950%, 03/29/2033 | 100000 | 101343 |
| 5.250%, 01/30/2035 | 100000 | 101817 |
| Kraft Heinz Foods Co.<br> 3.750%, 04/01/2030<br>| 250000 | 242466 |
| Pilgrim's Pride Corp.<br> 4.250%, 04/15/2031<br>| 250000 | 241635 |
| 3.500%, 03/01/2032 | 250000 | 228835 |
| 6.250%, 07/01/2033 | 100000 | 106744 |
| Kellanova<br> 5.250%, 03/01/2033<br>| 100000 | 103655 |
| McCormick & Co. Inc.<br> 4.950%, 04/15/2033<br>| 100000 | 101968 |
| Hershey Co., The<br> 4.500%, 05/04/2033<br>| 100000 | 100325 |
|  |  | 2477146 |
| **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** | **Forestry, Paper & Wood Products (0.01%)** |
| Suzano Austria GmbH<br> 6.000%, 01/15/2029<br>| 200000 | 206827 |
|  |  | 206827 |
| **Gas & Water Utilities (0.05%)** | **Gas & Water Utilities (0.05%)** | **Gas & Water Utilities (0.05%)** |
| National Fuel Gas Co.<br> 5.500%, 10/01/2026<br>| 250000 | 252641 |
| Southern California Gas Co.<br> 2.950%, 04/15/2027<br>| 100000 | 98500 |
| 5.200%, 06/01/2033 | 100000 | 103350 |
| 5.450%, 06/15/2035 | 50000 | 51841 |
| CenterPoint Energy Resources Corp.<br> 5.250%, 03/01/2028<br>| 100000 | 102577 |
| 5.400%, 03/01/2033 | 9000 | 9297 |
| NiSource Inc.<br> 5.250%, 03/30/2028<br>| 100000 | 102596 |
| 5.200%, 07/01/2029 | 50000 | 51565 |
| 3.600%, 05/01/2030 | 50000 | 48418 |
| 5.350%, 07/15/2035 | 50000 | 51051 |
| 6.950%, 11/30/2054(c) | 50000 | 52032 |
| Essential Utilities Inc.<br> 2.704%, 04/15/2030<br>| 50000 | 46547 |
| 5.250%, 08/15/2035 | 50000 | 50244 |
| Southwest Gas Corp.<br> 4.050%, 03/15/2032<br>| 100000 | 96144 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Gas & Water Utilities (Cont.)** | **Gas & Water Utilities (Cont.)** | **Gas & Water Utilities (Cont.)** |
| American Water Capital Corp.<br> 4.450%, 06/01/2032<br>| $100000 | $99797 |
| 5.250%, 03/01/2035 | 50000 | 51282 |
| Atmos Energy Corp.<br> 5.900%, 11/15/2033<br>| 50000 | 54220 |
| Southern Co. Gas Capital Corp.<br> 4.950%, 09/15/2034<br>| 100000 | 100292 |
|  |  | 1422394 |
| **Health Care Facilities & Services (0.31%)** | **Health Care Facilities & Services (0.31%)** | **Health Care Facilities & Services (0.31%)** |
| HCA Inc.<br> 3.125%, 03/15/2027<br>| 150000 | 147891 |
| 5.000%, 03/01/2028 | 100000 | 101840 |
| 5.200%, 06/01/2028 | 150000 | 153622 |
| 3.375%, 03/15/2029 | 150000 | 145465 |
| 5.250%, 03/01/2030 | 100000 | 103242 |
| 5.450%, 04/01/2031 | 100000 | 103948 |
| 3.625%, 03/15/2032 | 100000 | 93815 |
| 5.500%, 06/01/2033 | 100000 | 103894 |
| 5.600%, 04/01/2034 | 100000 | 103808 |
| 5.750%, 03/01/2035 | 100000 | 104547 |
| UnitedHealth Group Inc.<br> 3.700%, 05/15/2027<br>| 250000 | 249036 |
| 5.250%, 02/15/2028 | 250000 | 256703 |
| 4.000%, 05/15/2029 | 250000 | 249178 |
| 5.300%, 02/15/2030 | 250000 | 260250 |
| 4.650%, 01/15/2031 | 100000 | 101341 |
| 4.200%, 05/15/2032 | 250000 | 246429 |
| 5.350%, 02/15/2033 | 100000 | 104519 |
| 4.500%, 04/15/2033 | 100000 | 98944 |
| 5.150%, 07/15/2034 | 100000 | 102636 |
| CommonSpirit Health<br> 6.073%, 11/01/2027<br>| 150000 | 155552 |
| Cencora Inc.<br> 4.625%, 12/15/2027<br>| 100000 | 101130 |
| 5.150%, 02/15/2035 | 100000 | 102123 |
| Humana Inc.<br> 5.750%, 03/01/2028<br>| 250000 | 257889 |
| 3.700%, 03/23/2029 | 250000 | 244308 |
| 5.375%, 04/15/2031 | 100000 | 102861 |
| IQVIA Inc.<br> 5.700%, 05/15/2028<br>| 200000 | 206340 |
| 6.250%, 02/01/2029 | 100000 | 105263 |
| Centene Corp.<br> 2.450%, 07/15/2028<br>| 250000 | 232308 |
| 2.500%, 03/01/2031 | 400000 | 344566 |
| McKesson Corp.<br> 4.900%, 07/15/2028<br>| 150000 | 153194 |
| 4.950%, 05/30/2032 | 50000 | 51199 |
| 5.100%, 07/15/2033 | 100000 | 103615 |
| CVS Health Corp.<br> 5.000%, 01/30/2029<br>| 150000 | 152948 |
| 5.125%, 02/21/2030 | 250000 | 256271 |
| 3.750%, 04/01/2030 | 100000 | 96871 |
| 5.250%, 01/30/2031 | 250000 | 257317 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** | **Health Care Facilities & Services (Cont.)** |
| 5.000%, 09/15/2032 | $50000 | $50612 |
| 5.250%, 02/21/2033 | 100000 | 102315 |
| 5.300%, 06/01/2033 | 100000 | 102367 |
| 5.700%, 06/01/2034 | 100000 | 104355 |
| Cigna Group, The<br> 5.000%, 05/15/2029<br>| 300000 | 307792 |
| 5.125%, 05/15/2031 | 100000 | 103480 |
| 5.250%, 02/15/2034 | 100000 | 102935 |
| Universal Health Services Inc.<br> 2.650%, 10/15/2030<br>| 250000 | 225703 |
| Adventist Health System<br> 5.430%, 03/01/2032<br>| 150000 | 153635 |
| Sutter Health<br> 5.213%, 08/15/2032<br>| 50000 | 51755 |
| 5.164%, 08/15/2033 | 100000 | 102739 |
| Elevance Health Inc.<br> 5.500%, 10/15/2032<br>| 250000 | 262726 |
| 4.750%, 02/15/2033 | 250000 | 250771 |
| 5.375%, 06/15/2034 | 100000 | 103119 |
| Quest Diagnostics Inc.<br> 6.400%, 11/30/2033<br>| 100000 | 110955 |
| Cardinal Health Inc.<br> 5.350%, 11/15/2034<br>| 100000 | 102790 |
|  |  | 7992912 |
| **Healthcare - Products (0.01%)** | **Healthcare - Products (0.01%)** | **Healthcare - Products (0.01%)** |
| Solventum Corp.<br> 5.450%, 03/13/2031<br>| 100000 | 104280 |
| Zimmer Biomet Holdings Inc.<br> 5.500%, 02/19/2035<br>| 50000 | 52080 |
|  |  | 156360 |
| **Home Construction (0.03%)** | **Home Construction (0.03%)** | **Home Construction (0.03%)** |
| D.R. Horton Inc.<br> 1.300%, 10/15/2026<br>| 100000 | 97220 |
| 1.400%, 10/15/2027 | 100000 | 94873 |
| Lennar Corp.<br> 5.200%, 07/30/2030<br>| 50000 | 51498 |
| MDC Holdings Inc.<br> 2.500%, 01/15/2031<br>| 100000 | 88243 |
| Fortune Brands Innovations Inc.<br> 4.000%, 03/25/2032<br>| 150000 | 142921 |
| 5.875%, 06/01/2033 | 100000 | 106025 |
| Meritage Homes Corp.<br> 5.650%, 03/15/2035<br>| 75000 | 76153 |
|  |  | 656933 |
| **Household Products (0.08%)** | **Household Products (0.08%)** | **Household Products (0.08%)** |
| Procter & Gamble Co., The<br> 1.900%, 02/01/2027<br>| 100000 | 97564 |
| 3.950%, 01/26/2028 | 100000 | 100485 |
| 4.150%, 10/24/2029 | 50000 | 50582 |
| 2.300%, 02/01/2032 | 100000 | 90921 |
| 4.050%, 01/26/2033 | 100000 | 99933 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Household Products (Cont.)** | **Household Products (Cont.)** | **Household Products (Cont.)** |
| Haleon U.S. Capital LLC<br> 3.375%, 03/24/2027<br>| $250000 | $247404 |
| 3.625%, 03/24/2032 | 250000 | 236910 |
| Colgate-Palmolive Co.<br> 3.100%, 08/15/2027<br>| 100000 | 98834 |
| 4.600%, 03/01/2028 | 100000 | 101773 |
| Kenvue Inc.<br> 5.050%, 03/22/2028<br>| 100000 | 102166 |
| 5.000%, 03/22/2030 | 100000 | 102722 |
| 4.900%, 03/22/2033 | 100000 | 101656 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030<br>| 300000 | 264550 |
| Clorox Co., The<br> 4.600%, 05/01/2032<br>| 100000 | 101089 |
| Church & Dwight Co. Inc.<br> 5.600%, 11/15/2032<br>| 100000 | 105981 |
| Estee Lauder Cos. Inc., The<br> 4.650%, 05/15/2033<br>| 100000 | 100190 |
|  |  | 2002760 |
| **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** | **Industrial Intermediate Products (0.01%)** |
| Timken Co., The<br> 4.125%, 04/01/2032<br>| 150000 | 143630 |
|  |  | 143630 |
| **Institutional Financial Services (0.51%)** | **Institutional Financial Services (0.51%)** | **Institutional Financial Services (0.51%)** |
| Goldman Sachs Group Inc., <br> The(Variable, U.S. SOFR + 0.82%)<br> 1.542%, 09/10/2027(c)<br>| 100000 | 97532 |
| 1.948%, 10/21/2027(c) | 200000 | 195293 |
| 2.640%, 02/24/2028(c) | 250000 | 244743 |
| 3.615%, 03/15/2028(c) | 250000 | 248125 |
| 4.937%, 04/23/2028(c) | 150000 | 151756 |
| 4.482%, 08/23/2028(c) | 250000 | 251564 |
| 4.223%, 05/01/2029(c) | 150000 | 150175 |
| 6.484%, 10/24/2029(c) | 150000 | 159627 |
| 5.727%, 04/25/2030(c) | 250000 | 261560 |
| 5.049%, 07/23/2030(c) | 250000 | 256266 |
| 2.615%, 04/22/2032(c) | 250000 | 226805 |
| 2.383%, 07/21/2032(c) | 250000 | 223125 |
| 3.102%, 02/24/2033(c) | 500000 | 458690 |
| 6.561%, 10/24/2034(c) | 100000 | 112118 |
| 5.851%, 04/25/2035(c) | 100000 | 106546 |
| 5.330%, 07/23/2035(c) | 100000 | 102944 |
| 5.016%, 10/23/2035(c) | 100000 | 100665 |
| 5.536%, 01/28/2036(c) | 150000 | 156577 |
| Intercontinental Exchange Inc.<br> 4.000%, 09/15/2027<br>| 250000 | 249986 |
| 4.350%, 06/15/2029 | 250000 | 252125 |
| 4.600%, 03/15/2033 | 250000 | 251526 |
| Nomura Holdings Inc.<br> 5.842%, 01/18/2028<br>| 500000 | 516980 |
| 6.181%, 01/18/2033 | 250000 | 270368 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Morgan Stanley(Variable, U.S. SOFR <br> + 1.00%)<br> 2.475%, 01/21/2028(c)<br>| $250000 | $244692 |
| 5.652%, 04/13/2028(c) | 100000 | 102239 |
| 4.210%, 04/20/2028(c) | 250000 | 250272 |
| 3.772%, 01/24/2029(c) | 150000 | 148700 |
| 5.123%, 02/01/2029(c) | 250000 | 255387 |
| 5.164%, 04/20/2029(c) | 250000 | 255908 |
| 5.449%, 07/20/2029(c) | 250000 | 258327 |
| 6.407%, 11/01/2029(c) | 150000 | 159430 |
| 5.173%, 01/16/2030(c) | 150000 | 154166 |
| 4.431%, 01/23/2030(c) | 250000 | 251197 |
| 5.656%, 04/18/2030(c) | 250000 | 261054 |
| 5.042%, 07/19/2030(c) | 250000 | 256215 |
| 2.699%, 01/22/2031(c) | 250000 | 233609 |
| 2.239%, 07/21/2032(c) | 250000 | 220798 |
| 2.943%, 01/21/2033(c) | 250000 | 227288 |
| 4.889%, 07/20/2033(c) | 500000 | 507697 |
| 6.342%, 10/18/2033(c) | 500000 | 549521 |
| 5.250%, 04/21/2034(c) | 150000 | 154684 |
| 5.424%, 07/21/2034(c) | 150000 | 156285 |
| 6.627%, 11/01/2034(c) | 100000 | 111861 |
| 2.484%, 09/16/2036(c) | 250000 | 217157 |
| 5.297%, 04/20/2037(c) | 250000 | 253631 |
| 5.948%, 01/19/2038(c) | 250000 | 262120 |
| 5.942%, 02/07/2039(c) | 250000 | 261749 |
| Bank of New York Mellon Corp., The<br> 3.400%, 01/29/2028<br>| 250000 | 247261 |
| 3.992%, 06/13/2028(c) | 150000 | 149943 |
| 5.834%, 10/25/2033(c) | 150000 | 161558 |
| 4.706%, 02/01/2034(c) | 150000 | 150744 |
| 6.474%, 10/25/2034(c) | 250000 | 278645 |
| State Street Corp.(Variable, <br> U.S. SOFR + 0.73%)<br> 2.203%, 02/07/2028(c)<br>| 150000 | 146333 |
| 4.536%, 02/28/2028 | 100000 | 101283 |
| 4.729%, 02/28/2030 | 100000 | 102177 |
| 4.834%, 04/24/2030 | 100000 | 102661 |
| 4.675%, 10/22/2032(c) | 100000 | 101288 |
| 5.159%, 05/18/2034(c) | 150000 | 155394 |
| 5.146%, 02/28/2036(c) | 60000 | 61363 |
| Jefferies Financial Group Inc.<br> 5.875%, 07/21/2028<br>| 100000 | 104116 |
| 6.200%, 04/14/2034 | 100000 | 106320 |
| BGC Group Inc.<br> 6.150%, 04/02/2030(d)<br>| 50000 | 51227 |
| LPL Holdings Inc.<br> 5.150%, 06/15/2030<br>| 50000 | 50890 |
| 5.650%, 03/15/2035 | 100000 | 101886 |
| CME Group Inc.<br> 2.650%, 03/15/2032<br>| 100000 | 90835 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| Nasdaq Inc.<br> 5.550%, 02/15/2034<br>| $88000 | $92399 |
| Goldman Sachs Capital I<br> 6.345%, 02/15/2034<br>| 100000 | 106840 |
|  |  | 13262246 |
| **Insurance (0.19%)** | **Insurance (0.19%)** | **Insurance (0.19%)** |
| Berkshire Hathaway Finance Corp.<br> 2.300%, 03/15/2027<br>| 50000 | 48959 |
| 2.875%, 03/15/2032 | 100000 | 93524 |
| Progressive Corp., The<br> 2.500%, 03/15/2027<br>| 50000 | 48980 |
| 4.950%, 06/15/2033 | 100000 | 102879 |
| Aon Corp./Aon Global Holdings PLC<br> 2.850%, 05/28/2027<br>| 150000 | 147076 |
| 5.350%, 02/28/2033 | 250000 | 261008 |
| Willis North America Inc.<br> 4.650%, 06/15/2027<br>| 250000 | 251917 |
| F&G Annuities & Life Inc.<br> 7.400%, 01/13/2028<br>| 250000 | 262410 |
| 6.500%, 06/04/2029 | 100000 | 104261 |
| Corebridge Financial Inc.<br> 3.850%, 04/05/2029<br>| 250000 | 246157 |
| 3.900%, 04/05/2032 | 250000 | 238700 |
| 6.875%, 12/15/2052(c) | 250000 | 256367 |
| Chubb INA Holdings LLC<br> 4.650%, 08/15/2029<br>| 150000 | 152950 |
| 5.000%, 03/15/2034 | 100000 | 102539 |
| Marsh & McLennan Cos. Inc.<br> 4.650%, 03/15/2030<br>| 100000 | 101624 |
| 2.250%, 11/15/2030 | 250000 | 226518 |
| MetLife Inc.<br> 4.550%, 03/23/2030<br>| 250000 | 254259 |
| Aflac Inc.<br> 3.600%, 04/01/2030<br>| 250000 | 244947 |
| Brown & Brown Inc.<br> 4.900%, 06/23/2030<br>| 60000 | 60806 |
| Lincoln National Corp.<br> 3.400%, 01/15/2031<br>| 150000 | 141681 |
| Arthur J. Gallagher & Co.<br> 5.000%, 02/15/2032<br>| 100000 | 102028 |
| 5.150%, 02/15/2035 | 100000 | 101182 |
| American International Group Inc.<br> 5.125%, 03/27/2033<br>| 250000 | 257181 |
| Allstate Corp., The<br> 5.250%, 03/30/2033<br>| 250000 | 259243 |
| Fairfax Financial Holdings Ltd.<br> 6.000%, 12/07/2033<br>| 100000 | 106306 |
| Aon North America Inc.<br> 5.450%, 03/01/2034<br>| 100000 | 104170 |
| Prudential Financial Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 5Y + 3.16%)<br> 5.125%, 03/01/2052(c)<br>| 250000 | 250906 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Insurance (Cont.)** | **Insurance (Cont.)** | **Insurance (Cont.)** |
| 6.000%, 09/01/2052(c) | $250000 | $259766 |
| Athene Holding Ltd.<br> 6.625%, 10/15/2054(c)<br>| 250000 | 252246 |
|  |  | 5040590 |
| **Internet Media & Services (0.08%)** | **Internet Media & Services (0.08%)** | **Internet Media & Services (0.08%)** |
| Meta Platforms Inc.<br> 3.500%, 08/15/2027<br>| 500000 | 497785 |
| 4.600%, 05/15/2028 | 500000 | 510233 |
| 4.800%, 05/15/2030 | 100000 | 103231 |
| 3.850%, 08/15/2032 | 200000 | 194627 |
| 4.950%, 05/15/2033 | 250000 | 258847 |
| 4.750%, 08/15/2034 | 100000 | 101303 |
| Uber Technologies Inc.<br> 4.300%, 01/15/2030<br>| 100000 | 100289 |
| Expedia Group Inc.<br> 3.250%, 02/15/2030<br>| 100000 | 95545 |
| 5.400%, 02/15/2035 | 100000 | 102621 |
| Alphabet Inc.<br> 4.500%, 05/15/2035<br>| 50000 | 50043 |
|  |  | 2014524 |
| **IT Services (0.07%)** | **IT Services (0.07%)** | **IT Services (0.07%)** |
| Kyndryl Holdings Inc.<br> 2.050%, 10/15/2026<br>| 150000 | 146505 |
| 2.700%, 10/15/2028 | 250000 | 238148 |
| 3.150%, 10/15/2031 | 150000 | 136384 |
| International Business Machines <br> Corp.<br> 2.200%, 02/09/2027<br>| 150000 | 146406 |
| 4.150%, 07/27/2027 | 150000 | 150645 |
| 4.500%, 02/06/2028 | 100000 | 101043 |
| 1.950%, 05/15/2030 | 200000 | 181131 |
| 4.750%, 02/06/2033 | 250000 | 254080 |
| 5.200%, 02/10/2035 | 100000 | 102658 |
| Booz Allen Hamilton Inc.<br> 5.950%, 08/04/2033<br>| 100000 | 105015 |
| IBM International Capital Pte. Ltd.<br> 4.900%, 02/05/2034<br>| 100000 | 101298 |
| Accenture Capital Inc.<br> 4.500%, 10/04/2034<br>| 100000 | 98623 |
|  |  | 1761936 |
| **Leisure Facilities & Services (0.07%)** | **Leisure Facilities & Services (0.07%)** | **Leisure Facilities & Services (0.07%)** |
| Hyatt Hotels Corp.<br> 5.750%, 01/30/2027<br>| 80000 | 81506 |
| 5.050%, 03/30/2028 | 50000 | 50812 |
| 5.750%, 03/30/2032 | 100000 | 104292 |
| Starbucks Corp.<br> 4.850%, 02/08/2027<br>| 100000 | 100983 |
| 2.250%, 03/12/2030 | 100000 | 91801 |
| 4.800%, 02/15/2033 | 100000 | 101327 |
| 5.000%, 02/15/2034 | 100000 | 102086 |
| Las Vegas Sands Corp.<br> 5.900%, 06/01/2027<br>| 100000 | 102021 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Leisure Facilities & Services (Cont.)** | **Leisure Facilities & Services (Cont.)** | **Leisure Facilities & Services (Cont.)** |
| 6.000%, 08/15/2029 | $100000 | $104153 |
| 6.000%, 06/14/2030 | 50000 | 52067 |
| McDonald's Corp.<br> 4.800%, 08/14/2028<br>| 250000 | 255326 |
| 3.600%, 07/01/2030 | 150000 | 146463 |
| 4.950%, 08/14/2033 | 100000 | 103017 |
| Marriott International Inc.<br> 4.900%, 04/15/2029<br>| 250000 | 255208 |
| 5.100%, 04/15/2032 | 100000 | 102631 |
| 5.300%, 05/15/2034 | 100000 | 102712 |
| 5.350%, 03/15/2035 | 50000 | 51136 |
|  |  | 1907541 |
| **Leisure Products (0.00%)** | **Leisure Products (0.00%)** | **Leisure Products (0.00%)** |
| Hasbro Inc.<br> 3.900%, 11/19/2029<br>| 50000 | 48701 |
|  |  | 48701 |
| **Machinery (0.13%)** | **Machinery (0.13%)** | **Machinery (0.13%)** |
| Caterpillar Financial Services Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100774 |
| 5.000%, 05/14/2027 | 50000 | 50868 |
| 3.600%, 08/12/2027 | 100000 | 99578 |
| 4.375%, 08/16/2029 | 100000 | 101378 |
| 4.800%, 01/08/2030 | 100000 | 103098 |
| John Deere Capital Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100788 |
| 4.150%, 09/15/2027 | 100000 | 100471 |
| 4.900%, 03/03/2028 | 100000 | 102250 |
| 4.950%, 07/14/2028 | 100000 | 102691 |
| 4.850%, 10/11/2029 | 150000 | 154554 |
| 4.700%, 06/10/2030 | 150000 | 153884 |
| 4.350%, 09/15/2032 | 100000 | 100162 |
| 5.100%, 04/11/2034 | 100000 | 103464 |
| 5.050%, 06/12/2034 | 100000 | 103115 |
| Stanley Black & Decker Inc.<br> 6.000%, 03/06/2028<br>| 150000 | 155863 |
| CNH Industrial Capital LLC<br> 4.750%, 03/21/2028<br>| 100000 | 101115 |
| 4.550%, 04/10/2028 | 100000 | 100770 |
| Regal Rexnord Corp.<br> 6.050%, 04/15/2028<br>| 150000 | 155165 |
| 6.300%, 02/15/2030 | 150000 | 159045 |
| 6.400%, 04/15/2033 | 250000 | 268387 |
| Eaton Corp.<br> 4.350%, 05/18/2028<br>| 150000 | 151720 |
| 4.150%, 03/15/2033 | 100000 | 98460 |
| Ingersoll Rand Inc.<br> 5.400%, 08/14/2028<br>| 150000 | 155159 |
| 5.176%, 06/15/2029 | 50000 | 51662 |
| 5.700%, 08/14/2033 | 100000 | 106232 |
| 5.450%, 06/15/2034 | 100000 | 104264 |
| Veralto Corp.<br> 5.350%, 09/18/2028<br>| 100000 | 103201 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Machinery (Cont.)** | **Machinery (Cont.)** | **Machinery (Cont.)** |
| Pentair Finance S.a.r.l.<br> 5.900%, 07/15/2032<br>| $100000 | $106034 |
| AGCO Corp.<br> 5.800%, 03/21/2034<br>| 100000 | 103951 |
|  |  | 3398103 |
| **Medical Equipment & Devices (0.09%)** | **Medical Equipment & Devices (0.09%)** | **Medical Equipment & Devices (0.09%)** |
| Baxter International Inc.<br> 1.915%, 02/01/2027<br>| 150000 | 145386 |
| 2.539%, 02/01/2032 | 100000 | 87669 |
| Bio-Rad Laboratories Inc.<br> 3.300%, 03/15/2027<br>| 150000 | 147930 |
| GE HealthCare Technologies Inc.<br> 5.650%, 11/15/2027<br>| 150000 | 154596 |
| 5.857%, 03/15/2030 | 250000 | 264875 |
| 5.905%, 11/22/2032 | 250000 | 269003 |
| Thermo Fisher Scientific Inc.<br> 4.800%, 11/21/2027<br>| 150000 | 152412 |
| 4.977%, 08/10/2030 | 250000 | 258765 |
| 5.086%, 08/10/2033 | 100000 | 103613 |
| Illumina Inc.<br> 5.750%, 12/13/2027<br>| 150000 | 154258 |
| Stryker Corp.<br> 4.700%, 02/10/2028<br>| 100000 | 101461 |
| 4.850%, 02/10/2030 | 100000 | 102487 |
| 5.200%, 02/10/2035 | 100000 | 103125 |
| Becton Dickinson & Co.<br> 4.693%, 02/13/2028<br>| 150000 | 151891 |
| Medtronic Global Holdings SCA<br> 4.250%, 03/30/2028<br>| 150000 | 151059 |
| 4.500%, 03/30/2033 | 100000 | 100066 |
|  |  | 2448596 |
| **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** | **Metals & Mining (0.06%)** |
| Rio Tinto Finance U.S.A. PLC<br> 4.375%, 03/12/2027<br>| 100000 | 100645 |
| 4.500%, 03/14/2028 | 100000 | 101097 |
| 4.875%, 03/14/2030 | 100000 | 102476 |
| 5.000%, 03/09/2033 | 100000 | 102872 |
| 5.250%, 03/14/2035 | 100000 | 103048 |
| BHP Billiton Finance U.S.A. Ltd.<br> 4.750%, 02/28/2028<br>| 150000 | 152395 |
| 5.100%, 09/08/2028 | 100000 | 102858 |
| 4.900%, 02/28/2033 | 100000 | 102196 |
| Newmont Corp./Newcrest Finance <br> Pty Ltd.<br> 3.250%, 05/13/2030<br>| 79000 | 75718 |
| 5.350%, 03/15/2034 | 50000 | 52152 |
| Vale Overseas Ltd.<br> 3.750%, 07/08/2030<br>| 100000 | 96175 |
| 6.125%, 06/12/2033 | 100000 | 106791 |
| Freeport-McMoRan Inc.<br> 4.625%, 08/01/2030<br>| 100000 | 99028 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Metals & Mining (Cont.)** | **Metals & Mining (Cont.)** | **Metals & Mining (Cont.)** |
| Yamana Gold Inc.<br> 2.630%, 08/15/2031<br>| $150000 | $133618 |
| Newmont Corp.<br> 5.875%, 04/01/2035<br>| 50000 | 54161 |
|  |  | 1485230 |
| **Oil & Gas Supply Chain (0.48%)** | **Oil & Gas Supply Chain (0.48%)** | **Oil & Gas Supply Chain (0.48%)** |
| Phillips 66 Co.<br> 3.550%, 10/01/2026<br>| 250000 | 248461 |
| 4.950%, 12/01/2027 | 125000 | 127065 |
| 3.750%, 03/01/2028 | 100000 | 99049 |
| 3.150%, 12/15/2029 | 150000 | 143350 |
| 5.300%, 06/30/2033 | 150000 | 154302 |
| ONEOK Inc.<br> 5.550%, 11/01/2026<br>| 250000 | 253167 |
| 5.650%, 11/01/2028 | 250000 | 259251 |
| 5.800%, 11/01/2030 | 250000 | 263408 |
| 6.100%, 11/15/2032 | 150000 | 160734 |
| 5.050%, 11/01/2034 | 100000 | 98618 |
| Kinder Morgan Inc.<br> 1.750%, 11/15/2026<br>| 250000 | 243491 |
| 5.150%, 06/01/2030 | 100000 | 103158 |
| 5.200%, 06/01/2033 | 100000 | 102404 |
| 5.400%, 02/01/2034 | 100000 | 103099 |
| Enbridge Inc.<br> 5.900%, 11/15/2026<br>| 100000 | 101750 |
| 6.000%, 11/15/2028 | 100000 | 105196 |
| 5.300%, 04/05/2029 | 100000 | 103244 |
| 5.700%, 03/08/2033 | 150000 | 157854 |
| 5.550%, 06/20/2035 | 50000 | 51563 |
| Energy Transfer L.P.<br> 6.050%, 12/01/2026<br>| 100000 | 101864 |
| 5.550%, 02/15/2028 | 250000 | 257336 |
| 5.750%, 02/15/2033 | 100000 | 104823 |
| 6.550%, 12/01/2033 | 100000 | 109379 |
| 5.550%, 05/15/2034 | 100000 | 102600 |
| 5.600%, 09/01/2034 | 100000 | 102631 |
| 5.700%, 04/01/2035 | 100000 | 103258 |
| Enterprise Products Operating LLC<br> 4.600%, 01/11/2027<br>| 100000 | 100720 |
| 3.125%, 07/31/2029 | 150000 | 144695 |
| 5.350%, 01/31/2033 | 100000 | 104508 |
| 4.950%, 02/15/2035 | 100000 | 100831 |
| Sabine Pass Liquefaction LLC<br> 5.000%, 03/15/2027<br>| 100000 | 100605 |
| 4.200%, 03/15/2028 | 100000 | 99893 |
| 4.500%, 05/15/2030 | 100000 | 100349 |
| Exxon Mobil Corp.<br> 3.294%, 03/19/2027<br>| 250000 | 248268 |
| 2.610%, 10/15/2030 | 250000 | 233284 |
| Coterra Energy Inc.<br> 3.900%, 05/15/2027<br>| 250000 | 248358 |
| 4.375%, 03/15/2029 | 250000 | 249481 |
| Targa Resources Corp.<br> 5.200%, 07/01/2027<br>| 250000 | 253940 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 6.150%, 03/01/2029 | $100000 | $105351 |
| 4.900%, 09/15/2030 | 100000 | 101573 |
| 6.125%, 03/15/2033 | 100000 | 106346 |
| Chevron U.S.A. Inc.<br> 1.018%, 08/12/2027<br>| 250000 | 237877 |
| 3.850%, 01/15/2028 | 250000 | 250056 |
| 3.250%, 10/15/2029 | 250000 | 243559 |
| 4.300%, 10/15/2030 | 100000 | 100545 |
| MPLX L.P.<br> 4.000%, 03/15/2028<br>| 100000 | 99535 |
| 2.650%, 08/15/2030 | 100000 | 91808 |
| 5.000%, 03/01/2033 | 100000 | 100025 |
| 5.500%, 06/01/2034 | 100000 | 101909 |
| EQT Corp.<br> 5.700%, 04/01/2028<br>| 250000 | 258405 |
| 4.750%, 01/15/2031 | 50000 | 49898 |
| TransCanada PipeLines Ltd.<br> 4.250%, 05/15/2028<br>| 150000 | 150070 |
| Ovintiv Inc.<br> 5.650%, 05/15/2028<br>| 250000 | 257477 |
| 6.250%, 07/15/2033 | 250000 | 263704 |
| Williams Cos. Inc., The<br> 5.300%, 08/15/2028<br>| 250000 | 257760 |
| 2.600%, 03/15/2031 | 250000 | 226996 |
| 5.650%, 03/15/2033 | 100000 | 105021 |
| Occidental Petroleum Corp.<br> 6.375%, 09/01/2028<br>| 100000 | 104576 |
| 8.875%, 07/15/2030 | 100000 | 115534 |
| 5.550%, 10/01/2034 | 100000 | 101462 |
| Cheniere Energy Inc.<br> 4.625%, 10/15/2028<br>| 250000 | 249219 |
| BP Capital Markets America Inc.<br> 4.970%, 10/17/2029<br>| 100000 | 102986 |
| 2.721%, 01/12/2032 | 250000 | 226708 |
| 4.812%, 02/13/2033 | 250000 | 252940 |
| 4.893%, 09/11/2033 | 100000 | 101449 |
| 4.989%, 04/10/2034 | 100000 | 101981 |
| 5.227%, 11/17/2034 | 100000 | 103288 |
| Eastern Gas Transmission & <br> Storage Inc.<br> 3.000%, 11/15/2029<br>| 150000 | 142714 |
| Cheniere Corp.us Christi Holdings <br> LLC<br> 3.700%, 11/15/2029<br>| 250000 | 242961 |
| Canadian Natural Resources Ltd.<br> 5.000%, 12/15/2029(d)<br>| 100000 | 102218 |
| 5.400%, 12/15/2034(d) | 100000 | 101845 |
| Diamondback Energy Inc.<br> 5.150%, 01/30/2030<br>| 100000 | 102987 |
| 6.250%, 03/15/2033 | 250000 | 269352 |
| 5.400%, 04/18/2034 | 100000 | 102088 |
| Chevron Corp.<br> 2.236%, 05/11/2030<br>| 250000 | 231187 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| Targa Resources Partners L.P./Targa <br> Resources Partners Finance Corp.<br> 4.000%, 01/15/2032<br>| $250000 | $237086 |
| Western Midstream Operating L.P.<br> 6.150%, 04/01/2033<br>| 250000 | 264105 |
| Cheniere Energy Partners L.P.<br> 5.950%, 06/30/2033<br>| 100000 | 105860 |
| TotalEnergies Capital SA<br> 4.724%, 09/10/2034<br>| 100000 | 100667 |
| ConocoPhillips Co.<br> 5.000%, 01/15/2035<br>| 150000 | 151957 |
| Shell Finance U.S. Inc.<br> 4.125%, 05/11/2035<br>| 50000 | 48017 |
| Woodside Finance Ltd.<br> 6.000%, 05/19/2035<br>| 100000 | 104382 |
|  |  | 12621471 |
| **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** | **Oil, Gas Services & Equipment (0.01%)** |
| Schlumberger Investment SA<br> 2.650%, 06/26/2030<br>| 100000 | 93265 |
| Helmerich & Payne Inc.<br> 2.900%, 09/29/2031<br>| 100000 | 88342 |
|  |  | 181607 |
| **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** |
| Sonoco Products Co.<br> 4.600%, 09/01/2029<br>| 100000 | 100594 |
|  |  | 100594 |
| **Pharmaceuticals (0.02%)** | **Pharmaceuticals (0.02%)** | **Pharmaceuticals (0.02%)** |
| Cardinal Health Inc.<br> 4.500%, 09/15/2030<br>| 100000 | 100305 |
| 5.150%, 09/15/2035 | 50000 | 50297 |
| Eli Lilly & Co.<br> 4.250%, 03/15/2031<br>| 50000 | 50062 |
| Takeda U.S. Financing Inc.<br> 5.200%, 07/07/2035<br>| 200000 | 203288 |
|  |  | 403952 |
| **Real Estate Investment Trusts (0.41%)** | **Real Estate Investment Trusts (0.41%)** | **Real Estate Investment Trusts (0.41%)** |
| Camden Property Trust<br> 5.850%, 11/03/2026<br>| 50000 | 50890 |
| Public Storage Operating Co.<br> 1.500%, 11/09/2026<br>| 250000 | 243427 |
| 5.125%, 01/15/2029 | 50000 | 51628 |
| 4.375%, 07/01/2030 | 50000 | 50230 |
| Crown Castle Inc.<br> 4.000%, 03/01/2027<br>| 100000 | 99553 |
| 2.900%, 03/15/2027 | 100000 | 98072 |
| 3.650%, 09/01/2027 | 100000 | 98961 |
| 5.000%, 01/11/2028 | 100000 | 101405 |
| 2.250%, 01/15/2031 | 100000 | 88998 |
| 2.100%, 04/01/2031 | 100000 | 87552 |
| 2.500%, 07/15/2031 | 100000 | 89026 |
| 5.100%, 05/01/2033 | 250000 | 252991 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| 5.800%, 03/01/2034 | $100000 | $105221 |
| Boston Properties L.P.<br> 6.750%, 12/01/2027<br>| 250000 | 262226 |
| Prologis L.P.<br> 3.375%, 12/15/2027<br>| 250000 | 247189 |
| 4.000%, 09/15/2028 | 250000 | 249998 |
| 2.875%, 11/15/2029 | 250000 | 237983 |
| 1.750%, 07/01/2030 | 250000 | 223516 |
| 4.750%, 06/15/2033 | 250000 | 252165 |
| 5.000%, 03/15/2034 | 100000 | 101608 |
| 5.250%, 05/15/2035 | 100000 | 103005 |
| Digital Realty Trust L.P.<br> 5.550%, 01/15/2028<br>| 250000 | 257333 |
| VICI Properties L.P.<br> 4.750%, 02/15/2028<br>| 250000 | 252102 |
| 5.125%, 05/15/2032 | 250000 | 252461 |
| 5.625%, 04/01/2035 | 100000 | 102391 |
| ERP Operating L.P.<br> 3.500%, 03/01/2028<br>| 50000 | 49408 |
| 3.000%, 07/01/2029 | 50000 | 48013 |
| 4.950%, 06/15/2032 | 50000 | 51249 |
| 4.650%, 09/15/2034 | 50000 | 49409 |
| American Tower Corp.<br> 5.500%, 03/15/2028<br>| 500000 | 515291 |
| 5.250%, 07/15/2028 | 500000 | 514230 |
| 5.650%, 03/15/2033 | 500000 | 527401 |
| Extra Space Storage L.P.<br> 5.700%, 04/01/2028<br>| 250000 | 258203 |
| 3.900%, 04/01/2029 | 250000 | 246472 |
| 4.000%, 06/15/2029 | 50000 | 49487 |
| 5.500%, 07/01/2030 | 250000 | 260644 |
| 2.200%, 10/15/2030 | 100000 | 89653 |
| 2.400%, 10/15/2031 | 100000 | 88058 |
| Rexford Industrial Realty L.P.<br> 5.000%, 06/15/2028<br>| 250000 | 254186 |
| Realty Income Corp.<br> 4.700%, 12/15/2028<br>| 250000 | 254495 |
| 4.850%, 03/15/2030 | 250000 | 256371 |
| 5.625%, 10/13/2032 | 250000 | 264956 |
| 1.800%, 03/15/2033 | 100000 | 82824 |
| Ventas Realty L.P.<br> 4.400%, 01/15/2029<br>| 100000 | 100280 |
| 5.000%, 01/15/2035 | 100000 | 100046 |
| Alexandria Real Estate Equities Inc.<br> 2.750%, 12/15/2029<br>| 50000 | 46858 |
| 4.900%, 12/15/2030 | 50000 | 50906 |
| 2.000%, 05/18/2032 | 50000 | 42264 |
| 1.875%, 02/01/2033 | 50000 | 41072 |
| 4.750%, 04/15/2035 | 50000 | 48830 |
| Welltower OP LLC<br> 4.500%, 07/01/2030<br>| 50000 | 50467 |
| 3.850%, 06/15/2032 | 250000 | 239515 |
| Omega Healthcare Investors Inc.<br> 5.200%, 07/01/2030<br>| 50000 | 50761 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Simon Property Group L.P.<br> 2.650%, 07/15/2030<br>| $50000 | $46563 |
| 5.500%, 03/08/2033 | 250000 | 263837 |
| 4.750%, 09/26/2034 | 100000 | 99391 |
| WP Carey Inc.<br> 4.650%, 07/15/2030<br>| 50000 | 50295 |
| Lineage OP L.P.<br> 5.250%, 07/15/2030(d)<br>| 50000 | 50682 |
| AvalonBay Communities Inc.<br> 2.450%, 01/15/2031<br>| 250000 | 227187 |
| CubeSmart L.P.<br> 2.000%, 02/15/2031<br>| 150000 | 131212 |
| Kimco Realty OP LLC<br> 3.200%, 04/01/2032<br>| 250000 | 230429 |
| American Homes 4 Rent L.P.<br> 3.625%, 04/15/2032<br>| 250000 | 233950 |
| Equinix Inc.<br> 3.900%, 04/15/2032<br>| 150000 | 143879 |
| Invitation Homes Operating <br> Partnership L.P.<br> 4.150%, 04/15/2032<br>| 250000 | 241683 |
| Healthpeak OP LLC<br> 5.250%, 12/15/2032<br>| 250000 | 257078 |
| Weyerhaeuser Co.<br> 3.375%, 03/09/2033<br>| 100000 | 91025 |
| Equinix Europe 2 Financing Corp. <br> LLC<br> 5.500%, 06/15/2034<br>| 50000 | 51902 |
| Brixmor Operating Partnership L.P.<br> 5.750%, 02/15/2035<br>| 100000 | 104561 |
|  |  | 10814954 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| MPLX L.P.<br> 5.400%, 09/15/2035<br>| 100000 | 100217 |
|  |  | 100217 |
| **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** | **Retail - Consumer Staples (0.09%)** |
| Target Corp.<br> 1.950%, 01/15/2027<br>| 250000 | 244067 |
| 6.350%, 11/01/2032 | 100000 | 111343 |
| 4.400%, 01/15/2033 | 250000 | 249938 |
| Walmart Inc.<br> 3.950%, 09/09/2027<br>| 150000 | 150646 |
| 3.900%, 04/15/2028 | 250000 | 250898 |
| 4.000%, 04/15/2030 | 250000 | 251566 |
| 4.150%, 09/09/2032 | 250000 | 250484 |
| 4.100%, 04/15/2033 | 250000 | 248251 |
| Dollar General Corp.<br> 5.200%, 07/05/2028<br>| 250000 | 255835 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Retail - Consumer Staples (Cont.)** | **Retail - Consumer Staples (Cont.)** | **Retail - Consumer Staples (Cont.)** |
| Kroger Co., The<br> 1.700%, 01/15/2031<br>| $250000 | $218441 |
| Home Depot Inc., The<br> 4.650%, 09/15/2035<br>| 100000 | 99011 |
|  |  | 2330480 |
| **Retail - Discretionary (0.08%)** | **Retail - Discretionary (0.08%)** | **Retail - Discretionary (0.08%)** |
| Lowe's Cos. Inc.<br> 3.350%, 04/01/2027<br>| 150000 | 148534 |
| 1.300%, 04/15/2028 | 150000 | 140212 |
| 3.750%, 04/01/2032 | 150000 | 143482 |
| 5.150%, 07/01/2033 | 250000 | 258229 |
| Home Depot Inc., The<br> 2.875%, 04/15/2027<br>| 150000 | 147850 |
| 4.900%, 04/15/2029 | 100000 | 102874 |
| 2.950%, 06/15/2029 | 100000 | 96459 |
| 4.750%, 06/25/2029 | 100000 | 102406 |
| 2.700%, 04/15/2030 | 50000 | 47097 |
| 4.500%, 09/15/2032 | 250000 | 253853 |
| 4.950%, 06/25/2034 | 100000 | 102398 |
| AutoZone Inc.<br> 4.500%, 02/01/2028<br>| 150000 | 151322 |
| 6.250%, 11/01/2028 | 100000 | 106037 |
| Genuine Parts Co.<br> 6.500%, 11/01/2028<br>| 50000 | 53089 |
| AutoNation Inc.<br> 3.850%, 03/01/2032<br>| 150000 | 140536 |
| O'Reilly Automotive Inc.<br> 4.700%, 06/15/2032<br>| 150000 | 151268 |
|  |  | 2145646 |
| **Semiconductors (0.22%)** | **Semiconductors (0.22%)** | **Semiconductors (0.22%)** |
| TSMC Arizona Corp.<br> 1.750%, 10/25/2026<br>| 200000 | 195173 |
| 3.875%, 04/22/2027 | 200000 | 199541 |
| NXP B.V./NXP Funding LLC/NXP <br> U.S.A. Inc.<br> 3.150%, 05/01/2027<br>| 150000 | 147655 |
| 3.400%, 05/01/2030 | 150000 | 143827 |
| 2.500%, 05/11/2031 | 100000 | 89767 |
| 5.250%, 08/19/2035 | 50000 | 50510 |
| QUALCOMM Inc.<br> 3.250%, 05/20/2027<br>| 150000 | 148709 |
| 5.400%, 05/20/2033 | 250000 | 265640 |
| 5.000%, 05/20/2035 | 50000 | 51047 |
| Broadcom Inc.<br> 5.050%, 07/12/2027<br>| 200000 | 203454 |
| 4.150%, 02/15/2028 | 100000 | 100261 |
| 4.800%, 04/15/2028 | 100000 | 101840 |
| 4.000%, 04/15/2029(d) | 150000 | 149303 |
| 5.050%, 07/12/2029 | 100000 | 103009 |
| 4.350%, 02/15/2030 | 100000 | 100491 |
| 4.600%, 07/15/2030 | 150000 | 152268 |
| 2.450%, 02/15/2031(d) | 150000 | 136427 |
| 5.150%, 11/15/2031 | 100000 | 103905 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| 4.550%, 02/15/2032 | $100000 | $100695 |
| 4.150%, 04/15/2032(d) | 150000 | 147100 |
| 2.600%, 02/15/2033(d) | 100000 | 87787 |
| 3.419%, 04/15/2033(d) | 100000 | 92547 |
| 3.469%, 04/15/2034(d) | 100000 | 91260 |
| 4.800%, 10/15/2034 | 100000 | 100699 |
| 5.200%, 07/15/2035 | 100000 | 103060 |
| Intel Corp.<br> 3.750%, 08/05/2027<br>| 150000 | 148846 |
| 4.875%, 02/10/2028 | 100000 | 101517 |
| 1.600%, 08/12/2028 | 250000 | 233159 |
| 4.000%, 08/05/2029 | 150000 | 148415 |
| 5.125%, 02/10/2030 | 150000 | 154359 |
| 5.200%, 02/10/2033 | 250000 | 255591 |
| Texas Instruments Inc.<br> 2.900%, 11/03/2027<br>| 150000 | 147381 |
| 4.900%, 03/14/2033 | 250000 | 257486 |
| 5.100%, 05/23/2035 | 50000 | 51558 |
| Micron Technology Inc.<br> 5.375%, 04/15/2028<br>| 250000 | 257824 |
| 6.750%, 11/01/2029 | 150000 | 163058 |
| 5.875%, 02/09/2033 | 250000 | 265529 |
| NVIDIA Corp.<br> 1.550%, 06/15/2028<br>| 50000 | 47187 |
| 2.850%, 04/01/2030 | 50000 | 47780 |
| 2.000%, 06/15/2031 | 50000 | 44930 |
| Analog Devices Inc.<br> 4.250%, 06/15/2028<br>| 100000 | 100700 |
| 4.500%, 06/15/2030 | 50000 | 50637 |
| 5.050%, 04/01/2034 | 100000 | 103717 |
| Marvell Technology Inc.<br> 5.750%, 02/15/2029<br>| 50000 | 52162 |
| 5.950%, 09/15/2033 | 50000 | 53646 |
|  |  | 5851457 |
| **Software (0.14%)** | **Software (0.14%)** | **Software (0.14%)** |
| Microsoft Corp.<br> 3.300%, 02/06/2027<br>| 250000 | 248518 |
| Workday Inc.<br> 3.500%, 04/01/2027<br>| 150000 | 148671 |
| 3.800%, 04/01/2032 | 150000 | 143231 |
| Synopsys Inc.<br> 4.550%, 04/01/2027<br>| 40000 | 40235 |
| 4.650%, 04/01/2028 | 45000 | 45504 |
| 4.850%, 04/01/2030 | 90000 | 91671 |
| 5.000%, 04/01/2032 | 65000 | 66423 |
| 5.150%, 04/01/2035 | 100000 | 101725 |
| Adobe Inc.<br> 4.850%, 04/04/2027<br>| 100000 | 101467 |
| 4.950%, 01/17/2030 | 100000 | 103633 |
| 5.300%, 01/17/2035 | 100000 | 105809 |
| VMware LLC<br> 4.650%, 05/15/2027<br>| 50000 | 50020 |
| 1.800%, 08/15/2028 | 50000 | 46913 |
| 4.700%, 05/15/2030 | 50000 | 50618 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| 2.200%, 08/15/2031 | $50000 | $44101 |
| Oracle Corp.<br> 3.250%, 11/15/2027<br>| 150000 | 147389 |
| 4.500%, 05/06/2028 | 250000 | 251844 |
| 6.150%, 11/09/2029 | 150000 | 159958 |
| 4.650%, 05/06/2030 | 150000 | 152104 |
| 2.875%, 03/25/2031 | 100000 | 91824 |
| 6.250%, 11/09/2032 | 250000 | 271674 |
| 4.900%, 02/06/2033 | 250000 | 252262 |
| 5.200%, 09/26/2035 | 400000 | 402203 |
| Roper Technologies Inc.<br> 4.500%, 10/15/2029<br>| 100000 | 100952 |
| 4.750%, 02/15/2032 | 100000 | 101118 |
| 4.900%, 10/15/2034 | 100000 | 100114 |
| 5.100%, 09/15/2035 | 100000 | 100807 |
| Fiserv Inc.<br> 5.250%, 08/11/2035<br>| 100000 | 101064 |
| MSCI Inc.<br> 5.250%, 09/01/2035<br>| 100000 | 100828 |
|  |  | 3722680 |
| **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** | **Specialty Finance (0.32%)** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust<br> 2.450%, 10/29/2026<br>| 500000 | 491242 |
| 6.450%, 04/15/2027 | 150000 | 154690 |
| 3.000%, 10/29/2028 | 150000 | 144554 |
| 3.300%, 01/30/2032 | 500000 | 460447 |
| Mastercard Inc.<br> 2.950%, 11/21/2026<br>| 150000 | 148367 |
| 4.875%, 03/09/2028 | 250000 | 255764 |
| 4.850%, 03/09/2033 | 250000 | 256706 |
| 4.875%, 05/09/2034 | 50000 | 51183 |
| Global Payments Inc.<br> 2.150%, 01/15/2027<br>| 150000 | 146157 |
| 5.400%, 08/15/2032 | 150000 | 153478 |
| S&P Global Inc.<br> 2.450%, 03/01/2027<br>| 150000 | 146905 |
| 4.250%, 05/01/2029 | 150000 | 150674 |
| 2.500%, 12/01/2029 | 150000 | 140679 |
| 1.250%, 08/15/2030 | 250000 | 217781 |
| FactSet Research Systems Inc.<br> 2.900%, 03/01/2027<br>| 150000 | 147256 |
| American Express Co.<br> 2.550%, 03/04/2027<br>| 150000 | 147068 |
| 5.850%, 11/05/2027 | 150000 | 155402 |
| 5.098%, 02/16/2028(c) | 150000 | 152013 |
| 5.282%, 07/27/2029(c) | 150000 | 154706 |
| 5.532%, 04/25/2030(c) | 150000 | 156739 |
| 5.085%, 01/30/2031(c) | 100000 | 103099 |
| 5.016%, 04/25/2031(c) | 100000 | 102827 |
| 5.043%, 05/01/2034(c) | 150000 | 154009 |
| 5.284%, 07/26/2035(c) | 100000 | 103221 |
| 5.442%, 01/30/2036(c) | 60000 | 62405 |
| 5.667%, 04/25/2036(c) | 60000 | 63390 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| PayPal Holdings Inc.<br> 3.900%, 06/01/2027<br>| $100000 | $99988 |
| 4.400%, 06/01/2032 | 150000 | 150107 |
| 5.150%, 06/01/2034 | 50000 | 51554 |
| Ally Financial Inc.<br> 4.750%, 06/09/2027<br>| 100000 | 100514 |
| 6.848%, 01/03/2030(c) | 150000 | 158676 |
| ORIX Corp.<br> 5.000%, 09/13/2027<br>| 50000 | 50866 |
| 4.000%, 04/13/2032 | 50000 | 48419 |
| 5.400%, 02/25/2035 | 50000 | 51584 |
| Capital One Financial Corp.(Variable, <br> U.S. SOFR + 2.44%)<br> 7.149%, 10/29/2027(c)<br>| 150000 | 154491 |
| 4.927%, 05/10/2028(c) | 150000 | 151545 |
| 5.468%, 02/01/2029(c) | 150000 | 153827 |
| 6.312%, 06/08/2029(c) | 100000 | 104901 |
| 5.247%, 07/26/2030(c) | 150000 | 154183 |
| 7.624%, 10/30/2031(c) | 100000 | 113099 |
| 6.377%, 06/08/2034(c) | 150000 | 162251 |
| 5.884%, 07/26/2035(c) | 100000 | 104878 |
| Synchrony Financial<br> 3.950%, 12/01/2027<br>| 150000 | 148281 |
| Air Lease Corp.<br> 5.300%, 02/01/2028<br>| 250000 | 254516 |
| 3.125%, 12/01/2030 | 200000 | 184902 |
| Fiserv Inc.<br> 5.450%, 03/02/2028<br>| 250000 | 257021 |
| 5.600%, 03/02/2033 | 250000 | 261948 |
| Equifax Inc.<br> 5.100%, 06/01/2028<br>| 250000 | 255575 |
| Ladder Capital Finance Holdings <br> LLLP/Ladder Capital Finance <br> Corp.<br> 5.500%, 08/01/2030<br>| 50000 | 50980 |
| Visa Inc.<br> 1.100%, 02/15/2031<br>| 250000 | 215422 |
| Fidelity National Information <br> Services Inc.<br> 5.100%, 07/15/2032<br>| 150000 | 153722 |
| GATX Corp.<br> 5.450%, 09/15/2033<br>| 100000 | 103036 |
| 6.900%, 05/01/2034 | 125000 | 140756 |
|  |  | 8257804 |
| **Steel (0.03%)** | **Steel (0.03%)** | **Steel (0.03%)** |
| Nucor Corp.<br> 4.300%, 05/23/2027<br>| 150000 | 150683 |
| 3.125%, 04/01/2032 | 150000 | 138518 |
| ArcelorMittal SA<br> 6.550%, 11/29/2027<br>| 150000 | 156513 |
| 6.800%, 11/29/2032 | 150000 | 166865 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Steel (Cont.)** | **Steel (Cont.)** | **Steel (Cont.)** |
| Steel Dynamics Inc.<br> 3.250%, 01/15/2031<br>| $50000 | $47236 |
| 5.250%, 05/15/2035 | 50000 | 51091 |
|  |  | 710906 |
| **Technology Hardware (0.17%)** | **Technology Hardware (0.17%)** | **Technology Hardware (0.17%)** |
| Dell International LLC/EMC Corp.<br> 4.900%, 10/01/2026<br>| 150000 | 150834 |
| 5.250%, 02/01/2028 | 100000 | 102189 |
| 5.300%, 10/01/2029 | 150000 | 154891 |
| 6.200%, 07/15/2030 | 150000 | 160900 |
| 5.750%, 02/01/2033 | 250000 | 264430 |
| 5.400%, 04/15/2034 | 50000 | 51626 |
| CDW LLC/CDW Finance Corp.<br> 2.670%, 12/01/2026<br>| 150000 | 147154 |
| Cisco Systems Inc.<br> 4.800%, 02/26/2027<br>| 100000 | 101200 |
| 4.550%, 02/24/2028 | 100000 | 101538 |
| 4.850%, 02/26/2029 | 100000 | 102613 |
| 4.950%, 02/26/2031 | 100000 | 103492 |
| 5.050%, 02/26/2034 | 100000 | 103437 |
| 5.100%, 02/24/2035 | 100000 | 103423 |
| Jabil Inc.<br> 4.250%, 05/15/2027<br>| 150000 | 150012 |
| 5.450%, 02/01/2029 | 250000 | 257985 |
| Hewlett Packard Enterprise Co.<br> 4.400%, 09/25/2027<br>| 100000 | 100445 |
| 4.550%, 10/15/2029 | 100000 | 100541 |
| 5.000%, 10/15/2034 | 100000 | 99222 |
| Apple Inc.<br> 1.200%, 02/08/2028<br>| 100000 | 94277 |
| 4.000%, 05/10/2028 | 250000 | 251446 |
| 4.000%, 05/12/2028 | 100000 | 100675 |
| 1.400%, 08/05/2028 | 250000 | 234373 |
| 3.250%, 08/08/2029 | 150000 | 146837 |
| 4.150%, 05/10/2030 | 150000 | 151612 |
| 1.650%, 02/08/2031 | 150000 | 132905 |
| 4.300%, 05/10/2033 | 250000 | 253283 |
| 4.750%, 05/12/2035 | 50000 | 51252 |
| Teledyne Technologies Inc.<br> 2.750%, 04/01/2031<br>| 250000 | 229643 |
| HP Inc.<br> 2.650%, 06/17/2031<br>| 150000 | 135309 |
| 4.200%, 04/15/2032 | 150000 | 145470 |
| Motorola Solutions Inc.<br> 5.600%, 06/01/2032<br>| 150000 | 157903 |
| 5.400%, 04/15/2034 | 100000 | 103655 |
|  |  | 4544572 |
| **Telecommunications (0.19%)** | **Telecommunications (0.19%)** | **Telecommunications (0.19%)** |
| Verizon Communications Inc.<br> 3.000%, 03/22/2027<br>| 200000 | 197253 |
| 2.100%, 03/22/2028 | 100000 | 95384 |
| 3.875%, 02/08/2029 | 500000 | 496399 |
| 1.750%, 01/20/2031 | 100000 | 87487 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Telecommunications (Cont.)** | **Telecommunications (Cont.)** | **Telecommunications (Cont.)** |
| 2.550%, 03/21/2031 | $150000 | $136381 |
| 2.355%, 03/15/2032 | 150000 | 131541 |
| 5.050%, 05/09/2033 | 250000 | 255825 |
| 4.780%, 02/15/2035 | 165000 | 162312 |
| AT&T Inc.<br> 1.650%, 02/01/2028<br>| 200000 | 189342 |
| 4.100%, 02/15/2028 | 100000 | 99926 |
| 4.350%, 03/01/2029 | 500000 | 502220 |
| 4.300%, 02/15/2030 | 135000 | 135294 |
| 2.750%, 06/01/2031 | 150000 | 137477 |
| 2.250%, 02/01/2032 | 100000 | 87546 |
| T-Mobile U.S.A. Inc.<br> 4.950%, 03/15/2028<br>| 100000 | 101919 |
| 4.800%, 07/15/2028 | 100000 | 101821 |
| 2.400%, 03/15/2029 | 300000 | 282350 |
| 3.875%, 04/15/2030 | 300000 | 294177 |
| 2.550%, 02/15/2031 | 100000 | 90862 |
| 3.500%, 04/15/2031 | 100000 | 95124 |
| 2.700%, 03/15/2032 | 500000 | 448207 |
| 5.050%, 07/15/2033 | 250000 | 255366 |
| British Telecommunications PLC<br> 5.125%, 12/04/2028<br>| 200000 | 204912 |
| Rogers Communications Inc.<br> 5.000%, 02/15/2029<br>| 100000 | 101909 |
| 3.800%, 03/15/2032 | 75000 | 70848 |
| 5.300%, 02/15/2034 | 100000 | 101449 |
|  |  | 4863331 |
| **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** | **Tobacco & Cannabis (0.09%)** |
| Philip Morris International Inc.<br> 4.750%, 02/12/2027<br>| 100000 | 100924 |
| 5.125%, 11/17/2027 | 150000 | 153253 |
| 4.875%, 02/15/2028 | 150000 | 152698 |
| 5.250%, 09/07/2028 | 100000 | 103237 |
| 5.625%, 11/17/2029 | 150000 | 157833 |
| 5.125%, 02/15/2030 | 150000 | 155015 |
| 5.125%, 02/13/2031 | 100000 | 103490 |
| 5.750%, 11/17/2032 | 150000 | 159817 |
| 5.375%, 02/15/2033 | 150000 | 156647 |
| 4.875%, 04/30/2035 | 100000 | 100057 |
| BAT International Finance PLC<br> 4.448%, 03/16/2028<br>| 150000 | 150905 |
| 5.931%, 02/02/2029 | 150000 | 157528 |
| Altria Group Inc.<br> 6.200%, 11/01/2028<br>| 100000 | 105607 |
| BAT Capital Corp.<br> 6.343%, 08/02/2030<br>| 150000 | 161928 |
| 5.834%, 02/20/2031 | 100000 | 105766 |
| 5.350%, 08/15/2032 | 100000 | 103394 |
| 6.421%, 08/02/2033 | 150000 | 164674 |
|  |  | 2292773 |
| **Transportation & Logistics (0.10%)** | **Transportation & Logistics (0.10%)** | **Transportation & Logistics (0.10%)** |
| Canadian Pacific Railway Co.<br> 1.750%, 12/02/2026<br>| 150000 | 146086 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| 2.875%, 11/15/2029 | $150000 | $142433 |
| 2.450%, 12/02/2031 | 100000 | 89043 |
| 5.200%, 03/30/2035 | 50000 | 51531 |
| Ryder System Inc.<br> 2.850%, 03/01/2027<br>| 150000 | 147355 |
| 4.300%, 06/15/2027 | 150000 | 150349 |
| 5.250%, 06/01/2028 | 150000 | 154076 |
| United Airlines 2020-1 Class A Pass <br> Through Trust<br> 5.875%, 10/15/2027<br>| 36878 | 37906 |
| Union Pacific Corp.<br> 3.700%, 03/01/2029<br>| 250000 | 247199 |
| 2.800%, 02/14/2032 | 100000 | 91555 |
| 4.500%, 01/20/2033 | 100000 | 100566 |
| 5.100%, 02/20/2035 | 50000 | 51406 |
| United Parcel Service Inc.<br> 2.500%, 09/01/2029<br>| 150000 | 141264 |
| 4.650%, 10/15/2030 | 50000 | 51054 |
| 4.875%, 03/03/2033 | 100000 | 102867 |
| 5.250%, 05/14/2035 | 50000 | 51737 |
| Delta Air Lines Inc.<br> 5.250%, 07/10/2030<br>| 50000 | 51010 |
| Norfolk Southern Corp.<br> 5.050%, 08/01/2030<br>| 150000 | 155511 |
| 3.000%, 03/15/2032 | 100000 | 92087 |
| 5.100%, 05/01/2035 | 50000 | 51050 |
| United Airlines 2019-1 Class AA <br> Pass Through Trust<br> 4.150%, 08/25/2031<br>| 63445 | 61902 |
| American Airlines 2019-1 Class AA <br> Pass Through Trust<br> 3.150%, 02/15/2032<br>| 70157 | 65686 |
| Canadian National Railway Co.<br> 3.850%, 08/05/2032<br>| 100000 | 96201 |
| CSX Corp.<br> 4.100%, 11/15/2032<br>| 100000 | 98227 |
| American Airlines 2021-1 Class A <br> Pass Through Trust<br> 2.875%, 07/11/2034<br>| 83913 | 75969 |
| FedEx Corp.<br> 3.900%, 02/01/2035(d)<br>| 50000 | 45559 |
|  |  | 2549629 |
| **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** | **Transportation Equipment (0.02%)** |
| PACCAR Financial Corp.<br> 4.450%, 08/06/2027<br>| 100000 | 101148 |
| 4.000%, 09/26/2029 | 100000 | 99938 |
| 5.000%, 03/22/2034 | 50000 | 51485 |
| Cummins Inc.<br> 4.900%, 02/20/2029<br>| 100000 | 102901 |
| 4.700%, 02/15/2031 | 100000 | 101810 |
|  |  | 457282 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** | **Wholesale - Consumer Staples (0.01%)** |
| Sysco Corp.<br> 5.750%, 01/17/2029<br>| $100000 | $104552 |
| 5.100%, 09/23/2030 | 100000 | 103100 |
| 5.400%, 03/23/2035 | 50000 | 51670 |
| Archer-Daniels-Midland Co.<br> 4.500%, 08/15/2033<br>| 100000 | 99657 |
|  |  | 358979 |
| **Total Corporate Bonds** <br>(cost $201,735,921)<br>|  | 208626365 |
| **Foreign Government Bonds (1.31%)** | **Foreign Government Bonds (1.31%)** | **Foreign Government Bonds (1.31%)** |
| **Austria (0.01%)** | **Austria (0.01%)** | **Austria (0.01%)** |
| Oesterreichische Kontrollbank AG<br> 4.750%, 05/21/2027<br>| 100000 | 101544 |
| 3.625%, 09/09/2027 | 250000 | 249564 |
|  |  | 351108 |
| **Canada (0.16%)** | **Canada (0.16%)** | **Canada (0.16%)** |
| Province of Quebec Canada<br> 2.750%, 04/12/2027<br>| 100000 | 98478 |
| 3.625%, 04/13/2028 | 175000 | 174410 |
| 4.500%, 04/03/2029 | 150000 | 153434 |
| 1.350%, 05/28/2030 | 250000 | 223150 |
| 4.500%, 09/08/2033 | 100000 | 101255 |
| 4.250%, 09/05/2034 | 200000 | 197909 |
| 4.625%, 08/28/2035 | 100000 | 101034 |
| Province of Ontario Canada<br> 3.100%, 05/19/2027<br>| 250000 | 247425 |
| 1.050%, 05/21/2027 | 100000 | 95733 |
| 4.200%, 01/18/2029 | 100000 | 101278 |
| 1.125%, 10/07/2030 | 100000 | 87395 |
| 1.600%, 02/25/2031 | 100000 | 88627 |
| 1.800%, 10/14/2031 | 50000 | 43992 |
| 2.125%, 01/21/2032 | 50000 | 44477 |
| 5.050%, 04/24/2034 | 100000 | 104901 |
| 4.850%, 06/11/2035 | 100000 | 102930 |
| Province of Saskatchewan Canada<br> 3.250%, 06/08/2027<br>| 100000 | 99128 |
| Export Development Canada<br> 3.875%, 02/14/2028<br>| 150000 | 150659 |
| 4.125%, 02/13/2029 | 200000 | 202647 |
| Province of Alberta Canada<br> 3.300%, 03/15/2028<br>| 250000 | 247119 |
| 4.500%, 06/26/2029 | 100000 | 102279 |
| 1.300%, 07/22/2030 | 250000 | 221756 |
| 4.500%, 01/24/2034 | 100000 | 101076 |
| Canada Government International <br> Bond<br> 3.750%, 04/26/2028<br>| 175000 | 175417 |
| 4.000%, 03/18/2030 | 200000 | 202035 |
| Province of Manitoba Canada<br> 1.500%, 10/25/2028<br>| 100000 | 93376 |
| 4.300%, 07/27/2033 | 50000 | 49751 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Canada (Cont.)** | **Canada (Cont.)** | **Canada (Cont.)** |
| Province of British Columbia Canada<br> 4.800%, 11/15/2028<br>| $100000 | $102966 |
| 4.900%, 04/24/2029 | 150000 | 155412 |
| 4.200%, 07/06/2033 | 100000 | 99304 |
| 4.800%, 06/11/2035 | 100000 | 102278 |
|  |  | 4071631 |
| **Chile (0.02%)** | **Chile (0.02%)** | **Chile (0.02%)** |
| Chile Government International Bond<br> 2.750%, 01/31/2027<br>| 250000 | 245447 |
| 3.240%, 02/06/2028 | 250000 | 245113 |
|  |  | 490560 |
| **Germany (0.16%)** | **Germany (0.16%)** | **Germany (0.16%)** |
| Kreditanstalt fuer Wiederaufbau<br> 1.000%, 10/01/2026<br>| 250000 | 243099 |
| 4.375%, 03/01/2027 | 200000 | 201744 |
| 3.000%, 05/20/2027 | 250000 | 247245 |
| 3.750%, 02/15/2028 | 200000 | 200408 |
| 2.875%, 04/03/2028 | 500000 | 490795 |
| 3.875%, 06/15/2028 | 100000 | 100577 |
| 4.000%, 03/15/2029 | 350000 | 353539 |
| 1.750%, 09/14/2029 | 250000 | 232193 |
| 4.625%, 03/18/2030 | 180000 | 186526 |
| 3.750%, 07/15/2030 | 650000 | 649509 |
| 0.750%, 09/30/2030 | 175000 | 151104 |
| 4.750%, 10/29/2030 | 200000 | 208796 |
| 4.125%, 07/15/2033 | 200000 | 200928 |
| 4.375%, 02/28/2034 | 200000 | 204083 |
| Landwirtschaftliche Rentenbank<br> 3.875%, 09/28/2027<br>| 250000 | 250928 |
| 0.875%, 09/03/2030 | 250000 | 217662 |
|  |  | 4139136 |
| **Indonesia (0.04%)** | **Indonesia (0.04%)** | **Indonesia (0.04%)** |
| Indonesia Government International <br> Bond<br> 4.550%, 01/11/2028<br>| 250000 | 252225 |
| 4.100%, 04/24/2028 | 250000 | 250004 |
| 4.750%, 02/11/2029 | 250000 | 254256 |
| 4.850%, 01/11/2033 | 250000 | 252165 |
|  |  | 1008650 |
| **Israel (0.02%)** | **Israel (0.02%)** | **Israel (0.02%)** |
| Israel Government International <br> Bond<br> 2.750%, 07/03/2030<br>| 250000 | 230359 |
| 5.500%, 03/12/2034 | 200000 | 205317 |
| 5.625%, 02/19/2035 | 200000 | 206739 |
|  |  | 642415 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Italy (0.01%)** | **Italy (0.01%)** | **Italy (0.01%)** |
| Republic of Italy Government <br> International Bond<br> 2.875%, 10/17/2029<br>| $250000 | $238939 |
|  |  | 238939 |
| **Japan (0.03%)** | **Japan (0.03%)** | **Japan (0.03%)** |
| Japan Bank for International <br> Cooperation<br> 4.625%, 07/22/2027<br>| 200000 | 202776 |
| 4.625%, 07/19/2028 | 250000 | 255362 |
| 3.250%, 07/20/2028 | 250000 | 246045 |
| 1.875%, 04/15/2031 | 200000 | 179047 |
|  |  | 883230 |
| **Mexico (0.08%)** | **Mexico (0.08%)** | **Mexico (0.08%)** |
| Mexico Government International <br> Bond<br> 4.150%, 03/28/2027<br>| 250000 | 249338 |
| 5.400%, 02/09/2028 | 250000 | 256075 |
| 4.500%, 04/22/2029 | 250000 | 250012 |
| 2.659%, 05/24/2031 | 1000000 | 888400 |
| 4.750%, 04/27/2032 | 200000 | 195598 |
| 4.875%, 05/19/2033 | 200000 | 193486 |
| 5.625%, 09/22/2035 | 200000 | 199012 |
|  |  | 2231921 |
| **Panama (0.02%)** | **Panama (0.02%)** | **Panama (0.02%)** |
| Panama Government International <br> Bond<br> 7.500%, 03/01/2031<br>| 200000 | 219620 |
| 3.298%, 01/19/2033 | 250000 | 214363 |
|  |  | 433983 |
| **Peru (0.01%)** | **Peru (0.01%)** | **Peru (0.01%)** |
| Peruvian Government International <br> Bond<br> 3.000%, 01/15/2034<br>| 300000 | 260250 |
|  |  | 260250 |
| **Philippines (0.03%)** | **Philippines (0.03%)** | **Philippines (0.03%)** |
| Philippine Government International <br> Bond<br> 5.170%, 10/13/2027<br>| 250000 | 255283 |
| 3.750%, 01/14/2029 | 250000 | 246770 |
| 5.609%, 04/13/2033 | 250000 | 268135 |
|  |  | 770188 |
| **Poland (0.03%)** | **Poland (0.03%)** | **Poland (0.03%)** |
| Republic of Poland Government <br> International Bond<br> 5.750%, 11/16/2032<br>| 250000 | 267852 |
| 4.875%, 10/04/2033 | 200000 | 202624 |
| 5.375%, 02/12/2035 | 200000 | 207515 |
|  |  | 677991 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **South Korea (0.03%)** | **South Korea (0.03%)** | **South Korea (0.03%)** |
| Export-Import Bank of Korea<br> 4.250%, 09/15/2027<br>| $250000 | $251518 |
| 5.000%, 01/11/2028 | 250000 | 255854 |
| 5.125%, 01/11/2033 | 250000 | 261997 |
|  |  | 769369 |
| **Supranational (0.65%)** | **Supranational (0.65%)** | **Supranational (0.65%)** |
| International Finance Corp.<br> 0.750%, 10/08/2026<br>| 250000 | 242299 |
| 3.875%, 07/02/2030 | 100000 | 100449 |
| 0.750%, 08/27/2030 | 250000 | 216147 |
| European Investment Bank<br> 0.750%, 10/26/2026<br>| 250000 | 241977 |
| 1.375%, 03/15/2027 | 200000 | 193371 |
| 4.375%, 03/19/2027 | 150000 | 151360 |
| 0.625%, 10/21/2027 | 250000 | 235102 |
| 3.875%, 03/15/2028 | 225000 | 226127 |
| 3.875%, 06/15/2028 | 180000 | 180997 |
| 4.500%, 10/16/2028 | 500000 | 511902 |
| 4.000%, 02/15/2029 | 225000 | 227212 |
| 1.750%, 03/15/2029 | 100000 | 93735 |
| 4.750%, 06/15/2029 | 225000 | 233081 |
| 1.625%, 10/09/2029 | 250000 | 230695 |
| 3.750%, 11/15/2029 | 300000 | 300315 |
| 4.500%, 03/14/2030 | 300000 | 309171 |
| 3.625%, 07/15/2030 | 250000 | 248352 |
| 3.875%, 10/15/2030 | 200000 | 200783 |
| 1.250%, 02/14/2031 | 250000 | 219003 |
| 4.375%, 10/10/2031 | 250000 | 256657 |
| 4.250%, 08/16/2032 | 500000 | 508153 |
| 3.750%, 02/14/2033 | 200000 | 196878 |
| 4.125%, 02/13/2034 | 150000 | 150506 |
| 4.625%, 02/12/2035 | 150000 | 155393 |
| Asian Development Bank<br> 4.125%, 01/12/2027<br>| 100000 | 100413 |
| 1.500%, 01/20/2027 | 250000 | 242798 |
| 3.125%, 08/20/2027 | 200000 | 197982 |
| 1.250%, 06/09/2028 | 250000 | 234561 |
| 4.500%, 08/25/2028 | 250000 | 255631 |
| 3.125%, 09/26/2028 | 250000 | 246055 |
| 4.375%, 03/06/2029 | 100000 | 102126 |
| 1.875%, 03/15/2029 | 250000 | 235207 |
| 1.750%, 09/19/2029 | 250000 | 231848 |
| 1.875%, 01/24/2030 | 250000 | 231394 |
| 4.125%, 05/30/2030 | 200000 | 202948 |
| 3.750%, 08/28/2030 | 100000 | 99826 |
| 3.125%, 04/27/2032 | 250000 | 237939 |
| 4.125%, 01/12/2034 | 100000 | 100208 |
| 4.375%, 03/22/2035 | 100000 | 101554 |
| Inter-American Development Bank<br> 1.500%, 01/13/2027<br>| 250000 | 242861 |
| 2.375%, 07/07/2027 | 250000 | 244380 |
| 0.625%, 09/16/2027 | 250000 | 235690 |
| 4.000%, 01/12/2028 | 250000 | 251708 |
| 1.125%, 07/20/2028 | 250000 | 233210 |
| 4.125%, 02/15/2029 | 150000 | 151999 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 2.250%, 06/18/2029 | $250000 | $237366 |
| 3.500%, 09/14/2029 | 250000 | 247857 |
| 3.750%, 06/14/2030 | 100000 | 99876 |
| 1.125%, 01/13/2031 | 500000 | 435691 |
| 3.500%, 04/12/2033 | 100000 | 96249 |
| 4.500%, 09/13/2033 | 100000 | 102842 |
| 4.375%, 07/17/2034 | 150000 | 152698 |
| 4.375%, 07/16/2035 | 100000 | 101246 |
| International Bank for <br> Reconstruction & Development<br> 3.125%, 06/15/2027<br>| 250000 | 247628 |
| 0.750%, 11/24/2027 | 250000 | 235026 |
| 1.375%, 04/20/2028 | 200000 | 188925 |
| 3.500%, 07/12/2028 | 250000 | 248798 |
| 1.125%, 09/13/2028 | 200000 | 185842 |
| 3.875%, 10/16/2029 | 200000 | 201053 |
| 1.750%, 10/23/2029 | 250000 | 231434 |
| 3.875%, 02/14/2030 | 250000 | 251123 |
| 4.125%, 03/20/2030 | 250000 | 253702 |
| 0.875%, 05/14/2030 | 250000 | 219479 |
| 4.000%, 07/25/2030 | 250000 | 252348 |
| 4.000%, 01/10/2031 | 250000 | 251876 |
| 1.250%, 02/10/2031 | 250000 | 218769 |
| 4.500%, 04/10/2031 | 150000 | 154733 |
| 1.625%, 11/03/2031 | 250000 | 219042 |
| 4.625%, 01/15/2032 | 250000 | 259481 |
| 4.750%, 11/14/2033 | 100000 | 104534 |
| 5.750%, 05/02/2034 | 100000 | 100669 |
| 3.875%, 08/28/2034 | 250000 | 245269 |
| 4.375%, 08/27/2035 | 200000 | 202649 |
| Nordic Investment Bank<br> 3.375%, 09/08/2027<br>| 250000 | 248433 |
| African Development Bank<br> 4.375%, 11/03/2027<br>| 250000 | 253405 |
| 4.000%, 03/18/2030 | 100000 | 100925 |
| 4.500%, 06/12/2035 | 100000 | 102224 |
| Council of Europe Development <br> Bank<br> 3.625%, 01/26/2028<br>| 250000 | 249571 |
| European Bank for Reconstruction & <br> Development<br> 4.125%, 01/25/2029<br>| 150000 | 151974 |
| 4.250%, 03/13/2034 | 100000 | 100857 |
| Asian Infrastructure Investment <br> Bank, The<br> 4.250%, 03/13/2034<br>| 100000 | 101050 |
|  |  | 16864647 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Uruguay (0.01%)** | **Uruguay (0.01%)** | **Uruguay (0.01%)** |
| Uruguay Government International <br> Bond<br> 4.375%, 01/23/2031<br>| $200000 | $202080 |
|  |  | 202080 |
| **Total Foreign Government Bonds** <br>(cost $33,196,911)<br>|  | 34036098 |
| **Agency Securities (e) (0.29%)** | **Agency Securities (e) (0.29%)** | **Agency Securities (e) (0.29%)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |
| 1.300%, 03/30/2027 | 300000 | 289346 |
| 3.750%, 07/03/2028 | 1131000 | 1134032 |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 0.900%, 02/26/2027 | 250000 | 240081 |
| 4.000%, 06/30/2028 | 1000000 | 1010656 |
| 4.625%, 11/17/2026 | 500000 | 505054 |
| 4.125%, 01/15/2027 | 2125000 | 2138703 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 6.750%, 03/15/2031 | 250000 | 285755 |
| 6.250%, 07/15/2032 | 250000 | 283784 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 7.125%, 01/15/2030 | 250000 | 284307 |
| 6.625%, 11/15/2030 | 250000 | 282566 |
| 7.250%, 05/15/2030 | 250000 | 287013 |
| 1.875%, 09/24/2026 | 250000 | 245575 |
| 0.750%, 10/08/2027 | 500000 | 472499 |
| **Total Agency Securities** <br>(cost $7,338,426)<br>|  | 7459371 |
| **U.S. Treasury Obligations (17.97%)** | **U.S. Treasury Obligations (17.97%)** | **U.S. Treasury Obligations (17.97%)** |
| U.S. Treasury Bill<br> 4.005%, 11/28/2025(f),(g)<br>| 2123000 | 2109320 |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 3.500%, 09/30/2026 | 5000000 | 4989453 |
| 1.125%, 10/31/2026 | 5000000 | 4863477 |
| 4.125%, 10/31/2026 | 3000000 | 3012891 |
| 4.250%, 11/30/2026 | 5000000 | 5029492 |
| 1.250%, 11/30/2026 | 2500000 | 2430176 |
| 1.625%, 11/30/2026 | 1000000 | 976484 |
| 4.250%, 12/31/2026 | 6000000 | 6038672 |
| 1.250%, 12/31/2026 | 2500000 | 2425684 |
| 1.750%, 12/31/2026 | 1000000 | 976406 |
| 4.000%, 01/15/2027 | 2000000 | 2007500 |
| 1.500%, 01/31/2027 | 2000000 | 1943438 |
| 4.125%, 01/31/2027 | 1000000 | 1005391 |
| 4.125%, 02/15/2027 | 1000000 | 1005781 |
| 1.125%, 02/28/2027 | 10000000 | 9650781 |
| 4.125%, 02/28/2027 | 5000000 | 5029883 |
| 0.625%, 03/31/2027 | 10000000 | 9560937 |
| 3.875%, 03/31/2027 | 7000000 | 7020781 |
| 4.500%, 04/15/2027 | 1000000 | 1012344 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 0.500%, 04/30/2027 | $10000000 | $9520703 |
| 3.750%, 04/30/2027 | 5000000 | 5007031 |
| 2.750%, 04/30/2027 | 2000000 | 1972422 |
| 4.500%, 05/15/2027 | 3000000 | 3039141 |
| 3.875%, 05/31/2027 | 5000000 | 5017383 |
| 2.625%, 05/31/2027 | 5000000 | 4917188 |
| 4.625%, 06/15/2027 | 1000000 | 1015898 |
| 3.750%, 06/30/2027 | 5000000 | 5008984 |
| 4.375%, 07/15/2027 | 3000000 | 3037617 |
| 3.875%, 07/31/2027 | 5000000 | 5020508 |
| 3.625%, 08/31/2027 | 6000000 | 5999766 |
| 0.375%, 09/30/2027 | 10000000 | 9380859 |
| 4.125%, 09/30/2027 | 2000000 | 2019297 |
| 2.250%, 11/15/2027 | 2000000 | 1944375 |
| 0.625%, 11/30/2027 | 5000000 | 4692383 |
| 0.625%, 12/31/2027 | 5000000 | 4680273 |
| 3.500%, 01/31/2028 | 5000000 | 4986719 |
| 0.750%, 01/31/2028 | 5000000 | 4682031 |
| 2.750%, 02/15/2028 | 5000000 | 4900977 |
| 1.250%, 03/31/2028 | 5000000 | 4719531 |
| 3.500%, 04/30/2028 | 5000000 | 4985547 |
| 2.875%, 05/15/2028 | 3500000 | 3434512 |
| 1.250%, 06/30/2028 | 5000000 | 4691602 |
| 2.875%, 08/15/2028 | 5000000 | 4897852 |
| 3.625%, 08/15/2028 | 1000000 | 1000000 |
| 4.375%, 08/31/2028 | 4000000 | 4081406 |
| 1.250%, 09/30/2028 | 3000000 | 2798203 |
| 4.625%, 09/30/2028 | 2000000 | 2056250 |
| 4.875%, 10/31/2028 | 2000000 | 2071250 |
| 3.125%, 11/15/2028 | 5000000 | 4923828 |
| 4.375%, 11/30/2028 | 3000000 | 3064805 |
| 1.375%, 12/31/2028 | 4000000 | 3724219 |
| 4.000%, 01/31/2029 | 4000000 | 4043281 |
| 2.625%, 02/15/2029 | 4000000 | 3870312 |
| 4.250%, 02/28/2029 | 5000000 | 5095117 |
| 4.125%, 03/31/2029 | 3400000 | 3451797 |
| 2.875%, 04/30/2029 | 10000000 | 9735156 |
| 4.625%, 04/30/2029 | 3000000 | 3095742 |
| 2.375%, 05/15/2029 | 5000000 | 4782031 |
| 2.750%, 05/31/2029 | 5000000 | 4842773 |
| 4.500%, 05/31/2029 | 4000000 | 4112188 |
| 4.250%, 06/30/2029 | 2000000 | 2039766 |
| 2.625%, 07/31/2029 | 8000000 | 7699375 |
| 1.625%, 08/15/2029 | 5000000 | 4638867 |
| 3.625%, 08/31/2029 | 5000000 | 4987891 |
| 3.500%, 09/30/2029 | 5000000 | 4964648 |
| 4.125%, 10/31/2029 | 2000000 | 2031797 |
| 1.750%, 11/15/2029 | 6000000 | 5565234 |
| 4.125%, 11/30/2029 | 5000000 | 5080469 |
| 4.375%, 12/31/2029 | 7000000 | 7181016 |
| 3.875%, 12/31/2029 | 2000000 | 2012813 |
| 4.250%, 01/31/2030 | 3850000 | 3931512 |
| 1.500%, 02/15/2030 | 15000000 | 13678711 |
| 4.000%, 02/28/2030 | 4000000 | 4046406 |
| 4.000%, 03/31/2030 | 5500000 | 5562949 |
| 3.875%, 04/30/2030 | 4500000 | 4528477 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.000%, 05/31/2030 | $3750000 | $3793945 |
| 3.875%, 06/30/2030 | 4500000 | 4527598 |
| 3.875%, 07/31/2030 | 3000000 | 3018047 |
| 3.625%, 08/31/2030 | 3500000 | 3481953 |
| 4.875%, 10/31/2030 | 3000000 | 3153398 |
| 0.875%, 11/15/2030 | 20000000 | 17340625 |
| 4.000%, 01/31/2031 | 2000000 | 2020859 |
| 4.250%, 02/28/2031 | 2000000 | 2045000 |
| 4.625%, 04/30/2031 | 1000000 | 1040938 |
| 1.625%, 05/15/2031 | 12000000 | 10685156 |
| 1.250%, 08/15/2031 | 8000000 | 6918750 |
| 1.375%, 11/15/2031 | 7000000 | 6058828 |
| 1.875%, 02/15/2032 | 11500000 | 10202656 |
| 4.000%, 04/30/2032 | 750000 | 754365 |
| 4.125%, 05/31/2032 | 750000 | 759492 |
| 4.000%, 07/31/2032 | 1000000 | 1004688 |
| 2.750%, 08/15/2032 | 2000000 | 1859297 |
| 3.875%, 08/31/2032 | 1000000 | 997031 |
| 3.875%, 09/30/2032 | 1000000 | 996719 |
| 4.125%, 11/15/2032 | 4000000 | 4046562 |
| 3.500%, 02/15/2033 | 2000000 | 1941641 |
| 3.375%, 05/15/2033 | 2000000 | 1921094 |
| 3.875%, 08/15/2033 | 7000000 | 6942031 |
| 4.500%, 11/15/2033 | 5000000 | 5169531 |
| 4.000%, 02/15/2034 | 5000000 | 4986914 |
| 4.375%, 05/15/2034 | 5500000 | 5627187 |
| 3.875%, 08/15/2034 | 6500000 | 6400469 |
| 4.250%, 11/15/2034 | 7500000 | 7584668 |
| 4.625%, 02/15/2035 | 7750000 | 8053945 |
| 4.250%, 05/15/2035 | 6000000 | 6055312 |
| 4.250%, 08/15/2035 | 3500000 | 3528438 |
| **Total U.S. Treasury Obligations** <br>(cost $459,731,417)<br>|  | 468276916 |
| **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** | **Long-term Municipal Bonds (0.05%)** |
| **California (0.04%)** | **California (0.04%)** | **California (0.04%)** |
| State of California Taxable Various <br> Purpose, General Obligation <br> Bonds<br> 6.000%, 03/01/2033<br>| 250000 | 274420 |
| Regents of the University of <br> California Medical Center Pooled <br> Taxable Revenue Bonds<br> 4.132%, 05/15/2032<br>| 250000 | 247323 |
| State of California Taxable, General <br> Obligation Bonds<br> 4.875%, 09/01/2030<br>| 500000 | 522190 |
|  |  | 1043933 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** |
| **Louisiana (0.01%)** | **Louisiana (0.01%)** | **Louisiana (0.01%)** |
| Louisiana Local Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable Revenue Bonds<br> 4.145%, 02/01/2033<br>| $250000 | $249379 |
|  |  | 249379 |
| **Total Long-term Municipal Bonds** <br>(cost $1,242,933)<br>|  | 1293312 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (1.92%)** | **Short-term Investments (1.92%)** | **Short-term Investments (1.92%)** |
| Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.95%(h)<br>| 50021887 | 50021887 |
| **Total Short-term Investments** <br>(cost $50,021,887)<br>|  | 50021887 |
| **TOTAL INVESTMENTS (99.95%)** <br>(cost $1,188,880,231)<br>|  | 2604230097 |
| **OTHER ASSETS, NET OF** <br> **LIABILITIES** <br>**(0.05%)**<br>|  | 1427337 |
| **NET ASSETS (100.00%)** |  | $2605657434 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security valued pursuant to Level 3 unobservable inputs.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $1,498, 593 or 0.06% of net assets.

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

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

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

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

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number** <br>**of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Trading** <br>**Currency**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)\***<br>|
| **Long Contracts** | **Long Contracts** |  |  |  |  |
| E-Mini <br> S&P 500<br>| 100 | 12/19/2025 | USD | 33693750 | $424637 |

---

<sup>\*</sup>Includes cumulative appreciation/depreciation on futures contracts. Only the <br> current day's variation margin is reported within the Statements of Assets and <br> Liabilities.<br>

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (98.87%)** | **U.S. Treasury Obligations (98.87%)** | **U.S. Treasury Obligations (98.87%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.625%, 10/15/2026 | $1000000 | $1009246 |
| 4.125%, 10/31/2026 | 2650000 | 2661387 |
| 1.125%, 10/31/2026 | 1357000 | 1319948 |
| 1.625%, 10/31/2026 | 1275000 | 1247109 |
| 4.625%, 11/15/2026 | 1900000 | 1918480 |
| 2.000%, 11/15/2026 | 400000 | 392469 |
| 4.250%, 11/30/2026 | 2400000 | 2414156 |
| 1.250%, 11/30/2026 | 2285000 | 2221181 |
| 4.375%, 12/15/2026 | 1250000 | 1259766 |
| 4.250%, 12/31/2026 | 3000000 | 3019336 |
| 1.250%, 12/31/2026 | 2330000 | 2260737 |
| 1.750%, 12/31/2026 | 400000 | 390563 |
| 4.000%, 01/15/2027 | 2000000 | 2007500 |
| 1.500%, 01/31/2027 | 3696000 | 3591472 |
| 4.125%, 01/31/2027 | 2000000 | 2010781 |
| 4.125%, 02/15/2027 | 2000000 | 2011563 |
| 2.250%, 02/15/2027 | 1600000 | 1569438 |
| 4.125%, 02/28/2027 | 4050000 | 4074205 |
| 1.875%, 02/28/2027 | 2722000 | 2654907 |
| 4.250%, 03/15/2027 | 2500000 | 2520313 |
| 3.875%, 03/31/2027 | 4700000 | 4713953 |
| 2.500%, 03/31/2027 | 3011000 | 2960189 |
| 4.500%, 04/15/2027 | 2600000 | 2632094 |
| 3.750%, 04/30/2027 | 3450000 | 3454852 |
| 2.750%, 04/30/2027 | 1951000 | 1924098 |
| 0.500%, 04/30/2027 | 1000000 | 952070 |
| 2.375%, 05/15/2027 | 2000000 | 1959844 |
| 4.500%, 05/15/2027 | 1250000 | 1266309 |
| 2.625%, 05/31/2027 | 2892000 | 2844101 |
| 3.875%, 05/31/2027 | 2350000 | 2358170 |
| 4.625%, 06/15/2027 | 750000 | 761924 |
| 3.750%, 06/30/2027 | 2500000 | 2504492 |
| 3.250%, 06/30/2027 | 1675000 | 1664139 |
| 4.375%, 07/15/2027 | 2400000 | 2430094 |
| 2.750%, 07/31/2027 | 3500000 | 3445312 |
| 3.875%, 07/31/2027 | 2900000 | 2911895 |
| 0.375%, 07/31/2027 | 450000 | 424248 |
| 3.750%, 08/15/2027 | 3000000 | 3006211 |
| 3.625%, 08/31/2027 | 3200000 | 3199875 |
| 3.125%, 08/31/2027 | 2950000 | 2922689 |
| 0.500%, 08/31/2027 | 500000 | 471309 |
| 3.375%, 09/15/2027 | 3000000 | 2986172 |
| 4.125%, 09/30/2027 | 2312000 | 2334307 |
| 3.500%, 09/30/2027 | 2000000 | 1995703 |
| 3.875%, 10/15/2027 | 3735000 | 3753383 |
| 4.125%, 10/31/2027 | 2750000 | 2777930 |
| 4.125%, 11/15/2027 | 1000000 | 1010195 |
| 3.875%, 11/30/2027 | 3500000 | 3518457 |
| 4.000%, 12/15/2027 | 2800000 | 2822969 |
| 3.875%, 12/31/2027 | 4150000 | 4172857 |
| 4.250%, 01/15/2028 | 2500000 | 2534082 |
| 3.500%, 01/31/2028 | 4400000 | 4388312 |
| 4.250%, 02/15/2028 | 3400000 | 3448211 |
| 2.750%, 02/15/2028 | 400000 | 392078 |
| 4.000%, 02/29/2028 | 3400000 | 3430016 |
| 3.875%, 03/15/2028 | 4500000 | 4528301 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 3.625%, 03/31/2028 | $3750000 | $3751025 |
| 3.750%, 04/15/2028 | 2950000 | 2958988 |
| 3.500%, 04/30/2028 | 3400000 | 3390172 |
| 2.875%, 05/15/2028 | 4000000 | 3925156 |
| 3.750%, 05/15/2028 | 1750000 | 1755605 |
| 3.625%, 05/31/2028 | 2900000 | 2900453 |
| 1.250%, 05/31/2028 | 800000 | 752063 |
| 3.875%, 06/15/2028 | 2000000 | 2013125 |
| 4.000%, 06/30/2028 | 3250000 | 3281865 |
| 3.875%, 07/15/2028 | 1700000 | 1711023 |
| 4.125%, 07/31/2028 | 3550000 | 3597148 |
| 1.000%, 07/31/2028 | 350000 | 325404 |
| 2.875%, 08/15/2028 | 2625000 | 2571372 |
| 3.625%, 08/15/2028 | 2250000 | 2250000 |
| 4.375%, 08/31/2028 | 2500000 | 2550879 |
| 1.125%, 08/31/2028 | 500000 | 465605 |
| 3.375%, 09/15/2028 | 1500000 | 1489805 |
| 4.625%, 09/30/2028 | 2000000 | 2056250 |
| 1.250%, 09/30/2028 | 700000 | 652914 |
| 4.875%, 10/31/2028 | 3150000 | 3262219 |
| 1.375%, 10/31/2028 | 2850000 | 2663191 |
| 3.125%, 11/15/2028 | 1200000 | 1181719 |
| 4.375%, 11/30/2028 | 3100000 | 3166965 |
| 1.500%, 11/30/2028 | 2750000 | 2575010 |
| 3.750%, 12/31/2028 | 3000000 | 3009492 |
| 1.375%, 12/31/2028 | 600000 | 558633 |
| 4.000%, 01/31/2029 | 3500000 | 3537871 |
| 1.750%, 01/31/2029 | 2000000 | 1881641 |
| 2.625%, 02/15/2029 | 1100000 | 1064336 |
| 4.250%, 02/28/2029 | 4150000 | 4228947 |
| 1.875%, 02/28/2029 | 600000 | 565992 |
| 4.125%, 03/31/2029 | 2500000 | 2538086 |
| 2.375%, 03/31/2029 | 2000000 | 1916406 |
| 4.625%, 04/30/2029 | 3000000 | 3095742 |
| 2.875%, 04/30/2029 | 1000000 | 973516 |
| 2.375%, 05/15/2029 | 600000 | 573844 |
| 4.500%, 05/31/2029 | 5500000 | 5654258 |
| 4.250%, 06/30/2029 | 3800000 | 3875555 |
| 3.250%, 06/30/2029 | 1000000 | 985039 |
| 4.000%, 07/31/2029 | 3500000 | 3538691 |
| 2.625%, 07/31/2029 | 1000000 | 962422 |
| 3.625%, 08/31/2029 | 4900000 | 4888133 |
| 3.500%, 09/30/2029 | 4825000 | 4790886 |
| 4.125%, 10/31/2029 | 4500000 | 4571543 |
| 4.000%, 10/31/2029 | 250000 | 252813 |
| 4.125%, 11/30/2029 | 4750000 | 4826445 |
| 4.375%, 12/31/2029 | 4000000 | 4103438 |
| 4.250%, 01/31/2030 | 3750000 | 3829395 |
| 4.000%, 02/28/2030 | 6225000 | 6297220 |
| 4.000%, 03/31/2030 | 4775000 | 4829651 |
| 3.875%, 04/30/2030 | 4650000 | 4679426 |
| 4.000%, 05/31/2030 | 5625000 | 5690918 |
| 3.875%, 06/30/2030 | 3700000 | 3722691 |
| 3.750%, 06/30/2030 | 250000 | 250107 |
| 3.875%, 07/31/2030 | 3725000 | 3747408 |
| 4.000%, 07/31/2030 | 350000 | 353951 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 0.625%, 08/15/2030 | $3000000 | $2586445 |
| 3.625%, 08/31/2030 | 4400000 | 4377312 |
| 4.125%, 08/31/2030 | 300000 | 305027 |
| 4.625%, 09/30/2030 | 3750000 | 3897949 |
| **Total U.S. Treasury Obligations** <br>(cost $293,629,488)<br>|  | 295664583 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.24%)** | **Short-term Investments (0.24%)** | **Short-term Investments (0.24%)** |
| Northern Institutional Treasury Portfolio <br> (Premier Class), 3.95%(a)<br>| 711759 | 711759 |
| **Total Short-term Investments** <br>(cost $711,759)<br>|  | 711759 |
| **TOTAL INVESTMENTS (99.11%)** <br>(cost $294,341,247)<br>|  | 296376342 |
| **OTHER ASSETS, NET OF LIABILITIES** <br>**(0.89%)**<br>|  | 2664389 |
| **NET ASSETS (100.00%)** |  | $299040731 |

---

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

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| **Long-term Municipal Bond (97.91%)** | **Long-term Municipal Bond (97.91%)** | **Long-term Municipal Bond (97.91%)** | **Long-term Municipal Bond (97.91%)** | **Long-term Municipal Bond (97.91%)** |
| **Alabama (2.45%)** | **Alabama (2.45%)** | **Alabama (2.45%)** | **Alabama (2.45%)** | **Alabama (2.45%)** |
| City of Athens, Alabama, Electric Revenue Warrants | 3.500% | 06/01/2026 | $220000 | $220090 |
| City of Athens, Alabama, Electric Revenue Warrants | 3.750% | 06/01/2027 | 645000 | 645306 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.000% | 05/01/2028 | 980000 | 976874 |
| City of Athens, Alabama, Electric Revenue Warrants | 4.000% | 06/01/2028 | 665000 | 665421 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.125% | 05/01/2029 | 1010000 | 1007911 |
| Black Belt Energy Gas District Revenue Bonds, Series C-1(a) | 5.250% | 06/01/2029 | 1000000 | 1068056 |
| Black Belt Energy Gas District Revenue Bonds, Series B(b) | 5.250% | 12/01/2030 | 2000000 | 2178007 |
| Black Belt Energy Gas District Revenue Bonds, Series D(c) | 5.000% | 11/01/2034 | 1740000 | 1897333 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2035 | 215000 | 218276 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2036 | 310000 | 313727 |
| Mobile County Board of School Commissioners Special Tax Warrants, Series B | 5.000% | 03/01/2037 | 1000000 | 1079063 |
| County of Jefferson, Alabama, Revenue Refunding Warrants | 5.000% | 10/01/2038 | 1000000 | 1076831 |
| City of Huntsville, Alabama, Electric System Revenue Warrants | 5.000% | 12/01/2042 | 1000000 | 1056699 |
|  |  |  |  | 12403594 |
| **Alaska (1.52%)** | **Alaska (1.52%)** | **Alaska (1.52%)** | **Alaska (1.52%)** | **Alaska (1.52%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.250% | 09/01/2028 | 1095000 | 1100756 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.250% | 09/01/2028 | 1050000 | 1055519 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2029 | 1390000 | 1399550 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2029 | 1090000 | 1097489 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2030 | 1440000 | 1448965 |
| Alaska Municipal Bank Authority Master Resolution Revenue Bonds, Series A | 5.500% | 10/01/2042 | 1560000 | 1596002 |
|  |  |  |  | 7698281 |
| **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** | **Arizona (0.78%)** |
| County of Pima, Arizona, General Obligation Bonds, Series A | 4.000% | 07/01/2026 | 2000000 | 2001989 |
| Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2026 | 555000 | 555892 |
| Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2027 | 400000 | 400661 |
| Salt River Project Agricultural Improvement & Power District Electric System Revenue <br> Refunding Bonds, Series A<br>| 4.000% | 01/01/2038 | 1000000 | 1002249 |
|  |  |  |  | 3960791 |
| **Arkansas (0.59%)** | **Arkansas (0.59%)** | **Arkansas (0.59%)** | **Arkansas (0.59%)** | **Arkansas (0.59%)** |
| State of Arkansas, General Obligation Refunding Bonds | 4.000% | 06/01/2027 | 3000000 | 3001703 |
| **California (3.59%)** | **California (3.59%)** | **California (3.59%)** | **California (3.59%)** | **California (3.59%)** |
| Southern California Public Power Authority Revenue Refunding Bonds, Series A | 5.000% | 07/01/2028 | 755000 | 803945 |
| California Statewide Communities Development Authority Revenue Bonds, Series 2009C(d) | 5.000% | 11/01/2029 | 2500000 | 2740306 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2030 | 540000 | 545480 |
| California Community Choice Financing Authority Sustainable Revenue Bonds, Series B-1(e) | 4.000% | 08/01/2031 | 855000 | 876344 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2031 | 400000 | 403564 |
| Los Angeles Unified School District, California, General Obligation Refunding Bonds, Series A | 5.000% | 07/01/2032 | 2000000 | 2343418 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2032 | 500000 | 503540 |
| State of California, General Obligation Refunding Bonds | 5.000% | 08/01/2032 | 1000000 | 1151023 |
| Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B | 5.000% | 07/01/2035 | 1340000 | 1403325 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2035 | 1150000 | 1097391 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2035 | 300000 | 290243 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2035 | 1000000 | 962039 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2036 | 1000000 | 939312 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2037 | 755000 | 687517 |
| University of California Revenue Bonds, Series CA | 5.000% | 05/15/2039 | 3000000 | 3408201 |
|  |  |  |  | 18155648 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Colorado (2.58%)** | **Colorado (2.58%)** | **Colorado (2.58%)** | **Colorado (2.58%)** | **Colorado (2.58%)** |
| Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation <br> Refunding Bonds, Series B<br>| 2.500% | 12/15/2027 | $1500000 | $1483274 |
| Eagle River Water & Sanitation District, General Obligation Bonds | 4.000% | 12/01/2030 | 465000 | 471676 |
| Regional Transportation District Sales Tax Revenue Refunding Bonds, Series B | 5.000% | 11/01/2034 | 1465000 | 1520208 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | 5.000% | 12/15/2034 | 2000000 | 2038747 |
| Town of Estes Park, Colorado, Power & Communications Enterprise Revenue Refunding <br> Bonds, Series A<br>| 4.000% | 11/01/2035 | 980000 | 984325 |
| Regional Transportation District, Refunding Certificate of Participation | 5.000% | 06/01/2036 | 1075000 | 1223187 |
| Westminster Public Schools General Obligation Bonds, Series A | 5.000% | 12/01/2037 | 2000000 | 2255401 |
| Rangeview Library District, Certificate of Participation, Series A | 5.000% | 12/15/2037 | 650000 | 710974 |
| Adams & Arapahoe Counties Joint School District 28J Aurora, General Obligation Bonds | 5.500% | 12/01/2040 | 1300000 | 1501030 |
| Fremont County School District RE-1 Canon City, Colorado, General Obligation Bonds | 5.000% | 12/01/2041 | 790000 | 848635 |
|  |  |  |  | 13037457 |
| **Connecticut (1.31%)** | **Connecticut (1.31%)** | **Connecticut (1.31%)** | **Connecticut (1.31%)** | **Connecticut (1.31%)** |
| Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, <br> Series A(f)<br>| 2.000% | 07/01/2026 | 3500000 | 3477056 |
| State of Connecticut, General Obligation Bonds, Series C(g) | 5.000% | 08/15/2032 | 1625000 | 1859270 |
| State of Connecticut Special Tax Obligation Revenue Bonds, Series A | 4.000% | 09/01/2035 | 1300000 | 1303734 |
|  |  |  |  | 6640060 |
| **Florida (3.65%)** | **Florida (3.65%)** | **Florida (3.65%)** | **Florida (3.65%)** | **Florida (3.65%)** |
| City of Pembroke Pines, Florida, General Obligation Refunding Bonds(h) | 5.000% | 09/01/2031 | 2100000 | 2103087 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.000% | 08/01/2032 | 520000 | 513204 |
| Collier County Water-Sewer District Revenue Bonds | 3.000% | 07/01/2033 | 5080000 | 5051833 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.250% | 08/01/2033 | 535000 | 531916 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2033 | 750000 | 781728 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 4.000% | 08/01/2034 | 555000 | 570629 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2034 | 750000 | 780143 |
| Florida Department of Management Services, Certificate of Participation, Series A | 3.000% | 11/01/2035 | 1000000 | 926206 |
| Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A | 5.000% | 10/01/2037 | 540000 | 557570 |
| County of Miami-Dade, Florida, Water & Sewer System Revenue Refunding Bonds, Series B | 4.000% | 10/01/2038 | 2000000 | 2008990 |
| County of Sarasota Utility System Revenue Bonds | 5.250% | 10/01/2039 | 1000000 | 1105180 |
| Florida Atlantic University Finance Corporation Capital Improvement Revenue Bonds | 5.000% | 07/01/2040 | 500000 | 537611 |
| Saint Johns County School Board, Certificate of Participation, Series A | 5.000% | 07/01/2041 | 1425000 | 1515769 |
| City of South Miami Health Facilities Authority Revenue Refunding Bonds | 5.000% | 08/15/2042 | 1500000 | 1516523 |
|  |  |  |  | 18500389 |
| **Georgia (1.79%)** | **Georgia (1.79%)** | **Georgia (1.79%)** | **Georgia (1.79%)** | **Georgia (1.79%)** |
| Bartow County Development Authority Revenue Refunding Bonds | 1.800% | 09/01/2029 | 1000000 | 908558 |
| Main Street Natural Gas Inc., Gas Supply Revenue Bonds, Series C(i) | 5.000% | 12/01/2031 | 5000000 | 5417812 |
| Harris County School District, General Obligation Bonds | 3.000% | 03/01/2035 | 250000 | 241262 |
| Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2036 | 900000 | 1056207 |
| Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds, <br> Series B<br>| 5.000% | 07/01/2038 | 1250000 | 1461134 |
|  |  |  |  | 9084973 |
| **Hawaii (0.22%)** | **Hawaii (0.22%)** | **Hawaii (0.22%)** | **Hawaii (0.22%)** | **Hawaii (0.22%)** |
| State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds | 5.000% | 07/01/2036 | 1000000 | 1132000 |
| **Idaho (1.23%)** | **Idaho (1.23%)** | **Idaho (1.23%)** | **Idaho (1.23%)** | **Idaho (1.23%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | 4.000% | 09/15/2031 | 2880000 | 2929373 |
| Boise State University Revenue Bonds, Series A | 4.000% | 04/01/2032 | 445000 | 457902 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2033 | 545000 | 535727 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2033 | 180000 | 183580 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** |
| Idaho Health Facilities Authority Revenue Refunding Bonds | 4.000% | 03/01/2034 | $400000 | $416462 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2034 | 240000 | 250908 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2034 | 255000 | 258606 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2035 | 250000 | 260413 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2035 | 300000 | 284744 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2035 | 175000 | 176756 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2036 | 200000 | 201144 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2037 | 310000 | 283689 |
|  |  |  |  | 6239304 |
| **Illinois (6.07%)** | **Illinois (6.07%)** | **Illinois (6.07%)** | **Illinois (6.07%)** | **Illinois (6.07%)** |
| State of Illinois Sales Tax Revenue Bonds, Series A | 5.000% | 06/15/2032 | 3010000 | 3370622 |
| Village of Schaumburg, Illinois, General Obligation Refunding Bonds | 4.000% | 12/01/2034 | 2500000 | 2617126 |
| Sangamon County School District No. 186 Springfield, General Obligation Bonds | 3.000% | 02/01/2035 | 1000000 | 948145 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series G (AMT) | 5.000% | 01/01/2037 | 2000000 | 2022467 |
| State of Illinois, General Obligation Bonds, Series B | 5.000% | 05/01/2037 | 5680000 | 6175564 |
| Chicago O'Hare International Airport General Senior Lien Revenue Bonds, Series B | 5.000% | 01/01/2038 | 520000 | 540685 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series C | 5.000% | 01/01/2038 | 1050000 | 1052369 |
| Illinois Finance Authority Revenue Refunding Bonds | 4.000% | 08/01/2038 | 1000000 | 961106 |
| Illinois Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center | 5.000% | 11/15/2038 | 2645000 | 2645528 |
| Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds | 5.000% | 12/01/2039 | 1000000 | 1060823 |
| Village of Mundelein, Illinois, General Obligation Bonds | 4.000% | 12/15/2039 | 1355000 | 1343203 |
| Illinois State Toll Highway Authority Revenue Bonds, Series B | 5.000% | 01/01/2040 | 3000000 | 3006175 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2041 | 1590000 | 1665420 |
| Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A | 5.000% | 01/01/2041 | 1200000 | 1276584 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D | 5.250% | 01/01/2042 | 1000000 | 1012337 |
| City of Aurora, Illinois, General Obligation Bonds, Series C | 5.000% | 12/30/2042 | 1000000 | 1051032 |
|  |  |  |  | 30749186 |
| **Indiana (2.76%)** | **Indiana (2.76%)** | **Indiana (2.76%)** | **Indiana (2.76%)** | **Indiana (2.76%)** |
| East Noble School Building Corporation Revenue Bonds | 2.000% | 01/15/2027 | 1205000 | 1186146 |
| City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @ <br> 100)(h)<br>| 4.000% | 07/01/2027 | 895000 | 918544 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 3.750% | 07/01/2029 | 220000 | 220587 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | 5.000% | 07/15/2029 | 1000000 | 1006549 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 4.000% | 07/01/2030 | 750000 | 752124 |
| Carmel Redevelopment Authority Revenue Bonds, Series B | 5.000% | 01/15/2033 | 2485000 | 2801865 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2033 | 650000 | 625121 |
| Borden-Henryville Multi-School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 1270000 | 1395000 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 335000 | 350220 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2034 | 675000 | 643152 |
| Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E | 5.000% | 02/01/2035 | 900000 | 991482 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2035 | 700000 | 658373 |
| East Allen Multi School Building Corporation Revenue Bonds | 5.000% | 07/15/2036 | 1000000 | 1107772 |
| Sunman-Dearborn High School Building Corporation Revenue Bonds | 5.000% | 07/15/2039 | 1220000 | 1315702 |
|  |  |  |  | 13972637 |
| **Iowa (1.59%)** | **Iowa (1.59%)** | **Iowa (1.59%)** | **Iowa (1.59%)** | **Iowa (1.59%)** |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | 2.000% | 06/01/2027 | 2100000 | 2059008 |
| City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D | 3.000% | 06/01/2029 | 950000 | 950487 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A | 3.000% | 06/01/2029 | 1050000 | 1051919 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | 3.000% | 06/01/2031 | 1770000 | 1770153 |
| Cedar Rapids Community School District, General Obligation Bonds | 5.000% | 06/01/2035 | 1000000 | 1100080 |
| City of Cedar Rapids, Iowa, General Obligation Bonds, Series A | 5.000% | 06/01/2040 | 1055000 | 1121692 |
|  |  |  |  | 8053339 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** | **Kansas (1.52%)** |
| Johnson County Unified School District No. 512 Shawnee Mission, General Obligation <br> Refunding Bonds, Series A<br>| 3.000% | 10/01/2027 | $1000000 | $1000289 |
| Wyandotte County/Kansas City Unified Government, General Obligation Bonds, Series A | 5.000% | 08/01/2028 | 1410000 | 1505436 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | 5.000% | 09/01/2033 | 5000000 | 5199249 |
|  |  |  |  | 7704974 |
| **Kentucky (4.96%)** | **Kentucky (4.96%)** | **Kentucky (4.96%)** | **Kentucky (4.96%)** | **Kentucky (4.96%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | 4.000% | 02/01/2028 | 1110000 | 1110779 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.250% | 09/15/2029 | 1735000 | 1744232 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.000% | 10/01/2029 | 1060000 | 1059655 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.375% | 09/15/2030 | 1800000 | 1813425 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.125% | 10/01/2030 | 1095000 | 1095101 |
| Northern Kentucky Water District Revenue Refunding Bonds | 3.000% | 02/01/2031 | 3660000 | 3661227 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 12/01/2031 | 1565000 | 1413695 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 02/01/2032 | 1770000 | 1592384 |
| Kentucky Public Energy Authority Revenue Refunding Bonds, Series B(j) | 5.000% | 08/01/2032 | 3330000 | 3607972 |
| Kentucky State Property & Buildings Commission Revenue Refunding Bonds, Series B | 5.000% | 04/01/2033 | 730000 | 832948 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | 3.000% | 06/01/2033 | 3115000 | 3011127 |
| Kentucky Municipal Energy Agency Power System Revenue Bonds | 5.000% | 01/01/2039 | 785000 | 852105 |
| Kentucky State Property & Buildings Commission Revenue Bonds, Series A | 5.000% | 05/01/2039 | 1130000 | 1203474 |
| Woodford County School District Finance Corporation Revenue Bonds, Series A | 5.000% | 08/01/2039 | 1000000 | 1064039 |
| Franklin County School District, General Obligation Bonds | 5.000% | 06/01/2042 | 1000000 | 1050652 |
|  |  |  |  | 25112815 |
| **Louisiana (1.25%)** | **Louisiana (1.25%)** | **Louisiana (1.25%)** | **Louisiana (1.25%)** | **Louisiana (1.25%)** |
| State of Louisiana General Obligation Bonds, Series E | 5.000% | 09/01/2032 | 2000000 | 2298246 |
| St. John the Baptist Parish School District No. 1, General Obligation Bonds | 5.250% | 03/01/2037 | 1500000 | 1611370 |
| Louisiana Local Government Environmental Facilities & Community Development Authority <br> Revenue Bonds<br>| 5.000% | 08/15/2037 | 1000000 | 1019010 |
| City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A | 5.000% | 12/01/2039 | 830000 | 875604 |
| Louisiana Public Facilities Authority Revenue Bonds, Department of Public Safety Crime (AGC <br> Insured)<br>| 5.000% | 08/01/2041 | 485000 | 516173 |
|  |  |  |  | 6320403 |
| **Maryland (0.80%)** | **Maryland (0.80%)** | **Maryland (0.80%)** | **Maryland (0.80%)** | **Maryland (0.80%)** |
| County of Caroline, Maryland, General Obligation Refunding Bonds | 3.000% | 01/15/2032 | 1150000 | 1139462 |
| City of Baltimore, Maryland, Revenue Bonds, Series A | 5.000% | 07/01/2035 | 1000000 | 1108233 |
| County of Baltimore, General Obligation Bonds | 4.000% | 03/01/2038 | 1750000 | 1777268 |
|  |  |  |  | 4024963 |
| **Massachusetts (2.86%)** | **Massachusetts (2.86%)** | **Massachusetts (2.86%)** | **Massachusetts (2.86%)** | **Massachusetts (2.86%)** |
| Massachusetts School Building Authority Sales Tax Sustainable Revenue Refunding Bonds | 5.000% | 02/15/2029 | 2000000 | 2171434 |
| Massachusetts Development Finance Agency Variable Revenue Bonds, Series A-1(k) | 5.000% | 05/13/2032 | 3000000 | 3417692 |
| Massachusetts Development Finance Agency Revenue Refunding Bonds, Partners Healthcare <br> System<br>| 5.000% | 07/01/2035 | 1400000 | 1418669 |
| Massachusetts Development Finance Agency Variable Revenue Bonds(l) | 5.000% | 11/01/2035 | 2000000 | 2323705 |
| Massachusetts School Building Authority Sales Tax Sustainable Revenue Refunding Bonds | 5.000% | 02/15/2036 | 500000 | 584342 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series A | 5.000% | 01/01/2037 | 1810000 | 1908466 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series J | 5.000% | 12/01/2038 | 1000000 | 1016288 |
| Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B | 5.000% | 05/01/2039 | 1480000 | 1623384 |
|  |  |  |  | 14463980 |
| **Michigan (3.10%)** | **Michigan (3.10%)** | **Michigan (3.10%)** | **Michigan (3.10%)** | **Michigan (3.10%)** |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2027 | 500000 | 500660 |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2028 | 300000 | 300387 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Michigan (Cont.)** | **Michigan (Cont.)** | **Michigan (Cont.)** | **Michigan (Cont.)** | **Michigan (Cont.)** |
| Utica Community Schools, Michigan, General Obligation Bonds | 5.000% | 05/01/2031 | $1100000 | $1238769 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2032 | 595000 | 613978 |
| City of Grosse Pointe, Michigan, General Obligation Bonds | 4.000% | 10/01/2034 | 670000 | 688294 |
| Rockford Public Schools, General Obligation Bonds, Series I | 4.000% | 05/01/2035 | 1755000 | 1790820 |
| Van Buren Public Schools, Michigan, General Obligation Refunding Bonds | 4.000% | 11/01/2035 | 1000000 | 1017911 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | 5.000% | 05/01/2036 | 1635000 | 1729055 |
| Lowell Area Schools, General Obligation Bonds | 4.000% | 05/01/2036 | 865000 | 879421 |
| West Bloomfield School District, General Obligation Bonds | 3.000% | 05/01/2036 | 3825000 | 3550235 |
| Dundee Community Schools, General Obligation Bonds | 5.000% | 05/01/2037 | 1000000 | 1095672 |
| Grand Rapids Public Schools, General Obligation Bonds | 5.000% | 05/01/2041 | 1220000 | 1310745 |
| Michigan State Housing Development Authority Single Family Mortgage Sustainable Revenue <br> Bonds, Series C<br>| 4.650% | 06/01/2041 | 1000000 | 1001347 |
|  |  |  |  | 15717294 |
| **Minnesota (3.93%)** | **Minnesota (3.93%)** | **Minnesota (3.93%)** | **Minnesota (3.93%)** | **Minnesota (3.93%)** |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | 3.250% | 02/01/2032 | 1245000 | 1247367 |
| Metropolitan Council, General Obligation Bonds, Series C | 3.750% | 03/01/2032 | 5500000 | 5503179 |
| Big Lake Independent School District No. 727, General Obligation Bonds, Series A | 3.000% | 02/01/2033 | 570000 | 561773 |
| White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A | 5.000% | 02/01/2033 | 4750000 | 5374396 |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation <br> Bonds, Series B<br>| 3.000% | 02/01/2034 | 3300000 | 3248527 |
| Red Rock Central Independent School District No. 2884, General Obligation Bonds, Series A | 3.000% | 02/01/2034 | 1000000 | 987285 |
| City of Minneapolis, Minnesota, General Obligation Bonds | 3.000% | 12/01/2035 | 2000000 | 1916136 |
| Pequot Lakes Independent School District No. 186, General Obligation Bonds, Series A | 5.000% | 02/01/2036 | 960000 | 1078613 |
|  |  |  |  | 19917276 |
| **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** | **Mississippi (0.59%)** |
| State of Mississippi, General Obligation Bonds, Series F | 3.000% | 11/01/2026 | 3000000 | 3000749 |
| **Missouri (2.42%)** | **Missouri (2.42%)** | **Missouri (2.42%)** | **Missouri (2.42%)** | **Missouri (2.42%)** |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2033 | 1000000 | 1003499 |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2034 | 2500000 | 2506836 |
| Grain Valley No. R-5 School District, General Obligation Bonds, Series A | 5.000% | 03/01/2035 | 2000000 | 2093824 |
| City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B | 3.000% | 10/01/2035 | 2520000 | 2394231 |
| Platte County School District Park Hill, General Obligation Bonds | 3.350% | 03/01/2036 | 1000000 | 955918 |
| Nixa Public Schools, General Obligation Bonds | 5.000% | 03/01/2039 | 1170000 | 1285362 |
| Willard No. R-2, General Obligation Bonds | 5.000% | 03/01/2039 | 860000 | 930768 |
| Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds | 5.000% | 03/01/2040 | 1000000 | 1066072 |
|  |  |  |  | 12236510 |
| **Montana (2.75%)** | **Montana (2.75%)** | **Montana (2.75%)** | **Montana (2.75%)** | **Montana (2.75%)** |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2032 | 945000 | 974682 |
| Missoula High School District No. 1, General Obligation Bonds | 4.000% | 07/01/2032 | 1010000 | 1021061 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2033 | 1005000 | 1035383 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2034 | 505000 | 519673 |
| Cascade County High School District A Great Falls, General Obligation Bonds | 5.000% | 07/01/2034 | 725000 | 761133 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2034 | 1000000 | 1035457 |
| Hellgate School District No. 4, General Obligation Bonds | 5.250% | 06/15/2035 | 880000 | 906685 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2035 | 845000 | 860038 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2035 | 750000 | 770351 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | 5.000% | 07/01/2035 | 1925000 | 2012408 |
| Montana State Board of Regents Revenue Refunding Bonds | 3.000% | 11/15/2035 | 3660000 | 3445390 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2036 | 585000 | 593944 |
|  |  |  |  | 13936205 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Nebraska (0.92%)** | **Nebraska (0.92%)** | **Nebraska (0.92%)** | **Nebraska (0.92%)** | **Nebraska (0.92%)** |
| Gretna Public Schools, General Obligation Refunding Bonds | 4.000% | 12/15/2025 | $180000 | $180382 |
| Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ <br> 100)(h)<br>| 5.000% | 12/15/2025 | 250000 | 251225 |
| Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ <br> 100)(h)<br>| 5.000% | 12/15/2025 | 260000 | 261273 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2029 | 250000 | 254311 |
| City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds | 4.000% | 12/15/2030 | 325000 | 330333 |
| City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds | 3.000% | 06/15/2034 | 1105000 | 1065076 |
| City of Kearney, Nebraska, General Obligation Bonds | 4.000% | 05/15/2035 | 500000 | 501650 |
| County of Sarpy, Nebraska, General Obligation Bonds | 3.500% | 06/01/2037 | 1000000 | 986223 |
| City of La Vista, Nebraska, General Obligation Bonds | 3.000% | 09/15/2041 | 1000000 | 847207 |
|  |  |  |  | 4677680 |
| **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** | **Nevada (1.00%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | 4.000% | 07/01/2030 | 3045000 | 3072265 |
| Clark County School District, General Obligation Refunding Bonds, Series C | 4.000% | 06/15/2037 | 2000000 | 2005236 |
|  |  |  |  | 5077501 |
| **New Hampshire (0.23%)** | **New Hampshire (0.23%)** | **New Hampshire (0.23%)** | **New Hampshire (0.23%)** | **New Hampshire (0.23%)** |
| New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series A | 5.000% | 06/01/2035 | 1000000 | 1158506 |
| **New Jersey (2.12%)** | **New Jersey (2.12%)** | **New Jersey (2.12%)** | **New Jersey (2.12%)** | **New Jersey (2.12%)** |
| Hopewell Valley Regional School District, General Obligation Bonds | 3.500% | 01/15/2027 | 3330000 | 3334295 |
| New Jersey Educational Facilities Authority Revenue Refunding Bonds, Series A | 5.000% | 05/15/2028 | 3000000 | 3187073 |
| New Jersey State Turnpike Authority Revenue Bonds, Series B | 5.000% | 01/01/2031 | 850000 | 952551 |
| New Jersey Educational Facilities Authority Variable Revenue Bonds, Series A(m) | 5.000% | 07/01/2031 | 2000000 | 2229381 |
| New Jersey Health Care Facilities Financing Authority Department of Human Services <br> Revenue Refunding Bonds<br>| 5.000% | 09/15/2031 | 25000 | 28079 |
| Hopewell Valley Regional School District, General Obligation Bonds | 4.000% | 01/15/2032 | 1000000 | 1002756 |
|  |  |  |  | 10734135 |
| **New Mexico (2.26%)** | **New Mexico (2.26%)** | **New Mexico (2.26%)** | **New Mexico (2.26%)** | **New Mexico (2.26%)** |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2026 | 225000 | 225227 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2027 | 700000 | 700772 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | 3.000% | 08/01/2027 | 1515000 | 1515343 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2028 | 725000 | 725592 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | 3.500% | 08/01/2028 | 900000 | 900560 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2029 | 750000 | 750652 |
| Santa Fe Public School District, General Obligation Bonds | 3.625% | 08/01/2029 | 2000000 | 2015941 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2034 | 1800000 | 1895691 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2035 | 2600000 | 2728969 |
|  |  |  |  | 11458747 |
| **New York (3.57%)** | **New York (3.57%)** | **New York (3.57%)** | **New York (3.57%)** | **New York (3.57%)** |
| New York State Housing Finance Agency Variable Revenue Bonds, Series J(n) | 1.100% | 05/01/2027 | 970000 | 935543 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 10/01/2028 | 965000 | 1039670 |
| New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding <br> Bonds<br>| 5.000% | 11/01/2031 | 2020000 | 2292035 |
| New York City Transitional Finance Authority Building Aid Revenue Refunding Bonds, Series S-<br> 2(g)<br>| 5.000% | 07/15/2033 | 1850000 | 2119372 |
| New York Energy Finance Development Corporation Variable Revenue Bonds(o) | 5.000% | 12/01/2033 | 1000000 | 1068193 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | 2.400% | 10/01/2034 | 1000000 | 873336 |
| New York State Urban Development Corporation Revenue Refunding Bonds, Series A | 5.000% | 03/15/2035 | 2000000 | 2002500 |
| New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> Bonds, Series BB, Subseries BB-2<br>| 5.000% | 06/15/2036 | 2725000 | 3185694 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **New York (Cont.)** | **New York (Cont.)** | **New York (Cont.)** | **New York (Cont.)** | **New York (Cont.)** |
| New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, <br> Series B-1<br>| 5.250% | 11/01/2036 | $1500000 | $1687524 |
| Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 250 | 5.000% | 10/15/2037 | 1350000 | 1541558 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 07/01/2038 | 1225000 | 1330040 |
|  |  |  |  | 18075465 |
| **North Carolina (0.77%)** | **North Carolina (0.77%)** | **North Carolina (0.77%)** | **North Carolina (0.77%)** | **North Carolina (0.77%)** |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | 4.000% | 07/01/2027 | 1210000 | 1210793 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2028 | 700000 | 701217 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2029 | 265000 | 265459 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | 5.000% | 02/01/2035 | 1000000 | 1075363 |
| County of Pender, North Carolina, Limited Obligation Revenue Bonds, Series A | 5.000% | 04/01/2041 | 575000 | 618378 |
|  |  |  |  | 3871210 |
| **North Dakota (1.04%)** | **North Dakota (1.04%)** | **North Dakota (1.04%)** | **North Dakota (1.04%)** | **North Dakota (1.04%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.125% | 05/01/2028 | 845000 | 845027 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.250% | 05/01/2029 | 835000 | 835207 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2031 | 1015000 | 1016070 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2032 | 1060000 | 1060785 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2034 | 1550000 | 1501972 |
|  |  |  |  | 5259061 |
| **Ohio (2.76%)** | **Ohio (2.76%)** | **Ohio (2.76%)** | **Ohio (2.76%)** | **Ohio (2.76%)** |
| Lake Local School District, Stark County Ohio, General Obligation Bonds | 3.000% | 12/01/2025 | 190000 | 190016 |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 5.000% | 12/01/2027 | 175000 | 175293 |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 4.000% | 12/01/2030 | 365000 | 365291 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2031 | 350000 | 352711 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2032 | 220000 | 224641 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2032 | 315000 | 315174 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2032 | 1750000 | 1761535 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2032 | 375000 | 377496 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2033 | 370000 | 376476 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2033 | 235000 | 235161 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 500000 | 514275 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2033 | 400000 | 402222 |
| City of Toledo, Ohio, General Obligation Bonds | 5.250% | 12/01/2034 | 1000000 | 1125938 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2034 | 1000000 | 1004535 |
| Dublin City School District, General Obligation Bonds, Series A | 4.000% | 12/01/2034 | 500000 | 512278 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2034 | 875000 | 879199 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2035 | 1870000 | 1870819 |
| Worthington City School District, General Obligation Bonds | 4.000% | 12/01/2035 | 475000 | 483524 |
| Ohio Water Development Authority Water Pollution Control Sustainable Revenue Bonds, <br> Series D<br>| 5.000% | 12/01/2038 | 2500000 | 2795257 |
|  |  |  |  | 13961841 |
| **Oklahoma (1.65%)** | **Oklahoma (1.65%)** | **Oklahoma (1.65%)** | **Oklahoma (1.65%)** | **Oklahoma (1.65%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | 3.000% | 04/01/2028 | 3000000 | 3000551 |
| Edmond Public Works Authority Revenue Bonds | 5.000% | 07/01/2032 | 1500000 | 1554887 |
| Oklahoma County Finance Authority Revenue Bonds | 5.000% | 09/01/2036 | 2500000 | 2723714 |
| Oklahoma Turnpike Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2042 | 1000000 | 1074882 |
|  |  |  |  | 8354034 |
| **Oregon (0.96%)** | **Oregon (0.96%)** | **Oregon (0.96%)** | **Oregon (0.96%)** | **Oregon (0.96%)** |
| Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation <br> Bonds<br>| 3.000% | 06/15/2035 | 2865000 | 2730348 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Oregon (Cont.)** | **Oregon (Cont.)** | **Oregon (Cont.)** | **Oregon (Cont.)** | **Oregon (Cont.)** |
| Chemeketa Community College District, General Obligation Bonds, Series B | 5.000% | 06/15/2038 | $1000000 | $1118636 |
| State of Oregon Housing & Community Services Department Mortgage Revenue Bonds | 4.750% | 07/01/2040 | 1000000 | 1023868 |
|  |  |  |  | 4872852 |
| **Pennsylvania (1.85%)** | **Pennsylvania (1.85%)** | **Pennsylvania (1.85%)** | **Pennsylvania (1.85%)** | **Pennsylvania (1.85%)** |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | 2.200% | 04/01/2033 | 2785000 | 2462681 |
| Allegheny County Hospital Development Authority Revenue Refunding Bonds | 5.000% | 07/15/2033 | 1220000 | 1292739 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 400000 | 392744 |
| Redevelopment Authority of the City of Philadelphia Sustainable Revenue Bonds, Series B | 5.000% | 09/01/2041 | 1345000 | 1426538 |
| County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B | 5.000% | 11/15/2043 | 3620000 | 3791692 |
|  |  |  |  | 9366394 |
| **Rhode Island (1.26%)** | **Rhode Island (1.26%)** | **Rhode Island (1.26%)** | **Rhode Island (1.26%)** | **Rhode Island (1.26%)** |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series C | 5.000% | 05/15/2032 | 1065000 | 1203307 |
| Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A | 2.200% | 10/01/2033 | 780000 | 682793 |
| Rhode Island Health & Educational Building Corporation Revenue Bonds | 5.000% | 05/15/2041 | 1735000 | 1845168 |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series D | 5.250% | 05/15/2042 | 2445000 | 2648177 |
|  |  |  |  | 6379445 |
| **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** | **South Carolina (0.28%)** |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 3.500% | 12/01/2027 | 380000 | 380066 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2028 | 520000 | 520281 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2030 | 535000 | 535241 |
|  |  |  |  | 1435588 |
| **Tennessee (1.27%)** | **Tennessee (1.27%)** | **Tennessee (1.27%)** | **Tennessee (1.27%)** | **Tennessee (1.27%)** |
| Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series A(p) | 4.000% | 09/01/2028 | 1000000 | 1024596 |
| County of Knox, Tennessee, General Obligation Refunding Bonds, Series B | 3.000% | 06/01/2032 | 1105000 | 1102319 |
| City of Knoxville, Tennessee, Electric Revenue Bonds, Series QQ | 5.000% | 07/01/2042 | 1615000 | 1684251 |
| Tennessee State School Bond Authority Revenue Bonds | 5.000% | 11/01/2042 | 2525000 | 2614678 |
|  |  |  |  | 6425844 |
| **Texas (9.77%)** | **Texas (9.77%)** | **Texas (9.77%)** | **Texas (9.77%)** | **Texas (9.77%)** |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(q) | 5.000% | 05/15/2026 | 1000000 | 1008652 |
| Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to <br> 02-15-2027 @ 100)(h)<br>| 4.000% | 02/15/2027 | 280000 | 285456 |
| Clifton Higher Education Finance Corp. Revenue Refunding Bonds | 5.000% | 08/15/2028 | 1600000 | 1703970 |
| Denton Independent School District, Variable General Obligation Bonds, Series B1(r) | 4.000% | 08/15/2028 | 3000000 | 3119558 |
| Texas Water Development Board Revenue Bonds(g) | 5.000% | 04/15/2029 | 1075000 | 1168808 |
| Bell County Water Control & Improvement District No. 1 Revenue Bonds | 5.000% | 07/10/2031 | 535000 | 598193 |
| Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds | 3.000% | 08/15/2031 | 1000000 | 1004029 |
| Aldine Independent School District, General Obligation Refunding Bonds | 4.000% | 02/15/2033 | 1000000 | 1011220 |
| Arlington Independent School District, Texas, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 920000 | 1053656 |
| Humble Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 690000 | 790242 |
| Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded <br> Balance<br>| 4.000% | 02/15/2033 | 485000 | 490051 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 5.000% | 03/01/2033 | 200000 | 209352 |
| Texas Water Development Board Revenue Bonds, Series A | 5.000% | 04/15/2033 | 3405000 | 3918108 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2034 | 280000 | 285774 |
| Lovejoy Independent School District, General Obligation Bonds | 5.000% | 02/15/2035 | 1250000 | 1441157 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2035 | 200000 | 203454 |
| State of Texas, General Obligation Refunding Bonds, Series B | 5.000% | 08/01/2035 | 1000000 | 1147954 |
| Texas State Technical College Revenue Bonds | 5.250% | 08/01/2035 | 1000000 | 1118145 |
| State of Texas, General Obligation Refunding Bonds | 4.000% | 10/01/2035 | 2655000 | 2655599 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2036 | 1745000 | 1813546 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** |
| Richardson Independent School District, General Obligation Bonds, Series A | 5.000% | 02/15/2036 | $1000000 | $1099714 |
| Texas A&M University Revenue Bonds | 5.250% | 05/15/2036 | 1000000 | 1118879 |
| Trinity River Authority Central Regional Wastewater System Revenue Bonds | 3.500% | 08/01/2036 | 1000000 | 998108 |
| Leander Independent School District, General Obligation Refunding Bonds, Series A | 5.000% | 08/15/2036 | 1000000 | 1142170 |
| Texas Water Development Board Revenue Bonds | 4.450% | 10/15/2036 | 1000000 | 1057656 |
| Texas Water Development Board Revenue Bonds | 4.000% | 10/15/2036 | 1000000 | 1009166 |
| City of Cedar Park, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1079047 |
| County of Kaufman, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1700000 | 1867386 |
| Waller Consolidated Independent School District, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1096151 |
| City of Beaumont, Texas, Certificates of Obligation, General Obligation Bonds | 5.000% | 03/01/2038 | 810000 | 875358 |
| North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A | 4.125% | 01/01/2039 | 1375000 | 1380495 |
| City of San Antonio, Texas, Electric & Gas Systems Revenue Bonds, Series A | 5.000% | 02/01/2039 | 1010000 | 1095449 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2039 | 1000000 | 1050906 |
| County of Smith, Texas, General Obligation Bonds | 5.000% | 08/15/2039 | 1000000 | 1070187 |
| Harlandale Independent School District, General Obligation Bonds, Series A | 5.250% | 08/15/2039 | 1000000 | 1099546 |
| Northside Independent School District, General Obligation Refunding Bonds | 5.000% | 08/15/2039 | 1105000 | 1131538 |
| City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series D | 5.000% | 11/15/2039 | 1725000 | 1726091 |
| Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A | 5.000% | 07/01/2040 | 1750000 | 1889433 |
| Austin Community College District, General Obligation Bonds, Unrefunded Balance | 4.000% | 08/01/2040 | 230000 | 225506 |
| City of San Antonio, Texas, General Obligation Bonds | 5.000% | 02/01/2041 | 2275000 | 2439852 |
|  |  |  |  | 49479562 |
| **Utah (1.10%)** | **Utah (1.10%)** | **Utah (1.10%)** | **Utah (1.10%)** | **Utah (1.10%)** |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | 4.000% | 10/01/2033 | 2500000 | 2535527 |
| Wasatch County School District Local Building Authority Revenue Bonds | 5.000% | 06/01/2034 | 750000 | 835527 |
| Duchesne County School District Revenue Bonds | 5.000% | 06/01/2036 | 1150000 | 1204172 |
| City of Salt Lake City, Utah, Airport Revenue Bonds, Series A (AMT) | 5.000% | 07/01/2042 | 1000000 | 1003233 |
|  |  |  |  | 5578459 |
| **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** | **Vermont (0.36%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2032 | 175000 | 186758 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2033 | 190000 | 201740 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2034 | 255000 | 269658 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2034 | 410000 | 433568 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2035 | 265000 | 278880 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2035 | 435000 | 457784 |
|  |  |  |  | 1828388 |
| **Virginia (0.56%)** | **Virginia (0.56%)** | **Virginia (0.56%)** | **Virginia (0.56%)** | **Virginia (0.56%)** |
| County of Stafford, Virginia, General Obligation Bonds | 4.000% | 07/01/2030 | 1205000 | 1205807 |
| City of Danville, Virginia, General Obligation Bonds | 4.000% | 09/01/2039 | 1625000 | 1639486 |
|  |  |  |  | 2845293 |
| **Washington (3.92%)** | **Washington (3.92%)** | **Washington (3.92%)** | **Washington (3.92%)** | **Washington (3.92%)** |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | 3.250% | 12/01/2028 | 350000 | 350949 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2029 | 1000000 | 1001030 |
| Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds | 5.000% | 09/01/2030 | 2100000 | 2102116 |
| King County School District No. 405 Bellevue, General Obligation Bonds | 3.000% | 12/01/2033 | 5095000 | 5038962 |
| King County School District No. 414 Lake Washington, General Obligation Bonds | 4.000% | 12/01/2033 | 5000000 | 5070330 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 840000 | 853321 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | 4.375% | 12/01/2034 | 1040000 | 1078114 |
| Lakehaven Water & Sewer District Revenue Bonds | 3.000% | 10/01/2035 | 700000 | 671207 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | 4.000% | 12/01/2035 | 500000 | 509315 |
| City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds | 4.000% | 05/01/2036 | 1000000 | 1000037 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Washington (Cont.)** | **Washington (Cont.)** | **Washington (Cont.)** | **Washington (Cont.)** | **Washington (Cont.)** |
| State of Washington, General Obligation Bonds, Series 2024-A | 5.000% | 08/01/2038 | $1000000 | $1100403 |
| Island County Consolidated School District No. 206 South Whidbey, General Obligation Bonds | 5.000% | 12/01/2042 | 1000000 | 1070571 |
|  |  |  |  | 19846355 |
| **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** | **West Virginia (0.08%)** |
| Braxton County Board of Education, General Obligation Refunding Bonds | 4.000% | 05/01/2026 | 250000 | 251812 |
| Braxton County Board of Education, General Obligation Refunding Bonds | 2.250% | 05/01/2026 | 125000 | 124441 |
|  |  |  |  | 376253 |
| **Wisconsin (5.87%)** | **Wisconsin (5.87%)** | **Wisconsin (5.87%)** | **Wisconsin (5.87%)** | **Wisconsin (5.87%)** |
| Wisconsin-Dells School District, General Obligation Bonds | 3.125% | 03/01/2030 | 1595000 | 1599015 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | 2.000% | 03/01/2031 | 895000 | 823637 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.125% | 04/01/2031 | 1000000 | 1001370 |
| Poynette School District, General Obligation Bonds | 3.000% | 04/01/2031 | 850000 | 849108 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2031 | 300000 | 305943 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 1120000 | 1121455 |
| Hamilton School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 2000000 | 2003839 |
| Poynette School District, General Obligation Bonds | 3.125% | 04/01/2032 | 1520000 | 1520096 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | 3.000% | 04/01/2032 | 2240000 | 2240405 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2032 | 675000 | 686261 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2034 | 1390000 | 1405430 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2035 | 1405000 | 1343406 |
| New Richmond School District, General Obligation Bonds | 4.000% | 04/01/2035 | 4170000 | 4303982 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2036 | 1535000 | 1444969 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 07/01/2038 | 1000000 | 1009328 |
| Two Rivers Public School District, General Obligation Refunding Bonds | 4.000% | 03/01/2039 | 1000000 | 1004579 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 4.000% | 04/01/2039 | 1000000 | 967491 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 11/15/2039 | 3025000 | 3041763 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 04/01/2040 | 2810000 | 3029879 |
|  |  |  |  | 29701956 |
| **Total Long-term Municipal Bond** <br>(cost $498,958,171)<br>|  |  |  | 495829100 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (2.56%)** | **Short-term Investments (2.56%)** | **Short-term Investments (2.56%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 3.95%(s) | 12981051 | 12981051 |
| **Total Short-term Investments** <br>(cost $12,981,051)<br>|  | 12981051 |
| **TOTAL INVESTMENTS (100.47%)** <br>(cost $511,939,222)<br>|  | 508810151 |
| **LIABILITIES, NET OF OTHER ASSETS ((0.47)%)** |  | (2367168) |
| **NET ASSETS (100.00%)** |  | $506442983 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**September 30, 2025**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(o) Rate shown is fixed until mandatory tender date of December 1, 2033.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Rate shown is fixed until mandatory tender date of September 1, 2028.

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

&nbsp;&nbsp;&nbsp;&nbsp;(r) Rate shown is fixed until mandatory tender date of August 15, 2028.

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

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Farm** <br>**Growth Fund**<br>| **State Farm** <br>**Balanced Fund**<br>| **State Farm** <br>**Interim Fund**<br>| **State Farm** <br>**Municipal Bond Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in securities at identified cost | &nbsp;&nbsp; $2474615237 | &nbsp;&nbsp; $1188880231 | &nbsp;&nbsp; $294341247 | &nbsp;&nbsp; $511939222 |
| Investments in securities at market value | &nbsp;&nbsp; $8809973523 | &nbsp;&nbsp; $2604230097 | &nbsp;&nbsp; $296376342 | &nbsp;&nbsp; $508810151 |
| Foreign currency (Cost: $0, $46, $0, and $0, respectively) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 5505834 | &nbsp;&nbsp; 7160241 | &nbsp;&nbsp; 2304586 | &nbsp;&nbsp; 5528469 |
| Reclaims | &nbsp;&nbsp; 104623 | &nbsp;&nbsp; 116489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7404957 | &nbsp;&nbsp; 419886 |
| Shares of the Fund sold | &nbsp;&nbsp; 413859 | &nbsp;&nbsp; 121955 | &nbsp;&nbsp; 1338583 | &nbsp;&nbsp; 1101312 |
| Variation margin on futures contracts | &nbsp;&nbsp; 409050 | &nbsp;&nbsp; 126250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 69256 | &nbsp;&nbsp; 23417 | &nbsp;&nbsp; 37731 | &nbsp;&nbsp; 23803 |
| Total assets | &nbsp;&nbsp; 8816476146 | &nbsp;&nbsp; 2611778499 | &nbsp;&nbsp; 307462199 | &nbsp;&nbsp; 515883621 |
| **Liabilities and Net Assets** |  |  |  |  |
| Distributions to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 886477 | &nbsp;&nbsp; 1372386 |
| Payables: |  |  |  |  |
| Securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 4698852 | &nbsp;&nbsp; 7387242 | &nbsp;&nbsp; 2146580 |
| Shares of the Fund redeemed | &nbsp;&nbsp; 1648393 | &nbsp;&nbsp; 844205 | &nbsp;&nbsp; 17801 | &nbsp;&nbsp; 656012 |
| Investment advisory fees | &nbsp;&nbsp; 508821 | &nbsp;&nbsp; 183928 | &nbsp;&nbsp; 17143 | &nbsp;&nbsp; 45830 |
| Accounting and Administration fees | &nbsp;&nbsp; 841627 | &nbsp;&nbsp; 303912 | &nbsp;&nbsp; 64501 | &nbsp;&nbsp; 73300 |
| Trustees' fees and expenses | &nbsp;&nbsp; 2199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Regulatory and Compliance fees | &nbsp;&nbsp; 57918 | &nbsp;&nbsp; 16467 | &nbsp;&nbsp; 1751 | &nbsp;&nbsp; 2880 |
| Registration fees | &nbsp;&nbsp; 17177 | &nbsp;&nbsp; 4860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| When-Issued Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5096307 |
| Other accrued expenses and payables | &nbsp;&nbsp; 117041 | &nbsp;&nbsp; 68841 | &nbsp;&nbsp; 46553 | &nbsp;&nbsp; 47343 |
| Total liabilities | &nbsp;&nbsp; 3193176 | &nbsp;&nbsp; 6121065 | &nbsp;&nbsp; 8421468 | &nbsp;&nbsp; 9440638 |
| Net assets applicable to shares outstanding of common stock | &nbsp;&nbsp; $8813282970 | &nbsp;&nbsp; $2605657434 | &nbsp;&nbsp; $299040731 | &nbsp;&nbsp; $506442983 |
| Fund shares outstanding (no par value, unlimited number of shares <br> authorized)<br>| &nbsp;&nbsp; 65482506 | &nbsp;&nbsp; 26844017 | &nbsp;&nbsp; 30711497 | &nbsp;&nbsp; 61879254 |
| Net asset value, offering price and redemption price per share | &nbsp;&nbsp; $134.59 | &nbsp;&nbsp; $97.07 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $8.18 |
| **Analysis of Net Assets** |  |  |  |  |
| Paid-in-capital | &nbsp;&nbsp; $2030736443 | &nbsp;&nbsp; $1052569344 | &nbsp;&nbsp; $316573059 | &nbsp;&nbsp; $524786969 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 6782546527 | &nbsp;&nbsp; 1553088090 | &nbsp;&nbsp; (17532328)<br>| &nbsp;&nbsp; (18343986)<br>|
| Net assets applicable to shares outstanding | &nbsp;&nbsp; $8813282970 | &nbsp;&nbsp; $2605657434 | &nbsp;&nbsp; $299040731 | &nbsp;&nbsp; $506442983 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**STATEMENTS OF OPERATIONS**

**Year ended September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **State Farm** <br>**Growth Fund**<br>| **State Farm** <br>**Balanced Fund**<br>| **State Farm** <br>**Interim Fund**<br>| **State Farm** <br>**Municipal Bond Fund**<br>|
| **Investment Income:** |  |  |  |  |
| Dividends | &nbsp;&nbsp; $135662951 | &nbsp;&nbsp; $29929463 | &nbsp;&nbsp; $29977 | &nbsp;&nbsp; $454650 |
| Interest | &nbsp;&nbsp; 130332 | &nbsp;&nbsp; 31719708 | &nbsp;&nbsp; 11114603 | &nbsp;&nbsp; 17088603 |
|  | &nbsp;&nbsp; 135793283 | &nbsp;&nbsp; 61649171 | &nbsp;&nbsp; 11144580 | &nbsp;&nbsp; 17543253 |
| Less: foreign withholding taxes | &nbsp;&nbsp; (300913) | &nbsp;&nbsp; (18543) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 135492370 | &nbsp;&nbsp; 61630628 | &nbsp;&nbsp; 11144580 | &nbsp;&nbsp; 17543253 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 8046821 | &nbsp;&nbsp; 2707954 | &nbsp;&nbsp; 360871 | &nbsp;&nbsp; 566343 |
| Accounting and Administration fees | &nbsp;&nbsp; 3353871 | &nbsp;&nbsp; 1212782 | &nbsp;&nbsp; 264248 | &nbsp;&nbsp; 301885 |
| Trustees' fees and expenses | &nbsp;&nbsp; 124163 | &nbsp;&nbsp; 37435 | &nbsp;&nbsp; 4492 | &nbsp;&nbsp; 7748 |
| Audit fees | &nbsp;&nbsp; 45574 | &nbsp;&nbsp; 45574 | &nbsp;&nbsp; 41314 | &nbsp;&nbsp; 41314 |
| Insurance fees | &nbsp;&nbsp; 71085 | &nbsp;&nbsp; 22735 | &nbsp;&nbsp; 2929 | &nbsp;&nbsp; 5208 |
| Regulatory and Compliance fees | &nbsp;&nbsp; 325837 | &nbsp;&nbsp; 99435 | &nbsp;&nbsp; 12113 | &nbsp;&nbsp; 20847 |
| Registration fees | &nbsp;&nbsp; 149919 | &nbsp;&nbsp; 69092 | &nbsp;&nbsp; 62696 | &nbsp;&nbsp; 32781 |
| Other | &nbsp;&nbsp; 174917 | &nbsp;&nbsp; 65511 | &nbsp;&nbsp; 14426 | &nbsp;&nbsp; 17512 |
| Total expenses | &nbsp;&nbsp; 12292187 | &nbsp;&nbsp; 4260518 | &nbsp;&nbsp; 763089 | &nbsp;&nbsp; 993638 |
| Less: expense reductions by Adviser | &nbsp;&nbsp; (2635897) | &nbsp;&nbsp; (814043) | &nbsp;&nbsp; (281931) | &nbsp;&nbsp; (169869) |
| Net expenses | &nbsp;&nbsp; 9656290 | &nbsp;&nbsp; 3446475 | &nbsp;&nbsp; 481158 | &nbsp;&nbsp; 823769 |
| Net investment income | &nbsp;&nbsp; 125836080 | &nbsp;&nbsp; 58184153 | &nbsp;&nbsp; 10663422 | &nbsp;&nbsp; 16719484 |
| **Realized and unrealized gain (loss):** |  |  |  |  |
| Net realized gain (loss) on sales of investments | &nbsp;&nbsp; 856509036 | &nbsp;&nbsp; 222042648 | &nbsp;&nbsp; (1311946) | &nbsp;&nbsp; (1604151) |
| Net realized gain (loss) on futures contracts | &nbsp;&nbsp; 8571560 | &nbsp;&nbsp; 2150458 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) on foreign currency transactions | &nbsp;&nbsp; 3166 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in net unrealized appreciation (depreciation) on investments <br> and foreign currency transactions<br>| &nbsp;&nbsp; 193517830 | &nbsp;&nbsp; (25815122) | &nbsp;&nbsp; 1143994 | &nbsp;&nbsp; (1487229) |
| Change in net unrealized appreciation (depreciation) on futures <br> contracts<br>| &nbsp;&nbsp; 968263 | &nbsp;&nbsp; 154695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp; 1059569855 | &nbsp;&nbsp; 198533175 | &nbsp;&nbsp; (167952) | &nbsp;&nbsp; (3091380) |
| Net change in net assets resulting from operations | &nbsp;&nbsp; $1185405935 | &nbsp;&nbsp; $256717328 | &nbsp;&nbsp; $10495470 | &nbsp;&nbsp; $13628104 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **State Farm** <br>**Growth Fund** | **State Farm** <br>**Growth Fund** |
| **Year ended September 30, 2025 and year ended September 30, 2024** | **2025** | **2024** |
| **From operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $125836080 | &nbsp;&nbsp;&nbsp;&nbsp; $117913476 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 865083762 | &nbsp;&nbsp;&nbsp;&nbsp; 445987743 |
| Change in net unrealized appreciation or depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 194486093 | &nbsp;&nbsp;&nbsp;&nbsp; 1454091916 |
| Net change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 1185405935 | &nbsp;&nbsp;&nbsp;&nbsp; 2017993135 |
| **Distributions to shareholders from:** |  |  |
| Distributable earnings (net investment income and net realized gain) | &nbsp;&nbsp;&nbsp;&nbsp; (670285952) | &nbsp;&nbsp;&nbsp;&nbsp; (424040088) |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (670285952) | &nbsp;&nbsp;&nbsp;&nbsp; (424040088) |
| **From Fund share transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 265770684 | &nbsp;&nbsp;&nbsp;&nbsp; 244563024 |
| Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 614707277 | &nbsp;&nbsp;&nbsp;&nbsp; 392745634 |
| Less payments for shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (681047210) | &nbsp;&nbsp;&nbsp;&nbsp; (581112493) |
| Net increase (decrease) in net assets from Fund share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 199430751 | &nbsp;&nbsp;&nbsp;&nbsp; 56196165 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 714550734 | &nbsp;&nbsp;&nbsp;&nbsp; 1650149212 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 8098732236 | &nbsp;&nbsp;&nbsp;&nbsp; 6448583024 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $8813282970 | &nbsp;&nbsp;&nbsp;&nbsp; $8098732236 |
| **Share Information** |  |  |
| Sold | &nbsp;&nbsp;&nbsp;&nbsp; 2188461 | &nbsp;&nbsp;&nbsp;&nbsp; 2151132 |
| Issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp; 5200114 | &nbsp;&nbsp;&nbsp;&nbsp; 3690076 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5594516) | &nbsp;&nbsp;&nbsp;&nbsp; (5097117) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1794059 | &nbsp;&nbsp;&nbsp;&nbsp; 744091 |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **State Farm** <br>**Balanced Fund** | **State Farm** <br>**Balanced Fund** | **State Farm** <br>**Interim Fund** | **State Farm** <br>**Interim Fund** | **State Farm** <br>**Municipal Bond Fund** | **State Farm** <br>**Municipal Bond Fund** |
| **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| $58184153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56427246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10663422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9430497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16719484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17017848 |
| 224193602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172988035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1311946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5982977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1604151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1459957) |
| (25660427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279296534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18243198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1487229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29558113 |
| 256717328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508711815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10495470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21690718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13628104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45116004 |
| (223233175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (156604344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10661685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9427209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16719150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17024413) |
| (223233175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (156604344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10661685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9427209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16719150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17024413) |
| 107142900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90181973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96347185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63946090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25742041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15066393 |
| 211466264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148579701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10589734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9343389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13379397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615828 |
| (267049297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (233660114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116431183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91688470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68310488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65894152) |
| 51559867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5101560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9494264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18398991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29189050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37211931) |
| 85044020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357209031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9660479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6135482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32280096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9120340) |
| 2520613414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2163404383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308701210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314836692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538723079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547843419 |
| $2605657434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2520613414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $299040731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $308701210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $506442983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $538723079 |
| 1176106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9977519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6701494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3182630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855943 |
| 2400527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1095575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1681514 |
| (2942432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2650025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12071386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9625101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8464895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8136921) |
| 634201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (998292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1943604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3626630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4599464) |

---

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the financial performance of each Fund for the past five years. Prior to August 23, 2021, each State Farm Fund operated as a series of State Farm Associates' Funds Trust (each a "Predecessor Fund" and together the "Predecessor Funds"). On August 23, 2021, the Predecessor Funds were reorganized into the Trust, pursuant to an Agreement and Plan of Reorganization approved by the State Farm Associates' Funds' Board of Trustees on March 11, 2021 and by the Predecessor Funds' shareholders on June 17, 2021. Because each Fund is a continuation of its respective Predecessor Fund, the following financial information includes results of each Fund's respective Predecessor Fund for periods prior to August 23, 2021. Certain information reflects financial results for a single Fund share. The total returns within each table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and

distributions).

**STATE FARM GROWTH FUND** 

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Average shares outstanding for the period were used to calculate net investment income
 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Determined on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The portfolio turnover rate excludes securities delivered from processing redemptions
 in-kind.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate rounds to less than 1% for the year ended November 30, 2020.

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**FINANCIAL HIGHLIGHTS (continued)**

**STATE FARM BALANCED FUND**

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Average shares outstanding for the period were used to calculate net investment income
 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Determined on an annualized basis.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The portfolio turnover rate excludes securities delivered from processing redemptions
 in-kind.

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

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**FINANCIAL HIGHLIGHTS (continued)**

**STATE FARM INTERIM FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) |
|  | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **Year ended September 30,** | **10-month period ended** <br>**September 30,** <br>**2021** | **Year ended November 30,** <br>**2020** |
|  | **2025** | **2024** | **2023** | **2022** | **10-month period ended** <br>**September 30,** <br>**2021** | **Year ended November 30,** <br>**2020** |
| **Net asset value, beginning of period** | $9.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36 | &nbsp;&nbsp;&nbsp;&nbsp; $9.37 | &nbsp;&nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp;&nbsp; $10.10 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net gain (loss) on investments (both realized and <br> unrealized)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from invesment operations | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| **Less Distributions** |  |  |  |  |  |  |
| Net investment income | (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>|
| Net realized gain |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>|
| **Net asset value, end of period** | $9.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp;&nbsp; $9.36 | &nbsp;&nbsp;&nbsp;&nbsp; $9.37 | &nbsp;&nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp;&nbsp; $10.36 |
| **Total Return** | 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.71)%(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.02<br> %<br>|
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $299.0 | &nbsp;&nbsp;&nbsp;&nbsp; $308.7 | &nbsp;&nbsp;&nbsp;&nbsp; $314.8 | &nbsp;&nbsp;&nbsp;&nbsp; $368.2 | &nbsp;&nbsp;&nbsp;&nbsp; $447.0 | &nbsp;&nbsp;&nbsp;&nbsp; $495.2 |
| **Average net asset ratios** |  |  |  |  |  |  |
| Expenses, net of waivers and reimbursements | 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Expenses, gross of waivers and reimburements | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>|
| Net investment income, net of waivers and <br> reimbursements<br>| 3.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>|
| **Portfolio turnover rate** | 50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36<br> %(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Determined on an annualized basis.

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**FINANCIAL HIGHLIGHTS (continued)**

**STATE FARM MUNICIPAL BOND FUND**

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain distributions represent less than $0.01 per share for the year ended
 November 30, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods that are less than a full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Determined on an annualized basis.

See accompanying notes to financial statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**September 30, 2025**

Advisers Investment Trust (the "Trust" or "AIT") is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The State Farm Growth Fund, the State Farm Balanced Fund, the State Farm Interim Fund, and the State Farm Municipal Bond Fund (referred to individually as a "Fund" and collectively as the "Funds" or the "State Farm Funds") are each a diversified fund and are each a series of the Trust which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements and notes only relate to the State Farm Funds.

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

Prior to August 23, 2021, each State Farm Fund operated as a series of State Farm Associates' Funds Trust (each a "Predecessor Fund" and together the "Predecessor Funds"). On August 23, 2021, the Predecessor Funds were reorganized into the Trust, pursuant to an Agreement and Plan of Reorganization approved by the State Farm Associates' Funds' Board of Trustees on March 11, 2021 and by the Predecessor Funds' shareholders on June 17, 2021 (each a "Reorganization" and collectively, the "Reorganizations").

At the time of the Reorganizations, each Predecessor Fund transferred all of its assets to its corresponding State Farm Fund in exchange for shares of the corresponding State Farm Fund and the assumption of all of the liabilities of the Predecessor Fund by the corresponding State Farm Fund. Upon closing of the Reorganizations, holders of a Predecessor Fund's shares received shares of the corresponding State Farm Fund's shares. The Reorganizations were tax-free for U.S federal income tax purposes.

Prior to the Reorganizations, the State Farm Funds had no net assets or operations in the Trust, and therefore, activity shown in the Statements of Changes in Net Assets and Financial Highlights prior to the Reorganization represents the operations and changes in net assets of each Predecessor Fund. The cost basis of the investments transferred from each Predecessor Fund was carried forward to the corresponding Fund for accounting and tax purposes.

As part of each Reorganization, the Board approved a September 30 fiscal year end for each State Farm Fund. Prior to each Reorganization, each Predecessor Fund had a November 30 fiscal year end.

**1. Investment Objective**

The **State Farm Growth Fund** (the "Growth Fund") seeks long-term growth of capital, which may be supplemented by income. For information on the specific strategies of the Growth Fund, please refer to the Fund's Prospectus.

The **State Farm Balanced Fund** (the "Balanced Fund") seeks long-term growth of capital while providing some current income. For information on the specific strategies of the Balanced Fund, please refer to the Fund's Prospectus.

The **State Farm Interim Fund** (the "Interim Fund") seeks to provide investment results approximating the performance of the Bloomberg 1-5 Year U.S. Treasury Index. For information on the specific strategies of the Interim Fund, please refer to the Fund's Prospectus.

The **State Farm Municipal Bond Fund** (the "Municipal Bond Fund") seeks as high rate of income exempt from federal income taxes as is consistent with prudent investment management. For information on the specific strategies of the Municipal Bond Fund, please refer to the Fund's Prospectus.

**2. Significant Accounting Policies**

***Investment Valuation***

All investments are recorded at their fair value. For more information see Note 3 Investment Valuation.

***When-Issued Securities***

The Municipal Bond Fund may purchase municipal bonds on a "when-issued" basis. Delivery and payment for these securities may be a month or more after the purchase date, during which time such securities are subject to market fluctuations. Unless physically settled within 35 days of the

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

trade date, the Municipal Bond Fund identifies and holds specific liquid assets with a market value at least equal to the amount of the when-issued purchase commitments in order to ensure that it can meet those commitments. It is possible that the securities will never be issued and the commitment cancelled.

***Futures Contracts***

Certain Funds invest in stock index futures contracts for hedging purposes, to increase total return (i.e., for speculative purposes), to maintain liquidity to meet potential shareholder redemptions, to invest cash balances or dividends, or to minimize trading costs. When used as a hedge, a Fund may sell a futures contract in order to offset a decrease in the fair value of its portfolio securities that might otherwise result from a market decline. A Fund may do so either to hedge the value of its portfolio securities as a whole, or to protect against declines occurring prior to sales of securities in the value of the securities to be sold. Conversely, a Fund may purchase a futures contract as a hedge in anticipation of purchases of securities. In addition, a Fund may utilize futures contracts in anticipation of changes in the composition of its portfolio holdings. A Fund bears the market risk arising from changes in the value of these financial instruments. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized gains or losses. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts in "Net realized gain (loss) on futures contracts", and any unrealized gains or losses on open futures contracts in "Change in net unrealized appreciation (depreciation) on futures contracts".

Further information on the impact of these positions on the Funds' financial statements can be found in Note 7.

***Currency Transactions***

The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in "Net realized and unrealized gains (losses) from investments" on the Statements of Operations.

***Investment Transactions and Income***

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts.

***Expense Allocations***

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

***Dividends and Distributions***

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

The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.

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

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

***Federal Income Tax Information***

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

The Funds analyzed all open tax years, as defined by the Statute of Limitations, for all major jurisdictions that remain subject to examination. The Funds' Federal tax returns for the tax years ended September 30, 2022, 2023, 2024 and 2025, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

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

***Use of Estimates***

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

***Operating Segments***

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

**3. Investment Valuation**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup> Level 1 - quoted prices in active markets for identical assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup> Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>●</sup> Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

Security prices are generally provided by an approved independent third party pricing service as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Fund is calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in other open-end registered investment companies are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

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

The Trustees have designated State Farm Investment Management Corp., as investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price). In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund's net asset value is calculated.

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

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| State Farm Growth Fund |  |  |  |  |
| Investments in Securities: |  |  |  |  |
| Common Stocks (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8664436332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8664436332 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6827719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6827719 |
| Short-term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138709472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138709472 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8803145804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6827719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8809973523 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374309 |
| State Farm Balanced Fund |  |  |  |  |
| Investments in Securities: |  |  |  |  |
| Common Stocks (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834516148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834516148 |
| Corporate Bonds (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208626365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208626365 |
| Foreign Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34036098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34036098 |
| Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7459371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7459371 |
| Long-term Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293312 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468276916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468276916 |
| Short-term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50021887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50021887 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884538035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719692062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2604230097 |
| Other Financial Instruments |  |  |  |  |
| Assets: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424637 |
| State Farm Interim Fund |  |  |  |  |
| Investments in Securities: |  |  |  |  |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295664583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295664583 |
| Short-term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711759 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295664583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296376342 |
| State Farm Municipal Bond Fund |  |  |  |  |
| Investments in Securities: |  |  |  |  |
| Long-term Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495829100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495829100 |
| Short-term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12981051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12981051 |
| Total Investments in Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12981051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495829100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508810151 |
| (a) Industry classification is disclosed in the Schedules of Investments. | (a) Industry classification is disclosed in the Schedules of Investments. | (a) Industry classification is disclosed in the Schedules of Investments. | (a) Industry classification is disclosed in the Schedules of Investments. | (a) Industry classification is disclosed in the Schedules of Investments. |
| (b) Amount is $0. | (b) Amount is $0. | (b) Amount is $0. | (b) Amount is $0. | (b) Amount is $0. |

---

As of September 30, 2025, there were no transfers to or from Level 3 during the year ended September 30, 2025.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

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

**4. Federal Income Tax**

As of September 30, 2025, each Fund's aggregate unrealized gains and losses for all investments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of Investments for** <br>**Federal Tax Purposes**<br>| **Gross Unrealized** <br>**Appreciation**<br>| **Gross Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation (Depreciation)**<br>|
| State Farm Growth Fund | &nbsp;&nbsp; $2475989578 | &nbsp;&nbsp; $6343827715 | &nbsp;&nbsp; $(8469461) | &nbsp;&nbsp; $6335358254 |
| State Farm Balanced Fund | &nbsp;&nbsp; 1189304893 | &nbsp;&nbsp; 1417319862 | &nbsp;&nbsp; (1970021) | &nbsp;&nbsp; 1415349841 |
| State Farm Interim Fund | &nbsp;&nbsp; 294365428 | &nbsp;&nbsp; 2621130 | &nbsp;&nbsp; (610216) | &nbsp;&nbsp; 2010914 |
| State Farm Municipal Bond Fund | &nbsp;&nbsp; 511939225 | &nbsp;&nbsp; 3484776 | &nbsp;&nbsp; (6613850) | &nbsp;&nbsp; (3129074) |

---

As of the latest tax year ended September 30, 2025, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains realized after September 30, 2025, if any. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations. If not applied, the capital losses will carryforward indefinitely as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Unused Non Expiring Capital Loss Carryforwards** | **Unused Non Expiring Capital Loss Carryforwards** | **Unused Non Expiring Capital Loss Carryforwards** |
| **Fund** | **Loss Carryforwards Utilized in 2025** | **Short-term** | **Long-term** | **Total** |
| State Farm Interim Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2541932 | &nbsp;&nbsp;&nbsp;&nbsp; $17001423 | &nbsp;&nbsp;&nbsp;&nbsp; $19543355 |
| State Farm Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7451711 | &nbsp;&nbsp;&nbsp;&nbsp; 7757096 | &nbsp;&nbsp;&nbsp;&nbsp; 15208807 |

---

As of the latest tax year ended September 30, 2025, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Tax Exempt Income**<br>| **Undistributed** <br>**Ordinary Income**<br>| **Undistributed** <br>**Long-term Gain**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Accumulated** <br>**Capital and** <br>**Other Losses**<br>| **Distributions** <br>**Payable**<br>| **Total** |
| &nbsp;&nbsp; State Farm <br> Growth Fund<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $37207988 | &nbsp;&nbsp; $423570847 | &nbsp;&nbsp; $6335360527 | &nbsp;&nbsp; $(13592835) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6782546527 |
| &nbsp;&nbsp; State Farm <br> Balanced Fund<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17188861 | &nbsp;&nbsp; 122543937 | &nbsp;&nbsp; 1415351278 | &nbsp;&nbsp; (1995986) | &nbsp;&nbsp; — | &nbsp;&nbsp; 1553088090 |
| &nbsp;&nbsp; State Farm <br> Interim Fund<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 886590 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2010914 | &nbsp;&nbsp; (19543355) | &nbsp;&nbsp; (886477) | &nbsp;&nbsp; (17532328) |
| &nbsp;&nbsp; State Farm <br> Municipal Bond <br> Fund<br>| &nbsp;&nbsp; 1366281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3129074) | &nbsp;&nbsp; (15208807) | &nbsp;&nbsp; (1372386) | &nbsp;&nbsp; (18343986) |

---

For the period subsequent to October 31, 2024, through the fiscal year ended September 30, 2025, the State Farm Growth Fund and State Farm Balanced Fund incurred net capital losses in the amount of $13,592,835 and $1,995,986, respectively, which the Funds intend to treat as having been incurred in the following fiscal year.

The tax character of distributions was designated as follows for the latest tax years ended September 30, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025** | **Tax-Exempt Income** | **Ordinary Income** | **Long-term Capital Gain** | **Total** |
| State Farm Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $151980258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $518,305,694\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $670285952 |
| State Farm Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64383200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158,849,975\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223233175 |
| State Farm Interim Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10606643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10606643 |
| State Farm Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16259228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16730210 |

---

\*\* These amounts do not include tax equalization utilized of $16,624,932 and $7,646,673, respectively, which the Portfolios designated as being distributed to shareholders upon their redemption of shares. 

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2024** | **Tax-Exempt Income** | **Ordinary Income** | **Long-term Capital Gain** | **Total** |
| State Farm Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $116139091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $307,900,997\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $424040088 |
| State Farm Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53981052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102,623,292\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156604344 |
| State Farm Interim Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9238052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9238052 |
| State Farm Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17232017 |

---

\*\* These amounts do not include tax equalization utilized of $8,076,222 and $5,205,494, respectively, which the Portfolios designated as being distributed to shareholders upon their redemption of shares. 

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

***Investment Adviser***

The Trust, on behalf of the Funds, has entered into an Investment Advisory Agreement (the "Advisory Agreement") with State Farm Investment Management Corp. (the "Adviser" or "State Farm"), which is registered under the Investment Advisers Act of 1940, (as amended), to provide investment advisory services to the Funds, including oversight of Northern Trust Investments, Inc. (the "Sub-Adviser" or "NTI"). Total fees incurred pursuant to the Advisory Agreement are reflected as "Investment advisory" fees on the Statements of Operations. Under the terms of the Advisory Agreement, the Funds pay the Adviser a monthly fee based on each Fund's daily net assets at the following annualized rates:

---

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

---

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

***Expense Limitation Agreement***

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit the total annual operating expenses of each Fund (excluding brokerage costs, interest, taxes, dividends and other expenses in connection with the short sale of securities, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses as determined under generally accepted principles) to amounts specified in the table below:

---

| | |
|:---|:---|
| **Fund** | **Expense Limitation** |
| State Farm Growth Fund | 0.12% |
| State Farm Balanced Fund | 0.14% |
| State Farm Interim Fund | 0.16% |
| State Farm Municipal Bond Fund | 0.16% |

---

The expense limitation agreement is effective until January 28, 2026 for the Funds at which time it will be subject to automatic renewal upon the effective date of the Funds' registration statement. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends and other expenses in connection with the short sale of securities, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the lesser of the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Advisory Agreement.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

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

---

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

---

***Investment Sub-Adviser***

NTI serves as the Sub-Adviser to the Funds. For its services to the Funds, NTI does not directly receive a fee from the Funds. NTI receives a fee from the Adviser which is computed and accrued daily and paid monthly as follows:

---

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

---

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

***Distribution Agreement***

Foreside Financial Services, LLC (the "Distributor"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor, and its officers, have no role in determining each Fund's investment policies or which securities to buy or sell. The Adviser, at its own expense, pays the Distributor a fee for distribution-related services.

***Custody, Transfer Agency, and Fund Administration and Accounting Services Agreements with the Northern Trust Company***

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

***Services Agreement with Foreside Fund Officer Services, LLC***

Foreside Fund Officer Services, LLC ("Foreside", d/b/a ACA Group) provides compliance and financial control services for the Funds pursuant to a written agreement with the Trust on behalf of the Funds, including providing certain officers to the Funds. The Funds pay Foreside an annual base fee, a basis-point fee based on each Fund's daily net assets and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Foreside pursuant to this agreement are reflected as "Regulatory and Compliance" fees on the Statements of Operations.

***Trustee Compensation***

Officers of the Trust receive no compensation directly from the Funds for serving in their respective roles. The Trust has no retirement or pension plans. Through March 31, 2025, the Trust paid each Trustee who is not an "interested person," as that term is defined in the 1940 Act (each, an "Independent Trustee" and, collectively, the "Independent Trustees") compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. Effective April 1, 2025, the Trust pays an annual retainer of $145,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the year ended September 30, 2025, the aggregate Independent Trustee

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

compensation paid by the Trust was $415,500. The amount of total Trustee compensation and reimbursement of out-of pocket expenses allocated from the Trust to the Funds are reflected as "Trustees' fees and expenses" on the Statements of Operations.

**6. Investment Transactions**

For the year ended September 30, 2025, investment transactions (exclusive of futures contracts and short-term instruments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases (excluding U.S.** <br>**Government Obligations)**<br>| **Sales/Maturities (excluding U.S.** <br>**Government Obligations)**<br>| **Purchases of U.S.** <br>**Government Obligations**<br>| **Sales/Maturities of U.S.** <br>**Government Obligations**<br>|
| State Farm Growth Fund | &nbsp;&nbsp; $2294139688 | &nbsp;&nbsp; $2725240516 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| State Farm Balanced Fund | &nbsp;&nbsp; 484920852 | &nbsp;&nbsp; 652650229 | &nbsp;&nbsp; 140888994 | &nbsp;&nbsp; 125496311 |
| State Farm Interim Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147758126 | &nbsp;&nbsp; 158628782 |
| &nbsp;&nbsp; State Farm Municipal Bond <br> Fund<br>| &nbsp;&nbsp; 132812093 | &nbsp;&nbsp; 162464780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**7. Derivative Instruments**

Information concerning the types of derivatives in which the Funds invest, the objectives for using them and their related risks can be found in Note 2.

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Fund** | **Contract Type** | **Statements of** <br>**Assets Location**<br>| **Value** | **Statements of** <br>**Liabilities Location**<br>| **Value** |
| State Farm Growth Fund | Equity risk | &nbsp;&nbsp; Variation margin on futures <br>contracts<br>| &nbsp;&nbsp; $1,374,309\* | &nbsp;&nbsp; Variation margin on futures <br>contracts<br>| &nbsp;&nbsp; $— |
| State Farm Balanced Fund | Equity risk | &nbsp;&nbsp; Variation margin on futures <br>contracts<br>| &nbsp;&nbsp; 424,637\* | &nbsp;&nbsp; Variation margin on futures <br>contracts<br>| &nbsp;&nbsp; — |

---

\* Includes cumulative appreciation/depreciation on future contracts as reported in the Schedule of Investments' footnotes. Only the current day's variation margin is separately reported within the Statements of Assets and Liabilities.

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Amount of Realized Gain (Loss) on Derivative Contracts** | **Amount of Realized Gain (Loss) on Derivative Contracts** |
| **Fund** | **Contract Type** | **Statements of Operations Location** | **Value** |
| State Farm Growth Fund | Equity risk | Net realized gain (loss) on futures contracts | &nbsp;&nbsp; $8571560 |
| State Farm Balanced Fund | Equity risk | Net realized gain (loss) on futures contracts | &nbsp;&nbsp; 2150458 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Change in Unrealized Appreciation (Depreciation) on Derivative Contracts** | **Change in Unrealized Appreciation (Depreciation) on Derivative Contracts** |
| **Fund** | **Contract Type** | **Statements of Operations Location** | **Value** |
| State Farm Growth Fund | Equity risk | Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp; $968263 |
| State Farm Balanced Fund | Equity risk | Change in net unrealized appreciation (depreciation) on futures contracts | &nbsp;&nbsp; 154695 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Equity Contracts** | **Equity Contracts** |
| **Fund** | **Number of Trades** | **Average Notional Amount** |
| State Farm Growth Fund | &nbsp;&nbsp; 24 | &nbsp;&nbsp; $24570048 |
| State Farm Balanced Fund | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 8549124 |

---

\*Activity for the fiscal year is measured by number of trades during the fiscal year and average notional amount for futures equity contracts.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

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

**8. Principal Investment Risks**

Investing in a Fund may involve certain risks including, but not limited to, those described below. Please refer to the Funds' prospectus and statement of additional information for more information on risks associated with investing in the Funds.

***Management Risk***

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

***Market Risk***

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

***Tracking Risk***

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

***Liquidity Risk***

The Sub-Adviser may have difficulty selling securities the Funds hold at the time it would like to sell, and at the value the Funds have placed on those securities.

***High Yield Risk***

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

***Long-term Ownership Strategy Risk***

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

***Tax Risk***

The Funds' long-term ownership strategy historically has resulted in a low rate of turnover in its portfolio. Therefore, the Funds have accumulated a large amount of unrealized capital gains, and distribution of such gains to shareholders may be larger than the capital gain distributions made by other similar mutual funds. Should the Sub-Adviser sell any appreciated assets in the Funds, shareholders generally will receive their proportional share of the resulting realized capital gains regardless of how long they owned such shares. As a result, unless you are purchasing shares of the Funds through a tax-advantaged account (such as an IRA), buying shares at a time when the Funds have unrealized gains might eventually cost you money in taxes.

***Large Cap Risk***

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

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

***Mid Cap Stock Risk***

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

***Interest Rate Risk***

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

***Prepayment (or Call) Risk***

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

***U.S. Government Securities Risk***

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

***Municipal Securities Risks***

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

***Credit (or Default) Risk***

The risk that the inability or unwillingness of an issuer or a counterparty to meet its principal or interest payments or other financial obligations will adversely affect the value of the Funds' investments and their returns. The credit quality of a debt security or of the issuer of a debt security held by the Funds could deteriorate rapidly, which may impair the Funds' liquidity or cause a deterioration in the Funds' net asset value.

***Debt Extension Risk***

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

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**NOTES TO FINANCIAL STATEMENTS (continued)**

**September 30, 2025**

***Inflation Risk***

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

***Income Risk***

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

***Valuation Risk***

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

***Futures Risk***

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

***Geographic and Sector Risk***

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

------

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Advisers Investment Trust and Shareholders of State Farm Growth Fund, State Farm Balanced Fund, State Farm Interim Fund and State Farm Municipal Bond Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of State Farm Growth Fund, State Farm Balanced Fund, State Farm Interim Fund and State Farm Municipal Bond Fund (four of the funds constituting Advisers Investment Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

November 18, 2025

We have served as the auditor of one or more investment companies in Advisers Investment Trust since 2011.

------

**Advisers Investment Trust**

**State Farm Funds**

**Additional Information**

**September 30, 2025 (Unaudited)**

The following information is provided as required by the Internal Revenue Code for dividends paid by each Fund during the year ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Qualified** <br>**Dividend Income Distributed**<br>| **Total Distributions** <br>**Qualifying for the** <br>**Dividends-Received Deduction**<br>|
| State Farm Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; $122354792 | &nbsp;&nbsp;&nbsp;&nbsp; $117427183 |
| State Farm Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26401269 | &nbsp;&nbsp;&nbsp;&nbsp; 25831069 |
| State Farm Interim Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| State Farm Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Funds. Individual shareholders should refer to their Form 1099 to determine the amounts to be included on their federal income tax return.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**September 30, 2025 (Unaudited)**

Not Applicable

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**PROXY DISCLOSURES**

**September 30, 2025 (Unaudited)**

Not Applicable

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

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

**September 30, 2025 (Unaudited)**

Included on pages 62 and 63 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY CONTRACTS**

**September 30, 2025 (Unaudited)**

Not Applicable

------

**Investment Adviser**

State Farm Investment Management Corp.

One State Farm Plaza, B-2

Bloomington, IL 61710

**Investment Sub-Adviser**

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, IL 60603

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopersLLP

One North Wacker

Chicago, IL 60606

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215-6101

**Distributor**

Foreside Financial Services, LLC

190 Middle Street., Suite 301

Portland, ME 04101

**For Additional Information, call**

800-447-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812

SF 9/25

------

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

------

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

------

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

------

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

------

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

------

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

------

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

------

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

------

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

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

------

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

------

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

------

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

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

------

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

Advisers Investment Trust

---

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

---

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

---

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

---

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## Ex-99.Code

Advisers Investment Trust

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

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

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

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

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

● compliance with applicable laws and governmental rules and regulations;

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

● accountability for adherence to this Code.

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

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

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

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

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

● the receipt of any non-nominal gifts;

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

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

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

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III. **Disclosure and Compliance** 

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

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

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

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

IV. **Reporting and Accountability** 

Each Covered Officer must:

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

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

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

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

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

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

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

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

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

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

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

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

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

V. **Other Policies and Procedures** 

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

VI. **Amendments** 

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

VII. **Confidentiality** 

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

VIII. **Internal Use** 

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

#### Exhibit A

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#### Persons Covered by this Code of Ethics

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

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

#### Exhibit B-1

#### Advisers Investment Trust

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

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

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#### Exhibit B-2

#### Advisers Investment Trust

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

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

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#### Exhibit C-1

#### Advisers Investment Trust

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

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

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

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#### Exhibit C-2

#### Advisers Investment Trust

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

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

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

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## Ex-99.Cert

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

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

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

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

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

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

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

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

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

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

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

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

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

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I, Troy A. Sheets, certify that:

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

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

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

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

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

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

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

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

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

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

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

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

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## Exhibit 99.906

CERTIFICATION

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

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

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

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

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

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

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