# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-26-000836
**Filing Date:** 2026-2
**Character Count:** 274370
**Document Hash:** cf312310a6f28b3ce8004656b40101b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000836.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000836

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 26686014

**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 Interim Fund (Series ID: S000071159)

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

## Nport-Ex

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (0.00%)** | **Common Stocks (0.00%)** | **Common Stocks (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp., Class A(a) | 11309 | $7620231 |
| Omnicom Group Inc. | 133915 | 10813636 |
| Trade Desk Inc., The, Class A(a) | 100 | 3796 |
|  |  | 18437663 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| Axon Enterprise Inc.(a) | 1500 | 851895 |
| General Dynamics Corp. | 32000 | 10773120 |
| General Electric Co. | 6400 | 1971392 |
| Lockheed Martin Corp. | 30700 | 14848669 |
|  |  | 28445076 |
| **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** |
| Tapestry Inc. | 196300 | 25081251 |
| VF Corp. | 100 | 1808 |
|  |  | 25083059 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Ameriprise Financial Inc. | 21900 | 10738446 |
| Blackstone Inc. | 100 | 15414 |
| Charles Schwab Corp., The | 100 | 9991 |
| Franklin Resources Inc. | 323400 | 7726026 |
| Invesco Ltd. | 944800 | 24819896 |
| Janus Henderson Group PLC | 419700 | 19965129 |
| KKR & Co. Inc. | 100 | 12748 |
| Robinhood Markets Inc., Class A(a) | 55203 | 6243459 |
|  |  | 69531109 |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Tesla Inc.(a) | 222400 | 100017728 |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| Bank of America Corp. | 122800 | 6754000 |
| Citigroup Inc. | 163500 | 19078815 |
| Citizens Financial Group Inc. | 100 | 5841 |
| Comerica Inc. | 41600 | 3616288 |
| Cullen/Frost Bankers Inc. | 100900 | 12776967 |
| Fifth Third Bancorp | 12000 | 561720 |
| Huntington Bancshares Inc. | 100 | 1735 |
| JPMorgan Chase & Co. | 170900 | 55067398 |
| KeyCorp | 103600 | 2138304 |
| M&T Bank Corp. | 62000 | 12491760 |
| Regions Financial Corp. | 100 | 2710 |
| Truist Financial Corp. | 100 | 4921 |
| US Bancorp | 100 | 5336 |
| Wells Fargo & Co. | 1359500 | 126705400 |
| Zions Bancorp NA | 100 | 5854 |
|  |  | 239217049 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Coca-Cola Co., The | 745000 | 52082950 |
| PepsiCo Inc. | 283300 | 40659216 |
|  |  | 92742166 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| AbbVie Inc. | 612600 | 139972974 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| Amgen Inc. | 100885 | $33020669 |
| Bristol-Myers Squibb Co. | 136800 | 7378992 |
| Eli Lilly & Co. | 233400 | 250830312 |
| Gilead Sciences Inc. | 172300 | 21148102 |
| Johnson & Johnson | 2125520 | 439876364 |
| Merck & Co. Inc. | 128150 | 13489069 |
| Pfizer Inc. | 2593932 | 64588907 |
| Zoetis Inc. | 741796 | 93332773 |
|  |  | 1063638162 |
| **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** |
| Comcast Corp., Class A | 11100 | 331779 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Air Products and Chemicals Inc. | 724900 | 179064798 |
| Ecolab Inc. | 4200 | 1102584 |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 524541 | 35348818 |
| Linde PLC | 5100 | 2174589 |
|  |  | 217690789 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Automatic Data Processing Inc. | 109900 | 28269577 |
| Cintas Corp. | 79300 | 14913951 |
| H&R Block Inc. | 553300 | 24112814 |
| Paychex Inc. | 2100 | 235578 |
|  |  | 67531920 |
| **Computers (0.00%)** | **Computers (0.00%)** | **Computers (0.00%)** |
| Super Micro Computer Inc.(a) | 20000 | 585400 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Vulcan Materials Co. | 844800 | 240953856 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Grand Canyon Education Inc.(a) | 7100 | 1180801 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| AptarGroup Inc. | 391597 | 47759170 |
| Packaging Corp of America | 51500 | 10620845 |
|  |  | 58380015 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| 3M Co. | 91900 | 14713190 |
| Emerson Electric Co. | 126400 | 16775808 |
| Illinois Tool Works Inc. | 652300 | 160661490 |
|  |  | 192150488 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.(a) | 811900 | 187402758 |
| eBay Inc. | 26300 | 2290730 |
| Etsy Inc.(a) | 100 | 5544 |
|  |  | 189699032 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| AES Corp., The | 1319600 | 18923064 |
| Brookfield Renewable Corp. | 239600 | 9186264 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Clearway Energy Inc., Class C | 283700 | $9435862 |
| Consolidated Edison Inc. | 126200 | 12534184 |
| Constellation Energy Corp. | 3400 | 1201118 |
| Duke Energy Corp. | 82800 | 9704988 |
| Edison International | 251900 | 15119038 |
| Evergy Inc. | 136000 | 9858640 |
| NRG Energy Inc. | 2300 | 366252 |
| OGE Energy Corp. | 287800 | 12289060 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br>| 24100 | 1935230 |
| Southern Co., The | 156800 | 13672960 |
| Vistra Corp. | 32900 | 5307757 |
|  |  | 119534417 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| AMETEK Inc. | 7400 | 1519294 |
| GE Vernova Inc. | 46600 | 30456362 |
| Generac Holdings Inc.(a) | 100 | 13637 |
| Rockwell Automation Inc. | 10300 | 4007421 |
| Vertiv Holdings Co., Class A | 109100 | 17675291 |
|  |  | 53672005 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Electronic Arts Inc. | 18800 | 3841404 |
| Netflix Inc.(a) | 682000 | 63944320 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp., <br> Class B<br>| 100 | 1340 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 2500 | 640075 |
| Walt Disney Co., The | 1885840 | 214552017 |
| Warner Bros Discovery Inc.(a) | 100 | 2882 |
|  |  | 282982038 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Ingredion Inc. | 100900 | 11125234 |
| McCormick & Co. Inc. | 856600 | 58343026 |
|  |  | 69468260 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| National Fuel Gas Co. | 101800 | 8150108 |
| UGI Corp. | 549500 | 20567785 |
|  |  | 28717893 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| Cardinal Health Inc. | 54400 | 11179200 |
| Cencora Inc. | 21700 | 7329175 |
| Chemed Corp. | 14100 | 6032826 |
| Encompass Health Corp. | 12100 | 1284294 |
| McKesson Corp. | 20000 | 16405800 |
| Medpace Holdings Inc.(a) | 5500 | 3089075 |
| UnitedHealth Group Inc. | 11500 | 3796265 |
|  |  | 49116635 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** |
| HNI Corp. | 1235100 | $51923604 |
| Scotts Miracle-Gro Co., The | 111500 | 6506025 |
|  |  | 58429629 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Clorox Co., The | 70800 | 7138764 |
| Colgate-Palmolive Co. | 367600 | 29047752 |
| Kenvue Inc. | 1427196 | 24619131 |
| Procter & Gamble Co., The | 674755 | 96699139 |
|  |  | 157504786 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Cboe Global Markets Inc. | 38700 | 9713700 |
| CME Group Inc. | 3900 | 1065012 |
| Coinbase Global Inc., Class A(a) | 22120 | 5002217 |
| Goldman Sachs Group Inc., The | 4100 | 3603900 |
| Intercontinental Exchange Inc. | 49900 | 8081804 |
| Jefferies Financial Group Inc. | 86700 | 5372799 |
| Morgan Stanley | 7200 | 1278216 |
| Northern Trust Corp. | 20600 | 2813754 |
|  |  | 36931402 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Allstate Corp., The | 24500 | 5099675 |
| American Financial Group Inc. | 65100 | 8897868 |
| Assurant Inc. | 65200 | 15703420 |
| Berkshire Hathaway Inc., Class B(a) | 10100 | 5076765 |
| Equitable Holdings Inc. | 245800 | 11712370 |
| Hartford Insurance Group Inc., The | 54400 | 7496320 |
| Lincoln National Corp. | 187200 | 8336016 |
| Loews Corp. | 69100 | 7276921 |
| Old Republic International Corp. | 175700 | 8018948 |
| Willis Towers Watson PLC | 47200 | 15509920 |
|  |  | 93128223 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Airbnb Inc., Class A(a) | 100 | 13572 |
| Alphabet Inc., Class A | 1473100 | 461080300 |
| Alphabet Inc., Class C | 119876 | 37617089 |
| Booking Holdings Inc. | 400 | 2142132 |
| Expedia Group Inc. | 3300 | 934923 |
| GoDaddy Inc., Class A(a) | 21100 | 2618088 |
| Match Group Inc. | 104800 | 3383992 |
| Meta Platforms Inc., Class A | 210970 | 139259187 |
| Uber Technologies Inc.(a) | 18600 | 1519806 |
| VeriSign Inc. | 48700 | 11831665 |
|  |  | 660400754 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| Accenture PLC, Class A | 20800 | 5580640 |
| Amdocs Ltd. | 129800 | 10450198 |
| DXC Technology Co.(a) | 100 | 1465 |
| Gartner Inc.(a) | 28300 | 7139524 |
|  |  | 23171827 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Caesars Entertainment Inc.(a) | 100 | $2339 |
| Carnival Corp.(a) | 111600 | 3408264 |
| Chipotle Mexican Grill Inc.(a) | 100 | 3700 |
| Domino's Pizza Inc. | 28800 | 12004416 |
| Las Vegas Sands Corp. | 100 | 6509 |
| McDonald's Corp. | 9500 | 2903485 |
| MGM Resorts International(a) | 100 | 3649 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2232 |
| Royal Caribbean Cruises Ltd. | 40800 | 11379936 |
| TKO Group Holdings Inc. | 39900 | 8339100 |
| Vail Resorts Inc. | 77600 | 10305280 |
| Wendy's Co., The | 541800 | 4513194 |
| Wingstop Inc. | 4400 | 1049356 |
| Wyndham Hotels & Resorts Inc. | 35300 | 2667268 |
| Wynn Resorts Ltd. | 100 | 12033 |
| Yum! Brands Inc. | 87900 | 13297512 |
|  |  | 69898273 |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Inc. | 731487 | 419046958 |
| MSA Safety Inc. | 12900 | 2065806 |
| Snap-on Inc. | 2700 | 930420 |
| Veralto Corp. | 7300 | 728394 |
|  |  | 422771578 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Abbott Laboratories | 393800 | 49339202 |
| Agilent Technologies Inc. | 548071 | 74576021 |
| Dexcom Inc.(a) | 100 | 6637 |
| Insulet Corp.(a) | 100 | 28424 |
| ResMed Inc. | 23700 | 5708619 |
| Solventum Corp.(a) | 23075 | 1828463 |
| STERIS PLC | 3000 | 760560 |
| Thermo Fisher Scientific Inc. | 1600 | 927120 |
|  |  | 133175046 |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto PLC Sponsored ADR | 479900 | 38406397 |
| Royal Gold Inc. | 85000 | 18894650 |
| Southern Copper Corp. | 2117 | 303726 |
|  |  | 57604773 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Antero Midstream Corp. | 190000 | 3380100 |
| APA Corp. | 226200 | 5532852 |
| Cheniere Energy Inc. | 47000 | 9136330 |
| Chevron Corp. | 936900 | 142792929 |
| ConocoPhillips | 26673 | 2496860 |
| Devon Energy Corp. | 100 | 3663 |
| Diamondback Energy Inc. | 24200 | 3637986 |
| EOG Resources Inc. | 113800 | 11950138 |
| EQT Corp. | 100 | 5360 |
| Exxon Mobil Corp. | 177000 | 21300180 |
| Occidental Petroleum Corp. | 42100 | 1731152 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| Targa Resources Corp. | 31500 | $5811750 |
| Texas Pacific Land Corp. | 5400 | 1550988 |
|  |  | 209330288 |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Baker Hughes Co. | 100 | 4554 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| Nexstar Media Group Inc. | 58500 | 11878425 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| Alexandria Real Estate Equities Inc. | 100 | 4894 |
| AvalonBay Communities Inc. | 42900 | 7778199 |
| Brixmor Property Group Inc. | 56500 | 1481430 |
| Camden Property Trust | 121400 | 13363712 |
| Essex Property Trust Inc. | 43400 | 11356912 |
| Highwoods Properties Inc. | 309200 | 7983544 |
| Host Hotels & Resorts Inc. | 459500 | 8146935 |
| Iron Mountain Inc. | 129400 | 10733730 |
| Kilroy Realty Corp. | 423900 | 15841143 |
| Lamar Advertising Co., Class A | 159000 | 20126220 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 76000 | 10557160 |
| Prologis Inc. | 2700 | 344682 |
| Public Storage | 42700 | 11080650 |
| Simon Property Group Inc. | 125900 | 23305349 |
|  |  | 142104560 |
| **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** | **Real Estate Services (0.00%)** |
| CBRE Group Inc., Class A(a) | 100 | 16079 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| Enphase Energy Inc.(a) | 100 | 3205 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Costco Wholesale Corp. | 30100 | 25956434 |
| Walmart Inc. | 2443000 | 272174630 |
|  |  | 298131064 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| AutoZone Inc.(a) | 4600 | 15600900 |
| Bath & Body Works Inc. | 137800 | 2767024 |
| Best Buy Co. Inc. | 100600 | 6733158 |
| Carvana Co.(a) | 13710 | 5785894 |
| Dick's Sporting Goods Inc. | 7400 | 1464978 |
| Lowe's Cos. Inc. | 53300 | 12853828 |
| O'Reilly Automotive Inc.(a) | 107300 | 9786833 |
| TJX Cos. Inc., The | 56800 | 8725048 |
| Williams-Sonoma Inc. | 126300 | 22555917 |
|  |  | 86273580 |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| Advanced Micro Devices Inc.(a) | 57600 | 12335616 |
| Analog Devices Inc. | 13200 | 3579840 |
| Applied Materials Inc. | 6300 | 1619037 |
| ASML Holding NV NY Reg. Shares | 205333 | 219677563 |
| Broadcom Inc. | 578000 | 200045800 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Semiconductors (Cont.)** | **Semiconductors (Cont.)** | **Semiconductors (Cont.)** |
| Intel Corp.(a) | 100 | $3690 |
| KLA Corp. | 52900 | 64277732 |
| Lam Research Corp. | 146000 | 24992280 |
| Micron Technology Inc. | 2763 | 788588 |
| NVIDIA Corp. | 3616500 | 674477250 |
| QUALCOMM Inc. | 23100 | 3951255 |
| Skyworks Solutions Inc. | 76800 | 4869888 |
| Texas Instruments Inc. | 31726 | 5504144 |
|  |  | 1216122683 |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Adobe Inc.(a) | 6816 | 2385532 |
| Appfolio Inc., Class A(a) | 4500 | 1046925 |
| Bentley Systems Inc., Class B | 27500 | 1049537 |
| Dayforce Inc.(a) | 100 | 6916 |
| Dropbox Inc., Class A(a) | 172600 | 4798280 |
| Fortinet Inc.(a) | 100 | 7941 |
| Gen Digital Inc. | 14000 | 380660 |
| Intuit Inc. | 61100 | 40473862 |
| Microsoft Corp. | 859869 | 415849846 |
| Oracle Corp. | 1300 | 253383 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., <br> Class A(a)<br>| 157640 | 28020510 |
| Palo Alto Networks Inc.(a) | 2400 | 442080 |
| Paycom Software Inc. | 8500 | 1354560 |
| Pegasystems Inc. | 60300 | 3601116 |
| PTC Inc.(a) | 100 | 17421 |
| Roper Technologies Inc. | 9200 | 4095196 |
| Salesforce Inc. | 41600 | 11020256 |
| ServiceNow Inc.(a) | 2500 | 382975 |
| Tyler Technologies Inc.(a) | 22400 | 10168480 |
|  |  | 525355476 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| AGNC Investment Corp. | 847900 | 9089488 |
| Ally Financial Inc. | 6500 | 294385 |
| Broadridge Financial Solutions Inc. | 45200 | 10087284 |
| Credit Acceptance Corp.(a) | 25600 | 11352576 |
| Fair Isaac Corp.(a) | 300 | 507186 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 125700 | 8354022 |
| Global Payments Inc. | 100 | 7740 |
| Jack Henry & Associates Inc. | 11700 | 2135016 |
| Mastercard Inc., Class A | 1864 | 1064120 |
| MGIC Investment Corp. | 400700 | 11708454 |
| MSCI Inc. | 8100 | 4647213 |
| OneMain Holdings Inc. | 350000 | 23642500 |
| PayPal Holdings Inc. | 100 | 5838 |
| Rithm Capital Corp. | 630100 | 6868090 |
| Starwood Property Trust Inc. | 989400 | 17819094 |
| UWM Holdings Corp. | 131119 | 574301 |
| Verisk Analytics Inc. | 49700 | 11117393 |
| Visa Inc., Class A | 51812 | 18170987 |
| Western Union Co., The | 2209600 | 20571376 |
|  |  | 158017063 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp. | 331800 | $54119898 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Apple Inc. | 3344968 | 909363000 |
| Cisco Systems Inc. | 153700 | 11839511 |
| Corning Inc. | 530400 | 46441824 |
| Dell Technologies Inc., Class C | 100 | 12588 |
| F5 Inc.(a) | 3500 | 893410 |
| HP Inc. | 8800 | 196064 |
| Motorola Solutions Inc. | 28800 | 11039616 |
| Teledyne Technologies Inc.(a) | 26100 | 13330053 |
|  |  | 993116066 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc. | 93800 | 2329992 |
| Iridium Communications Inc. | 87700 | 1524226 |
| Millicom International Cellular SA | 318700 | 17668728 |
| T-Mobile US Inc. | 43400 | 8811936 |
| Verizon Communications Inc. | 670700 | 27317611 |
|  |  | 57652493 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Altria Group Inc. | 455300 | 26252598 |
| Philip Morris International Inc. | 155500 | 24942200 |
|  |  | 51194798 |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| American Airlines Group Inc.(a) | 100 | 1533 |
| Delta Air Lines Inc. | 100 | 6940 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 12700 | 1892427 |
| Landstar System Inc. | 72300 | 10389510 |
| Ryder System Inc. | 31000 | 5933090 |
| Union Pacific Corp. | 47200 | 10918304 |
| United Airlines Holdings Inc.(a) | 100 | 11182 |
| United Parcel Service Inc., Class B | 45300 | 4493307 |
|  |  | 33646293 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Archer-Daniels-Midland Co. | 2487154 | 142986483 |
| **Total Common Stocks** <br>(cost $2,318,214,545)<br>|  | 8902076639 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Bill<br> 3.566%, 05/07/2026<br>| $3362000 | 3320757 |
| **Total U.S. Treasury Obligations** <br>(cost $3,318,842)<br>|  | 3320757 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM GROWTH FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.63%(b)<br>| 83649044 | $83649044 |
| Usd Margin Held @ Broker | 476673 | 476673 |
| **Total Short-term Investments** <br>(cost $84,125,717)<br>|  | 84125717 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $2,405,659,104)<br>|  | 8989523113 |
| **OTHER LIABILITIES, NET OF** <br> **ASSETS** <br>**(0.00%)**<br>|  | (8989523113) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Rate shown is the 7-day yield as of December 31, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

At December 31, 2025, the Fund had open futures contracts as follows:

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (0.00%)** | **Common Stocks (0.00%)** | **Common Stocks (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp., Class A(a) | 100 | $67382 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| Axon Enterprise Inc.(a) | 100 | 56793 |
| General Dynamics Corp. | 7000 | 2356620 |
| General Electric Co. | 2000 | 616060 |
| Lockheed Martin Corp. | 6100 | 2950387 |
|  |  | 5979860 |
| **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** | **Apparel & Textile Products (0.00%)** |
| Tapestry Inc. | 67400 | 8611698 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Ameriprise Financial Inc. | 4800 | 2353632 |
| Charles Schwab Corp., The | 100 | 9991 |
| Franklin Resources Inc. | 59000 | 1409510 |
| Invesco Ltd. | 128100 | 3365187 |
| Janus Henderson Group PLC | 24900 | 1184493 |
| KKR & Co. Inc. | 100 | 12748 |
| Robinhood Markets Inc., Class A(a) | 1 | 113 |
|  |  | 8335674 |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Tesla Inc.(a) | 31500 | 14166180 |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| Bank of America Corp. | 19700 | 1083500 |
| Citigroup Inc. | 6400 | 746816 |
| Comerica Inc. | 19800 | 1721214 |
| Cullen/Frost Bankers Inc. | 16900 | 2140047 |
| JPMorgan Chase & Co. | 28000 | 9022160 |
| M&T Bank Corp. | 19000 | 3828120 |
| Wells Fargo & Co. | 379300 | 35350760 |
|  |  | 53892617 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Coca-Cola Co., The | 147257 | 10294737 |
| PepsiCo Inc. | 46400 | 6659328 |
|  |  | 16954065 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| AbbVie Inc. | 74500 | 17022505 |
| Amgen Inc. | 44950 | 14712584 |
| Bristol-Myers Squibb Co. | 7100 | 382974 |
| Eli Lilly & Co. | 75000 | 80601000 |
| Gilead Sciences Inc. | 36400 | 4467736 |
| Johnson & Johnson | 391909 | 81105568 |
| Merck & Co. Inc. | 40100 | 4220926 |
| Moderna Inc.(a) | 100 | 2949 |
| Pfizer Inc. | 638140 | 15889686 |
| Zoetis Inc. | 240395 | 30246499 |
|  |  | 248652427 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Air Products and Chemicals Inc. | 195500 | 48292410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Chemicals (Cont.)** | **Chemicals (Cont.)** | **Chemicals (Cont.)** |
| &nbsp;&nbsp;&nbsp; International Flavors & <br> Fragrances Inc.<br>| 119888 | $8079252 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, <br> Class A<br>| 20200 | 874660 |
|  |  | 57246322 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Automatic Data Processing Inc. | 38600 | 9929078 |
| Cintas Corp. | 16400 | 3084348 |
| H&R Block Inc. | 27600 | 1202808 |
|  |  | 14216234 |
| **Computers (0.00%)** | **Computers (0.00%)** | **Computers (0.00%)** |
| Sandisk Corp.(a) | 33 | 7834 |
| Super Micro Computer Inc.(a) | 4500 | 131715 |
|  |  | 139549 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Vulcan Materials Co. | 106400 | 30347408 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Grand Canyon Education Inc.(a) | 2900 | 482299 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| AptarGroup Inc. | 97500 | 11891100 |
| Packaging Corp of America | 10000 | 2062300 |
|  |  | 13953400 |
| **Diversified Financial Services (0.00%)** | **Diversified Financial Services (0.00%)** | **Diversified Financial Services (0.00%)** |
| Blackrock Inc. | 500 | 535170 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| 3M Co. | 53000 | 8485300 |
| Emerson Electric Co. | 62400 | 8281728 |
| Illinois Tool Works Inc. | 130400 | 32117520 |
|  |  | 48884548 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.(a) | 106200 | 24513084 |
| eBay Inc. | 100 | 8710 |
|  |  | 24521794 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| AES Corp., The | 196700 | 2820678 |
| Clearway Energy Inc., Class C | 54500 | 1812670 |
| Consolidated Edison Inc. | 24900 | 2473068 |
| Constellation Energy Corp. | 800 | 282616 |
| Duke Energy Corp. | 20100 | 2355921 |
| Edison International | 61400 | 3685228 |
| Evergy Inc. | 31500 | 2283435 |
| NRG Energy Inc. | 3200 | 509568 |
| OGE Energy Corp. | 59200 | 2527840 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br>| 3600 | 289080 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Southern Co., The | 33500 | $2921200 |
| Vistra Corp. | 100 | 16133 |
|  |  | 21977437 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| GE Vernova Inc. | 5500 | 3594635 |
| Generac Holdings Inc.(a) | 100 | 13637 |
| Vertiv Holdings Co., Class A | 8300 | 1344683 |
|  |  | 4952955 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Electronic Arts Inc. | 200 | 40866 |
| Netflix Inc.(a) | 17000 | 1593920 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp., <br> Class B<br>| 100 | 1340 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br> Software Inc.(a)<br>| 100 | 25603 |
| Walt Disney Co., The | 496695 | 56508990 |
| Warner Bros Discovery Inc.(a) | 100 | 2882 |
|  |  | 58173601 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Ingredion Inc. | 19900 | 2194174 |
| Nestle SA Sponsored ADR | 100 | 9878 |
|  |  | 2204052 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| National Fuel Gas Co. | 26400 | 2113584 |
| UGI Corp. | 123500 | 4622605 |
|  |  | 6736189 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| Cencora Inc. | 5100 | 1722525 |
| Chemed Corp. | 2700 | 1155222 |
| Encompass Health Corp. | 4500 | 477630 |
| McKesson Corp. | 4500 | 3691305 |
| Medpace Holdings Inc.(a) | 900 | 505485 |
| UnitedHealth Group Inc. | 3100 | 1023341 |
|  |  | 8575508 |
| **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** | **Home & Office Products (0.00%)** |
| HNI Corp. | 160000 | 6726400 |
| Scotts Miracle-Gro Co., The | 27900 | 1627965 |
|  |  | 8354365 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Kenvue Inc. | 205557 | 3545858 |
| Procter & Gamble Co., The | 359200 | 51476952 |
|  |  | 55022810 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Cboe Global Markets Inc. | 9600 | 2409600 |
| CME Group Inc. | 500 | 136540 |
| Coinbase Global Inc., Class A(a) | 100 | 22614 |
| Goldman Sachs Group Inc., The | 800 | 703200 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $1619600 |
| Morgan Stanley | 1700 | 301801 |
| Northern Trust Corp. | 3400 | 464406 |
|  |  | 5657761 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Allstate Corp., The | 4000 | 832600 |
| American Financial Group Inc. | 14100 | 1927188 |
| Assurant Inc. | 14400 | 3468240 |
| Berkshire Hathaway Inc., Class B(a) | 2600 | 1306890 |
| Hanover Insurance Group Inc., The | 100 | 18277 |
| Hartford Insurance Group Inc., The | 11600 | 1598480 |
| Lincoln National Corp. | 15600 | 694668 |
| Loews Corp. | 13900 | 1463809 |
| Old Republic International Corp. | 28500 | 1300740 |
| Willis Towers Watson PLC | 8800 | 2891680 |
|  |  | 15502572 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Airbnb Inc., Class A(a) | 100 | 13572 |
| Alphabet Inc., Class A | 393940 | 123303220 |
| Alphabet Inc., Class C | 71180 | 22336284 |
| Booking Holdings Inc. | 100 | 535533 |
| DoorDash Inc., Class A(a) | 100 | 22648 |
| Expedia Group Inc. | 100 | 28331 |
| GoDaddy Inc., Class A(a) | 4600 | 570768 |
| Match Group Inc. | 100 | 3229 |
| Meta Platforms Inc., Class A | 57730 | 38106996 |
| Uber Technologies Inc.(a) | 4100 | 335011 |
| VeriSign Inc. | 10500 | 2550975 |
|  |  | 187806567 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| Accenture PLC, Class A | 2270 | 609041 |
| Amdocs Ltd. | 25200 | 2028852 |
| DXC Technology Co.(a) | 100 | 1465 |
| Gartner Inc.(a) | 6200 | 1564136 |
|  |  | 4203494 |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Caesars Entertainment Inc.(a) | 100 | 2339 |
| Carnival Corp.(a) | 100 | 3054 |
| Chipotle Mexican Grill Inc.(a) | 100 | 3700 |
| Domino's Pizza Inc. | 6200 | 2584284 |
| McDonald's Corp. | 1500 | 458445 |
| MGM Resorts International(a) | 100 | 3649 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br> Ltd.(a)<br>| 100 | 2232 |
| Royal Caribbean Cruises Ltd. | 100 | 27892 |
| Vail Resorts Inc. | 14400 | 1912320 |
| Wendy's Co., The | 73900 | 615587 |
| Wynn Resorts Ltd. | 100 | 12033 |
| Yum! Brands Inc. | 20100 | 3040728 |
|  |  | 8666263 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Inc. | 190150 | $108931231 |
| Deere & Co. | 20002 | 9312331 |
| Donaldson Co. Inc. | 36517 | 3237597 |
| MSA Safety Inc. | 2000 | 320280 |
| Snap-on Inc. | 900 | 310140 |
| Veralto Corp. | 1700 | 169626 |
|  |  | 122281205 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Abbott Laboratories | 53975 | 6762528 |
| Agilent Technologies Inc. | 143587 | 19537883 |
| Dexcom Inc.(a) | 100 | 6637 |
| Insulet Corp.(a) | 100 | 28424 |
| ResMed Inc. | 4900 | 1180263 |
| Solventum Corp.(a) | 13250 | 1049930 |
| Thermo Fisher Scientific Inc. | 300 | 173835 |
|  |  | 28739500 |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto PLC Sponsored ADR | 110100 | 8811303 |
| Royal Gold Inc. | 17800 | 3956762 |
|  |  | 12768065 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Antero Midstream Corp. | 100 | 1779 |
| APA Corp. | 100 | 2446 |
| Cheniere Energy Inc. | 9700 | 1885583 |
| Chevron Corp. | 213400 | 32524294 |
| Civitas Resources Inc. | 4900 | 132741 |
| EOG Resources Inc. | 22700 | 2383727 |
| Exxon Mobil Corp. | 54400 | 6546496 |
| Occidental Petroleum Corp. | 100 | 4112 |
|  |  | 43481178 |
| **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** | **Publishing & Broadcasting (0.00%)** |
| News Corp., Class A | 100 | 2612 |
| Nexstar Media Group Inc. | 600 | 121830 |
|  |  | 124442 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| AvalonBay Communities Inc. | 9500 | 1722445 |
| Camden Property Trust | 25600 | 2818048 |
| EPR Properties | 50400 | 2514960 |
| Essex Property Trust Inc. | 5000 | 1308400 |
| Highwoods Properties Inc. | 76300 | 1970066 |
| Host Hotels & Resorts Inc. | 68100 | 1207413 |
| Kilroy Realty Corp. | 42500 | 1588225 |
| Lamar Advertising Co., Class A | 20800 | 2632864 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment <br> Communities Inc.<br>| 17000 | 2361470 |
| Prologis Inc. | 500 | 63830 |
| Public Storage | 8200 | 2127900 |
| Simon Property Group Inc. | 30200 | 5590322 |
|  |  | 25905943 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $16079 |
| **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** | **Renewable Energy (0.00%)** |
| First Solar Inc.(a) | 100 | 26123 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Costco Wholesale Corp. | 7000 | 6036380 |
| Walgreens Boots Alliance Inc.(a),(b) | 100 | 0 |
| Walmart Inc. | 281400 | 31350774 |
|  |  | 37387154 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| AutoZone Inc.(a) | 900 | 3052350 |
| Bath & Body Works Inc. | 30400 | 610432 |
| Best Buy Co. Inc. | 6300 | 421659 |
| Carvana Co.(a) | 3475 | 1466519 |
| Lowe's Cos. Inc. | 11500 | 2773340 |
| O'Reilly Automotive Inc.(a) | 19200 | 1751232 |
| TJX Cos. Inc., The | 12200 | 1874042 |
| Williams-Sonoma Inc. | 14400 | 2571696 |
|  |  | 14521270 |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| Advanced Micro Devices Inc.(a) | 100 | 21416 |
| Analog Devices Inc. | 2300 | 623760 |
| Applied Materials Inc. | 100 | 25699 |
| ASML Holding NV NY Reg. Shares | 12921 | 13823661 |
| Broadcom Inc. | 94400 | 32671840 |
| Intel Corp.(a) | 100 | 3690 |
| KLA Corp. | 5600 | 6804448 |
| Lam Research Corp. | 8200 | 1403676 |
| Microchip Technology Inc. | 100 | 6372 |
| Micron Technology Inc. | 4857 | 1386236 |
| Monolithic Power Systems Inc. | 100 | 90636 |
| NVIDIA Corp. | 797000 | 148640500 |
| NXP Semiconductors NV | 100 | 21706 |
| ON Semiconductor Corp.(a) | 100 | 5415 |
| Qorvo Inc.(a) | 100 | 8451 |
| QUALCOMM Inc. | 2100 | 359205 |
| Skyworks Solutions Inc. | 100 | 6341 |
|  |  | 205903052 |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Adobe Inc.(a) | 1400 | 489986 |
| Autodesk Inc.(a) | 100 | 29601 |
| Dayforce Inc.(a) | 100 | 6916 |
| Dropbox Inc., Class A(a) | 37100 | 1031380 |
| Fortinet Inc.(a) | 100 | 7941 |
| Gen Digital Inc. | 100 | 2719 |
| Intuit Inc. | 11600 | 7684072 |
| Microsoft Corp. | 168121 | 81306678 |
| Oracle Corp. | 300 | 58473 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies Inc., <br> Class A(a)<br>| 21500 | 3821625 |
| Palo Alto Networks Inc.(a) | 200 | 36840 |
| Paycom Software Inc. | 100 | 15936 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Software (Cont.)** | **Software (Cont.)** | **Software (Cont.)** |
| Roper Technologies Inc. | 2000 | $890260 |
| Salesforce Inc. | 4000 | 1059640 |
| ServiceNow Inc.(a) | 500 | 76595 |
| Tyler Technologies Inc.(a) | 5100 | 2315145 |
|  |  | 98833807 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| AGNC Investment Corp. | 334800 | 3589056 |
| Annaly Capital Management Inc. | 75600 | 1690416 |
| Broadridge Financial Solutions Inc. | 10100 | 2254017 |
| Credit Acceptance Corp.(a) | 5400 | 2394684 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br>| 5800 | 385468 |
| GATX Corp. | 4200 | 712320 |
| Jack Henry & Associates Inc. | 2400 | 437952 |
| Mastercard Inc., Class A | 439 | 250617 |
| MGIC Investment Corp. | 86600 | 2530452 |
| MSCI Inc. | 1700 | 975341 |
| OneMain Holdings Inc. | 77800 | 5255390 |
| PayPal Holdings Inc. | 100 | 5838 |
| Rithm Capital Corp. | 325900 | 3552310 |
| Starwood Property Trust Inc. | 217300 | 3913573 |
| Verisk Analytics Inc. | 10800 | 2415852 |
| Visa Inc., Class A | 12830 | 4499609 |
| Western Union Co., The | 484000 | 4506040 |
|  |  | 39368935 |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp. | 242000 | 39472620 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Apple Inc. | 775904 | 210937261 |
| Cisco Systems Inc. | 8700 | 670161 |
| Corning Inc. | 214892 | 18815944 |
| Dell Technologies Inc., Class C | 100 | 12588 |
| F5 Inc.(a) | 1900 | 484994 |
| Motorola Solutions Inc. | 6300 | 2414916 |
| Teledyne Technologies Inc.(a) | 5700 | 2911161 |
| Western Digital Corp. | 100 | 17227 |
|  |  | 236264252 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc. | 21200 | 526608 |
| EchoStar Corp., Class A(a) | 35 | 3805 |
| Iridium Communications Inc. | 16300 | 283294 |
| Millicom International Cellular SA | 33300 | 1846152 |
| T-Mobile US Inc. | 9400 | 1908576 |
| Verizon Communications Inc. | 150200 | 6117646 |
|  |  | 10686081 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Altria Group Inc. | 57000 | 3286620 |
| Philip Morris International Inc. | 22400 | 3592960 |
|  |  | 6879580 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (Cont.)** | **Common Stocks (Cont.)** | **Common Stocks (Cont.)** |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| American Airlines Group Inc.(a) | 100 | $1533 |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br> Washington Inc.<br>| 4800 | 715248 |
| Landstar System Inc. | 14200 | 2040540 |
| Union Pacific Corp. | 17866 | 4132763 |
| United Parcel Service Inc., Class B | 9600 | 952224 |
|  |  | 7842308 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Archer-Daniels-Midland Co. | 550461 | 31646003 |
| **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** | **Wholesale - Discretionary (0.00%)** |
| Copart Inc.(a) | 100 | 3915 |
| **Total Common Stocks** <br>(cost $432,912,114)<br>|  | 1896971713 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **Corporate Bonds (0.00%)** | **Corporate Bonds (0.00%)** | **Corporate Bonds (0.00%)** |
| **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** | **Advertising & Marketing (0.00%)** |
| AppLovin Corp.<br> 5.500%, 12/01/2034<br>| $150000 | 154384 |
|  |  | 154384 |
| **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** | **Aerospace & Defense (0.00%)** |
| L3Harris Technologies Inc.<br> 5.400%, 01/15/2027<br>| 150000 | 152191 |
| 5.400%, 07/31/2033 | 100000 | 104314 |
| Boeing Co., The<br> 5.040%, 05/01/2027<br>| 150000 | 151551 |
| 6.259%, 05/01/2027 | 100000 | 102612 |
| 3.250%, 02/01/2028 | 250000 | 245783 |
| 5.150%, 05/01/2030 | 250000 | 257130 |
| 3.625%, 02/01/2031 | 150000 | 144224 |
| 6.528%, 05/01/2034 | 200000 | 221741 |
| Lockheed Martin Corp.<br> 5.100%, 11/15/2027<br>| 250000 | 256048 |
| 4.450%, 05/15/2028 | 250000 | 253073 |
| 5.250%, 01/15/2033 | 250000 | 263100 |
| 4.800%, 08/15/2034 | 100000 | 101216 |
| HEICO Corp.<br> 5.250%, 08/01/2028<br>| 150000 | 154259 |
| General Electric Co.<br> 4.300%, 07/29/2030<br>| 100000 | 100898 |
| RTX Corp.<br> 6.000%, 03/15/2031<br>| 200000 | 215598 |
| 5.150%, 02/27/2033 | 250000 | 258582 |
| Northrop Grumman Corp.<br> 4.900%, 06/01/2034<br>| 100000 | 101566 |
|  |  | 3083886 |
| **Asset Management (0.00%)** | **Asset Management (0.00%)** | **Asset Management (0.00%)** |
| Blackstone Private Credit Fund<br> 3.250%, 03/15/2027<br>| 500000 | 491471 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Asset Management (Cont.)** | **Asset Management (Cont.)** | **Asset Management (Cont.)** |
| 4.000%, 01/15/2029 | $250000 | $243010 |
| 6.000%, 11/22/2034 | 100000 | 101157 |
| Blue Owl Credit Income Corp.<br> 7.750%, 09/16/2027<br>| 250000 | 260009 |
| 7.950%, 06/13/2028 | 100000 | 105784 |
| 5.800%, 03/15/2030 | 100000 | 99951 |
| Blackstone Secured Lending Fund<br> 5.875%, 11/15/2027<br>| 150000 | 153156 |
| &nbsp;&nbsp;&nbsp; UBS AG(Variable, U.S. SOFR + <br> 0.72%)<br> 4.864%, 01/10/2028(c)<br>| 250000 | 252121 |
| 5.650%, 09/11/2028 | 200000 | 208837 |
| Brookfield Finance Inc.<br> 3.900%, 01/25/2028<br>| 100000 | 99692 |
| 5.675%, 01/15/2035 | 100000 | 103621 |
| Charles Schwab Corp., The<br> 2.000%, 03/20/2028<br>| 100000 | 96209 |
| 5.643%, 05/19/2029 | 100000 | 103792 |
| 6.196%, 11/17/2029(c) | 100000 | 105804 |
| 4.625%, 03/22/2030 | 50000 | 51118 |
| 4.343%, 11/14/2031 | 100000 | 99948 |
| 5.853%, 05/19/2034(c) | 150000 | 160912 |
| 6.136%, 08/24/2034(c) | 100000 | 109208 |
| 4.914%, 11/14/2036 | 100000 | 99600 |
| Ares Capital Corp.<br> 5.875%, 03/01/2029<br>| 150000 | 153969 |
| 5.950%, 07/15/2029 | 150000 | 154060 |
| Blue Owl Capital Corp.<br> 5.950%, 03/15/2029<br>| 100000 | 100939 |
| 6.200%, 07/15/2030 | 50000 | 50662 |
| Ares Strategic Income Fund<br> 6.350%, 08/15/2029<br>| 100000 | 102953 |
| 5.600%, 02/15/2030 | 100000 | 100512 |
| FS K.K.R Capital Corp.<br> 6.875%, 08/15/2029<br>| 100000 | 100830 |
| Sixth Street Lending Partners<br> 5.750%, 01/15/2030<br>| 100000 | 101399 |
| BlackRock Inc.<br> 2.400%, 04/30/2030<br>| 250000 | 234174 |
| 4.750%, 05/25/2033 | 150000 | 153723 |
| HPS Corporate Lending Fund<br> 5.450%, 11/15/2030(d)<br>| 200000 | 199100 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure <br> Capital Inc.<br> 6.150%, 01/15/2031<br>| 50000 | 51441 |
| 6.375%, 07/01/2034 | 50000 | 51023 |
| Apollo Debt Solutions BDC<br> 6.700%, 07/29/2031<br>| 50000 | 52803 |
| Ameriprise Financial Inc.<br> 4.500%, 05/13/2032<br>| 250000 | 252506 |
| 5.150%, 05/15/2033 | 100000 | 104062 |
| Brookfield Capital Finance LLC<br> 6.087%, 06/14/2033<br>| 100000 | 107074 |
|  |  | 5016630 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Automotive (0.00%)** | **Automotive (0.00%)** | **Automotive (0.00%)** |
| Ford Motor Credit Co. LLC<br> 5.800%, 03/05/2027<br>| $200000 | $202513 |
| 5.850%, 05/17/2027 | 200000 | 203064 |
| 6.800%, 05/12/2028 | 200000 | 208741 |
| 6.798%, 11/07/2028 | 200000 | 209895 |
| 5.875%, 11/07/2029 | 200000 | 205433 |
| 7.350%, 03/06/2030 | 200000 | 214829 |
| 7.200%, 06/10/2030 | 200000 | 214469 |
| 6.050%, 03/05/2031 | 200000 | 205776 |
| 7.122%, 11/07/2033 | 200000 | 215163 |
| American Honda Finance Corp.<br> 4.900%, 03/12/2027<br>| 50000 | 50530 |
| 4.550%, 07/09/2027 | 50000 | 50478 |
| 4.900%, 07/09/2027 | 50000 | 50681 |
| 5.125%, 07/07/2028 | 250000 | 256608 |
| 5.650%, 11/15/2028 | 100000 | 104337 |
| 4.800%, 03/05/2030 | 100000 | 102240 |
| 5.850%, 10/04/2030 | 100000 | 106359 |
| 5.150%, 07/09/2032 | 50000 | 51461 |
| 4.900%, 01/10/2034 | 100000 | 100630 |
| General Motors Financial Co. Inc.<br> 5.000%, 04/09/2027<br>| 250000 | 252708 |
| 5.400%, 05/08/2027 | 100000 | 101648 |
| 6.000%, 01/09/2028 | 250000 | 258358 |
| 5.800%, 06/23/2028 | 250000 | 259134 |
| 5.850%, 04/06/2030 | 250000 | 262832 |
| 5.450%, 07/15/2030 | 50000 | 51967 |
| 5.600%, 06/18/2031 | 100000 | 104333 |
| 6.400%, 01/09/2033 | 250000 | 270287 |
| 5.450%, 09/06/2034 | 100000 | 101630 |
| 5.900%, 01/07/2035 | 50000 | 52104 |
| 6.150%, 07/15/2035 | 50000 | 52782 |
| Toyota Motor Corp.<br> 4.186%, 06/30/2027<br>| 100000 | 100611 |
| 5.118%, 07/13/2028 | 250000 | 257644 |
| 4.450%, 06/30/2030 | 50000 | 50646 |
| 5.123%, 07/13/2033 | 250000 | 260135 |
| 5.053%, 06/30/2035 | 200000 | 206242 |
| Toyota Motor Credit Corp.<br> 4.550%, 09/20/2027<br>| 250000 | 253146 |
| 4.350%, 10/08/2027 | 100000 | 100982 |
| 4.550%, 05/17/2030 | 100000 | 101830 |
| 4.800%, 01/05/2034 | 100000 | 102125 |
| General Motors Co.<br> 5.625%, 04/15/2030<br>| 50000 | 52140 |
| 5.600%, 10/15/2032 | 100000 | 104734 |
| Aptiv Swiss Holdings Ltd.<br> 3.250%, 03/01/2032<br>| 100000 | 93574 |
| Magna International Inc.<br> 5.500%, 03/21/2033<br>| 200000 | 209810 |
| Honda Motor Co. Ltd.<br> 5.337%, 07/08/2035<br>| 50000 | 51184 |
|  |  | 6465793 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (0.00%)** | **Banking (0.00%)** | **Banking (0.00%)** |
| HSBC U.S.A. Inc.<br> 5.294%, 03/04/2027<br>| $200000 | $203162 |
| Bank of Montreal<br> 2.650%, 03/08/2027<br>| 150000 | 147851 |
| 4.700%, 09/14/2027 | 150000 | 152029 |
| 5.203%, 02/01/2028 | 150000 | 153842 |
| 3.088%, 01/10/2037(c) | 150000 | 135046 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of <br> Commerce<br> 3.450%, 04/07/2027<br>| 150000 | 149258 |
| 5.001%, 04/28/2028 | 150000 | 153425 |
| 5.245%, 01/13/2031(c) | 125000 | 128997 |
| 6.092%, 10/03/2033 | 150000 | 163334 |
| U.S. Bancorp<br> 3.150%, 04/27/2027<br>| 150000 | 148857 |
| 3.900%, 04/26/2028 | 250000 | 250398 |
| 4.548%, 07/22/2028(c) | 150000 | 151264 |
| 4.653%, 02/01/2029(c) | 150000 | 151934 |
| 5.775%, 06/12/2029(c) | 250000 | 259930 |
| 5.384%, 01/23/2030(c) | 100000 | 103635 |
| 4.839%, 02/01/2034(c) | 150000 | 151429 |
| 5.836%, 06/12/2034(c) | 250000 | 267189 |
| 5.678%, 01/23/2035(c) | 250000 | 264475 |
| Toronto-Dominion Bank, The<br> 4.108%, 06/08/2027<br>| 150000 | 150443 |
| 4.693%, 09/15/2027 | 250000 | 253293 |
| 5.156%, 01/10/2028 | 150000 | 153437 |
| 5.523%, 07/17/2028 | 150000 | 155466 |
| 4.808%, 06/03/2030 | 125000 | 127694 |
| 5.298%, 01/30/2032 | 200000 | 209094 |
| National Australia Bank Ltd.<br> 3.905%, 06/09/2027<br>| 250000 | 250591 |
| 4.944%, 01/12/2028 | 250000 | 255562 |
| 4.900%, 06/13/2028 | 250000 | 256184 |
| Royal Bank of Canada<br> 4.240%, 08/03/2027<br>| 150000 | 151062 |
| 6.000%, 11/01/2027 | 250000 | 259583 |
| 4.900%, 01/12/2028 | 150000 | 153033 |
| 5.200%, 08/01/2028 | 150000 | 154694 |
| 4.696%, 08/06/2031(c) | 200000 | 202744 |
| 5.000%, 02/01/2033 | 150000 | 154722 |
| 5.000%, 05/02/2033 | 125000 | 128598 |
| Banco Santander SA<br> 5.294%, 08/18/2027<br>| 200000 | 203695 |
| 5.552%, 03/14/2028(c) | 200000 | 203372 |
| 4.175%, 03/24/2028(c) | 200000 | 200089 |
| 5.588%, 08/08/2028 | 200000 | 207337 |
| 5.565%, 01/17/2030 | 200000 | 208439 |
| 6.921%, 08/08/2033 | 200000 | 221872 |
| Westpac Banking Corp.<br> 4.043%, 08/26/2027<br>| 250000 | 251337 |
| 5.457%, 11/18/2027 | 250000 | 257727 |
| 5.535%, 11/17/2028 | 100000 | 104623 |
| 5.050%, 04/16/2029 | 100000 | 103451 |
| 6.820%, 11/17/2033 | 100000 | 112039 |
| 5.618%, 11/20/2035(c) | 100000 | 103469 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 3.020%, 11/18/2036(c) | $100000 | $90401 |
| Deutsche Bank AG<br> 5.371%, 09/09/2027<br>| 250000 | 255985 |
| 2.552%, 01/07/2028 | 250000 | 245883 |
| 6.720%, 01/18/2029(c) | 250000 | 261800 |
| 6.819%, 11/20/2029(c) | 150000 | 159976 |
| 3.742%, 01/07/2033(c) | 250000 | 232607 |
| PNC Bank N.A.<br> 3.100%, 10/25/2027<br>| 250000 | 246925 |
| KeyBank N.A.<br> 5.850%, 11/15/2027<br>| 250000 | 257578 |
| &nbsp;&nbsp;&nbsp; Santander Holdings U.S.A. <br> Inc.(Variable, U.S. SOFR + <br> 1.25%)<br> 2.490%, 01/06/2028(c)<br>| 250000 | 245747 |
| 5.741%, 03/20/2031(c) | 100000 | 103559 |
| 6.342%, 05/31/2035(c) | 75000 | 80572 |
| &nbsp;&nbsp;&nbsp; Santander UK Group Holdings <br> PLC(Variable, U.S. SOFR + <br> 1.22%)<br> 2.469%, 01/11/2028(c)<br>| 250000 | 245693 |
| 6.534%, 01/10/2029(c) | 250000 | 261289 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial <br> Group Inc.<br> 5.520%, 01/13/2028<br>| 250000 | 257634 |
| 5.800%, 07/13/2028 | 250000 | 260437 |
| 3.040%, 07/16/2029 | 200000 | 192087 |
| 5.710%, 01/13/2030 | 250000 | 263603 |
| 5.766%, 01/13/2033 | 250000 | 266642 |
| 5.632%, 01/15/2035 | 200000 | 212278 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial <br> Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 0.83%)<br> 2.341%, 01/19/2028(c)<br>| 250000 | 245659 |
| 5.017%, 07/20/2028(c) | 250000 | 253716 |
| 5.422%, 02/22/2029(c) | 200000 | 205772 |
| 5.258%, 04/17/2030(c) | 200000 | 206265 |
| 2.309%, 07/20/2032(c) | 200000 | 178568 |
| 5.441%, 02/22/2034(c) | 200000 | 209592 |
| 5.406%, 04/19/2034(c) | 200000 | 209300 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.(Variable, <br> U.S. SOFR + 1.19%)<br> 5.040%, 01/23/2028(c)<br>| 100000 | 101044 |
| 5.571%, 04/22/2028(c) | 100000 | 102000 |
| 4.323%, 04/26/2028(c) | 150000 | 150634 |
| 4.851%, 07/25/2028(c) | 250000 | 253244 |
| 2.069%, 06/01/2029(c) | 250000 | 238791 |
| 4.203%, 07/23/2029(c) | 150000 | 150466 |
| 5.299%, 07/24/2029(c) | 250000 | 257728 |
| 6.087%, 10/23/2029(c) | 100000 | 105347 |
| 4.452%, 12/05/2029(c) | 150000 | 151577 |
| 5.012%, 01/23/2030(c) | 150000 | 153793 |
| 5.581%, 04/22/2030(c) | 250000 | 260970 |
| 3.702%, 05/06/2030(c) | 250000 | 246391 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 4.565%, 06/14/2030(c) | $250000 | $253089 |
| 4.995%, 07/22/2030(c) | 250000 | 256846 |
| 1.953%, 02/04/2032(c) | 250000 | 223218 |
| 2.580%, 04/22/2032(c) | 250000 | 228712 |
| 2.545%, 11/08/2032(c) | 250000 | 225867 |
| 2.963%, 01/25/2033(c) | 250000 | 229762 |
| 4.586%, 04/26/2033(c) | 500000 | 502983 |
| 4.912%, 07/25/2033(c) | 500000 | 510392 |
| 5.717%, 09/14/2033(c) | 250000 | 264628 |
| 5.350%, 06/01/2034(c) | 250000 | 260170 |
| 6.254%, 10/23/2034(c) | 250000 | 275003 |
| 5.336%, 01/23/2035(c) | 250000 | 259503 |
| 5.766%, 04/22/2035(c) | 100000 | 106733 |
| 4.946%, 10/22/2035(c) | 100000 | 101206 |
| 5.572%, 04/22/2036(c) | 50000 | 52596 |
| 4.810%, 10/22/2036 | 250000 | 248732 |
| Manufacturers & Traders Trust Co.<br> 4.700%, 01/27/2028<br>| 250000 | 253345 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp.(Variable, <br> U.S. SOFR + 1.05%)<br> 2.551%, 02/04/2028(c)<br>| 250000 | 245948 |
| 4.376%, 04/27/2028(c) | 250000 | 251024 |
| 4.948%, 07/22/2028(c) | 150000 | 152143 |
| 6.204%, 11/10/2028(c) | 250000 | 259827 |
| 3.419%, 12/20/2028(c) | 250000 | 247156 |
| 3.970%, 03/05/2029(c) | 250000 | 249666 |
| 5.202%, 04/25/2029(c) | 250000 | 256285 |
| 2.087%, 06/14/2029(c) | 250000 | 238552 |
| 4.271%, 07/23/2029(c) | 150000 | 150741 |
| 5.819%, 09/15/2029(c) | 100000 | 104338 |
| 3.974%, 02/07/2030(c) | 250000 | 248754 |
| 3.194%, 07/23/2030(c) | 250000 | 241636 |
| 2.572%, 10/20/2032(c) | 250000 | 225672 |
| 2.972%, 02/04/2033(c) | 500000 | 457915 |
| 4.571%, 04/27/2033(c) | 500000 | 499641 |
| 5.015%, 07/22/2033(c) | 500000 | 510854 |
| 5.288%, 04/25/2034(c) | 250000 | 257814 |
| 5.872%, 09/15/2034(c) | 175000 | 187045 |
| 5.468%, 01/23/2035(c) | 250000 | 260982 |
| 2.482%, 09/21/2036(c) | 250000 | 219728 |
| 3.846%, 03/08/2037(c) | 250000 | 235749 |
| &nbsp;&nbsp;&nbsp; Citigroup Inc.(Variable, U.S. SOFR + <br> 1.28%)<br> 3.070%, 02/24/2028(c)<br>| 250000 | 247178 |
| 4.643%, 05/07/2028(c) | 250000 | 252036 |
| 4.658%, 05/24/2028(c) | 150000 | 151279 |
| 5.174%, 02/13/2030(c) | 250000 | 256762 |
| 3.980%, 03/20/2030(c) | 150000 | 148725 |
| 4.952%, 05/07/2031(c) | 150000 | 153327 |
| 2.561%, 05/01/2032(c) | 250000 | 227049 |
| 3.057%, 01/25/2033(c) | 500000 | 458862 |
| 3.785%, 03/17/2033(c) | 500000 | 477460 |
| 4.910%, 05/24/2033(c) | 500000 | 506858 |
| 6.270%, 11/17/2033(c) | 250000 | 272573 |
| 6.174%, 05/25/2034(c) | 250000 | 265899 |
| 5.827%, 02/13/2035(c) | 250000 | 260247 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.449%, 06/11/2035(c) | $250000 | $259305 |
| 5.333%, 03/27/2036(c) | 100000 | 102498 |
| &nbsp;&nbsp;&nbsp; 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 | 203531 |
| 5.808%, 09/13/2029(c) | 200000 | 208388 |
| 5.076%, 01/27/2030(c) | 200000 | 204536 |
| 5.778%, 03/01/2035(c) | 200000 | 211879 |
| &nbsp;&nbsp;&nbsp; Barclays PLC(Variable, U.S. SOFR + <br> 1.49%)<br> 5.674%, 03/12/2028(c)<br>| 200000 | 203586 |
| 6.490%, 09/13/2029(c) | 200000 | 211435 |
| 5.746%, 08/09/2033(c) | 250000 | 262879 |
| 7.437%, 11/02/2033(c) | 250000 | 286266 |
| 6.224%, 05/09/2034(c) | 250000 | 269406 |
| 7.119%, 06/27/2034(c) | 250000 | 280377 |
| &nbsp;&nbsp;&nbsp; Lloyds Banking Group <br> PLC(Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.80%)<br> 3.750%, 03/18/2028(c)<br>| 250000 | 249113 |
| 5.087%, 11/26/2028(c) | 200000 | 203834 |
| 5.679%, 01/05/2035(c) | 200000 | 210871 |
| 6.068%, 06/13/2036(c) | 200000 | 210747 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co.(Variable, <br> U.S. SOFR + 1.51%)<br> 3.526%, 03/24/2028(c)<br>| 250000 | 248400 |
| 5.707%, 04/22/2028(c) | 150000 | 153128 |
| 3.584%, 05/22/2028(c) | 364000 | 361648 |
| 2.393%, 06/02/2028(c) | 150000 | 146581 |
| 4.150%, 01/24/2029 | 186000 | 186534 |
| 5.574%, 07/25/2029(c) | 200000 | 207228 |
| 6.303%, 10/23/2029(c) | 100000 | 105695 |
| 5.198%, 01/23/2030(c) | 150000 | 154590 |
| 5.244%, 01/24/2031(c) | 100000 | 103617 |
| 5.150%, 04/23/2031(c) | 100000 | 103311 |
| 3.350%, 03/02/2033(c) | 500000 | 467299 |
| 4.897%, 07/25/2033(c) | 500000 | 508553 |
| 5.389%, 04/24/2034(c) | 150000 | 156268 |
| 5.557%, 07/25/2034(c) | 150000 | 157508 |
| 5.499%, 01/23/2035(c) | 250000 | 261299 |
| 5.605%, 04/23/2036(c) | 150000 | 157515 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V.(Variable, U.S. SOFR <br> + 1.83%)<br> 4.017%, 03/28/2028(c)<br>| 200000 | 200061 |
| 5.335%, 03/19/2030(c) | 200000 | 206444 |
| 5.550%, 03/19/2035(c) | 200000 | 208399 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings PLC(Variable, <br> U.S. SOFR + 2.11%)<br> 4.755%, 06/09/2028(c)<br>| 250000 | 252221 |
| 5.210%, 08/11/2028(c) | 250000 | 254259 |
| 7.390%, 11/03/2028(c) | 250000 | 264328 |
| 6.161%, 03/09/2029(c) | 250000 | 260363 |
| 5.286%, 11/19/2030(c) | 200000 | 206520 |
| 5.240%, 05/13/2031(c) | 200000 | 206229 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.402%, 08/11/2033(c) | $250000 | $259344 |
| 8.113%, 11/03/2033(c) | 250000 | 293391 |
| 6.254%, 03/09/2034(c) | 250000 | 272356 |
| 6.547%, 06/20/2034(c) | 200000 | 216596 |
| 7.399%, 11/13/2034(c) | 200000 | 228624 |
| 5.450%, 03/03/2036(c) | 200000 | 206729 |
| Bank of Nova Scotia, The<br> 5.250%, 06/12/2028<br>| 150000 | 154529 |
| 4.850%, 02/01/2030 | 250000 | 256004 |
| 4.588%, 05/04/2037 | 150000 | 146243 |
| &nbsp;&nbsp;&nbsp; Huntington <br> Bancshares Inc.(Variable, <br> U.S. SOFR + 1.97%)<br> 4.443%, 08/04/2028(c)<br>| 100000 | 100560 |
| 5.272%, 01/15/2031(c) | 200000 | 205959 |
| 5.709%, 02/02/2035(c) | 100000 | 104645 |
| Citibank N.A.<br> 5.803%, 09/29/2028<br>| 250000 | 262295 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp.(Variable, <br> U.S. SOFR + 1.44%)<br> 4.873%, 01/26/2029(c)<br>| 100000 | 101614 |
| 7.161%, 10/30/2029(c) | 150000 | 161866 |
| 5.435%, 01/24/2030(c) | 100000 | 103599 |
| 5.071%, 05/20/2031(c) | 100000 | 102821 |
| 5.153%, 08/05/2032(c) | 100000 | 103348 |
| 5.867%, 06/08/2034(c) | 150000 | 159861 |
| 5.711%, 01/24/2035(c) | 100000 | 105406 |
| &nbsp;&nbsp;&nbsp; Mizuho Financial <br> Group Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 1Y + 1.50%)<br> 5.667%, 05/27/2029(c)<br>| 200000 | 207344 |
| 5.382%, 07/10/2030(c) | 200000 | 206956 |
| 5.739%, 05/27/2031(c) | 200000 | 210761 |
| 5.748%, 07/06/2034(c) | 200000 | 212268 |
| 5.323%, 07/08/2036(c) | 200000 | 205933 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group Inc., <br> The(Variable, U.S. SOFR + <br> 1.84%)<br> 5.582%, 06/12/2029(c)<br>| 250000 | 259384 |
| 5.492%, 05/14/2030(c) | 100000 | 104190 |
| 5.222%, 01/29/2031(c) | 100000 | 103548 |
| 4.812%, 10/21/2032(c) | 100000 | 101872 |
| 6.037%, 10/28/2033(c) | 150000 | 162227 |
| 5.939%, 08/18/2034(c) | 150000 | 161289 |
| 5.401%, 07/23/2035(c) | 100000 | 103610 |
| 5.575%, 01/29/2036(c) | 100000 | 104524 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp(Variable, <br> U.S. SOFR + 2.34%)<br> 6.339%, 07/27/2029(c)<br>| 150000 | 158009 |
| 4.772%, 07/28/2030(c) | 150000 | 151896 |
| &nbsp;&nbsp;&nbsp; Citizens Financial <br> Group Inc.(Variable, U.S. SOFR + <br> 2.01%)<br> 5.841%, 01/23/2030(c)<br>| 100000 | 104362 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Banking (Cont.)** | **Banking (Cont.)** | **Banking (Cont.)** |
| 5.253%, 03/05/2031(c) | $100000 | $102824 |
| 6.645%, 04/25/2035(c) | 100000 | 110138 |
|  |  | 45017342 |
| **Beverages (0.00%)** | **Beverages (0.00%)** | **Beverages (0.00%)** |
| Constellation Brands Inc.<br> 4.350%, 05/09/2027<br>| 250000 | 250987 |
| 4.750%, 05/09/2032 | 250000 | 251435 |
| 4.900%, 05/01/2033 | 100000 | 100602 |
| Coca-Cola Co., The<br> 1.450%, 06/01/2027<br>| 100000 | 97052 |
| 1.000%, 03/15/2028 | 100000 | 94461 |
| 3.450%, 03/25/2030 | 100000 | 98134 |
| 2.000%, 03/05/2031 | 200000 | 181409 |
| 5.000%, 05/13/2034 | 100000 | 104328 |
| Diageo Capital PLC<br> 5.300%, 10/24/2027<br>| 250000 | 256166 |
| 5.500%, 01/24/2033 | 200000 | 211026 |
| PepsiCo Inc.<br> 3.600%, 02/18/2028<br>| 250000 | 249518 |
| 4.450%, 05/15/2028 | 250000 | 254010 |
| 4.100%, 01/15/2029 | 50000 | 50298 |
| 4.300%, 07/23/2030 | 100000 | 101104 |
| 3.900%, 07/18/2032 | 100000 | 98434 |
| 4.450%, 02/15/2033 | 100000 | 101873 |
| 5.000%, 02/07/2035 | 100000 | 103103 |
| 5.000%, 07/23/2035 | 50000 | 51179 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev <br> Worldwide Inc.<br> 3.500%, 06/01/2030<br>| 350000 | 342027 |
| Keurig Dr. Pepper Inc.<br> 4.050%, 04/15/2032<br>| 250000 | 240694 |
| 5.150%, 05/15/2035 | 50000 | 50204 |
| Brown-Forman Corp.<br> 4.750%, 04/15/2033<br>| 100000 | 101545 |
|  |  | 3389589 |
| **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** | **Biotechnology & Pharmaceuticals (0.00%)** |
| Astrazeneca Finance LLC<br> 4.800%, 02/26/2027<br>| 100000 | 101125 |
| 4.875%, 03/03/2028 | 250000 | 255507 |
| 4.900%, 03/03/2030 | 250000 | 258371 |
| 4.875%, 03/03/2033 | 150000 | 154930 |
| 5.000%, 02/26/2034 | 100000 | 103643 |
| Johnson & Johnson<br> 4.500%, 03/01/2027<br>| 100000 | 101033 |
| 0.950%, 09/01/2027 | 100000 | 95764 |
| 4.800%, 06/01/2029 | 100000 | 103293 |
| 4.850%, 03/01/2032 | 200000 | 207763 |
| AbbVie Inc.<br> 4.800%, 03/15/2027<br>| 100000 | 101056 |
| 4.650%, 03/15/2028 | 100000 | 101689 |
| 4.250%, 11/14/2028 | 100000 | 101136 |
| 3.200%, 11/21/2029 | 250000 | 242611 |
| 4.875%, 03/15/2030 | 150000 | 154678 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** | **Biotechnology & Pharmaceuticals (Cont.)** |
| 4.950%, 03/15/2031 | $100000 | $103503 |
| 5.050%, 03/15/2034 | 100000 | 102939 |
| 5.200%, 03/15/2035 | 100000 | 103686 |
| Eli Lilly & Co.<br> 4.150%, 08/14/2027<br>| 100000 | 100749 |
| 3.375%, 03/15/2029 | 207000 | 204042 |
| 4.700%, 02/27/2033 | 150000 | 153436 |
| 4.700%, 02/09/2034 | 100000 | 101549 |
| 5.100%, 02/12/2035 | 100000 | 103550 |
| Amgen Inc.<br> 5.150%, 03/02/2028<br>| 250000 | 255935 |
| 3.000%, 02/22/2029 | 250000 | 242375 |
| 4.050%, 08/18/2029 | 250000 | 249940 |
| 5.250%, 03/02/2030 | 250000 | 259559 |
| 3.350%, 02/22/2032 | 150000 | 141455 |
| 4.200%, 03/01/2033 | 150000 | 146847 |
| 5.250%, 03/02/2033 | 250000 | 259141 |
| GlaxoSmithKline Capital Inc.<br> 3.875%, 05/15/2028<br>| 250000 | 250258 |
| Merck & Co. Inc.<br> 4.050%, 05/17/2028<br>| 250000 | 251887 |
| 3.400%, 03/07/2029 | 150000 | 147709 |
| 4.300%, 05/17/2030 | 50000 | 50545 |
| 4.500%, 05/17/2033 | 150000 | 151646 |
| &nbsp;&nbsp;&nbsp; Pfizer Investment Enterprises Pte. <br> Ltd.<br> 4.450%, 05/19/2028<br>| 250000 | 253394 |
| 4.650%, 05/19/2030 | 250000 | 255154 |
| 4.750%, 05/19/2033 | 250000 | 253127 |
| Sanofi SA<br> 3.625%, 06/19/2028<br>| 150000 | 149748 |
| Pfizer Inc.<br> 3.450%, 03/15/2029<br>| 150000 | 148328 |
| Gilead Sciences Inc.<br> 1.650%, 10/01/2030<br>| 300000 | 268829 |
| Bristol-Myers Squibb Co.<br> 5.100%, 02/22/2031<br>| 300000 | 312611 |
| 2.950%, 03/15/2032 | 250000 | 231865 |
| 5.200%, 02/22/2034 | 100000 | 104193 |
| Zoetis Inc.<br> 5.600%, 11/16/2032<br>| 250000 | 265990 |
| Novartis Capital Corp.<br> 4.200%, 09/18/2034<br>| 100000 | 97923 |
| 4.600%, 11/05/2035 | 150000 | 148957 |
| Takeda U.S. Financing Inc.<br> 5.200%, 07/07/2035<br>| 200000 | 204088 |
|  |  | 8157557 |
| **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** | **Cable & Satellite (0.00%)** |
| Comcast Corp.<br> 3.300%, 04/01/2027<br>| 200000 | 198677 |
| 5.350%, 11/15/2027 | 250000 | 255811 |
| 4.550%, 01/15/2029 | 250000 | 253784 |
| 5.500%, 11/15/2032 | 250000 | 264373 |
| 4.650%, 02/15/2033 | 250000 | 251439 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Cable & Satellite (Cont.)** | **Cable & Satellite (Cont.)** | **Cable & Satellite (Cont.)** |
| 4.800%, 05/15/2033 | $250000 | $252583 |
| 5.300%, 05/15/2035 | 100000 | 102431 |
| &nbsp;&nbsp;&nbsp; Charter Communications Operating <br> LLC/Charter Communications <br> Operating Capital<br> 2.250%, 01/15/2029<br>| 250000 | 234219 |
| 4.400%, 04/01/2033 | 250000 | 235901 |
|  |  | 2049218 |
| **Chemicals (0.00%)** | **Chemicals (0.00%)** | **Chemicals (0.00%)** |
| Albemarle Corp.<br> 4.650%, 06/01/2027<br>| 150000 | 150963 |
| 5.050%, 06/01/2032 | 150000 | 151257 |
| Ecolab Inc.<br> 5.250%, 01/15/2028<br>| 150000 | 154050 |
| Sherwin-Williams Co., The<br> 4.550%, 03/01/2028<br>| 50000 | 50609 |
| 2.950%, 08/15/2029 | 70000 | 67110 |
| 4.800%, 09/01/2031 | 50000 | 51239 |
| Nutrien Ltd.<br> 4.900%, 03/27/2028<br>| 150000 | 152741 |
| Air Products and Chemicals Inc.<br> 4.600%, 02/08/2029<br>| 100000 | 101808 |
| 4.800%, 03/03/2033 | 100000 | 102133 |
| 4.850%, 02/08/2034 | 100000 | 101838 |
| PPG Industries Inc.<br> 4.375%, 03/15/2031<br>| 50000 | 49981 |
| Cabot Corp.<br> 5.000%, 06/30/2032<br>| 150000 | 152692 |
| Eastman Chemical Co.<br> 5.750%, 03/08/2033<br>| 100000 | 104979 |
| Avery Dennison Corp.<br> 5.750%, 03/15/2033<br>| 100000 | 106257 |
| Dow Chemical Co., The<br> 6.300%, 03/15/2033<br>| 150000 | 158202 |
| 5.150%, 02/15/2034 | 100000 | 99428 |
| 5.350%, 03/15/2035 | 50000 | 49646 |
| LYB International Finance III LLC<br> 5.500%, 03/01/2034<br>| 100000 | 99032 |
| 6.150%, 05/15/2035 | 50000 | 51323 |
| Westlake Corp.<br> 5.550%, 11/15/2035<br>| 100000 | 100214 |
| CF Industries Inc.<br> 5.300%, 11/26/2035<br>| 100000 | 99835 |
|  |  | 2155337 |
| **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** | **Commercial Support Services (0.00%)** |
| Waste Management Inc.<br> 4.875%, 02/15/2029<br>| 150000 | 153950 |
| 4.625%, 02/15/2030 | 100000 | 101961 |
| 4.800%, 03/15/2032 | 100000 | 102377 |
| 4.150%, 04/15/2032 | 100000 | 99245 |
| 4.625%, 02/15/2033 | 100000 | 101532 |
| RELX Capital Inc.<br> 4.000%, 03/18/2029<br>| 150000 | 149614 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Commercial Support Services (Cont.)** | **Commercial Support Services (Cont.)** | **Commercial Support Services (Cont.)** |
| 3.000%, 05/22/2030 | $150000 | $142843 |
| Republic Services Inc.<br> 4.875%, 04/01/2029<br>| 150000 | 153798 |
| 4.750%, 07/15/2030 | 50000 | 51181 |
| 2.375%, 03/15/2033 | 100000 | 87403 |
| Waste Connections Inc.<br> 2.600%, 02/01/2030<br>| 200000 | 188766 |
| 5.000%, 03/01/2034 | 100000 | 102330 |
| Paychex Inc.<br> 5.100%, 04/15/2030<br>| 60000 | 61823 |
| 5.350%, 04/15/2032 | 60000 | 62209 |
| 5.600%, 04/15/2035 | 60000 | 62920 |
|  |  | 1621952 |
| **Construction Materials (0.00%)** | **Construction Materials (0.00%)** | **Construction Materials (0.00%)** |
| Owens Corning<br> 5.500%, 06/15/2027<br>| 100000 | 102061 |
| 3.500%, 02/15/2030 | 100000 | 96944 |
| CRH SMW Finance DAC<br> 5.125%, 01/09/2030<br>| 200000 | 206310 |
| Amrize Finance U.S. LLC<br> 4.950%, 04/07/2030<br>| 100000 | 102328 |
| 5.400%, 04/07/2035 | 130000 | 134399 |
|  |  | 642042 |
| **Consumer Services (0.00%)** | **Consumer Services (0.00%)** | **Consumer Services (0.00%)** |
| Trustees of Dartmouth College<br> 4.273%, 06/01/2030<br>| 50000 | 50485 |
| &nbsp;&nbsp;&nbsp; Trustees of Princeton University, <br> The<br> 4.647%, 07/01/2030<br>| 50000 | 51205 |
| &nbsp;&nbsp;&nbsp; Leland Stanford Junior University, <br> The<br> 4.146%, 08/01/2030<br>| 50000 | 50316 |
| 4.679%, 03/01/2035 | 50000 | 50486 |
| &nbsp;&nbsp;&nbsp; President and Fellows of Harvard <br> College<br> 4.609%, 02/15/2035<br>| 50000 | 50378 |
|  |  | 252870 |
| **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** | **Containers & Packaging (0.00%)** |
| Berry Global Inc.<br> 5.500%, 04/15/2028<br>| 100000 | 103074 |
| WRKCo Inc.<br> 4.900%, 03/15/2029<br>| 100000 | 101892 |
| Amcor Finance U.S.A. Inc.<br> 5.625%, 05/26/2033<br>| 100000 | 104543 |
| Amcor Flexibles North America Inc.<br> 5.500%, 03/17/2035<br>| 40000 | 41409 |
|  |  | 350918 |
| **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** | **Diversified Industrials (0.00%)** |
| Parker-Hannifin Corp.<br> 4.250%, 09/15/2027<br>| 150000 | 150911 |
| 4.500%, 09/15/2029 | 150000 | 152210 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Diversified Industrials (Cont.)** | **Diversified Industrials (Cont.)** | **Diversified Industrials (Cont.)** |
| 3M Co.<br> 2.875%, 10/15/2027<br>| $100000 | $98321 |
| 2.375%, 08/26/2029 | 100000 | 94285 |
| 4.800%, 03/15/2030 | 50000 | 51148 |
| Honeywell International Inc.<br> 4.950%, 02/15/2028<br>| 150000 | 153194 |
| 4.250%, 01/15/2029 | 150000 | 151131 |
| 5.000%, 02/15/2033 | 125000 | 128995 |
| 4.500%, 01/15/2034 | 100000 | 99321 |
| 5.000%, 03/01/2035 | 100000 | 102112 |
|  |  | 1181628 |
| **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** | **E-Commerce Discretionary (0.00%)** |
| Amazon.com Inc.<br> 3.300%, 04/13/2027<br>| 150000 | 149379 |
| 4.550%, 12/01/2027 | 250000 | 254166 |
| 3.450%, 04/13/2029 | 250000 | 247067 |
| 4.650%, 12/01/2029 | 150000 | 154087 |
| 4.100%, 11/20/2030 | 200000 | 200399 |
| 2.100%, 05/12/2031 | 150000 | 135665 |
| 3.600%, 04/13/2032 | 250000 | 242744 |
| 4.700%, 12/01/2032 | 250000 | 257395 |
| 4.650%, 11/20/2035 | 250000 | 249402 |
| eBay Inc.<br> 5.950%, 11/22/2027<br>| 250000 | 258760 |
| 6.300%, 11/22/2032 | 250000 | 273496 |
|  |  | 2422560 |
| **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** | **Electric Utilities (0.00%)** |
| &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative <br> Finance Corp.<br> 4.800%, 02/05/2027<br>| 50000 | 50485 |
| 5.100%, 05/06/2027 | 50000 | 50754 |
| 4.800%, 03/15/2028 | 150000 | 152793 |
| 5.150%, 06/15/2029 | 50000 | 51747 |
| 4.950%, 02/07/2030 | 50000 | 51501 |
| 5.000%, 02/07/2031 | 100000 | 103377 |
| 2.750%, 04/15/2032 | 50000 | 45159 |
| 5.800%, 01/15/2033 | 50000 | 53677 |
| Eversource Energy<br> 2.900%, 03/01/2027<br>| 150000 | 147937 |
| 4.600%, 07/01/2027 | 150000 | 151035 |
| 5.450%, 03/01/2028 | 150000 | 153803 |
| 5.850%, 04/15/2031 | 100000 | 105594 |
| 5.125%, 05/15/2033 | 150000 | 151758 |
| 5.950%, 07/15/2034 | 100000 | 105932 |
| Exelon Corp.<br> 2.750%, 03/15/2027<br>| 150000 | 147747 |
| 5.150%, 03/15/2028 | 150000 | 153288 |
| 5.300%, 03/15/2033 | 150000 | 156109 |
| Virginia Electric and Power Co.<br> 3.750%, 05/15/2027<br>| 150000 | 149727 |
| 5.000%, 04/01/2033 | 150000 | 153843 |
| 5.300%, 08/15/2033 | 150000 | 155792 |
| 5.000%, 01/15/2034 | 100000 | 101439 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.150%, 03/15/2035 | $50000 | $50966 |
| 4.900%, 09/15/2035 | 100000 | 99734 |
| Southern California Edison Co.<br> 4.700%, 06/01/2027<br>| 150000 | 151181 |
| 5.850%, 11/01/2027 | 150000 | 154152 |
| 5.300%, 03/01/2028 | 150000 | 153196 |
| 5.950%, 11/01/2032 | 150000 | 158893 |
| Pacific Gas and Electric Co.<br> 5.450%, 06/15/2027<br>| 150000 | 152503 |
| 4.550%, 07/01/2030 | 150000 | 149475 |
| 4.400%, 03/01/2032 | 150000 | 146563 |
| 5.900%, 06/15/2032 | 150000 | 157276 |
| 6.400%, 06/15/2033 | 150000 | 162084 |
| 6.950%, 03/15/2034 | 100000 | 111474 |
| 5.800%, 05/15/2034 | 100000 | 104022 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital <br> Holdings Inc.<br> 4.625%, 07/15/2027<br>| 150000 | 151630 |
| 4.900%, 02/28/2028 | 150000 | 152842 |
| 4.900%, 03/15/2029 | 100000 | 102558 |
| 5.000%, 02/28/2030 | 150000 | 154726 |
| 5.000%, 07/15/2032 | 150000 | 153851 |
| 5.050%, 02/28/2033 | 150000 | 153819 |
| 6.700%, 09/01/2054(c) | 50000 | 51781 |
| Southern Co., The<br> 5.113%, 08/01/2027<br>| 150000 | 152426 |
| 4.850%, 06/15/2028 | 150000 | 152750 |
| 5.500%, 03/15/2029 | 50000 | 51936 |
| 5.700%, 10/15/2032 | 150000 | 159117 |
| 5.200%, 06/15/2033 | 150000 | 154333 |
| Alabama Power Co.<br> 3.750%, 09/01/2027<br>| 150000 | 150121 |
| WEC Energy Group Inc.<br> 5.150%, 10/01/2027<br>| 150000 | 152976 |
| 4.750%, 01/15/2028 | 150000 | 152265 |
| American Electric Power Co. Inc.<br> 5.750%, 11/01/2027<br>| 150000 | 154580 |
| 5.950%, 11/01/2032 | 150000 | 161203 |
| 7.050%, 12/15/2054(c) | 50000 | 52219 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise <br> Group Inc.<br> 5.850%, 11/15/2027<br>| 150000 | 154656 |
| 5.400%, 03/15/2035 | 40000 | 41191 |
| Duke Energy Corp.<br> 5.000%, 12/08/2027<br>| 150000 | 152932 |
| 4.300%, 03/15/2028 | 150000 | 150841 |
| 4.850%, 01/05/2029 | 100000 | 102078 |
| 5.450%, 06/15/2034 | 50000 | 52164 |
| 4.950%, 09/15/2035 | 100000 | 99354 |
| 6.450%, 09/01/2054(c) | 100000 | 104958 |
| Consumers Energy Co.<br> 4.650%, 03/01/2028<br>| 150000 | 152428 |
| 4.625%, 05/15/2033 | 150000 | 150743 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Generation <br> LLC<br> 5.600%, 03/01/2028<br>| $150000 | $154793 |
| Black Hills Corp.<br> 5.950%, 03/15/2028<br>| 150000 | 155576 |
| Florida Power & Light Co.<br> 5.050%, 04/01/2028<br>| 150000 | 153843 |
| 4.400%, 05/15/2028 | 150000 | 151920 |
| 5.150%, 06/15/2029 | 50000 | 51970 |
| 4.625%, 05/15/2030 | 150000 | 153108 |
| 5.100%, 04/01/2033 | 150000 | 155576 |
| 4.800%, 05/15/2033 | 150000 | 153133 |
| 5.300%, 06/15/2034 | 50000 | 52489 |
| Berkshire Hathaway Energy Co.<br> 3.250%, 04/15/2028<br>| 80000 | 78869 |
| 3.700%, 07/15/2030 | 50000 | 49198 |
| System Energy Resources Inc.<br> 6.000%, 04/15/2028<br>| 100000 | 103784 |
| Georgia Power Co.<br> 4.650%, 05/16/2028<br>| 150000 | 152390 |
| 4.700%, 05/15/2032 | 150000 | 152251 |
| 4.950%, 05/17/2033 | 150000 | 153139 |
| 5.250%, 03/15/2034 | 100000 | 103390 |
| DTE Energy Co.<br> 4.875%, 06/01/2028<br>| 150000 | 152645 |
| 5.100%, 03/01/2029 | 50000 | 51277 |
| 5.200%, 04/01/2030 | 100000 | 103244 |
| 5.850%, 06/01/2034 | 50000 | 53411 |
| AES Corp., The<br> 5.450%, 06/01/2028<br>| 150000 | 153446 |
| National Grid PLC<br> 5.602%, 06/12/2028<br>| 150000 | 154919 |
| 5.809%, 06/12/2033 | 150000 | 159771 |
| San Diego Gas & Electric Co.<br> 4.950%, 08/15/2028<br>| 150000 | 153781 |
| Duke Energy Carolinas LLC<br> 3.950%, 11/15/2028<br>| 90000 | 90256 |
| 4.850%, 03/15/2030 | 100000 | 103026 |
| 4.950%, 01/15/2033 | 150000 | 154619 |
| 4.850%, 01/15/2034 | 100000 | 101387 |
| 5.250%, 03/15/2035 | 50000 | 51766 |
| Duke Energy Progress LLC<br> 3.450%, 03/15/2029<br>| 100000 | 98491 |
| 5.050%, 03/15/2035 | 50000 | 50932 |
| Sempra<br> 3.700%, 04/01/2029<br>| 100000 | 98490 |
| 5.500%, 08/01/2033 | 200000 | 209277 |
| 6.400%, 10/01/2054(c) | 50000 | 50856 |
| 6.875%, 10/01/2054(c) | 50000 | 51436 |
| 6.625%, 04/01/2055(c) | 50000 | 50447 |
| Edison International<br> 5.450%, 06/15/2029<br>| 50000 | 50906 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison Company of <br> New York Inc.<br> 3.350%, 04/01/2030<br>| 50000 | 48469 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| 5.500%, 03/15/2034 | $50000 | $52580 |
| 5.125%, 03/15/2035 | 50000 | 51230 |
| Tennessee Valley Authority<br> 7.125%, 05/01/2030<br>| 250000 | 283557 |
| 4.875%, 05/15/2035 | 160000 | 165882 |
| Dayton Power & Light Co., The<br> 4.550%, 08/15/2030(d)<br>| 50000 | 49779 |
| PacifiCorp<br> 5.300%, 02/15/2031<br>| 100000 | 102982 |
| 5.450%, 02/15/2034 | 100000 | 101668 |
| Puget Energy Inc.<br> 4.224%, 03/15/2032<br>| 150000 | 143998 |
| 5.725%, 03/15/2035 | 50000 | 51416 |
| AEP Texas Inc.<br> 4.700%, 05/15/2032<br>| 150000 | 150735 |
| Xcel Energy Inc.<br> 4.600%, 06/01/2032<br>| 150000 | 149404 |
| 5.450%, 08/15/2033 | 150000 | 155016 |
| Dominion Energy Inc.<br> 5.375%, 11/15/2032<br>| 150000 | 155961 |
| 6.875%, 02/01/2055(c) | 50000 | 52016 |
| Entergy Louisiana LLC<br> 4.000%, 03/15/2033<br>| 100000 | 96588 |
| 5.350%, 03/15/2034 | 100000 | 104141 |
| 5.150%, 09/15/2034 | 100000 | 102458 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Houston <br> Electric LLC<br> 6.950%, 03/15/2033<br>| 100000 | 113714 |
| DTE Electric Co.<br> 5.200%, 04/01/2033<br>| 50000 | 52049 |
| 5.250%, 05/15/2035 | 50000 | 51499 |
| Southwestern Electric Power Co.<br> 5.300%, 04/01/2033<br>| 100000 | 102896 |
| PPL Electric Utilities Corp.<br> 5.000%, 05/15/2033<br>| 150000 | 153869 |
| 4.850%, 02/15/2034 | 100000 | 101261 |
| Ameren Illinois Co.<br> 4.950%, 06/01/2033<br>| 150000 | 153447 |
| Public Service Electric and Gas Co.<br> 5.200%, 08/01/2033<br>| 150000 | 155849 |
| Arizona Public Service Co.<br> 5.550%, 08/01/2033<br>| 150000 | 156887 |
| 5.700%, 08/15/2034 | 100000 | 105321 |
| Oncor Electric Delivery Co. LLC<br> 5.650%, 11/15/2033<br>| 100000 | 106370 |
| Oncor Electric Delivery Co. LLC<br> 5.350%, 04/01/2035(d)<br>| 50000 | 51678 |
| Duke Energy Florida LLC<br> 5.875%, 11/15/2033<br>| 100000 | 108101 |
| &nbsp;&nbsp;&nbsp; Dominion Energy South <br> Carolina Inc.<br> 5.300%, 01/15/2035<br>| 100000 | 103671 |
| Union Electric Co.<br> 5.250%, 04/15/2035<br>| 50000 | 51572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** | **Electric Utilities (Cont.)** |
| Northern States Power Co.<br> 5.050%, 05/15/2035<br>| $50000 | $51038 |
| Duke Energy Ohio Inc.<br> 5.300%, 06/15/2035<br>| 50000 | 51630 |
| AEP Transmission Co. LLC<br> 5.375%, 06/15/2035<br>| 50000 | 51690 |
| Interstate Power and Light Co.<br> 5.600%, 06/29/2035<br>| 50000 | 52123 |
| Public Service Co. of Colorado<br> 5.150%, 09/15/2035<br>| 100000 | 101545 |
| Entergy Corp.<br> 7.125%, 12/01/2054(c)<br>| 50000 | 52498 |
|  |  | 15787894 |
| **Electric, Gas Marketing & Trading (0.00%)** | **Electric, Gas Marketing & Trading (0.00%)** | **Electric, Gas Marketing & Trading (0.00%)** |
| Southern Power Co.<br> 4.900%, 10/01/2035<br>| 50000 | 49555 |
|  |  | 49555 |
| **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** | **Electrical Equipment (0.00%)** |
| Otis Worldwide Corp.<br> 5.250%, 08/16/2028<br>| 150000 | 154628 |
| Lennox International Inc.<br> 5.500%, 09/15/2028<br>| 100000 | 103232 |
| Amphenol Corp.<br> 3.900%, 11/15/2028<br>| 100000 | 99928 |
| 5.050%, 04/05/2029 | 50000 | 51489 |
| 4.125%, 11/15/2030 | 100000 | 99575 |
| 4.400%, 02/15/2033 | 100000 | 99203 |
| 5.000%, 01/15/2035 | 50000 | 51028 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International <br> PLC/Tyco Fire & Security <br> Finance SCA<br> 5.500%, 04/19/2029<br>| 50000 | 52040 |
| Vontier Corp.<br> 2.950%, 04/01/2031<br>| 150000 | 137832 |
| Allegion U.S. Holding Co. Inc.<br> 5.411%, 07/01/2032<br>| 150000 | 156430 |
| Trane Technologies Financing Ltd.<br> 5.250%, 03/03/2033<br>| 100000 | 104346 |
|  |  | 1109731 |
| **Engineering & Construction (0.00%)** | **Engineering & Construction (0.00%)** | **Engineering & Construction (0.00%)** |
| Quanta Services Inc.<br> 4.750%, 08/09/2027<br>| 50000 | 50615 |
| 5.100%, 08/09/2035 | 50000 | 50209 |
| Jacobs Engineering Group Inc.<br> 6.350%, 08/18/2028<br>| 100000 | 105236 |
| MasTec Inc.<br> 5.900%, 06/15/2029<br>| 50000 | 52126 |
|  |  | 258186 |
| **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** | **Entertainment Content (0.00%)** |
| Netflix Inc.<br> 4.875%, 04/15/2028<br>| 100000 | 102165 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Entertainment Content (Cont.)** | **Entertainment Content (Cont.)** | **Entertainment Content (Cont.)** |
| Walt Disney Co., The<br> 3.800%, 03/22/2030<br>| $150000 | $148822 |
| 6.200%, 12/15/2034 | 150000 | 168688 |
|  |  | 419675 |
| **Food (0.00%)** | **Food (0.00%)** | **Food (0.00%)** |
| Mondelez International Inc.<br> 2.625%, 03/17/2027<br>| 250000 | 246203 |
| &nbsp;&nbsp;&nbsp; JBS U.S.A. Holding Lux S.a.r.l./JBS <br> U.S.A. Food Co./JBS Lux Co. <br> S.a.r.l.<br> 3.000%, 02/02/2029<br>| 250000 | 240783 |
| 3.625%, 01/15/2032 | 250000 | 233943 |
| 5.750%, 04/01/2033 | 73000 | 76284 |
| General Mills Inc.<br> 4.875%, 01/30/2030<br>| 100000 | 102347 |
| 4.950%, 03/29/2033 | 100000 | 101605 |
| 5.250%, 01/30/2035 | 100000 | 102247 |
| Kraft Heinz Foods Co.<br> 3.750%, 04/01/2030<br>| 250000 | 244896 |
| Pilgrim's Pride Corp.<br> 4.250%, 04/15/2031<br>| 250000 | 244067 |
| 3.500%, 03/01/2032 | 250000 | 231366 |
| 6.250%, 07/01/2033 | 100000 | 106884 |
| Kellanova<br> 5.250%, 03/01/2033<br>| 100000 | 103815 |
| McCormick & Co. Inc.<br> 4.950%, 04/15/2033<br>| 100000 | 101765 |
| Hershey Co., The<br> 4.500%, 05/04/2033<br>| 100000 | 100484 |
|  |  | 2236689 |
| **Forestry, Paper & Wood Products (0.00%)** | **Forestry, Paper & Wood Products (0.00%)** | **Forestry, Paper & Wood Products (0.00%)** |
| Suzano Austria GmbH<br> 6.000%, 01/15/2029<br>| 200000 | 205979 |
|  |  | 205979 |
| **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** | **Gas & Water Utilities (0.00%)** |
| Southern California Gas Co.<br> 2.950%, 04/15/2027<br>| 100000 | 98920 |
| 5.200%, 06/01/2033 | 100000 | 103373 |
| 5.450%, 06/15/2035 | 50000 | 52132 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy Resources <br> Corp.<br> 5.250%, 03/01/2028<br>| 100000 | 102513 |
| 5.400%, 03/01/2033 | 9000 | 9332 |
| NiSource Inc.<br> 5.250%, 03/30/2028<br>| 100000 | 102557 |
| 5.200%, 07/01/2029 | 50000 | 51590 |
| 3.600%, 05/01/2030 | 50000 | 48621 |
| 5.350%, 07/15/2035 | 50000 | 51207 |
| 6.950%, 11/30/2054(c) | 50000 | 52040 |
| Essential Utilities Inc.<br> 2.704%, 04/15/2030<br>| 50000 | 46984 |
| 5.250%, 08/15/2035 | 50000 | 51075 |

---

---

| | | |
|:---|:---|:---|
|  | **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.)** |
| Southwest Gas Corp.<br> 4.050%, 03/15/2032<br>| $100000 | $96599 |
| American Water Capital Corp.<br> 4.450%, 06/01/2032<br>| 100000 | 100180 |
| 5.250%, 03/01/2035 | 50000 | 51630 |
| Atmos Energy Corp.<br> 5.900%, 11/15/2033<br>| 50000 | 54159 |
| Southern Co. Gas Capital Corp.<br> 4.950%, 09/15/2034<br>| 100000 | 100429 |
|  |  | 1173341 |
| **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** | **Health Care Facilities & Services (0.00%)** |
| HCA Inc.<br> 3.125%, 03/15/2027<br>| 150000 | 148459 |
| 5.000%, 03/01/2028 | 100000 | 101892 |
| 5.200%, 06/01/2028 | 150000 | 153729 |
| 3.375%, 03/15/2029 | 150000 | 146259 |
| 5.250%, 03/01/2030 | 100000 | 103313 |
| 5.450%, 04/01/2031 | 100000 | 104455 |
| 3.625%, 03/15/2032 | 100000 | 94606 |
| 5.500%, 06/01/2033 | 100000 | 104217 |
| 5.600%, 04/01/2034 | 100000 | 104441 |
| 5.750%, 03/01/2035 | 100000 | 105161 |
| 4.900%, 11/15/2035 | 50000 | 49409 |
| UnitedHealth Group Inc.<br> 3.700%, 05/15/2027<br>| 250000 | 249576 |
| 5.250%, 02/15/2028 | 250000 | 256942 |
| 4.000%, 05/15/2029 | 250000 | 249884 |
| 5.300%, 02/15/2030 | 250000 | 260670 |
| 4.650%, 01/15/2031 | 100000 | 101716 |
| 4.200%, 05/15/2032 | 250000 | 247194 |
| 5.350%, 02/15/2033 | 100000 | 104350 |
| 4.500%, 04/15/2033 | 100000 | 99592 |
| 5.150%, 07/15/2034 | 100000 | 102609 |
| CommonSpirit Health<br> 6.073%, 11/01/2027<br>| 150000 | 155073 |
| Cencora Inc.<br> 4.625%, 12/15/2027<br>| 100000 | 101280 |
| 5.150%, 02/15/2035 | 100000 | 102422 |
| Humana Inc.<br> 5.750%, 03/01/2028<br>| 250000 | 257816 |
| 3.700%, 03/23/2029 | 250000 | 245591 |
| 5.375%, 04/15/2031 | 100000 | 103468 |
| IQVIA Inc.<br> 5.700%, 05/15/2028<br>| 200000 | 206360 |
| 6.250%, 02/01/2029 | 100000 | 105465 |
| Centene Corp.<br> 2.450%, 07/15/2028<br>| 250000 | 234116 |
| 2.500%, 03/01/2031 | 400000 | 345333 |
| McKesson Corp.<br> 4.900%, 07/15/2028<br>| 150000 | 153672 |
| 4.950%, 05/30/2032 | 50000 | 51455 |
| 5.100%, 07/15/2033 | 100000 | 103492 |
| CVS Health Corp.<br> 5.000%, 01/30/2029<br>| 150000 | 153273 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **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.)** |
| 5.125%, 02/21/2030 | $250000 | $257030 |
| 3.750%, 04/01/2030 | 100000 | 97713 |
| 5.250%, 01/30/2031 | 250000 | 258475 |
| 5.000%, 09/15/2032 | 50000 | 51121 |
| 5.250%, 02/21/2033 | 100000 | 103143 |
| 5.300%, 06/01/2033 | 100000 | 103285 |
| 5.700%, 06/01/2034 | 100000 | 105005 |
| 5.450%, 09/15/2035 | 100000 | 102522 |
| Cigna Group, The<br> 5.000%, 05/15/2029<br>| 300000 | 308296 |
| 5.125%, 05/15/2031 | 100000 | 103462 |
| 5.250%, 02/15/2034 | 100000 | 102998 |
| Cardinal Health Inc.<br> 4.500%, 09/15/2030<br>| 100000 | 101024 |
| 5.350%, 11/15/2034 | 100000 | 103273 |
| Universal Health Services Inc.<br> 2.650%, 10/15/2030<br>| 250000 | 228166 |
| Adventist Health System<br> 5.430%, 03/01/2032<br>| 150000 | 153483 |
| Sutter Health<br> 5.213%, 08/15/2032<br>| 50000 | 51851 |
| 5.164%, 08/15/2033 | 100000 | 103003 |
| Elevance Health Inc.<br> 5.500%, 10/15/2032<br>| 250000 | 263516 |
| 4.750%, 02/15/2033 | 250000 | 251122 |
| 5.375%, 06/15/2034 | 100000 | 103503 |
| Quest Diagnostics Inc.<br> 6.400%, 11/30/2033<br>| 100000 | 110876 |
| Ascension Health<br> 4.923%, 11/15/2035<br>| 50000 | 50179 |
|  |  | 8320336 |
| **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** | **Healthcare - Products (0.00%)** |
| Solventum Corp.<br> 5.450%, 03/13/2031<br>| 100000 | 104366 |
|  |  | 104366 |
| **Home Construction (0.00%)** | **Home Construction (0.00%)** | **Home Construction (0.00%)** |
| D.R. Horton Inc.<br> 1.400%, 10/15/2027<br>| 100000 | 95716 |
| 5.500%, 10/15/2035 | 100000 | 104372 |
| Lennar Corp.<br> 5.200%, 07/30/2030<br>| 50000 | 51439 |
| Sekisui House U.S. Inc.<br> 2.500%, 01/15/2031<br>| 100000 | 88975 |
| Fortune Brands Innovations Inc.<br> 4.000%, 03/25/2032<br>| 150000 | 143924 |
| 5.875%, 06/01/2033 | 100000 | 105809 |
| Meritage Homes Corp.<br> 5.650%, 03/15/2035<br>| 75000 | 76774 |
|  |  | 667009 |
| **Household Products (0.00%)** | **Household Products (0.00%)** | **Household Products (0.00%)** |
| Procter & Gamble Co., The<br> 1.900%, 02/01/2027<br>| 100000 | 98197 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Household Products (Cont.)** | **Household Products (Cont.)** | **Household Products (Cont.)** |
| 3.950%, 01/26/2028 | $100000 | $100923 |
| 4.150%, 10/24/2029 | 50000 | 50728 |
| 2.300%, 02/01/2032 | 100000 | 91442 |
| 4.050%, 01/26/2033 | 100000 | 100148 |
| 4.350%, 11/03/2035 | 100000 | 99006 |
| Haleon U.S. Capital LLC<br> 3.375%, 03/24/2027<br>| 250000 | 248213 |
| 3.625%, 03/24/2032 | 250000 | 238226 |
| Colgate-Palmolive Co.<br> 3.100%, 08/15/2027<br>| 100000 | 99160 |
| 4.600%, 03/01/2028 | 100000 | 101568 |
| Kenvue Inc.<br> 5.050%, 03/22/2028<br>| 100000 | 102188 |
| 5.000%, 03/22/2030 | 100000 | 103048 |
| 4.900%, 03/22/2033 | 100000 | 102189 |
| Unilever Capital Corp.<br> 1.375%, 09/14/2030<br>| 300000 | 266692 |
| Clorox Co., The<br> 4.600%, 05/01/2032<br>| 100000 | 101022 |
| Church & Dwight Co. Inc.<br> 5.600%, 11/15/2032<br>| 100000 | 106453 |
| Estee Lauder Cos. Inc., The<br> 4.650%, 05/15/2033<br>| 100000 | 100758 |
|  |  | 2109961 |
| **Industrial Intermediate Products (0.00%)** | **Industrial Intermediate Products (0.00%)** | **Industrial Intermediate Products (0.00%)** |
| Timken Co., The<br> 4.125%, 04/01/2032<br>| 150000 | 144289 |
|  |  | 144289 |
| **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** | **Institutional Financial Services (0.00%)** |
| Intercontinental Exchange Inc.<br> 4.000%, 09/15/2027<br>| 250000 | 250765 |
| 4.350%, 06/15/2029 | 250000 | 252773 |
| 4.600%, 03/15/2033 | 250000 | 253292 |
| Nomura Holdings Inc.<br> 5.842%, 01/18/2028<br>| 500000 | 516109 |
| 6.181%, 01/18/2033 | 250000 | 270741 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley(Variable, U.S. SOFR <br> + 1.00%)<br> 2.475%, 01/21/2028(c)<br>| 250000 | 245939 |
| 5.652%, 04/13/2028(c) | 100000 | 101982 |
| 4.210%, 04/20/2028(c) | 250000 | 250595 |
| 3.772%, 01/24/2029(c) | 150000 | 149197 |
| 5.123%, 02/01/2029(c) | 250000 | 255256 |
| 5.164%, 04/20/2029(c) | 250000 | 255710 |
| 5.449%, 07/20/2029(c) | 250000 | 258131 |
| 6.407%, 11/01/2029(c) | 150000 | 159044 |
| 5.173%, 01/16/2030(c) | 150000 | 154082 |
| 4.431%, 01/23/2030(c) | 250000 | 251541 |
| 5.656%, 04/18/2030(c) | 250000 | 260634 |
| 5.042%, 07/19/2030(c) | 250000 | 256551 |
| 2.699%, 01/22/2031(c) | 250000 | 234685 |
| 4.356%, 10/22/2031 | 150000 | 149652 |
| 2.239%, 07/21/2032(c) | 250000 | 222364 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** | **Institutional Financial Services (Cont.)** |
| 2.943%, 01/21/2033(c) | $250000 | $228415 |
| 4.889%, 07/20/2033(c) | 500000 | 508035 |
| 6.342%, 10/18/2033(c) | 500000 | 548631 |
| 5.250%, 04/21/2034(c) | 150000 | 154709 |
| 5.424%, 07/21/2034(c) | 150000 | 156294 |
| 6.627%, 11/01/2034(c) | 100000 | 112035 |
| 2.484%, 09/16/2036(c) | 250000 | 220101 |
| 4.892%, 10/22/2036 | 250000 | 248342 |
| 5.297%, 04/20/2037(c) | 250000 | 254617 |
| 5.948%, 01/19/2038(c) | 250000 | 263438 |
| 5.942%, 02/07/2039(c) | 250000 | 263173 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp., <br> The<br> 3.400%, 01/29/2028<br>| 250000 | 248291 |
| 3.992%, 06/13/2028(c) | 150000 | 150074 |
| 5.834%, 10/25/2033(c) | 150000 | 161952 |
| 4.706%, 02/01/2034(c) | 150000 | 150777 |
| 6.474%, 10/25/2034(c) | 250000 | 279954 |
| &nbsp;&nbsp;&nbsp; State Street Corp.(Variable, <br> U.S. SOFR + 0.73%)<br> 2.203%, 02/07/2028(c)<br>| 150000 | 147288 |
| 4.536%, 02/28/2028 | 100000 | 101556 |
| 4.729%, 02/28/2030 | 100000 | 102405 |
| 4.834%, 04/24/2030 | 100000 | 103044 |
| 4.675%, 10/22/2032(c) | 100000 | 101953 |
| 5.159%, 05/18/2034(c) | 150000 | 155360 |
| 5.146%, 02/28/2036(c) | 60000 | 61538 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group Inc., <br> The(Variable, U.S. SOFR + <br> 1.11%)<br> 2.640%, 02/24/2028(c)<br>| 250000 | 246123 |
| 3.615%, 03/15/2028(c) | 250000 | 248642 |
| 4.937%, 04/23/2028(c) | 150000 | 151737 |
| 4.482%, 08/23/2028(c) | 250000 | 251788 |
| 4.223%, 05/01/2029(c) | 150000 | 150349 |
| 6.484%, 10/24/2029(c) | 150000 | 159130 |
| 5.727%, 04/25/2030(c) | 250000 | 261345 |
| 5.049%, 07/23/2030(c) | 250000 | 256339 |
| 4.369%, 10/21/2031 | 250000 | 249687 |
| 2.615%, 04/22/2032(c) | 250000 | 228165 |
| 2.383%, 07/21/2032(c) | 250000 | 224145 |
| 3.102%, 02/24/2033(c) | 500000 | 461312 |
| 6.561%, 10/24/2034(c) | 100000 | 111587 |
| 5.851%, 04/25/2035(c) | 100000 | 106481 |
| 5.330%, 07/23/2035(c) | 100000 | 102925 |
| 5.016%, 10/23/2035(c) | 100000 | 100708 |
| 5.536%, 01/28/2036(c) | 150000 | 156059 |
| 4.939%, 10/21/2036 | 250000 | 248728 |
| Jefferies Financial Group Inc.<br> 5.875%, 07/21/2028<br>| 100000 | 103939 |
| 6.200%, 04/14/2034 | 100000 | 105741 |
| BGC Group Inc.<br> 6.150%, 04/02/2030<br>| 50000 | 51803 |
| LPL Holdings Inc.<br> 5.150%, 06/15/2030<br>| 50000 | 51028 |
| 5.650%, 03/15/2035 | 100000 | 102681 |

---

---

| | | |
|:---|:---|:---|
|  | **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.)** |
| CME Group Inc.<br> 2.650%, 03/15/2032<br>| $100000 | $91534 |
| Nasdaq Inc.<br> 5.550%, 02/15/2034<br>| 88000 | 92556 |
| Goldman Sachs Capital I<br> 6.345%, 02/15/2034<br>| 100000 | 106288 |
|  |  | 13891845 |
| **Insurance (0.00%)** | **Insurance (0.00%)** | **Insurance (0.00%)** |
| Berkshire Hathaway Finance Corp.<br> 2.300%, 03/15/2027<br>| 50000 | 49217 |
| 2.875%, 03/15/2032 | 100000 | 93334 |
| Progressive Corp., The<br> 2.500%, 03/15/2027<br>| 50000 | 49226 |
| 4.950%, 06/15/2033 | 100000 | 102682 |
| Aon Corp./Aon Global Holdings PLC<br> 2.850%, 05/28/2027<br>| 150000 | 147755 |
| 5.350%, 02/28/2033 | 250000 | 260668 |
| Willis North America Inc.<br> 4.650%, 06/15/2027<br>| 250000 | 251990 |
| F&G Annuities & Life Inc.<br> 7.400%, 01/13/2028<br>| 250000 | 261691 |
| 6.500%, 06/04/2029 | 100000 | 104230 |
| Corebridge Financial Inc.<br> 3.850%, 04/05/2029<br>| 250000 | 246093 |
| 3.900%, 04/05/2032 | 250000 | 237840 |
| 6.875%, 12/15/2052(c) | 250000 | 256042 |
| Chubb INA Holdings LLC<br> 4.650%, 08/15/2029<br>| 150000 | 153439 |
| 5.000%, 03/15/2034 | 100000 | 102488 |
| Marsh & McLennan Cos. Inc.<br> 4.650%, 03/15/2030<br>| 100000 | 102045 |
| 2.250%, 11/15/2030 | 250000 | 228473 |
| MetLife Inc.<br> 4.550%, 03/23/2030<br>| 250000 | 255383 |
| Aflac Inc.<br> 3.600%, 04/01/2030<br>| 250000 | 245904 |
| Brown & Brown Inc.<br> 4.900%, 06/23/2030<br>| 60000 | 60902 |
| Lincoln National Corp.<br> 3.400%, 01/15/2031<br>| 150000 | 142685 |
| Arthur J. Gallagher & Co.<br> 5.000%, 02/15/2032<br>| 100000 | 102354 |
| 5.150%, 02/15/2035 | 100000 | 101272 |
| American International Group Inc.<br> 5.125%, 03/27/2033<br>| 250000 | 257567 |
| Allstate Corp., The<br> 5.250%, 03/30/2033<br>| 250000 | 260602 |
| Fairfax Financial Holdings Ltd.<br> 6.000%, 12/07/2033<br>| 100000 | 106146 |
| Aon North America Inc.<br> 5.450%, 03/01/2034<br>| 100000 | 104123 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Insurance (Cont.)** | **Insurance (Cont.)** | **Insurance (Cont.)** |
| &nbsp;&nbsp;&nbsp; Prudential Financial Inc.(Variable, <br> U.S. Treasury Yield Curve Rate <br> CMT 5Y + 3.16%)<br> 5.125%, 03/01/2052(c)<br>| $250000 | $247715 |
| 6.000%, 09/01/2052(c) | 250000 | 257582 |
| Athene Holding Ltd.<br> 6.625%, 10/15/2054(c)<br>| 250000 | 249526 |
|  |  | 5038974 |
| **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** | **Internet Media & Services (0.00%)** |
| Meta Platforms Inc.<br> 3.500%, 08/15/2027<br>| 500000 | 499056 |
| 4.600%, 05/15/2028 | 500000 | 509374 |
| 4.800%, 05/15/2030 | 100000 | 103051 |
| 3.850%, 08/15/2032 | 200000 | 194257 |
| 4.950%, 05/15/2033 | 250000 | 257775 |
| 4.750%, 08/15/2034 | 100000 | 101058 |
| 4.875%, 11/15/2035 | 100000 | 100034 |
| Uber Technologies Inc.<br> 4.300%, 01/15/2030<br>| 100000 | 100625 |
| Expedia Group Inc.<br> 3.250%, 02/15/2030<br>| 100000 | 95983 |
| 5.400%, 02/15/2035 | 100000 | 102769 |
| Alphabet Inc.<br> 4.100%, 11/15/2030<br>| 175000 | 175734 |
| 4.375%, 11/15/2032 | 100000 | 100489 |
| 4.500%, 05/15/2035 | 50000 | 49830 |
| 4.700%, 11/15/2035 | 300000 | 300664 |
|  |  | 2690699 |
| **Investment Companies (0.00%)** | **Investment Companies (0.00%)** | **Investment Companies (0.00%)** |
| Apollo Debt Solutions BDC<br> 6.550%, 03/15/2032<br>| 100000 | 103615 |
|  |  | 103615 |
| **IT Services (0.00%)** | **IT Services (0.00%)** | **IT Services (0.00%)** |
| &nbsp;&nbsp;&nbsp; International Business Machines <br> Corp.<br> 2.200%, 02/09/2027<br>| 150000 | 147272 |
| 4.150%, 07/27/2027 | 150000 | 150817 |
| 4.500%, 02/06/2028 | 100000 | 100982 |
| 1.950%, 05/15/2030 | 200000 | 182445 |
| 4.750%, 02/06/2033 | 250000 | 254206 |
| 5.200%, 02/10/2035 | 100000 | 102682 |
| Kyndryl Holdings Inc.<br> 2.700%, 10/15/2028<br>| 250000 | 239633 |
| 3.150%, 10/15/2031 | 150000 | 137118 |
| Booz Allen Hamilton Inc.<br> 5.950%, 08/04/2033<br>| 100000 | 104367 |
| IBM International Capital Pte. Ltd.<br> 4.900%, 02/05/2034<br>| 100000 | 101086 |
| Accenture Capital Inc.<br> 4.500%, 10/04/2034<br>| 100000 | 98794 |
|  |  | 1619402 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** | **Leisure Facilities & Services (0.00%)** |
| Hyatt Hotels Corp.<br> 5.750%, 01/30/2027<br>| $80000 | $81239 |
| 5.050%, 03/30/2028 | 50000 | 50920 |
| 5.750%, 03/30/2032 | 100000 | 104950 |
| Starbucks Corp.<br> 4.850%, 02/08/2027<br>| 100000 | 100897 |
| 2.250%, 03/12/2030 | 100000 | 92284 |
| 4.800%, 02/15/2033 | 100000 | 101382 |
| 5.000%, 02/15/2034 | 100000 | 102175 |
| Las Vegas Sands Corp.<br> 5.900%, 06/01/2027<br>| 100000 | 102008 |
| 6.000%, 08/15/2029 | 100000 | 104444 |
| 6.000%, 06/14/2030 | 50000 | 52450 |
| McDonald's Corp.<br> 4.800%, 08/14/2028<br>| 250000 | 255376 |
| 3.600%, 07/01/2030 | 150000 | 147319 |
| 4.950%, 08/14/2033 | 100000 | 103298 |
| Marriott International Inc.<br> 4.900%, 04/15/2029<br>| 250000 | 255792 |
| 5.100%, 04/15/2032 | 100000 | 103122 |
| 5.300%, 05/15/2034 | 100000 | 103303 |
| 5.350%, 03/15/2035 | 50000 | 51479 |
|  |  | 1912438 |
| **Leisure Products (0.00%)** | **Leisure Products (0.00%)** | **Leisure Products (0.00%)** |
| Hasbro Inc.<br> 3.900%, 11/19/2029<br>| 50000 | 49192 |
|  |  | 49192 |
| **Machinery (0.00%)** | **Machinery (0.00%)** | **Machinery (0.00%)** |
| Caterpillar Financial Services Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100733 |
| 5.000%, 05/14/2027 | 50000 | 50836 |
| 3.600%, 08/12/2027 | 100000 | 99860 |
| 4.375%, 08/16/2029 | 100000 | 101435 |
| 4.800%, 01/08/2030 | 100000 | 103433 |
| John Deere Capital Corp.<br> 4.500%, 01/08/2027<br>| 100000 | 100766 |
| 4.150%, 09/15/2027 | 100000 | 100787 |
| 4.900%, 03/03/2028 | 100000 | 102358 |
| 4.950%, 07/14/2028 | 100000 | 102727 |
| 4.850%, 10/11/2029 | 150000 | 154840 |
| 4.700%, 06/10/2030 | 150000 | 153788 |
| 4.350%, 09/15/2032 | 100000 | 100396 |
| 5.100%, 04/11/2034 | 100000 | 103583 |
| 5.050%, 06/12/2034 | 100000 | 103331 |
| Stanley Black & Decker Inc.<br> 6.000%, 03/06/2028<br>| 150000 | 155490 |
| CNH Industrial Capital LLC<br> 4.750%, 03/21/2028<br>| 100000 | 101169 |
| 4.550%, 04/10/2028 | 100000 | 100713 |
| Regal Rexnord Corp.<br> 6.050%, 04/15/2028<br>| 150000 | 155214 |
| 6.300%, 02/15/2030 | 150000 | 159097 |
| 6.400%, 04/15/2033 | 250000 | 269269 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Machinery (Cont.)** | **Machinery (Cont.)** | **Machinery (Cont.)** |
| Eaton Corp.<br> 4.350%, 05/18/2028<br>| $150000 | $151702 |
| 4.150%, 03/15/2033 | 100000 | 98550 |
| Ingersoll Rand Inc.<br> 5.400%, 08/14/2028<br>| 150000 | 155102 |
| 5.176%, 06/15/2029 | 50000 | 51721 |
| 5.700%, 08/14/2033 | 100000 | 106113 |
| 5.450%, 06/15/2034 | 100000 | 104193 |
| Veralto Corp.<br> 5.350%, 09/18/2028<br>| 100000 | 103153 |
| Deere Funding Canada Corp.<br> 4.150%, 10/09/2030<br>| 130000 | 130096 |
| Pentair Finance S.a.r.l.<br> 5.900%, 07/15/2032<br>| 100000 | 106248 |
| AGCO Corp.<br> 5.800%, 03/21/2034<br>| 100000 | 104768 |
| Deere & Co.<br> 5.450%, 01/16/2035<br>| 100000 | 105690 |
| Caterpillar Inc.<br> 5.200%, 05/15/2035<br>| 100000 | 103829 |
|  |  | 3740990 |
| **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** | **Medical Equipment & Devices (0.00%)** |
| Baxter International Inc.<br> 1.915%, 02/01/2027<br>| 66000 | 64409 |
| 4.900%, 12/15/2030 | 50000 | 50418 |
| 2.539%, 02/01/2032 | 100000 | 87273 |
| Bio-Rad Laboratories Inc.<br> 3.300%, 03/15/2027<br>| 150000 | 148660 |
| GE HealthCare Technologies Inc.<br> 5.650%, 11/15/2027<br>| 150000 | 154447 |
| 5.857%, 03/15/2030 | 250000 | 264562 |
| 5.905%, 11/22/2032 | 250000 | 269633 |
| Thermo Fisher Scientific Inc.<br> 4.800%, 11/21/2027<br>| 150000 | 152663 |
| 4.977%, 08/10/2030 | 250000 | 259521 |
| 5.086%, 08/10/2033 | 100000 | 103965 |
| 4.794%, 10/07/2035 | 100000 | 100500 |
| Illumina Inc.<br> 5.750%, 12/13/2027<br>| 150000 | 154511 |
| Stryker Corp.<br> 4.700%, 02/10/2028<br>| 100000 | 101458 |
| 4.850%, 02/10/2030 | 100000 | 102743 |
| 5.200%, 02/10/2035 | 100000 | 102904 |
| Becton Dickinson & Co.<br> 4.693%, 02/13/2028<br>| 150000 | 152024 |
| Medtronic Global Holdings SCA<br> 4.250%, 03/30/2028<br>| 150000 | 151192 |
| 4.500%, 03/30/2033 | 100000 | 100348 |
| Zimmer Biomet Holdings Inc.<br> 5.500%, 02/19/2035<br>| 50000 | 51949 |
|  |  | 2573180 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** | **Metals & Mining (0.00%)** |
| Rio Tinto Finance U.S.A. PLC<br> 4.375%, 03/12/2027<br>| $100000 | $100679 |
| 4.500%, 03/14/2028 | 100000 | 101184 |
| 4.875%, 03/14/2030 | 100000 | 102850 |
| 5.000%, 03/09/2033 | 100000 | 102849 |
| 5.250%, 03/14/2035 | 100000 | 103231 |
| BHP Billiton Finance U.S.A. Ltd.<br> 4.750%, 02/28/2028<br>| 150000 | 152379 |
| 5.100%, 09/08/2028 | 100000 | 103081 |
| 4.900%, 02/28/2033 | 100000 | 102179 |
| &nbsp;&nbsp;&nbsp; Newmont Corp./Newcrest Finance <br> Pty Ltd.<br> 3.250%, 05/13/2030<br>| 79000 | 76580 |
| 5.350%, 03/15/2034 | 50000 | 52341 |
| Vale Overseas Ltd.<br> 3.750%, 07/08/2030<br>| 100000 | 96277 |
| 6.125%, 06/12/2033 | 100000 | 107045 |
| Freeport-McMoRan Inc.<br> 4.625%, 08/01/2030<br>| 100000 | 100801 |
| Yamana Gold Inc.<br> 2.630%, 08/15/2031<br>| 150000 | 135014 |
| Newmont Corp.<br> 5.875%, 04/01/2035<br>| 50000 | 54172 |
|  |  | 1490662 |
| **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** | **Oil & Gas Supply Chain (0.00%)** |
| Enterprise Products Operating LLC<br> 4.600%, 01/11/2027<br>| 100000 | 100727 |
| 3.125%, 07/31/2029 | 150000 | 145553 |
| 4.600%, 01/15/2031 | 100000 | 101309 |
| 5.350%, 01/31/2033 | 100000 | 104613 |
| 4.950%, 02/15/2035 | 100000 | 101375 |
| Sabine Pass Liquefaction LLC<br> 5.000%, 03/15/2027<br>| 100000 | 100679 |
| 4.200%, 03/15/2028 | 100000 | 100120 |
| 4.500%, 05/15/2030 | 100000 | 100501 |
| Exxon Mobil Corp.<br> 3.294%, 03/19/2027<br>| 250000 | 248947 |
| 2.610%, 10/15/2030 | 250000 | 234625 |
| Coterra Energy Inc.<br> 3.900%, 05/15/2027<br>| 250000 | 249083 |
| 4.375%, 03/15/2029 | 250000 | 250780 |
| Targa Resources Corp.<br> 5.200%, 07/01/2027<br>| 250000 | 254082 |
| 6.150%, 03/01/2029 | 100000 | 105326 |
| 4.900%, 09/15/2030 | 100000 | 101994 |
| 6.125%, 03/15/2033 | 100000 | 107159 |
| Chevron U.S.A. Inc.<br> 1.018%, 08/12/2027<br>| 250000 | 239656 |
| 3.850%, 01/15/2028 | 250000 | 250442 |
| 3.250%, 10/15/2029 | 250000 | 244219 |
| 4.300%, 10/15/2030 | 100000 | 101055 |
| Phillips 66 Co.<br> 4.950%, 12/01/2027<br>| 125000 | 127024 |
| 3.750%, 03/01/2028 | 100000 | 99340 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** | **Oil & Gas Supply Chain (Cont.)** |
| 3.150%, 12/15/2029 | $150000 | $144102 |
| 5.300%, 06/30/2033 | 150000 | 154972 |
| 5.875%, 03/15/2056 | 100000 | 98930 |
| Energy Transfer L.P.<br> 5.550%, 02/15/2028<br>| 250000 | 256724 |
| 5.750%, 02/15/2033 | 100000 | 105088 |
| 6.550%, 12/01/2033 | 100000 | 109785 |
| 5.550%, 05/15/2034 | 100000 | 102936 |
| 5.600%, 09/01/2034 | 100000 | 103101 |
| 5.700%, 04/01/2035 | 100000 | 103698 |
| MPLX L.P.<br> 4.000%, 03/15/2028<br>| 100000 | 99817 |
| 2.650%, 08/15/2030 | 100000 | 92703 |
| 4.800%, 02/15/2031 | 100000 | 101167 |
| 5.000%, 03/01/2033 | 100000 | 100621 |
| 5.500%, 06/01/2034 | 100000 | 102202 |
| 5.400%, 09/15/2035 | 100000 | 100910 |
| EQT Corp.<br> 5.700%, 04/01/2028<br>| 250000 | 258051 |
| 4.750%, 01/15/2031 | 50000 | 50375 |
| TransCanada PipeLines Ltd.<br> 4.250%, 05/15/2028<br>| 150000 | 150349 |
| Ovintiv Inc.<br> 5.650%, 05/15/2028<br>| 250000 | 257431 |
| 6.250%, 07/15/2033 | 250000 | 265586 |
| Williams Cos. Inc., The<br> 5.300%, 08/15/2028<br>| 250000 | 257448 |
| 2.600%, 03/15/2031 | 250000 | 228493 |
| 5.650%, 03/15/2033 | 100000 | 105348 |
| Occidental Petroleum Corp.<br> 6.375%, 09/01/2028<br>| 100000 | 104748 |
| 8.875%, 07/15/2030 | 100000 | 115622 |
| 5.550%, 10/01/2034 | 100000 | 102029 |
| Cheniere Energy Inc.<br> 4.625%, 10/15/2028<br>| 250000 | 249667 |
| ONEOK Inc.<br> 5.650%, 11/01/2028<br>| 250000 | 259729 |
| 5.800%, 11/01/2030 | 250000 | 263754 |
| 6.100%, 11/15/2032 | 150000 | 160755 |
| 5.050%, 11/01/2034 | 100000 | 99326 |
| 5.400%, 10/15/2035 | 100000 | 101254 |
| Enbridge Inc.<br> 6.000%, 11/15/2028<br>| 100000 | 105118 |
| 5.300%, 04/05/2029 | 100000 | 103154 |
| 4.500%, 02/15/2031 | 100000 | 100017 |
| 5.700%, 03/08/2033 | 150000 | 158240 |
| 5.550%, 06/20/2035 | 50000 | 51825 |
| 5.200%, 11/20/2035 | 100000 | 100945 |
| BP Capital Markets America Inc.<br> 4.970%, 10/17/2029<br>| 100000 | 102969 |
| 2.721%, 01/12/2032 | 250000 | 228034 |
| 4.812%, 02/13/2033 | 250000 | 253585 |
| 4.893%, 09/11/2033 | 100000 | 101880 |
| 4.989%, 04/10/2034 | 100000 | 102163 |
| 5.227%, 11/17/2034 | 100000 | 103387 |

---

---

| | | |
|:---|:---|:---|
|  | **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.)** |
| &nbsp;&nbsp;&nbsp; Eastern Gas Transmission & <br> Storage Inc.<br> 3.000%, 11/15/2029<br>| $150000 | $143429 |
| &nbsp;&nbsp;&nbsp; Cheniere Corp.us Christi Holdings <br> LLC<br> 3.700%, 11/15/2029<br>| 250000 | 244359 |
| Canadian Natural Resources Ltd.<br> 5.000%, 12/15/2029<br>| 100000 | 102601 |
| 5.400%, 12/15/2034 | 100000 | 101901 |
| Diamondback Energy Inc.<br> 5.150%, 01/30/2030<br>| 100000 | 102942 |
| 6.250%, 03/15/2033 | 250000 | 269840 |
| 5.400%, 04/18/2034 | 100000 | 102562 |
| Chevron Corp.<br> 2.236%, 05/11/2030<br>| 250000 | 232068 |
| Kinder Morgan Inc.<br> 5.150%, 06/01/2030<br>| 100000 | 103496 |
| 5.200%, 06/01/2033 | 100000 | 103047 |
| 5.400%, 02/01/2034 | 100000 | 103426 |
| EOG Resources Inc.<br> 4.400%, 01/15/2031<br>| 100000 | 100496 |
| &nbsp;&nbsp;&nbsp; Plains All American Pipeline <br> L.P./PAA Finance Corp.<br> 4.700%, 01/15/2031<br>| 100000 | 100655 |
| Cenovus Energy Inc.<br> 4.650%, 03/20/2031<br>| 100000 | 99753 |
| &nbsp;&nbsp;&nbsp; Targa Resources Partners <br> L.P./Targa Resources Partners <br> Finance Corp.<br> 4.000%, 01/15/2032<br>| 250000 | 238878 |
| Western Midstream Operating L.P.<br> 6.150%, 04/01/2033<br>| 250000 | 265064 |
| Cheniere Energy Partners L.P.<br> 5.950%, 06/30/2033<br>| 100000 | 106195 |
| Cheniere Energy Partners L.P.<br> 5.550%, 10/30/2035(d)<br>| 150000 | 153753 |
| TotalEnergies Capital SA<br> 4.724%, 09/10/2034<br>| 100000 | 101049 |
| ConocoPhillips Co.<br> 5.000%, 01/15/2035<br>| 150000 | 152352 |
| Shell Finance U.S. Inc.<br> 4.125%, 05/11/2035<br>| 50000 | 48099 |
| Woodside Finance Ltd.<br> 6.000%, 05/19/2035<br>| 100000 | 104332 |
| Plains All American Pipeline L.P.<br> 5.950%, 06/15/2035<br>| 100000 | 104389 |
| Viper Energy Partners LLC<br> 5.700%, 08/01/2035<br>| 100000 | 102053 |
|  |  | 13073386 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** | **Oil, Gas Services & Equipment (0.00%)** |
| Schlumberger Investment SA<br> 2.650%, 06/26/2030<br>| $100000 | $93910 |
| Helmerich & Payne Inc.<br> 2.900%, 09/29/2031<br>| 100000 | 89369 |
|  |  | 183279 |
| **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** | **Packaging & Containers (0.00%)** |
| Sonoco Products Co.<br> 4.600%, 09/01/2029<br>| 100000 | 100860 |
|  |  | 100860 |
| **Pharmaceuticals (0.00%)** | **Pharmaceuticals (0.00%)** | **Pharmaceuticals (0.00%)** |
| Eli Lilly & Co.<br> 4.250%, 03/15/2031<br>| 50000 | 50423 |
| Cardinal Health Inc.<br> 5.150%, 09/15/2035<br>| 50000 | 50924 |
|  |  | 101347 |
| **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** | **Real Estate Investment Trusts (0.00%)** |
| Crown Castle Inc.<br> 4.000%, 03/01/2027<br>| 100000 | 99780 |
| 2.900%, 03/15/2027 | 100000 | 98571 |
| 3.650%, 09/01/2027 | 100000 | 99243 |
| 5.000%, 01/11/2028 | 100000 | 101588 |
| 2.250%, 01/15/2031 | 100000 | 89401 |
| 2.100%, 04/01/2031 | 100000 | 88336 |
| 2.500%, 07/15/2031 | 100000 | 89480 |
| 5.100%, 05/01/2033 | 250000 | 252546 |
| 5.800%, 03/01/2034 | 100000 | 105005 |
| Boston Properties L.P.<br> 6.750%, 12/01/2027<br>| 250000 | 261547 |
| Prologis L.P.<br> 3.375%, 12/15/2027<br>| 250000 | 247927 |
| 4.000%, 09/15/2028 | 250000 | 250562 |
| 2.875%, 11/15/2029 | 250000 | 239209 |
| 1.750%, 07/01/2030 | 250000 | 225107 |
| 4.750%, 06/15/2033 | 250000 | 252541 |
| 5.000%, 03/15/2034 | 100000 | 102009 |
| 5.250%, 05/15/2035 | 100000 | 103468 |
| Digital Realty Trust L.P.<br> 5.550%, 01/15/2028<br>| 250000 | 256861 |
| VICI Properties L.P.<br> 4.750%, 02/15/2028<br>| 250000 | 252515 |
| 5.125%, 05/15/2032 | 250000 | 252095 |
| 5.625%, 04/01/2035 | 100000 | 102344 |
| ERP Operating L.P.<br> 3.500%, 03/01/2028<br>| 50000 | 49533 |
| 3.000%, 07/01/2029 | 50000 | 48251 |
| 4.950%, 06/15/2032 | 50000 | 51196 |
| 4.650%, 09/15/2034 | 50000 | 49563 |
| American Tower Corp.<br> 5.500%, 03/15/2028<br>| 500000 | 514551 |
| 5.250%, 07/15/2028 | 500000 | 514232 |
| 5.650%, 03/15/2033 | 500000 | 527623 |

---

---

| | | |
|:---|:---|:---|
|  | **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.)** |
| Extra Space Storage L.P.<br> 5.700%, 04/01/2028<br>| $250000 | $258361 |
| 3.900%, 04/01/2029 | 250000 | 247158 |
| 4.000%, 06/15/2029 | 50000 | 49545 |
| 5.500%, 07/01/2030 | 250000 | 260411 |
| 2.200%, 10/15/2030 | 100000 | 90586 |
| 2.400%, 10/15/2031 | 100000 | 88983 |
| 4.950%, 01/15/2033 | 100000 | 101188 |
| Rexford Industrial Realty L.P.<br> 5.000%, 06/15/2028<br>| 250000 | 254420 |
| Realty Income Corp.<br> 4.700%, 12/15/2028<br>| 250000 | 254967 |
| 4.850%, 03/15/2030 | 250000 | 256922 |
| 5.625%, 10/13/2032 | 250000 | 265358 |
| 1.800%, 03/15/2033 | 100000 | 83151 |
| Ventas Realty L.P.<br> 4.400%, 01/15/2029<br>| 100000 | 100471 |
| 5.000%, 01/15/2035 | 100000 | 100280 |
| Public Storage Operating Co.<br> 5.125%, 01/15/2029<br>| 50000 | 51692 |
| 4.375%, 07/01/2030 | 50000 | 50452 |
| Alexandria Real Estate Equities Inc.<br> 2.750%, 12/15/2029<br>| 50000 | 46967 |
| 4.900%, 12/15/2030 | 50000 | 50707 |
| 2.000%, 05/18/2032 | 50000 | 42343 |
| 1.875%, 02/01/2033 | 50000 | 40989 |
| 4.750%, 04/15/2035 | 50000 | 48211 |
| Welltower OP LLC<br> 4.500%, 07/01/2030<br>| 50000 | 50596 |
| 3.850%, 06/15/2032 | 250000 | 241653 |
| 5.125%, 07/01/2035 | 100000 | 102231 |
| Omega Healthcare Investors Inc.<br> 5.200%, 07/01/2030<br>| 50000 | 50926 |
| Simon Property Group L.P.<br> 2.650%, 07/15/2030<br>| 50000 | 46866 |
| 5.500%, 03/08/2033 | 250000 | 263683 |
| 4.750%, 09/26/2034 | 100000 | 99690 |
| 5.125%, 10/01/2035 | 100000 | 101684 |
| WP Carey Inc.<br> 4.650%, 07/15/2030<br>| 50000 | 50394 |
| Lineage OP L.P.<br> 5.250%, 07/15/2030(d)<br>| 50000 | 50480 |
| AvalonBay Communities Inc.<br> 2.450%, 01/15/2031<br>| 250000 | 228837 |
| CubeSmart L.P.<br> 2.000%, 02/15/2031<br>| 150000 | 132813 |
| Kimco Realty OP LLC<br> 3.200%, 04/01/2032<br>| 250000 | 232505 |
| American Homes 4 Rent L.P.<br> 3.625%, 04/15/2032<br>| 250000 | 236511 |
| Equinix Inc.<br> 3.900%, 04/15/2032<br>| 150000 | 144368 |
| &nbsp;&nbsp;&nbsp; Invitation Homes Operating <br> Partnership L.P.<br> 4.150%, 04/15/2032<br>| 250000 | 243437 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** | **Real Estate Investment Trusts (Cont.)** |
| Healthpeak OP LLC<br> 5.250%, 12/15/2032<br>| $250000 | $256618 |
| Weyerhaeuser Co.<br> 3.375%, 03/09/2033<br>| 100000 | 91655 |
| &nbsp;&nbsp;&nbsp; Equinix Europe 2 Financing Corp. <br> LLC<br> 5.500%, 06/15/2034<br>| 50000 | 51865 |
| Brixmor Operating Partnership L.P.<br> 5.750%, 02/15/2035<br>| 100000 | 105235 |
|  |  | 10850293 |
| **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** | **Retail - Consumer Staples (0.00%)** |
| Target Corp.<br> 1.950%, 01/15/2027<br>| 250000 | 245525 |
| 6.350%, 11/01/2032 | 100000 | 111059 |
| 4.400%, 01/15/2033 | 250000 | 250344 |
| Walmart Inc.<br> 3.950%, 09/09/2027<br>| 150000 | 150865 |
| 3.900%, 04/15/2028 | 250000 | 251353 |
| 4.000%, 04/15/2030 | 250000 | 252348 |
| 4.150%, 09/09/2032 | 250000 | 251917 |
| 4.100%, 04/15/2033 | 250000 | 250001 |
| Dollar General Corp.<br> 5.200%, 07/05/2028<br>| 250000 | 256311 |
| Kroger Co., The<br> 1.700%, 01/15/2031<br>| 250000 | 220492 |
|  |  | 2240215 |
| **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** | **Retail - Discretionary (0.00%)** |
| Lowe's Cos. Inc.<br> 3.350%, 04/01/2027<br>| 150000 | 148937 |
| 1.300%, 04/15/2028 | 150000 | 141484 |
| 3.750%, 04/01/2032 | 150000 | 143941 |
| 5.150%, 07/01/2033 | 250000 | 258651 |
| Home Depot Inc., The<br> 2.875%, 04/15/2027<br>| 150000 | 148417 |
| 4.900%, 04/15/2029 | 100000 | 102963 |
| 2.950%, 06/15/2029 | 100000 | 96855 |
| 4.750%, 06/25/2029 | 100000 | 102596 |
| 2.700%, 04/15/2030 | 50000 | 47331 |
| 4.500%, 09/15/2032 | 250000 | 253360 |
| 4.950%, 06/25/2034 | 100000 | 102485 |
| 4.650%, 09/15/2035 | 100000 | 99336 |
| AutoZone Inc.<br> 4.500%, 02/01/2028<br>| 150000 | 151406 |
| 6.250%, 11/01/2028 | 100000 | 105700 |
| Genuine Parts Co.<br> 6.500%, 11/01/2028<br>| 50000 | 52897 |
| AutoNation Inc.<br> 3.850%, 03/01/2032<br>| 150000 | 141183 |
| O'Reilly Automotive Inc.<br> 4.700%, 06/15/2032<br>| 150000 | 151538 |
|  |  | 2249080 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Semiconductors (0.00%)** | **Semiconductors (0.00%)** | **Semiconductors (0.00%)** |
| TSMC Arizona Corp.<br> 3.875%, 04/22/2027<br>| $200000 | $200001 |
| &nbsp;&nbsp;&nbsp; NXP B.V./NXP Funding LLC/NXP <br> U.S.A. Inc.<br> 3.150%, 05/01/2027<br>| 150000 | 148268 |
| 3.400%, 05/01/2030 | 150000 | 144781 |
| 2.500%, 05/11/2031 | 100000 | 90598 |
| 5.250%, 08/19/2035 | 50000 | 50830 |
| QUALCOMM Inc.<br> 3.250%, 05/20/2027<br>| 150000 | 149190 |
| 5.400%, 05/20/2033 | 250000 | 265111 |
| 5.000%, 05/20/2035 | 50000 | 50895 |
| Broadcom Inc.<br> 5.050%, 07/12/2027<br>| 200000 | 203603 |
| 4.150%, 02/15/2028 | 100000 | 100366 |
| 4.800%, 04/15/2028 | 100000 | 101815 |
| 5.050%, 07/12/2029 | 100000 | 103031 |
| 4.350%, 02/15/2030 | 100000 | 100737 |
| 4.600%, 07/15/2030 | 150000 | 152520 |
| 4.200%, 10/15/2030 | 130000 | 130046 |
| 2.450%, 02/15/2031 | 150000 | 137314 |
| 5.150%, 11/15/2031 | 100000 | 103901 |
| 4.550%, 02/15/2032 | 100000 | 100412 |
| 2.600%, 02/15/2033 | 100000 | 88187 |
| 3.419%, 04/15/2033 | 100000 | 92803 |
| 3.469%, 04/15/2034 | 100000 | 91386 |
| 4.800%, 10/15/2034 | 100000 | 100384 |
| 5.200%, 07/15/2035 | 100000 | 102722 |
| 4.000%, 04/15/2029(d) | 150000 | 149470 |
| 4.150%, 04/15/2032(d) | 150000 | 146897 |
| Intel Corp.<br> 3.750%, 08/05/2027<br>| 150000 | 149158 |
| 4.875%, 02/10/2028 | 100000 | 101407 |
| 1.600%, 08/12/2028 | 250000 | 234671 |
| 4.000%, 08/05/2029 | 150000 | 148556 |
| 5.125%, 02/10/2030 | 150000 | 153866 |
| 5.200%, 02/10/2033 | 250000 | 255214 |
| Texas Instruments Inc.<br> 2.900%, 11/03/2027<br>| 150000 | 148468 |
| 4.900%, 03/14/2033 | 250000 | 258357 |
| 5.100%, 05/23/2035 | 50000 | 51537 |
| NVIDIA Corp.<br> 1.550%, 06/15/2028<br>| 50000 | 47547 |
| 2.850%, 04/01/2030 | 50000 | 47803 |
| 2.000%, 06/15/2031 | 50000 | 45053 |
| Analog Devices Inc.<br> 4.250%, 06/15/2028<br>| 100000 | 100852 |
| 4.500%, 06/15/2030 | 50000 | 50720 |
| 5.050%, 04/01/2034 | 100000 | 103514 |
| Marvell Technology Inc.<br> 5.750%, 02/15/2029<br>| 50000 | 52169 |
| 5.950%, 09/15/2033 | 50000 | 53564 |
| Micron Technology Inc.<br> 5.875%, 02/09/2033<br>| 250000 | 266168 |
|  |  | 5373892 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Software (0.00%)** | **Software (0.00%)** | **Software (0.00%)** |
| Microsoft Corp.<br> 3.300%, 02/06/2027<br>| $250000 | $249054 |
| Workday Inc.<br> 3.500%, 04/01/2027<br>| 150000 | 149112 |
| 3.800%, 04/01/2032 | 150000 | 143747 |
| Synopsys Inc.<br> 4.550%, 04/01/2027<br>| 40000 | 40286 |
| 4.650%, 04/01/2028 | 45000 | 45615 |
| 4.850%, 04/01/2030 | 90000 | 91988 |
| 5.000%, 04/01/2032 | 65000 | 66455 |
| 5.150%, 04/01/2035 | 100000 | 101834 |
| Adobe Inc.<br> 4.850%, 04/04/2027<br>| 100000 | 101362 |
| 4.950%, 01/17/2030 | 100000 | 103600 |
| 5.300%, 01/17/2035 | 100000 | 105515 |
| Oracle Corp.<br> 3.250%, 11/15/2027<br>| 150000 | 146762 |
| 4.500%, 05/06/2028 | 250000 | 250039 |
| 6.150%, 11/09/2029 | 150000 | 156717 |
| 4.650%, 05/06/2030 | 150000 | 148823 |
| 4.450%, 09/26/2030 | 150000 | 146852 |
| 2.875%, 03/25/2031 | 100000 | 89793 |
| 4.800%, 09/26/2032 | 200000 | 194044 |
| 6.250%, 11/09/2032 | 250000 | 261300 |
| 4.900%, 02/06/2033 | 250000 | 241376 |
| 5.200%, 09/26/2035 | 400000 | 384135 |
| VMware LLC<br> 1.800%, 08/15/2028<br>| 50000 | 47297 |
| 4.700%, 05/15/2030 | 50000 | 50844 |
| 2.200%, 08/15/2031 | 50000 | 44485 |
| Roper Technologies Inc.<br> 4.500%, 10/15/2029<br>| 100000 | 101045 |
| 4.750%, 02/15/2032 | 100000 | 101236 |
| 4.900%, 10/15/2034 | 100000 | 99962 |
| 5.100%, 09/15/2035 | 100000 | 100937 |
|  |  | 3764215 |
| **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** | **Specialty Finance (0.00%)** |
| Global Payments Inc.<br> 2.150%, 01/15/2027<br>| 150000 | 146858 |
| 5.400%, 08/15/2032 | 150000 | 152811 |
| S&P Global Inc.<br> 2.450%, 03/01/2027<br>| 150000 | 147628 |
| 4.250%, 05/01/2029 | 150000 | 150892 |
| 2.500%, 12/01/2029 | 150000 | 141487 |
| 1.250%, 08/15/2030 | 250000 | 219957 |
| FactSet Research Systems Inc.<br> 2.900%, 03/01/2027<br>| 150000 | 147747 |
| American Express Co.<br> 2.550%, 03/04/2027<br>| 150000 | 147854 |
| 5.850%, 11/05/2027 | 150000 | 155174 |
| 5.098%, 02/16/2028(c) | 150000 | 151774 |
| 5.282%, 07/27/2029(c) | 150000 | 154538 |
| 5.532%, 04/25/2030(c) | 150000 | 156562 |
| 5.085%, 01/30/2031(c) | 100000 | 103149 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| 5.016%, 04/25/2031(c) | $100000 | $103139 |
| 5.043%, 05/01/2034(c) | 150000 | 154097 |
| 5.284%, 07/26/2035(c) | 100000 | 103220 |
| 5.442%, 01/30/2036(c) | 60000 | 62433 |
| 5.667%, 04/25/2036(c) | 60000 | 63514 |
| 4.804%, 10/24/2036 | 50000 | 49468 |
| &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust<br> 6.450%, 04/15/2027<br>| 150000 | 154108 |
| 3.000%, 10/29/2028 | 150000 | 145474 |
| 4.375%, 11/15/2030 | 150000 | 149667 |
| 3.300%, 01/30/2032 | 500000 | 462320 |
| PayPal Holdings Inc.<br> 3.900%, 06/01/2027<br>| 100000 | 100204 |
| 4.400%, 06/01/2032 | 150000 | 150025 |
| 5.150%, 06/01/2034 | 50000 | 51364 |
| Ally Financial Inc.<br> 4.750%, 06/09/2027<br>| 100000 | 100877 |
| 6.848%, 01/03/2030(c) | 150000 | 159225 |
| ORIX Corp.<br> 5.000%, 09/13/2027<br>| 50000 | 50873 |
| 4.000%, 04/13/2032 | 50000 | 48643 |
| 5.400%, 02/25/2035 | 50000 | 51681 |
| Synchrony Financial<br> 3.950%, 12/01/2027<br>| 150000 | 149305 |
| Air Lease Corp.<br> 5.300%, 02/01/2028<br>| 250000 | 254654 |
| 3.125%, 12/01/2030 | 200000 | 185510 |
| Fiserv Inc.<br> 5.450%, 03/02/2028<br>| 250000 | 256071 |
| 4.550%, 02/15/2031 | 100000 | 99047 |
| 5.600%, 03/02/2033 | 250000 | 258387 |
| 5.250%, 08/11/2035 | 100000 | 99960 |
| Mastercard Inc.<br> 4.875%, 03/09/2028<br>| 250000 | 255757 |
| 4.850%, 03/09/2033 | 250000 | 257414 |
| 4.875%, 05/09/2034 | 50000 | 51343 |
| &nbsp;&nbsp;&nbsp; Capital One Financial <br> Corp.(Variable, U.S. SOFR + <br> 2.06%)<br> 4.927%, 05/10/2028(c)<br>| 150000 | 151787 |
| 5.468%, 02/01/2029(c) | 150000 | 154060 |
| 6.312%, 06/08/2029(c) | 100000 | 104978 |
| 5.247%, 07/26/2030(c) | 150000 | 154831 |
| 7.624%, 10/30/2031(c) | 100000 | 113105 |
| 6.377%, 06/08/2034(c) | 150000 | 162386 |
| 5.884%, 07/26/2035(c) | 100000 | 105418 |
| Equifax Inc.<br> 5.100%, 06/01/2028<br>| 250000 | 255506 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings <br> LLLP/Ladder Capital Finance <br> Corp.<br> 5.500%, 08/01/2030<br>| 50000 | 51170 |
| Visa Inc.<br> 1.100%, 02/15/2031<br>| 250000 | 218160 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** | **Specialty Finance (Cont.)** |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br> Services Inc.<br> 5.100%, 07/15/2032<br>| $150000 | $153452 |
| GATX Corp.<br> 5.450%, 09/15/2033<br>| 100000 | 103641 |
| 6.900%, 05/01/2034 | 125000 | 140258 |
| Verisk Analytics Inc.<br> 5.250%, 03/15/2035<br>| 100000 | 101946 |
| MSCI Inc.<br> 5.250%, 09/01/2035<br>| 100000 | 100922 |
|  |  | 8075831 |
| **Steel (0.00%)** | **Steel (0.00%)** | **Steel (0.00%)** |
| Nucor Corp.<br> 4.300%, 05/23/2027<br>| 150000 | 150955 |
| 3.125%, 04/01/2032 | 150000 | 139648 |
| ArcelorMittal SA<br> 6.550%, 11/29/2027<br>| 150000 | 156195 |
| 6.800%, 11/29/2032 | 150000 | 168193 |
| Steel Dynamics Inc.<br> 3.250%, 01/15/2031<br>| 50000 | 47583 |
| 5.250%, 05/15/2035 | 50000 | 51222 |
|  |  | 713796 |
| **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** | **Technology Hardware (0.00%)** |
| Cisco Systems Inc.<br> 4.800%, 02/26/2027<br>| 100000 | 101130 |
| 4.550%, 02/24/2028 | 100000 | 101652 |
| 4.850%, 02/26/2029 | 100000 | 102708 |
| 4.950%, 02/26/2031 | 100000 | 103823 |
| 5.050%, 02/26/2034 | 100000 | 103103 |
| 5.100%, 02/24/2035 | 100000 | 102974 |
| Jabil Inc.<br> 4.250%, 05/15/2027<br>| 150000 | 150228 |
| 5.450%, 02/01/2029 | 250000 | 258229 |
| Hewlett Packard Enterprise Co.<br> 4.400%, 09/25/2027<br>| 100000 | 100505 |
| 4.550%, 10/15/2029 | 100000 | 100855 |
| 4.400%, 10/15/2030 | 100000 | 99790 |
| 5.000%, 10/15/2034 | 100000 | 99338 |
| Dell International LLC/EMC Corp.<br> 5.250%, 02/01/2028<br>| 100000 | 102271 |
| 5.300%, 10/01/2029 | 150000 | 154929 |
| 6.200%, 07/15/2030 | 150000 | 160327 |
| 4.500%, 02/15/2031 | 100000 | 99951 |
| 5.750%, 02/01/2033 | 250000 | 263815 |
| 5.400%, 04/15/2034 | 50000 | 51436 |
| Apple Inc.<br> 1.200%, 02/08/2028<br>| 100000 | 95135 |
| 4.000%, 05/10/2028 | 250000 | 251962 |
| 4.000%, 05/12/2028 | 100000 | 100863 |
| 1.400%, 08/05/2028 | 250000 | 236276 |
| 3.250%, 08/08/2029 | 150000 | 147423 |
| 4.150%, 05/10/2030 | 150000 | 151831 |
| 1.650%, 02/08/2031 | 150000 | 133948 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** | **Technology Hardware (Cont.)** |
| 4.300%, 05/10/2033 | $250000 | $253674 |
| 4.750%, 05/12/2035 | 50000 | 51334 |
| Teledyne Technologies Inc.<br> 2.750%, 04/01/2031<br>| 250000 | 231576 |
| HP Inc.<br> 2.650%, 06/17/2031<br>| 150000 | 135470 |
| 4.200%, 04/15/2032 | 150000 | 145768 |
| Motorola Solutions Inc.<br> 5.600%, 06/01/2032<br>| 150000 | 157998 |
| 5.400%, 04/15/2034 | 100000 | 103464 |
|  |  | 4453786 |
| **Telecommunications (0.00%)** | **Telecommunications (0.00%)** | **Telecommunications (0.00%)** |
| AT&T Inc.<br> 1.650%, 02/01/2028<br>| 200000 | 190687 |
| 4.100%, 02/15/2028 | 100000 | 100069 |
| 4.350%, 03/01/2029 | 500000 | 502843 |
| 4.300%, 02/15/2030 | 135000 | 135280 |
| 2.750%, 06/01/2031 | 150000 | 137889 |
| 2.250%, 02/01/2032 | 100000 | 87825 |
| 4.900%, 11/01/2035 | 250000 | 247439 |
| T-Mobile U.S.A. Inc.<br> 4.950%, 03/15/2028<br>| 100000 | 101912 |
| 4.800%, 07/15/2028 | 100000 | 101839 |
| 2.400%, 03/15/2029 | 300000 | 284311 |
| 3.875%, 04/15/2030 | 300000 | 295328 |
| 2.550%, 02/15/2031 | 100000 | 91433 |
| 3.500%, 04/15/2031 | 100000 | 95716 |
| 2.700%, 03/15/2032 | 500000 | 450105 |
| 5.050%, 07/15/2033 | 250000 | 255552 |
| 4.950%, 11/15/2035 | 200000 | 199323 |
| Verizon Communications Inc.<br> 2.100%, 03/22/2028<br>| 100000 | 96036 |
| 3.875%, 02/08/2029 | 500000 | 498366 |
| 1.750%, 01/20/2031 | 100000 | 88079 |
| 2.550%, 03/21/2031 | 150000 | 137183 |
| 2.355%, 03/15/2032 | 150000 | 132386 |
| 5.050%, 05/09/2033 | 250000 | 256862 |
| 4.780%, 02/15/2035 | 165000 | 162751 |
| British Telecommunications PLC<br> 5.125%, 12/04/2028<br>| 200000 | 205307 |
| Rogers Communications Inc.<br> 5.000%, 02/15/2029<br>| 100000 | 101951 |
| 3.800%, 03/15/2032 | 75000 | 70777 |
| 5.300%, 02/15/2034 | 100000 | 100954 |
| America Movil S.A.B. de C.V.<br> 5.000%, 01/20/2033<br>| 200000 | 203280 |
|  |  | 5331483 |
| **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** | **Tobacco & Cannabis (0.00%)** |
| Philip Morris International Inc.<br> 4.750%, 02/12/2027<br>| 100000 | 100983 |
| 5.125%, 11/17/2027 | 150000 | 153281 |
| 4.875%, 02/15/2028 | 150000 | 152916 |
| 5.250%, 09/07/2028 | 100000 | 103275 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Tobacco & Cannabis (Cont.)** | **Tobacco & Cannabis (Cont.)** | **Tobacco & Cannabis (Cont.)** |
| 5.625%, 11/17/2029 | $150000 | $157801 |
| 5.125%, 02/15/2030 | 150000 | 155186 |
| 5.125%, 02/13/2031 | 100000 | 103715 |
| 5.750%, 11/17/2032 | 150000 | 160528 |
| 5.375%, 02/15/2033 | 150000 | 157114 |
| 4.875%, 04/30/2035 | 100000 | 100523 |
| 4.625%, 10/29/2035 | 100000 | 98046 |
| BAT International Finance PLC<br> 4.448%, 03/16/2028<br>| 150000 | 151205 |
| 5.931%, 02/02/2029 | 150000 | 157501 |
| Altria Group Inc.<br> 6.200%, 11/01/2028<br>| 100000 | 105653 |
| BAT Capital Corp.<br> 6.343%, 08/02/2030<br>| 150000 | 162347 |
| 5.834%, 02/20/2031 | 100000 | 106218 |
| 5.350%, 08/15/2032 | 100000 | 104055 |
| 6.421%, 08/02/2033 | 150000 | 165764 |
|  |  | 2396111 |
| **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** | **Transportation & Logistics (0.00%)** |
| Ryder System Inc.<br> 2.850%, 03/01/2027<br>| 150000 | 148071 |
| 4.300%, 06/15/2027 | 150000 | 150587 |
| 5.250%, 06/01/2028 | 150000 | 154023 |
| &nbsp;&nbsp;&nbsp; United Airlines 2020-1 Class A <br> Pass Through Trust<br> 5.875%, 10/15/2027<br>| 34006 | 34870 |
| Union Pacific Corp.<br> 3.700%, 03/01/2029<br>| 250000 | 248160 |
| 2.800%, 02/14/2032 | 100000 | 91950 |
| 4.500%, 01/20/2033 | 100000 | 101115 |
| 5.100%, 02/20/2035 | 50000 | 51701 |
| United Parcel Service Inc.<br> 2.500%, 09/01/2029<br>| 150000 | 142477 |
| 4.650%, 10/15/2030 | 50000 | 51227 |
| 4.875%, 03/03/2033 | 100000 | 103184 |
| 5.250%, 05/14/2035 | 50000 | 51928 |
| Canadian Pacific Railway Co.<br> 2.875%, 11/15/2029<br>| 150000 | 143457 |
| 2.450%, 12/02/2031 | 100000 | 90037 |
| 5.200%, 03/30/2035 | 50000 | 51579 |
| Delta Air Lines Inc.<br> 5.250%, 07/10/2030<br>| 50000 | 51425 |
| Norfolk Southern Corp.<br> 5.050%, 08/01/2030<br>| 150000 | 155667 |
| 3.000%, 03/15/2032 | 100000 | 92316 |
| 5.100%, 05/01/2035 | 50000 | 51184 |
| GXO Logistics Inc.<br> 2.650%, 07/15/2031<br>| 150000 | 135060 |
| &nbsp;&nbsp;&nbsp; United Airlines 2019-1 Class AA <br> Pass Through Trust<br> 4.150%, 08/25/2031<br>| 63445 | 62346 |
| &nbsp;&nbsp;&nbsp; American Airlines 2019-1 Class AA <br> Pass Through Trust<br> 3.150%, 02/15/2032<br>| 70157 | 66370 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** | **Corporate Bonds (Cont.)** |
| **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** | **Transportation & Logistics (Cont.)** |
| Canadian National Railway Co.<br> 3.850%, 08/05/2032<br>| $100000 | $97228 |
| CSX Corp.<br> 4.100%, 11/15/2032<br>| 100000 | 98269 |
| &nbsp;&nbsp;&nbsp; American Airlines 2021-1 Class A <br> Pass Through Trust<br> 2.875%, 07/11/2034<br>| 83913 | 76748 |
| FedEx Corp.<br> 3.900%, 02/01/2035<br>| 50000 | 46117 |
|  |  | 2547096 |
| **Transportation Equipment (0.00%)** | **Transportation Equipment (0.00%)** | **Transportation Equipment (0.00%)** |
| PACCAR Financial Corp.<br> 4.450%, 08/06/2027<br>| 100000 | 101168 |
| 4.000%, 09/26/2029 | 100000 | 100232 |
| 5.000%, 03/22/2034 | 50000 | 51803 |
| Cummins Inc.<br> 4.900%, 02/20/2029<br>| 100000 | 102702 |
| 4.700%, 02/15/2031 | 100000 | 102184 |
|  |  | 458089 |
| **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** | **Wholesale - Consumer Staples (0.00%)** |
| Sysco Corp.<br> 5.750%, 01/17/2029<br>| 100000 | 104566 |
| 5.100%, 09/23/2030 | 100000 | 103328 |
| 5.400%, 03/23/2035 | 50000 | 51862 |
| Bunge Ltd. Finance Corp.<br> 4.550%, 08/04/2030<br>| 100000 | 101012 |
| Archer-Daniels-Midland Co.<br> 4.500%, 08/15/2033<br>| 100000 | 100221 |
|  |  | 460989 |
| **Total Corporate Bonds** <br>(cost $203,190,959)<br>|  | 210033462 |
| **Foreign Government Bonds (0.00%)** | **Foreign Government Bonds (0.00%)** | **Foreign Government Bonds (0.00%)** |
| **Austria (0.00%)** | **Austria (0.00%)** | **Austria (0.00%)** |
| Oesterreichische Kontrollbank AG<br> 4.750%, 05/21/2027<br>| 100000 | 101531 |
| 3.625%, 09/09/2027 | 250000 | 250228 |
|  |  | 351759 |
| **Canada (0.00%)** | **Canada (0.00%)** | **Canada (0.00%)** |
| Province of Quebec Canada<br> 2.750%, 04/12/2027<br>| 100000 | 98797 |
| 3.625%, 04/13/2028 | 175000 | 174818 |
| 4.500%, 04/03/2029 | 150000 | 153545 |
| 1.350%, 05/28/2030 | 250000 | 224803 |
| 4.500%, 09/08/2033 | 100000 | 101398 |
| 4.250%, 09/05/2034 | 200000 | 197863 |
| 4.625%, 08/28/2035 | 100000 | 100999 |
| Province of Ontario Canada<br> 3.100%, 05/19/2027<br>| 250000 | 248054 |
| 1.050%, 05/21/2027 | 100000 | 96463 |
| 4.200%, 01/18/2029 | 100000 | 101438 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Canada (Cont.)** | **Canada (Cont.)** | **Canada (Cont.)** |
| 1.125%, 10/07/2030 | $100000 | $88088 |
| 1.600%, 02/25/2031 | 100000 | 89211 |
| 1.800%, 10/14/2031 | 50000 | 44291 |
| 2.125%, 01/21/2032 | 50000 | 44715 |
| 5.050%, 04/24/2034 | 100000 | 104787 |
| 4.850%, 06/11/2035 | 100000 | 103067 |
| Province of Saskatchewan Canada<br> 3.250%, 06/08/2027<br>| 100000 | 99323 |
| Export Development Canada<br> 3.875%, 02/14/2028<br>| 150000 | 150902 |
| 4.125%, 02/13/2029 | 200000 | 202948 |
| Province of Alberta Canada<br> 3.300%, 03/15/2028<br>| 250000 | 247932 |
| 4.500%, 06/26/2029 | 100000 | 102471 |
| 1.300%, 07/22/2030 | 250000 | 223521 |
| 4.500%, 01/24/2034 | 100000 | 101256 |
| &nbsp;&nbsp;&nbsp; Canada Government International <br> Bond<br> 3.750%, 04/26/2028<br>| 175000 | 175813 |
| 4.000%, 03/18/2030 | 200000 | 202261 |
| Province of Manitoba Canada<br> 1.500%, 10/25/2028<br>| 100000 | 94155 |
| 4.300%, 07/27/2033 | 50000 | 49863 |
| &nbsp;&nbsp;&nbsp; Province of British Columbia <br> Canada<br> 4.800%, 11/15/2028<br>| 100000 | 102999 |
| 4.900%, 04/24/2029 | 150000 | 155447 |
| 4.200%, 07/06/2033 | 100000 | 99449 |
| 4.800%, 06/11/2035 | 100000 | 102224 |
|  |  | 4082901 |
| **Chile (0.00%)** | **Chile (0.00%)** | **Chile (0.00%)** |
| &nbsp;&nbsp;&nbsp; Chile Government International <br> Bond<br> 2.750%, 01/31/2027<br>| 250000 | 246052 |
| 3.240%, 02/06/2028 | 250000 | 245350 |
|  |  | 491402 |
| **Germany (0.00%)** | **Germany (0.00%)** | **Germany (0.00%)** |
| Kreditanstalt fuer Wiederaufbau<br> 4.375%, 03/01/2027<br>| 200000 | 201807 |
| 3.000%, 05/20/2027 | 250000 | 248168 |
| 3.750%, 02/15/2028 | 200000 | 200846 |
| 2.875%, 04/03/2028 | 500000 | 492819 |
| 3.875%, 06/15/2028 | 100000 | 100790 |
| 4.000%, 03/15/2029 | 350000 | 354539 |
| 1.750%, 09/14/2029 | 250000 | 234128 |
| 4.625%, 03/18/2030 | 180000 | 186547 |
| 3.750%, 07/15/2030 | 650000 | 651701 |
| 0.750%, 09/30/2030 | 175000 | 152797 |
| 4.750%, 10/29/2030 | 200000 | 208830 |
| 4.125%, 07/15/2033 | 200000 | 201446 |
| 4.375%, 02/28/2034 | 200000 | 204046 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Germany (Cont.)** | **Germany (Cont.)** | **Germany (Cont.)** |
| Landwirtschaftliche Rentenbank<br> 3.875%, 09/28/2027<br>| $250000 | $251292 |
| 0.875%, 09/03/2030 | 250000 | 219433 |
|  |  | 3909189 |
| **Indonesia (0.00%)** | **Indonesia (0.00%)** | **Indonesia (0.00%)** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond<br> 4.550%, 01/11/2028<br>| 250000 | 252374 |
| 4.100%, 04/24/2028 | 250000 | 250653 |
| 4.750%, 02/11/2029 | 250000 | 253858 |
| 4.850%, 01/11/2033 | 250000 | 252104 |
|  |  | 1008989 |
| **Israel (0.00%)** | **Israel (0.00%)** | **Israel (0.00%)** |
| &nbsp;&nbsp;&nbsp; Israel Government International <br> Bond<br> 2.750%, 07/03/2030<br>| 250000 | 232529 |
| 5.500%, 03/12/2034 | 200000 | 207101 |
| 5.625%, 02/19/2035 | 200000 | 208858 |
|  |  | 648488 |
| **Italy (0.00%)** | **Italy (0.00%)** | **Italy (0.00%)** |
| &nbsp;&nbsp;&nbsp; Republic of Italy Government <br> International Bond<br> 2.875%, 10/17/2029<br>| 250000 | 240342 |
|  |  | 240342 |
| **Japan (0.00%)** | **Japan (0.00%)** | **Japan (0.00%)** |
| &nbsp;&nbsp;&nbsp; Japan Bank for International <br> Cooperation<br> 4.625%, 07/22/2027<br>| 200000 | 202738 |
| 4.625%, 07/19/2028 | 250000 | 255537 |
| 3.250%, 07/20/2028 | 250000 | 246992 |
| 1.875%, 04/15/2031 | 200000 | 180144 |
|  |  | 885411 |
| **Mexico (0.00%)** | **Mexico (0.00%)** | **Mexico (0.00%)** |
| &nbsp;&nbsp;&nbsp; Mexico Government International <br> Bond<br> 4.150%, 03/28/2027<br>| 250000 | 249625 |
| 5.400%, 02/09/2028 | 250000 | 255375 |
| 4.500%, 04/22/2029 | 250000 | 251000 |
| 2.659%, 05/24/2031 | 1000000 | 890000 |
| 4.750%, 04/27/2032 | 200000 | 194800 |
| 4.875%, 05/19/2033 | 200000 | 192000 |
| 5.625%, 09/22/2035 | 200000 | 197200 |
|  |  | 2230000 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Panama (0.00%)** | **Panama (0.00%)** | **Panama (0.00%)** |
| &nbsp;&nbsp;&nbsp; Panama Government International <br> Bond<br> 7.500%, 03/01/2031<br>| $200000 | $221720 |
| 3.298%, 01/19/2033 | 250000 | 219150 |
|  |  | 440870 |
| **Peru (0.00%)** | **Peru (0.00%)** | **Peru (0.00%)** |
| &nbsp;&nbsp;&nbsp; Peruvian Government International <br> Bond<br> 3.000%, 01/15/2034<br>| 300000 | 260955 |
|  |  | 260955 |
| **Philippines (0.00%)** | **Philippines (0.00%)** | **Philippines (0.00%)** |
| &nbsp;&nbsp;&nbsp; Philippine Government International <br> Bond<br> 5.170%, 10/13/2027<br>| 250000 | 254902 |
| 3.750%, 01/14/2029 | 250000 | 247005 |
| 5.609%, 04/13/2033 | 250000 | 265222 |
|  |  | 767129 |
| **Poland (0.00%)** | **Poland (0.00%)** | **Poland (0.00%)** |
| &nbsp;&nbsp;&nbsp; Republic of Poland Government <br> International Bond<br> 5.750%, 11/16/2032<br>| 250000 | 268073 |
| 4.875%, 10/04/2033 | 200000 | 203304 |
| 5.375%, 02/12/2035 | 200000 | 207614 |
|  |  | 678991 |
| **South Korea (0.00%)** | **South Korea (0.00%)** | **South Korea (0.00%)** |
| Export-Import Bank of Korea<br> 4.250%, 09/15/2027<br>| 250000 | 251976 |
| 5.000%, 01/11/2028 | 250000 | 256114 |
| 5.125%, 01/11/2033 | 250000 | 262165 |
|  |  | 770255 |
| **Supranational (0.00%)** | **Supranational (0.00%)** | **Supranational (0.00%)** |
| Asian Development Bank<br> 4.125%, 01/12/2027<br>| 100000 | 100479 |
| 1.500%, 01/20/2027 | 250000 | 244510 |
| 3.125%, 08/20/2027 | 200000 | 198630 |
| 1.250%, 06/09/2028 | 250000 | 236558 |
| 4.500%, 08/25/2028 | 250000 | 255864 |
| 3.125%, 09/26/2028 | 250000 | 247025 |
| 4.375%, 03/06/2029 | 100000 | 102273 |
| 1.875%, 03/15/2029 | 250000 | 236970 |
| 1.750%, 09/19/2029 | 250000 | 233677 |
| 1.875%, 01/24/2030 | 250000 | 232875 |
| 4.125%, 05/30/2030 | 200000 | 203202 |
| 3.750%, 08/28/2030 | 100000 | 100073 |
| 3.125%, 04/27/2032 | 250000 | 238655 |
| 4.125%, 01/12/2034 | 100000 | 100243 |
| 4.375%, 03/22/2035 | 100000 | 101569 |
| Inter-American Development Bank<br> 1.500%, 01/13/2027<br>| 250000 | 244609 |
| 2.375%, 07/07/2027 | 250000 | 245656 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| 0.625%, 09/16/2027 | $250000 | $237975 |
| 4.000%, 01/12/2028 | 250000 | 252108 |
| 1.125%, 07/20/2028 | 250000 | 235187 |
| 4.125%, 02/15/2029 | 150000 | 152284 |
| 2.250%, 06/18/2029 | 250000 | 238835 |
| 3.500%, 09/14/2029 | 250000 | 248729 |
| 3.750%, 06/14/2030 | 100000 | 100057 |
| 1.125%, 01/13/2031 | 500000 | 439307 |
| 3.500%, 04/12/2033 | 100000 | 96594 |
| 4.500%, 09/13/2033 | 100000 | 102915 |
| 4.375%, 07/17/2034 | 150000 | 152582 |
| 4.375%, 07/16/2035 | 100000 | 101328 |
| European Investment Bank<br> 1.375%, 03/15/2027<br>| 200000 | 194834 |
| 4.375%, 03/19/2027 | 150000 | 151372 |
| 0.625%, 10/21/2027 | 250000 | 237392 |
| 3.875%, 03/15/2028 | 225000 | 226522 |
| 3.875%, 06/15/2028 | 180000 | 181402 |
| 4.500%, 10/16/2028 | 500000 | 512268 |
| 4.000%, 02/15/2029 | 225000 | 227660 |
| 1.750%, 03/15/2029 | 100000 | 94442 |
| 4.750%, 06/15/2029 | 225000 | 233198 |
| 1.625%, 10/09/2029 | 250000 | 232370 |
| 3.750%, 11/15/2029 | 300000 | 301040 |
| 4.500%, 03/14/2030 | 300000 | 309220 |
| 3.625%, 07/15/2030 | 250000 | 248903 |
| 3.875%, 10/15/2030 | 200000 | 201042 |
| 1.250%, 02/14/2031 | 250000 | 220767 |
| 4.375%, 10/10/2031 | 250000 | 256887 |
| 4.250%, 08/16/2032 | 500000 | 508257 |
| 3.750%, 02/14/2033 | 200000 | 197001 |
| 4.125%, 02/13/2034 | 150000 | 150450 |
| 4.625%, 02/12/2035 | 150000 | 155302 |
| &nbsp;&nbsp;&nbsp; International Bank for <br> Reconstruction & Development<br> 3.125%, 06/15/2027<br>| 250000 | 248464 |
| 0.750%, 11/24/2027 | 250000 | 237330 |
| 1.375%, 04/20/2028 | 200000 | 190421 |
| 3.500%, 07/12/2028 | 250000 | 249549 |
| 1.125%, 09/13/2028 | 200000 | 187512 |
| 3.875%, 10/16/2029 | 200000 | 201558 |
| 1.750%, 10/23/2029 | 250000 | 233239 |
| 3.875%, 02/14/2030 | 250000 | 251649 |
| 4.125%, 03/20/2030 | 250000 | 253950 |
| 0.875%, 05/14/2030 | 250000 | 221442 |
| 4.000%, 07/25/2030 | 250000 | 252628 |
| 3.500%, 10/28/2030 | 365000 | 361013 |
| 4.000%, 01/10/2031 | 250000 | 252356 |
| 1.250%, 02/10/2031 | 250000 | 220662 |
| 4.500%, 04/10/2031 | 150000 | 154921 |
| 1.625%, 11/03/2031 | 250000 | 220835 |
| 4.625%, 01/15/2032 | 250000 | 259487 |
| 4.750%, 11/14/2033 | 100000 | 104577 |
| 5.750%, 05/02/2034 | 100000 | 100476 |
| 3.875%, 08/28/2034 | 250000 | 245475 |
| 4.375%, 08/27/2035 | 200000 | 202772 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** | **Foreign Government Bonds (Cont.)** |
| **Supranational (Cont.)** | **Supranational (Cont.)** | **Supranational (Cont.)** |
| Nordic Investment Bank<br> 3.375%, 09/08/2027<br>| $250000 | $249119 |
| African Development Bank<br> 4.375%, 11/03/2027<br>| 250000 | 253583 |
| 4.000%, 03/18/2030 | 100000 | 101033 |
| 4.500%, 06/12/2035 | 100000 | 102189 |
| &nbsp;&nbsp;&nbsp; Council of Europe Development <br> Bank<br> 3.625%, 01/26/2028<br>| 250000 | 250092 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction <br> & Development<br> 4.125%, 01/25/2029<br>| 150000 | 152187 |
| 4.250%, 03/13/2034 | 100000 | 100847 |
| International Finance Corp.<br> 3.875%, 07/02/2030<br>| 100000 | 100576 |
| 0.750%, 08/27/2030 | 250000 | 218173 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment <br> Bank, The<br> 4.250%, 03/13/2034<br>| 100000 | 101016 |
|  |  | 16800229 |
| **Uruguay (0.00%)** | **Uruguay (0.00%)** | **Uruguay (0.00%)** |
| &nbsp;&nbsp;&nbsp; Uruguay Government International <br> Bond<br> 4.375%, 01/23/2031<br>| 200000 | 202540 |
|  |  | 202540 |
| **Total Foreign Government Bonds** <br>(cost $32,929,645)<br>|  | 33769450 |
| **Agency Securities (0.00%)** | **Agency Securities (0.00%)** | **Agency Securities (0.00%)** |
| Federal Farm Credit Banks Funding Corp. | Federal Farm Credit Banks Funding Corp. |  |
| 1.300%, 03/30/2027 | 300000 | 291821 |
| 3.750%, 07/03/2028 | 1131000 | 1137591 |
| Federal Home Loan Banks | Federal Home Loan Banks |  |
| 0.900%, 02/26/2027 | 250000 | 242626 |
| 4.000%, 06/30/2028 | 1000000 | 1012903 |
| 4.125%, 01/15/2027 | 2125000 | 2138657 |
| Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |  |
| 6.750%, 03/15/2031 | 250000 | 285139 |
| 6.250%, 07/15/2032 | 250000 | 283009 |
| Federal National Mortgage Association | Federal National Mortgage Association |  |
| 7.125%, 01/15/2030 | 250000 | 282366 |
| 6.625%, 11/15/2030 | 250000 | 282102 |
| 7.250%, 05/15/2030 | 250000 | 285901 |
| 0.750%, 10/08/2027 | 500000 | 476726 |
| **Total Agency Securities** <br>(cost $6,601,278)<br>|  | 6718841 |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Bill<br> 3.566%, 05/07/2026<br>| 1100000 | 1086506 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.000%, 01/15/2027 | $2000000 | $2009637 |
| 1.500%, 01/31/2027 | 2000000 | 1957344 |
| 4.125%, 01/31/2027 | 1000000 | 1006250 |
| 4.125%, 02/15/2027 | 1000000 | 1006602 |
| 1.125%, 02/28/2027 | 10000000 | 9730859 |
| 4.125%, 02/28/2027 | 5000000 | 5033789 |
| 0.625%, 03/31/2027 | 10000000 | 9654687 |
| 3.875%, 03/31/2027 | 7000000 | 7030625 |
| 4.500%, 04/15/2027 | 1000000 | 1012344 |
| 0.500%, 04/30/2027 | 10000000 | 9615625 |
| 3.750%, 04/30/2027 | 5000000 | 5015820 |
| 2.750%, 04/30/2027 | 2000000 | 1980703 |
| 4.500%, 05/15/2027 | 3000000 | 3039961 |
| 3.875%, 05/31/2027 | 5000000 | 5025977 |
| 2.625%, 05/31/2027 | 5000000 | 4940430 |
| 4.625%, 06/15/2027 | 1000000 | 1016055 |
| 3.750%, 06/30/2027 | 5000000 | 5019727 |
| 4.375%, 07/15/2027 | 3000000 | 3040078 |
| 3.875%, 07/31/2027 | 5000000 | 5029492 |
| 3.625%, 08/31/2027 | 6000000 | 6013828 |
| 0.375%, 09/30/2027 | 10000000 | 9479687 |
| 4.125%, 09/30/2027 | 2000000 | 2021641 |
| 2.250%, 11/15/2027 | 2000000 | 1955859 |
| 0.625%, 11/30/2027 | 5000000 | 4738867 |
| 0.625%, 12/31/2027 | 5000000 | 4727344 |
| 3.500%, 01/31/2028 | 5000000 | 5001758 |
| 0.750%, 01/31/2028 | 5000000 | 4728320 |
| 2.750%, 02/15/2028 | 5000000 | 4925391 |
| 1.250%, 03/31/2028 | 5000000 | 4759766 |
| 3.500%, 04/30/2028 | 5000000 | 5000195 |
| 2.875%, 05/15/2028 | 3500000 | 3450918 |
| 1.250%, 06/30/2028 | 5000000 | 4733398 |
| 2.875%, 08/15/2028 | 5000000 | 4921094 |
| 3.625%, 08/15/2028 | 1000000 | 1002813 |
| 4.375%, 08/31/2028 | 4000000 | 4085625 |
| 1.250%, 09/30/2028 | 3000000 | 2822930 |
| 4.625%, 09/30/2028 | 2000000 | 2057188 |
| 4.875%, 10/31/2028 | 2000000 | 2071563 |
| 3.125%, 11/15/2028 | 5000000 | 4945898 |
| 4.375%, 11/30/2028 | 3000000 | 3069141 |
| 1.375%, 12/31/2028 | 4000000 | 3756875 |
| 4.000%, 01/31/2029 | 4000000 | 4052500 |
| 2.625%, 02/15/2029 | 4000000 | 3890938 |
| 4.250%, 02/28/2029 | 5000000 | 5103320 |
| 4.125%, 03/31/2029 | 3400000 | 3457906 |
| 2.875%, 04/30/2029 | 10000000 | 9783594 |
| 4.625%, 04/30/2029 | 3000000 | 3098320 |
| 2.375%, 05/15/2029 | 5000000 | 4809766 |
| 2.750%, 05/31/2029 | 5000000 | 4868359 |
| 4.500%, 05/31/2029 | 4000000 | 4117031 |
| 4.250%, 06/30/2029 | 2000000 | 2043281 |
| 2.625%, 07/31/2029 | 8000000 | 7741250 |
| 1.625%, 08/15/2029 | 5000000 | 4670117 |
| 3.625%, 08/31/2029 | 5000000 | 5002148 |
| 3.500%, 09/30/2029 | 5000000 | 4979688 |
| 4.125%, 10/31/2029 | 2000000 | 2035469 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 1.750%, 11/15/2029 | $6000000 | $5606953 |
| 4.125%, 11/30/2029 | 5000000 | 5089648 |
| 4.375%, 12/31/2029 | 7000000 | 7191953 |
| 3.875%, 12/31/2029 | 2000000 | 2018359 |
| 4.250%, 01/31/2030 | 3850000 | 3938279 |
| 1.500%, 02/15/2030 | 15000000 | 13787695 |
| 4.000%, 02/28/2030 | 4000000 | 4053906 |
| 4.000%, 03/31/2030 | 5500000 | 5574121 |
| 3.875%, 04/30/2030 | 4500000 | 4538672 |
| 4.000%, 05/31/2030 | 3750000 | 3800830 |
| 3.875%, 06/30/2030 | 4500000 | 4537617 |
| 3.875%, 07/31/2030 | 3000000 | 3024727 |
| 3.625%, 08/31/2030 | 3500000 | 3490566 |
| 4.875%, 10/31/2030 | 3000000 | 3154219 |
| 0.875%, 11/15/2030 | 20000000 | 17500781 |
| 4.000%, 01/31/2031 | 2000000 | 2025078 |
| 4.250%, 02/28/2031 | 2000000 | 2048125 |
| 4.625%, 04/30/2031 | 1000000 | 1041992 |
| 1.625%, 05/15/2031 | 12000000 | 10762969 |
| 1.250%, 08/15/2031 | 8000000 | 6978438 |
| 1.375%, 11/15/2031 | 7000000 | 6105586 |
| 1.875%, 02/15/2032 | 11500000 | 10270488 |
| 4.000%, 04/30/2032 | 750000 | 755889 |
| 4.125%, 05/31/2032 | 750000 | 760898 |
| 4.000%, 07/31/2032 | 1000000 | 1006680 |
| 2.750%, 08/15/2032 | 2000000 | 1867109 |
| 3.875%, 08/31/2032 | 1000000 | 998867 |
| 3.875%, 09/30/2032 | 1000000 | 998398 |
| 4.125%, 11/15/2032 | 4000000 | 4051875 |
| 3.500%, 02/15/2033 | 2000000 | 1946797 |
| 3.375%, 05/15/2033 | 2000000 | 1925938 |
| 3.875%, 08/15/2033 | 7000000 | 6953789 |
| 4.500%, 11/15/2033 | 5000000 | 5171680 |
| 4.000%, 02/15/2034 | 5000000 | 4993555 |
| 4.375%, 05/15/2034 | 5500000 | 5631055 |
| 3.875%, 08/15/2034 | 6500000 | 6412402 |
| 4.250%, 11/15/2034 | 7500000 | 7594043 |
| 4.625%, 02/15/2035 | 7750000 | 8060908 |
| 4.250%, 05/15/2035 | 6000000 | 6062812 |
| 4.250%, 08/15/2035 | 5100000 | 5147813 |
| **Total U.S. Treasury Obligations** <br>(cost $431,171,607)<br>|  | 440057807 |
| **Long-term Municipal Bonds (0.00%)** | **Long-term Municipal Bonds (0.00%)** | **Long-term Municipal Bonds (0.00%)** |
| **California (0.00%)** | **California (0.00%)** | **California (0.00%)** |
| &nbsp;&nbsp;&nbsp; State of California Taxable Various <br> Purpose, General Obligation <br> Bonds<br> 6.000%, 03/01/2033<br>| 250000 | 276497 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** | **Long-term Municipal Bonds (Cont.)** |
| **California (Cont.)** | **California (Cont.)** | **California (Cont.)** |
| &nbsp;&nbsp;&nbsp; Regents of the University of <br> California Medical Center Pooled <br> Taxable Revenue Bonds<br> 4.132%, 05/15/2032<br>| $250000 | $247956 |
| &nbsp;&nbsp;&nbsp; State of California Taxable, General <br> Obligation Bonds<br> 4.875%, 09/01/2030<br>| 500000 | 522102 |
|  |  | 1046555 |
| **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government <br> Environmental Facilities & <br> Community Development <br> Authority Taxable Revenue <br> Bonds<br> 4.145%, 02/01/2033<br>| 250000 | 250194 |
|  |  | 250194 |
| **Total Long-term Municipal** <br> **Bonds** <br>(cost $1,243,020)<br>|  | 1296749 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** |
| U.S. Treasury Notes | 500000 | 499648 |
| U.S. Treasury Notes | 7500000 | 7475391 |
| U.S. Treasury Notes | 1000000 | 990469 |
| U.S. Treasury Notes | 5000000 | 5001758 |
| U.S. Treasury Notes | 4000000 | 3951250 |
| U.S. Treasury Notes | 2000000 | 1996406 |
| U.S. Treasury Notes | 1250000 | 1237500 |
| U.S. Treasury Notes | 3750000 | 3715723 |
|  |  | 24868145 |
| **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** |
| U.S. Treasury Notes | 750000 | 747891 |
| U.S. Treasury Notes | 5500000 | 5479375 |
| U.S. Treasury Notes | 4000000 | 3992812 |
|  |  | 10220078 |
| **Total U.S. Treasury Obligations** <br>(cost $35,130,999)<br>|  | 35088223 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM BALANCED FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), <br> 3.63%(e)<br>| 28156374 | $28156374 |
| **Total Short-term Investments** <br>(cost $28,156,374)<br>|  | 28156374 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $1,171,335,996)<br>|  | 2652092619 |
| **OTHER LIABILITIES, NET OF** <br> **ASSETS** <br>**(0.00%)**<br>|  | (2652092619) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

&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 December 31, 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 December 31, 2025, the value of these securities amounted to $˂144A MV - undefined˃ or ˂144A PNA - undefined˃% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is the 7-day yield as of December 31, 2025.

PLC

Public Limited Company

ADR

American Depositary Receipt

LLC

Limited Liability Company

At December 31, 2025, the Fund had open futures contracts as follows:

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Principal** <br>**amount**<br>| **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| U.S. Treasury Notes | U.S. Treasury Notes |  |
| 4.000%, 01/15/2027 | $1000000 | $1004819 |
| 1.500%, 01/31/2027 | 2226000 | 2178524 |
| 4.125%, 01/31/2027 | 2000000 | 2012500 |
| 4.125%, 02/15/2027 | 2000000 | 2013203 |
| 2.250%, 02/15/2027 | 1600000 | 1577937 |
| 1.875%, 02/28/2027 | 2722000 | 2671813 |
| 4.125%, 02/28/2027 | 1090000 | 1097366 |
| 4.250%, 03/15/2027 | 2500000 | 2521289 |
| 2.500%, 03/31/2027 | 3011000 | 2973833 |
| 3.875%, 03/31/2027 | 2940000 | 2952862 |
| 0.625%, 03/31/2027 | 490000 | 473080 |
| 4.500%, 04/15/2027 | 2600000 | 2632094 |
| 3.750%, 04/30/2027 | 3450000 | 3460916 |
| 2.750%, 04/30/2027 | 1951000 | 1932176 |
| 0.500%, 04/30/2027 | 1000000 | 961562 |
| 2.375%, 05/15/2027 | 2000000 | 1969922 |
| 4.500%, 05/15/2027 | 1250000 | 1266650 |
| 2.625%, 05/31/2027 | 2892000 | 2857545 |
| 3.875%, 05/31/2027 | 2350000 | 2362209 |
| 4.625%, 06/15/2027 | 750000 | 762041 |
| 3.750%, 06/30/2027 | 2500000 | 2509863 |
| 3.250%, 06/30/2027 | 1675000 | 1669373 |
| 4.375%, 07/15/2027 | 2400000 | 2432062 |
| 2.750%, 07/31/2027 | 3500000 | 3460762 |
| 3.875%, 07/31/2027 | 2900000 | 2917105 |
| 0.375%, 07/31/2027 | 450000 | 428695 |
| 3.750%, 08/15/2027 | 3000000 | 3012656 |
| 3.625%, 08/31/2027 | 3200000 | 3207375 |
| 3.125%, 08/31/2027 | 2950000 | 2933291 |
| 0.500%, 08/31/2027 | 500000 | 476133 |
| 3.375%, 09/15/2027 | 3000000 | 2994727 |
| 3.500%, 09/30/2027 | 3450000 | 3451078 |
| 4.125%, 09/30/2027 | 2312000 | 2337017 |
| 0.375%, 09/30/2027 | 500000 | 473984 |
| 3.875%, 10/15/2027 | 3235000 | 3256988 |
| 4.125%, 10/31/2027 | 2150000 | 2174104 |
| 4.125%, 11/15/2027 | 1000000 | 1011523 |
| 3.875%, 11/30/2027 | 3000000 | 3021680 |
| 4.000%, 12/15/2027 | 2800000 | 2827562 |
| 3.875%, 12/31/2027 | 3150000 | 3173994 |
| 0.625%, 12/31/2027 | 900000 | 850922 |
| 4.250%, 01/15/2028 | 2500000 | 2537207 |
| 3.500%, 01/31/2028 | 2170000 | 2170763 |
| 4.250%, 02/15/2028 | 3400000 | 3452461 |
| 2.750%, 02/15/2028 | 400000 | 394031 |
| 4.000%, 02/29/2028 | 3400000 | 3436125 |
| 3.875%, 03/15/2028 | 4500000 | 4537090 |
| 3.625%, 03/31/2028 | 3750000 | 3760693 |
| 3.750%, 04/15/2028 | 2950000 | 2965902 |
| 3.500%, 04/30/2028 | 3400000 | 3400133 |
| 2.875%, 05/15/2028 | 4000000 | 3943906 |
| 3.750%, 05/15/2028 | 1750000 | 1759912 |
| 3.625%, 05/31/2028 | 2900000 | 2908270 |
| 1.250%, 05/31/2028 | 800000 | 758687 |
| 3.875%, 06/15/2028 | 2000000 | 2017656 |
| 4.000%, 06/30/2028 | 3250000 | 3288848 |

---

---

| | | |
|:---|:---|:---|
|  | **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.) |  |
| 1.250%, 06/30/2028 | $500000 | $473340 |
| 3.875%, 07/15/2028 | 1700000 | 1714809 |
| 4.125%, 07/31/2028 | 3300000 | 3350145 |
| 1.000%, 07/31/2028 | 350000 | 328494 |
| 3.625%, 08/15/2028 | 2850000 | 2858016 |
| 2.875%, 08/15/2028 | 2625000 | 2583574 |
| 4.375%, 08/31/2028 | 2500000 | 2553516 |
| 1.125%, 08/31/2028 | 500000 | 469844 |
| 3.375%, 09/15/2028 | 3200000 | 3187875 |
| 4.625%, 09/30/2028 | 2000000 | 2057187 |
| 1.250%, 09/30/2028 | 700000 | 658684 |
| 4.875%, 10/31/2028 | 3150000 | 3262711 |
| 1.375%, 10/31/2028 | 2350000 | 2214691 |
| 3.125%, 11/15/2028 | 1200000 | 1187016 |
| 4.375%, 11/30/2028 | 3100000 | 3171445 |
| 1.500%, 11/30/2028 | 2125000 | 2006382 |
| 3.750%, 12/31/2028 | 3000000 | 3018164 |
| 1.375%, 12/31/2028 | 600000 | 563531 |
| 4.000%, 01/31/2029 | 2750000 | 2786094 |
| 1.750%, 01/31/2029 | 2000000 | 1895781 |
| 2.625%, 02/15/2029 | 1100000 | 1070008 |
| 4.250%, 02/28/2029 | 3850000 | 3929557 |
| 1.875%, 02/28/2029 | 600000 | 570094 |
| 4.125%, 03/31/2029 | 2500000 | 2542578 |
| 2.375%, 03/31/2029 | 2000000 | 1927734 |
| 4.625%, 04/30/2029 | 3000000 | 3098320 |
| 2.875%, 04/30/2029 | 1000000 | 978359 |
| 2.375%, 05/15/2029 | 600000 | 577172 |
| 4.500%, 05/31/2029 | 4420000 | 4549320 |
| 4.250%, 06/30/2029 | 3450000 | 3524660 |
| 3.250%, 06/30/2029 | 1000000 | 989102 |
| 4.000%, 07/31/2029 | 3150000 | 3192451 |
| 2.625%, 07/31/2029 | 1000000 | 967656 |
| 1.625%, 08/15/2029 | 1960000 | 1830686 |
| 3.625%, 08/31/2029 | 4150000 | 4151783 |
| 3.500%, 09/30/2029 | 4525000 | 4506617 |
| 4.125%, 10/31/2029 | 4500000 | 4579805 |
| 4.000%, 10/31/2029 | 250000 | 253428 |
| 1.750%, 11/15/2029 | 250000 | 233623 |
| 4.125%, 11/30/2029 | 4750000 | 4835166 |
| 4.375%, 12/31/2029 | 4000000 | 4109688 |
| 3.875%, 12/31/2029 | 1440000 | 1453219 |
| 4.250%, 01/31/2030 | 3750000 | 3835986 |
| 4.000%, 02/28/2030 | 5725000 | 5802153 |
| 4.000%, 03/31/2030 | 4775000 | 4839351 |
| 3.875%, 04/30/2030 | 4650000 | 4689961 |
| 0.625%, 05/15/2030 | 5290000 | 4646108 |
| 4.000%, 05/31/2030 | 4085000 | 4140371 |
| 3.750%, 05/31/2030 | 250000 | 250820 |
| 3.875%, 06/30/2030 | 3700000 | 3730930 |
| 3.750%, 06/30/2030 | 250000 | 250801 |
| 3.875%, 07/31/2030 | 3525000 | 3554054 |
| 4.000%, 07/31/2030 | 350000 | 354744 |
| 0.625%, 08/15/2030 | 3000000 | 2612812 |
| 3.625%, 08/31/2030 | 3900000 | 3889488 |
| 4.125%, 08/31/2030 | 300000 | 305543 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM INTERIM FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **amount**<br>| **Value** |
| **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** | **U.S. Treasury Obligations (Cont.)** |
| U.S. Treasury Notes (Cont.) | U.S. Treasury Notes (Cont.) |  |
| 4.625%, 09/30/2030 | $1880000 | $1955347 |
| 0.875%, 11/15/2030 | 4360000 | 3815170 |
| **Total U.S. Treasury Obligations** <br>(cost $269,968,042)<br>|  | 272520883 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** | **U.S. Treasury Obligations (0.00%)** |
| **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** | **Sovereign Government (0.00%)** |
| U.S. Treasury Notes | 1290000 | $1237392 |
| U.S. Treasury Notes | 1050000 | 1046883 |
| U.S. Treasury Notes | 1970000 | 1968615 |
| U.S. Treasury Notes | 3100000 | 3089828 |
| U.S. Treasury Notes | 4270000 | 4271501 |
| U.S. Treasury Notes | 200000 | 199844 |
| U.S. Treasury Notes | 2500000 | 2495508 |
| U.S. Treasury Notes | 3060000 | 3032030 |
|  |  | 17341601 |
| **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** | **Unknown BICS Level 3 (0.00%)** |
| U.S. Treasury Notes | 1570000 | 1568773 |
| U.S. Treasury Notes | 3810000 | 3795713 |
| U.S. Treasury Notes | 2000000 | 1996406 |
|  |  | 7360892 |
| **Total U.S. Treasury Obligations** <br>(cost $24,707,992)<br>|  | 24702493 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| &nbsp;&nbsp;&nbsp; Northern Institutional Treasury <br> Portfolio (Premier Class), 3.63%(a)<br>| 789474 | 789474 |
| **Total Short-term Investments** <br>(cost $789,474)<br>|  | 789474 |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $295,465,508)<br>|  | 298012850 |
| **OTHER LIABILITIES, NET OF ASSETS** <br>**(0.00%)**<br>|  | (298012850) |
| **NET ASSETS (0.00%)** |  | $0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown is the 7-day yield as of December 31, 2025.

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** | **Long-term Municipal Bond (0.00%)** |
| **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** | **Alabama (0.00%)** |
| City of Athens, Alabama, Electric Revenue Warrants | 3.500% | 06/01/2026 | $220000 | $220080 |
| City of Athens, Alabama, Electric Revenue Warrants | 3.750% | 06/01/2027 | 645000 | 645235 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.000% | 05/01/2028 | 980000 | 974691 |
| City of Athens, Alabama, Electric Revenue Warrants | 4.000% | 06/01/2028 | 665000 | 665349 |
| City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants | 3.125% | 05/01/2029 | 1010000 | 1005270 |
| Black Belt Energy Gas District Revenue Bonds, Series C-1(a) | 5.250% | 06/01/2029 | 1000000 | 1055803 |
| Black Belt Energy Gas District Revenue Bonds, Series B(b) | 5.250% | 12/01/2030 | 2000000 | 2154216 |
| Black Belt Energy Gas District Revenue Bonds, Series D(c) | 5.000% | 11/01/2034 | 1740000 | 1860269 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2035 | 215000 | 221254 |
| Madison Water & Wastewater Board Revenue Refunding Bonds | 4.000% | 12/01/2036 | 310000 | 317670 |
| Mobile County Board of School Commissioners Special Tax Warrants, Series B | 5.000% | 03/01/2037 | 1000000 | 1097061 |
| Jefferson County Sewer Revenue Refunding Warrants | 5.000% | 10/01/2038 | 1000000 | 1093654 |
| City of Huntsville, Alabama, Electric System Revenue Warrants | 5.000% | 12/01/2042 | 1000000 | 1071285 |
|  |  |  |  | 12381837 |
| **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** | **Alaska (0.00%)** |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.250% | 09/01/2028 | 1095000 | 1097616 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.250% | 09/01/2028 | 1050000 | 1051821 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2029 | 1390000 | 1393893 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series B | 3.500% | 09/01/2029 | 1090000 | 1092340 |
| Municipality of Anchorage, Alaska, General Obligation Bonds, Series A | 3.500% | 09/01/2030 | 1440000 | 1442398 |
| Alaska Municipal Bank Authority Master Resolution Revenue Bonds, Series A | 5.500% | 10/01/2042 | 1560000 | 1592057 |
|  |  |  |  | 7670125 |
| **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** | **Arizona (0.00%)** |
| County of Pima, Arizona, General Obligation Bonds, Series A | 4.000% | 07/01/2026 | 2000000 | 2001824 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2026 | 555000 | 555835 |
| &nbsp;&nbsp;&nbsp; Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, <br> Series D<br>| 5.000% | 07/01/2027 | 400000 | 400597 |
| &nbsp;&nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District Electric System Revenue <br> Refunding Bonds, Series A<br>| 4.000% | 01/01/2038 | 1000000 | 1001891 |
|  |  |  |  | 3960147 |
| **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** | **Arkansas (0.00%)** |
| State of Arkansas, General Obligation Refunding Bonds | 4.000% | 06/01/2027 | 3000000 | 3003093 |
| **California (0.00%)** | **California (0.00%)** | **California (0.00%)** | **California (0.00%)** | **California (0.00%)** |
| Southern California Public Power Authority Revenue Refunding Bonds, Series A | 5.000% | 07/01/2028 | 755000 | 799519 |
| California Statewide Communities Development Authority Revenue Bonds, Series 2009C(d) | 5.000% | 11/01/2029 | 2500000 | 2722143 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2030 | 540000 | 543725 |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority Clean Energy Project Revenue Bonds, <br> Green Bond, Series B-1(e)<br>| 4.000% | 08/01/2031 | 855000 | 867069 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2031 | 400000 | 402569 |
| City of La Mesa, California, General Obligation Refunding Bonds | 4.000% | 08/01/2032 | 500000 | 502741 |
| State of California, General Obligation Refunding Bonds | 5.000% | 08/01/2032 | 1000000 | 1157720 |
| Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B | 5.000% | 07/01/2035 | 1340000 | 1415952 |
| Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E | 3.000% | 08/01/2035 | 1150000 | 1129958 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2035 | 300000 | 298070 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2035 | 1000000 | 989470 |
| Gavilan Joint Community College District, General Obligation Bonds, Series B | 3.000% | 08/01/2036 | 1000000 | 975073 |
| Central Unified School District, General Obligation Bonds, Election of 2016, Series C | 3.000% | 08/01/2037 | 755000 | 710741 |
| University of California Revenue Bonds, Series CA | 5.000% | 05/15/2039 | 3000000 | 3456806 |
|  |  |  |  | 15971556 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** | **Colorado (0.00%)** |
| &nbsp;&nbsp;&nbsp; Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation <br> Refunding Bonds, Series B<br>| 2.500% | 12/15/2027 | $1500000 | $1479934 |
| Eagle River Water & Sanitation District, General Obligation Bonds | 4.000% | 12/01/2030 | 465000 | 470157 |
| Regional Transportation District Sales Tax Revenue Refunding Bonds, Series B | 5.000% | 11/01/2034 | 1465000 | 1519764 |
| Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B | 5.000% | 12/15/2034 | 2000000 | 2037787 |
| &nbsp;&nbsp;&nbsp; Town of Estes Park, Colorado, Power & Communications Enterprise Revenue Refunding <br> Bonds, Series A<br>| 4.000% | 11/01/2035 | 980000 | 993552 |
| Westminster Public Schools General Obligation Bonds, Series A | 5.000% | 12/01/2037 | 2000000 | 2289675 |
| Rangeview Library District, Certificate of Participation, Series A | 5.000% | 12/15/2037 | 650000 | 719013 |
| Adams & Arapahoe Counties Joint School District 28J Aurora, General Obligation Bonds | 5.500% | 12/01/2040 | 1300000 | 1535265 |
| Fremont County School District No. RE-1 Canon City, Colorado, General Obligation Bonds | 5.000% | 12/01/2041 | 790000 | 860299 |
|  |  |  |  | 11905446 |
| **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** | **Connecticut (0.00%)** |
| &nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds, <br> Series A(f)<br>| 2.000% | 07/01/2026 | 3500000 | 3488349 |
| State of Connecticut, General Obligation Bonds, Series C | 5.000% | 08/15/2032 | 1625000 | 1859772 |
| State of Connecticut Special Tax Obligation Revenue Bonds, Series A | 4.000% | 09/01/2035 | 1300000 | 1303395 |
|  |  |  |  | 6651516 |
| **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** | **Florida (0.00%)** |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.000% | 08/01/2032 | 520000 | 518849 |
| Collier County Water-Sewer District Revenue Bonds | 3.000% | 07/01/2033 | 3080000 | 3053081 |
| Florida Municipal Loan Council Revenue Bonds, Series A | 3.250% | 08/01/2033 | 535000 | 536831 |
| City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds | 5.000% | 09/01/2034 | 750000 | 777776 |
| Florida Department of Management Services, Certificate of Participation, Series A | 3.000% | 11/01/2035 | 1000000 | 942583 |
| Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A | 5.000% | 10/01/2037 | 540000 | 557211 |
| County of Miami-Dade, Florida, Water & Sewer System Revenue Refunding Bonds, Series B | 4.000% | 10/01/2038 | 2000000 | 2017939 |
| County of Sarasota Utility System Revenue Bonds | 5.250% | 10/01/2039 | 1000000 | 1111199 |
| Saint Johns County School Board, Certificate of Participation, Series A | 5.000% | 07/01/2041 | 1425000 | 1545513 |
| City of South Miami Health Facilities Authority Revenue Refunding Bonds | 5.000% | 08/15/2042 | 1500000 | 1522686 |
|  |  |  |  | 12583668 |
| **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** | **Georgia (0.00%)** |
| Bartow County Development Authority Revenue Refunding Bonds | 1.800% | 09/01/2029 | 1000000 | 927009 |
| Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C(g) | 5.000% | 12/01/2031 | 5000000 | 5355588 |
| Harris County School District, General Obligation Bonds | 3.000% | 03/01/2035 | 250000 | 245575 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding <br> Bonds, Series B<br>| 5.000% | 07/01/2036 | 900000 | 1072625 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding <br> Bonds, Series B<br>| 5.000% | 07/01/2038 | 1250000 | 1496693 |
|  |  |  |  | 9097490 |
| **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** | **Hawaii (0.00%)** |
| State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds | 5.000% | 07/01/2036 | 1000000 | 1152637 |
| **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** | **Idaho (0.00%)** |
| Nez Perce County Independent School District No 1., General Obligation Bonds | 4.000% | 09/15/2031 | 1880000 | 1908551 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2033 | 545000 | 538758 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2033 | 180000 | 184148 |
| Idaho Health Facilities Authority Revenue Refunding Bonds | 4.000% | 03/01/2034 | 400000 | 413945 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2034 | 240000 | 250869 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2034 | 255000 | 259859 |
| Boise State University Revenue Bonds, Series A | 5.000% | 04/01/2035 | 250000 | 260812 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2035 | 300000 | 290588 |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2035 | 175000 | 177987 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** | **Idaho (Cont.)** |
| Idaho State University Revenue Bonds | 4.000% | 04/01/2036 | $200000 | $202780 |
| Boise State University Revenue Refunding Bonds, Series A | 3.000% | 04/01/2037 | 310000 | 291093 |
|  |  |  |  | 4779390 |
| **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** | **Illinois (0.00%)** |
| State of Illinois Sales Tax Revenue Bonds, Series A | 5.000% | 06/15/2032 | 3010000 | 3377465 |
| Village of Schaumburg, Illinois, General Obligation Refunding Bonds | 4.000% | 12/01/2034 | 2500000 | 2650111 |
| Sangamon County School District No. 186 Springfield, General Obligation Bonds | 3.000% | 02/01/2035 | 1000000 | 979281 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series G (AMT) | 5.000% | 01/01/2037 | 2000000 | 2025246 |
| State of Illinois, General Obligation Bonds, Series B | 5.000% | 05/01/2037 | 5680000 | 6255336 |
| Chicago O'Hare International Airport General Senior Lien Revenue Bonds, Series B | 5.000% | 01/01/2038 | 520000 | 542270 |
| Chicago O'Hare International Airport Senior Lien Revenue Refunding Bonds, Series C | 5.000% | 01/01/2038 | 1050000 | 1051191 |
| Illinois Finance Authority Revenue Refunding Bonds | 4.000% | 08/01/2038 | 1000000 | 971378 |
| Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds | 5.000% | 12/01/2039 | 1000000 | 1073554 |
| Village of Mundelein, Illinois, General Obligation Bonds | 4.000% | 12/15/2039 | 1355000 | 1363909 |
| Illinois State Toll Highway Authority Revenue Bonds, Series B | 5.000% | 01/01/2040 | 3000000 | 3002804 |
| Illinois State Toll Highway Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2041 | 1590000 | 1678496 |
| Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A | 5.000% | 01/01/2041 | 1200000 | 1282445 |
| Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D | 5.250% | 01/01/2042 | 1000000 | 1014928 |
| City of Aurora, Illinois, General Obligation Bonds, Series C | 5.000% | 12/30/2042 | 1000000 | 1067896 |
|  |  |  |  | 28336310 |
| **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** | **Indiana (0.00%)** |
| East Noble School Building Corporation Revenue Bonds | 2.000% | 01/15/2027 | 1205000 | 1187848 |
| &nbsp;&nbsp;&nbsp; City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @ <br> 100)(h)<br>| 4.000% | 07/01/2027 | 895000 | 913550 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 3.750% | 07/01/2029 | 220000 | 220000 |
| Valparaiso Multi-Schools Building Corporation Revenue Bonds | 5.000% | 07/15/2029 | 1000000 | 1000819 |
| City of West Lafayette, Indiana, Sewer Revenue Bonds | 4.000% | 07/01/2030 | 750000 | 750000 |
| Carmel Redevelopment Authority Revenue Bonds, Series B | 5.000% | 01/15/2033 | 2485000 | 2804538 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2033 | 650000 | 638670 |
| Borden-Henryville Multi-School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 1270000 | 1400533 |
| Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds | 5.000% | 07/15/2034 | 335000 | 349400 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2034 | 675000 | 658525 |
| Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E | 5.000% | 02/01/2035 | 900000 | 999105 |
| City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A | 3.000% | 12/01/2035 | 700000 | 675821 |
| East Allen Multi School Building Corporation Revenue Bonds | 5.000% | 07/15/2036 | 1000000 | 1120068 |
|  |  |  |  | 12718877 |
| **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** | **Iowa (0.00%)** |
| Waukee Community School District, General Obligation Refunding Bonds, Series B | 2.000% | 06/01/2027 | 2100000 | 2059790 |
| City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D | 3.000% | 06/01/2029 | 950000 | 950271 |
| City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A | 3.000% | 06/01/2029 | 1050000 | 1051162 |
| City of West Des Moines, Iowa, General Obligation Bonds, Series D | 3.000% | 06/01/2031 | 1770000 | 1770243 |
| Cedar Rapids Community School District, General Obligation Bonds | 5.000% | 06/01/2035 | 1000000 | 1108661 |
| City of Cedar Rapids, Iowa, General Obligation Bonds, Series A | 5.000% | 06/01/2040 | 1055000 | 1135098 |
|  |  |  |  | 8075225 |
| **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** | **Kansas (0.00%)** |
| &nbsp;&nbsp;&nbsp; Johnson County Unified School District No. 512 Shawnee Mission, General Obligation <br> Refunding Bonds, Series A<br>| 3.000% | 10/01/2027 | 1000000 | 1000174 |
| Wyandotte County/Kansas City Unified Government, General Obligation Bonds, Series A | 5.000% | 08/01/2028 | 1410000 | 1493317 |
| State of Kansas Department of Transportation Revenue Bonds, Series A | 5.000% | 09/01/2033 | 4000000 | 4147439 |
|  |  |  |  | 6640930 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** | **Kentucky (0.00%)** |
| Northern Kentucky Water District Revenue Bonds, Series A | 4.000% | 02/01/2028 | $1110000 | $1110669 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.250% | 09/15/2029 | 1735000 | 1741299 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.000% | 10/01/2029 | 1060000 | 1059652 |
| City of Owensboro, Kentucky, Water Revenue Refunding Bonds | 3.375% | 09/15/2030 | 1800000 | 1810391 |
| Lexington-Fayette Urban County Government, General Obligation Bonds, Series A | 3.125% | 10/01/2030 | 1095000 | 1095103 |
| Northern Kentucky Water District Revenue Refunding Bonds | 3.000% | 02/01/2031 | 2160000 | 2152455 |
| Kenton County School District Finance Corporation Revenue Bonds | 2.000% | 02/01/2032 | 1770000 | 1606963 |
| Kentucky Public Energy Authority Revenue Refunding Bonds, Series B(i) | 5.000% | 08/01/2032 | 3330000 | 3582216 |
| Kentucky State Property & Buildings Commission Revenue Refunding Bonds, Series B | 5.000% | 04/01/2033 | 730000 | 835753 |
| City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds | 3.000% | 06/01/2033 | 3115000 | 3068174 |
| Kentucky Municipal Energy Agency Power System Revenue Bonds | 5.000% | 01/01/2039 | 785000 | 862807 |
| Kentucky State Property & Buildings Commission Revenue Bonds, Series A | 5.000% | 05/01/2039 | 1130000 | 1232202 |
| Woodford County School District Finance Corporation Revenue Bonds, Series A | 5.000% | 08/01/2039 | 1000000 | 1078273 |
| Franklin County School District, General Obligation Bonds | 5.000% | 06/01/2042 | 1000000 | 1067967 |
|  |  |  |  | 22303924 |
| **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** | **Louisiana (0.00%)** |
| State of Louisiana General Obligation Bonds, Series E | 5.000% | 09/01/2032 | 2000000 | 2288967 |
| St. John the Baptist Parish School District No. 1, General Obligation Bonds | 5.250% | 03/01/2037 | 1500000 | 1637383 |
| &nbsp;&nbsp;&nbsp; Louisiana Local Government Environmental Facilities & Community Development Authority <br> Revenue Bonds<br>| 5.000% | 08/15/2037 | 1000000 | 1021635 |
| City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A | 5.000% | 12/01/2039 | 830000 | 888048 |
|  |  |  |  | 5836033 |
| **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** | **Maryland (0.00%)** |
| City of Baltimore, Maryland, Revenue Bonds, Series A | 5.000% | 07/01/2035 | 1000000 | 1116634 |
| County of Baltimore, General Obligation Bonds | 4.000% | 03/01/2038 | 1750000 | 1784001 |
|  |  |  |  | 2900635 |
| **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** | **Massachusetts (0.00%)** |
| Massachusetts Development Finance Agency Variable Revenue Bonds, Series A-1 | 5.000% | 05/13/2032 | 3000000 | 3403808 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency Revenue Refunding Bonds, Partners Healthcare <br> System<br>| 5.000% | 07/01/2035 | 1400000 | 1413347 |
| Massachusetts Development Finance Agency Variable Revenue Bonds(j) | 5.000% | 11/01/2035 | 2000000 | 2360819 |
| Massachusetts School Building Authority Sales Tax Sustainable Revenue Refunding Bonds | 5.000% | 02/15/2036 | 500000 | 595974 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series A | 5.000% | 01/01/2037 | 1810000 | 1913085 |
| Commonwealth of Massachusetts, General Obligation Bonds, Series J | 5.000% | 12/01/2038 | 1000000 | 1015621 |
| Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B | 5.000% | 05/01/2039 | 1480000 | 1649795 |
|  |  |  |  | 12352449 |
| **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** | **Michigan (0.00%)** |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2027 | 500000 | 500592 |
| Hamilton Community School District, General Obligation Refunding Bonds | 4.000% | 05/01/2028 | 300000 | 300369 |
| Utica Community Schools, Michigan, General Obligation Bonds | 5.000% | 05/01/2031 | 1100000 | 1232342 |
| Rockford Public Schools, General Obligation Bonds, Series I | 4.000% | 05/01/2035 | 1755000 | 1803258 |
| Van Buren Public Schools, Michigan, General Obligation Refunding Bonds | 4.000% | 11/01/2035 | 1000000 | 1025193 |
| Grosse Pointe Public School System, General Obligation Refunding Bonds | 5.000% | 05/01/2036 | 1635000 | 1734701 |
| Lowell Area Schools, General Obligation Bonds | 4.000% | 05/01/2036 | 865000 | 885961 |
| West Bloomfield School District, General Obligation Bonds | 3.000% | 05/01/2036 | 3825000 | 3653436 |
| Dundee Community Schools, General Obligation Bonds | 5.000% | 05/01/2037 | 1000000 | 1106035 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority Single Family Mortgage Sustainable Revenue <br> Bonds, Series C<br>| 4.650% | 06/01/2041 | 1000000 | 1025869 |
|  |  |  |  | 13267756 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** | **Minnesota (0.00%)** |
| City of Eagan, Minnesota, General Obligation Bonds, Series A | 3.250% | 02/01/2032 | $1245000 | $1245613 |
| Metropolitan Council, General Obligation Bonds, Series C | 3.750% | 03/01/2032 | 5500000 | 5503335 |
| Big Lake Independent School District No. 727, General Obligation Bonds, Series A | 3.000% | 02/01/2033 | 570000 | 566821 |
| White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A | 5.000% | 02/01/2033 | 4750000 | 5379974 |
| &nbsp;&nbsp;&nbsp; North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation <br> Bonds, Series B<br>| 3.000% | 02/01/2034 | 3300000 | 3274119 |
| City of Minneapolis, Minnesota, General Obligation Bonds | 3.000% | 12/01/2035 | 2000000 | 1966196 |
| Pequot Lakes Independent School District No. 186, General Obligation Bonds, Series A | 5.000% | 02/01/2036 | 960000 | 1090917 |
|  |  |  |  | 19026975 |
| **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** | **Mississippi (0.00%)** |
| State of Mississippi, General Obligation Bonds, Series F | 3.000% | 11/01/2026 | 3000000 | 3011303 |
| **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** | **Missouri (0.00%)** |
| Liberty Public School District No. 53, General Obligation Bonds | 4.000% | 03/01/2033 | 1000000 | 1002211 |
| Grain Valley No. R-5 School District, General Obligation Bonds, Series A | 5.000% | 03/01/2035 | 1000000 | 1045693 |
| City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B | 3.000% | 10/01/2035 | 2520000 | 2410760 |
| Platte County School District Park Hill, General Obligation Bonds | 3.350% | 03/01/2036 | 1000000 | 984378 |
| Nixa Public Schools, General Obligation Bonds | 5.000% | 03/01/2039 | 1170000 | 1303366 |
| Willard No. R-2, General Obligation Refunding Bonds | 5.000% | 03/01/2039 | 860000 | 944172 |
| Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds | 5.000% | 03/01/2040 | 1000000 | 1078940 |
|  |  |  |  | 8769520 |
| **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** | **Montana (0.00%)** |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2032 | 945000 | 970768 |
| Missoula High School District No. 1, General Obligation Bonds | 4.000% | 07/01/2032 | 1010000 | 1010136 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2033 | 1005000 | 1031394 |
| Hellgate School District No. 4, General Obligation Bonds | 5.000% | 06/15/2034 | 505000 | 517756 |
| Cascade County High School District A Great Falls, General Obligation Bonds | 5.000% | 07/01/2034 | 725000 | 760892 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2034 | 1000000 | 1042646 |
| Hellgate School District No. 4, General Obligation Bonds | 5.250% | 06/15/2035 | 880000 | 903180 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2035 | 845000 | 862951 |
| Flathead County School District No. 6 Columbia Falls, General Obligation Bonds | 4.000% | 07/01/2035 | 750000 | 777677 |
| Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds | 5.000% | 07/01/2035 | 1925000 | 2015351 |
| Montana State Board of Regents Revenue Refunding Bonds | 3.000% | 11/15/2035 | 3660000 | 3508496 |
| Flathead County School District No. 44 Whitefish, General Obligation Bonds | 4.000% | 07/01/2036 | 585000 | 596559 |
|  |  |  |  | 13997806 |
| **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** | **Nebraska (0.00%)** |
| City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds | 3.000% | 06/15/2034 | 1105000 | 1089428 |
| City of Kearney, Nebraska, General Obligation Bonds | 4.000% | 05/15/2035 | 500000 | 505393 |
| County of Sarpy, Nebraska, General Obligation Bonds | 3.500% | 06/01/2037 | 1000000 | 1000707 |
| City of La Vista, Nebraska, General Obligation Bonds | 3.000% | 09/15/2041 | 1000000 | 883895 |
|  |  |  |  | 3479423 |
| **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** | **Nevada (0.00%)** |
| Nevada System of Higher Education Revenue Refunding Bonds | 4.000% | 07/01/2030 | 3045000 | 3062872 |
| Clark County School District, General Obligation Refunding Bonds, Series C | 4.000% | 06/15/2037 | 1000000 | 1006311 |
|  |  |  |  | 4069183 |
| **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** | **New Hampshire (0.00%)** |
| New Hampshire Health and Education Facilities Authority Act Revenue Bonds, Series A | 5.000% | 06/01/2035 | 1000000 | 1185619 |
| **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** | **New Jersey (0.00%)** |
| Hopewell Valley Regional School District, General Obligation Bonds | 3.500% | 01/15/2027 | 3330000 | 3330923 |
| New Jersey Educational Facilities Authority Revenue Refunding Bonds, Series A | 5.000% | 05/15/2028 | 2500000 | 2637573 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** | **New Jersey (Cont.)** |
| New Jersey State Turnpike Authority Revenue Bonds, Series B | 5.000% | 01/01/2031 | $850000 | $945085 |
| New Jersey Educational Facilities Authority Variable Revenue Bonds, Series A(k) | 5.000% | 07/01/2031 | 2000000 | 2224522 |
| Hopewell Valley Regional School District, General Obligation Bonds | 4.000% | 01/15/2032 | 1000000 | 1000463 |
|  |  |  |  | 10138566 |
| **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** | **New Mexico (0.00%)** |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2026 | 225000 | 225206 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2027 | 700000 | 700671 |
| Rio Rancho Public School District No. 94, General Obligation Bonds, Series A | 3.000% | 08/01/2027 | 1515000 | 1515172 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2028 | 725000 | 725563 |
| Las Cruces School District No. 2, General Obligation Bonds, Series C | 3.500% | 08/01/2028 | 900000 | 900527 |
| City of Santa Fe, New Mexico, General Obligation Bonds | 4.000% | 08/01/2029 | 750000 | 750617 |
| Santa Fe Public School District, General Obligation Bonds | 3.625% | 08/01/2029 | 2000000 | 2011110 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2034 | 1800000 | 1896840 |
| Albuquerque Municipal School District No. 12, General Obligation Bonds | 5.000% | 08/01/2035 | 2600000 | 2733778 |
|  |  |  |  | 11459484 |
| **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** | **New York (0.00%)** |
| &nbsp;&nbsp;&nbsp; New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue <br> Bonds, Series J (SonyMA Insured)(l)<br>| 1.100% | 05/01/2027 | 525000 | 506756 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 10/01/2028 | 965000 | 1032269 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding <br> Bonds<br>| 5.000% | 11/01/2031 | 2020000 | 2281391 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue Refunding Bonds, <br> Series S-2<br>| 5.000% | 07/15/2033 | 1000000 | 1166037 |
| New York Energy Finance Development Corporation Variable Revenue Bonds(m) | 5.000% | 12/01/2033 | 1000000 | 1059283 |
| State of New York Mortgage Agency Revenue Refunding Bonds, Series 220 | 2.400% | 10/01/2034 | 1000000 | 904544 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding <br> Bonds, Series BB, Subseries BB-2<br>| 5.000% | 06/15/2036 | 2725000 | 3236503 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, <br> Series B-1<br>| 5.250% | 11/01/2036 | 1500000 | 1698158 |
| Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 250 | 5.000% | 10/15/2037 | 1350000 | 1575080 |
| New York State Dormitory Authority Revenue Bonds | 5.000% | 07/01/2038 | 1225000 | 1384551 |
|  |  |  |  | 14844572 |
| **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** | **North Carolina (0.00%)** |
| Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds | 4.000% | 07/01/2027 | 1210000 | 1210650 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2028 | 700000 | 701335 |
| City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds | 5.000% | 05/01/2029 | 265000 | 265510 |
| City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds | 5.000% | 02/01/2035 | 1000000 | 1081302 |
|  |  |  |  | 3258797 |
| **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** | **North Dakota (0.00%)** |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.125% | 05/01/2028 | 845000 | 845009 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L | 3.250% | 05/01/2029 | 835000 | 835196 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2031 | 1015000 | 1015019 |
| City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M | 3.125% | 05/01/2032 | 1060000 | 1060022 |
| City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A | 3.000% | 05/01/2034 | 1550000 | 1533224 |
|  |  |  |  | 5288470 |
| **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** | **Ohio (0.00%)** |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 5.000% | 12/01/2027 | 175000 | 175288 |
| Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds | 4.000% | 12/01/2030 | 365000 | 365274 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2031 | 350000 | 351712 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2032 | 220000 | 224707 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** | **Ohio (Cont.)** |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2032 | $315000 | $315180 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2032 | 1750000 | 1757512 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2032 | 375000 | 376625 |
| Lakewood City School District, General Obligation Refunding Bonds, Series B | 4.000% | 11/01/2033 | 370000 | 377034 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2033 | 235000 | 235165 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2033 | 400000 | 401464 |
| City of Toledo, Ohio, General Obligation Bonds | 5.250% | 12/01/2034 | 1000000 | 1129464 |
| Cuyahoga Community College District, General Obligation Bonds | 4.000% | 12/01/2034 | 1000000 | 1003263 |
| Hudson City School District, Ohio, General Obligation Bonds | 4.000% | 12/01/2034 | 875000 | 877999 |
| City of Marysville, Ohio, Water System Revenue Bonds | 4.000% | 12/01/2035 | 1870000 | 1871006 |
|  |  |  |  | 9461693 |
| **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** | **Oklahoma (0.00%)** |
| City of Tulsa, Oklahoma, General Obligation Bonds | 3.000% | 04/01/2028 | 3000000 | 3000259 |
| Edmond Public Works Authority Revenue Bonds | 5.000% | 07/01/2032 | 1500000 | 1548738 |
| Oklahoma County Finance Authority Revenue Bonds | 5.000% | 09/01/2036 | 2500000 | 2760225 |
| Oklahoma Turnpike Authority Senior Revenue Bonds, Series A | 5.000% | 01/01/2042 | 1000000 | 1093024 |
|  |  |  |  | 8402246 |
| **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** | **Oregon (0.00%)** |
| &nbsp;&nbsp;&nbsp; Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation <br> Bonds<br>| 3.000% | 06/15/2035 | 2865000 | 2720293 |
| Chemeketa Community College District, General Obligation Bonds, Series B | 5.000% | 06/15/2038 | 1000000 | 1153532 |
| State of Oregon Housing & Community Services Department Mortgage Revenue Bonds | 4.750% | 07/01/2040 | 1000000 | 1036749 |
|  |  |  |  | 4910574 |
| **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** | **Pennsylvania (0.00%)** |
| Pennsylvania Housing Finance Agency Revenue Bonds, Series 137 | 2.200% | 04/01/2033 | 2785000 | 2487813 |
| Allegheny County Hospital Development Authority Revenue Refunding Bonds | 5.000% | 07/15/2033 | 1220000 | 1291624 |
| County of Jefferson, Pennsylvania, General Obligation Refunding Bonds | 3.000% | 12/15/2033 | 400000 | 395007 |
| County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B | 5.000% | 11/15/2043 | 3620000 | 3817761 |
|  |  |  |  | 7992205 |
| **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** | **Rhode Island (0.00%)** |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series C | 5.000% | 05/15/2032 | 1065000 | 1206041 |
| Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A | 2.200% | 10/01/2033 | 780000 | 689519 |
| Rhode Island Health & Educational Building Corporation Revenue Bonds, Series D | 5.250% | 05/15/2042 | 2445000 | 2686026 |
|  |  |  |  | 4581586 |
| **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** | **South Carolina (0.00%)** |
| Town of Fort Mill Water & Sewer System Revenue Bonds | 3.500% | 12/01/2027 | 380000 | 380026 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2028 | 520000 | 520232 |
| Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds | 4.000% | 12/01/2030 | 535000 | 535215 |
|  |  |  |  | 1435473 |
| **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** | **Tennessee (0.00%)** |
| Tennergy Corporation Gas Revenue Bonds, Series A(n) | 4.000% | 09/01/2028 | 1000000 | 1016987 |
| City of Knoxville, Tennessee, Electric Revenue Bonds, Series QQ | 5.000% | 07/01/2042 | 1615000 | 1711963 |
| Tennessee State School Bond Authority Revenue Bonds | 5.000% | 11/01/2042 | 2525000 | 2640718 |
|  |  |  |  | 5369668 |
| **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** | **Texas (0.00%)** |
| Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(o) | 5.000% | 05/15/2026 | 1000000 | 1004899 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to <br> 02-15-2027 @ 100)(h)<br>| 4.000% | 02/15/2027 | 280000 | 284130 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** | **Texas (Cont.)** |
| Clifton Higher Education Finance Corporation Revenue Refunding Bonds | 5.000% | 08/15/2028 | $1600000 | $1690901 |
| Denton Independent School District, Variable General Obligation Bonds, Series B1(p) | 4.000% | 08/15/2028 | 3000000 | 3099342 |
| Texas Water Development Board Revenue Bonds | 5.000% | 04/15/2029 | 1075000 | 1161876 |
| Bell County Water Control & Improvement District No. 1 Revenue Bonds | 5.000% | 07/10/2031 | 535000 | 595654 |
| Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds | 3.000% | 08/15/2031 | 1000000 | 1004663 |
| Aldine Independent School District, General Obligation Refunding Bonds | 4.000% | 02/15/2033 | 1000000 | 1010644 |
| Arlington Independent School District, Texas, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 920000 | 1056235 |
| Humble Independent School District, General Obligation Refunding Bonds | 5.000% | 02/15/2033 | 690000 | 791213 |
| &nbsp;&nbsp;&nbsp; Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded <br> Balance<br>| 4.000% | 02/15/2033 | 485000 | 489682 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 5.000% | 03/01/2033 | 200000 | 208796 |
| Texas Water Development Board Revenue Bonds, Series A | 5.000% | 04/15/2033 | 3405000 | 3926017 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2034 | 280000 | 284231 |
| Lovejoy Independent School District, General Obligation Bonds | 5.000% | 02/15/2035 | 1250000 | 1462233 |
| City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds | 4.000% | 03/01/2035 | 200000 | 202434 |
| State of Texas, General Obligation Refunding Bonds, Series B | 5.000% | 08/01/2035 | 1000000 | 1165355 |
| Texas State Technical College Revenue Bonds | 5.250% | 08/01/2035 | 1000000 | 1133434 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2036 | 1745000 | 1815856 |
| Richardson Independent School District, General Obligation Bonds, Series A | 5.000% | 02/15/2036 | 1000000 | 1108871 |
| Texas A&M University Revenue Bonds | 5.250% | 05/15/2036 | 1000000 | 1129304 |
| Trinity River Authority Central Regional Wastewater System Revenue Bonds | 3.500% | 08/01/2036 | 1000000 | 1012468 |
| Leander Independent School District, General Obligation Refunding Bonds, Series A | 5.000% | 08/15/2036 | 1000000 | 1166436 |
| Texas Water Development Board Revenue Bonds | 4.450% | 10/15/2036 | 1000000 | 1067104 |
| Texas Water Development Board Revenue Bonds | 4.000% | 10/15/2036 | 1000000 | 1013356 |
| City of Cedar Park, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1086518 |
| County of Kaufman, Texas, General Obligation Bonds | 5.000% | 02/15/2037 | 1700000 | 1895520 |
| Waller Consolidated Independent School District, General Obligation Bonds | 5.000% | 02/15/2037 | 1000000 | 1107996 |
| City of Beaumont, Texas, Certificates of Obligation, General Obligation Bonds | 5.000% | 03/01/2038 | 810000 | 890674 |
| North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A | 4.125% | 01/01/2039 | 1375000 | 1405067 |
| City of San Antonio, Texas, Electric & Gas Systems Revenue Bonds, Series A | 5.000% | 02/01/2039 | 1010000 | 1131316 |
| Pecos Barstow Toyah Independent School District, General Obligation Bonds | 5.000% | 02/15/2039 | 1000000 | 1062891 |
| County of Smith, Texas, General Obligation Bonds | 5.000% | 08/15/2039 | 1000000 | 1089376 |
| Harlandale Independent School District, General Obligation Bonds, Series A | 5.250% | 08/15/2039 | 1000000 | 1115072 |
| Northside Independent School District, General Obligation Refunding Bonds | 5.000% | 08/15/2039 | 1105000 | 1135184 |
| &nbsp;&nbsp;&nbsp; City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, <br> Series D<br>| 5.000% | 11/15/2039 | 1725000 | 1726094 |
| Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A | 5.000% | 07/01/2040 | 1750000 | 1930640 |
| Austin Community College District, General Obligation Bonds, Unrefunded Balance | 4.000% | 08/01/2040 | 230000 | 229991 |
| City of San Antonio, Texas, General Obligation Bonds | 5.000% | 02/01/2041 | 2275000 | 2476282 |
|  |  |  |  | 47167755 |
| **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** | **Utah (0.00%)** |
| Central Utah Water Conservancy District Revenue Refunding Bonds, Series B | 4.000% | 10/01/2033 | 2500000 | 2539478 |
| Wasatch County School District Local Building Authority Revenue Bonds | 5.000% | 06/01/2034 | 750000 | 839562 |
| Duchesne County School District Revenue Bonds | 5.000% | 06/01/2036 | 1150000 | 1211769 |
| City of Salt Lake, Utah, Revenue Bonds, Series A (AMT) | 5.000% | 07/01/2042 | 1000000 | 1008585 |
|  |  |  |  | 5599394 |
| **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** | **Vermont (0.00%)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2032 | 175000 | 186618 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2033 | 190000 | 202046 |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2034 | 255000 | 270564 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2034 | 410000 | 435024 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** | **Long-term Municipal Bond (Cont.)** |
| **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** | **Vermont (Cont.)** |
| City of Burlington, Vermont, General Obligation Bonds, Series A | 5.000% | 11/01/2035 | $265000 | $280139 |
| City of Burlington, Vermont, General Obligation Bonds, Series B | 5.000% | 11/01/2035 | 435000 | 459850 |
|  |  |  |  | 1834241 |
| **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** | **Virginia (0.00%)** |
| County of Stafford, Virginia, General Obligation Bonds | 4.000% | 07/01/2030 | 1205000 | 1205782 |
| City of Danville, Virginia, General Obligation Bonds | 4.000% | 09/01/2039 | 1625000 | 1678200 |
|  |  |  |  | 2883982 |
| **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** | **Washington (0.00%)** |
| City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A | 3.250% | 12/01/2028 | 350000 | 350568 |
| King County School District No. 405 Bellevue, General Obligation Bonds | 3.000% | 12/01/2033 | 3095000 | 3057664 |
| King County School District No. 414 Lake Washington, General Obligation Bonds | 4.000% | 12/01/2033 | 5000000 | 5073180 |
| Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A | 4.000% | 12/01/2033 | 840000 | 853579 |
| Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds | 4.375% | 12/01/2034 | 1040000 | 1078941 |
| Okanogan County Public Utility District No. 1 Revenue Bonds, Series A | 4.000% | 12/01/2035 | 500000 | 514557 |
| City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds | 4.000% | 05/01/2036 | 1000000 | 1000117 |
| State of Washington, General Obligation Bonds, Series 2024-A | 5.000% | 08/01/2038 | 1000000 | 1121521 |
| Island County Consolidated School District No. 206 South Whidbey, General Obligation Bonds | 5.000% | 12/01/2042 | 1000000 | 1088653 |
|  |  |  |  | 14138780 |
| **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** | **West Virginia (0.00%)** |
| Braxton County Board of Education, General Obligation Refunding Bonds | 4.000% | 05/01/2026 | 250000 | 251000 |
| Braxton County Board of Education, General Obligation Refunding Bonds | 2.250% | 05/01/2026 | 125000 | 124657 |
|  |  |  |  | 375657 |
| **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** | **Wisconsin (0.00%)** |
| Wisconsin-Dells School District, General Obligation Bonds | 3.125% | 03/01/2030 | 1595000 | 1598465 |
| City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A | 2.000% | 03/01/2031 | 895000 | 825146 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.125% | 04/01/2031 | 1000000 | 1001720 |
| Poynette School District, General Obligation Bonds | 3.000% | 04/01/2031 | 850000 | 850275 |
| Burlington Area School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 1120000 | 1123341 |
| Hamilton School District, Wisconsin, General Obligation Bonds | 3.250% | 04/01/2032 | 2000000 | 2002050 |
| Poynette School District, General Obligation Bonds | 3.125% | 04/01/2032 | 1520000 | 1522042 |
| Western Technical College District, General Obligation Refunding Bonds, Series F | 3.000% | 04/01/2032 | 2240000 | 2240023 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2032 | 675000 | 685868 |
| City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A | 4.000% | 06/01/2034 | 1390000 | 1407757 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2035 | 1405000 | 1375604 |
| New Richmond School District, General Obligation Bonds | 4.000% | 04/01/2035 | 4170000 | 4350071 |
| Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds | 3.000% | 03/01/2036 | 1535000 | 1473975 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 07/01/2038 | 1000000 | 1008093 |
| Two Rivers Public School District, General Obligation Refunding Bonds | 4.000% | 03/01/2039 | 1000000 | 1016807 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 4.000% | 04/01/2039 | 1000000 | 997846 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 11/15/2039 | 3025000 | 3034561 |
| Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds | 5.000% | 04/01/2040 | 2810000 | 3071107 |
|  |  |  |  | 29584751 |
| **Total Long-term Municipal Bond** <br>(cost $443,260,317)<br>|  |  |  | 443856767 |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** | **Short-term Investments (0.00%)** |
| Northern Institutional Treasury Portfolio (Premier Class), 3.63%(q) | 9333799 | $9333798 |
| **Total Short-term Investments** <br>(cost $9,333,799)<br>|  | 9333798 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** <br>**rate**<br>| **Maturity** <br>**date**<br>| **Principal** <br>**amount**<br>| **Value** |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Dallas Fort Worth International Airport, Variable General Obligation Bonds, <br> Series A-2 (AMT)<br>|  |  |  |  |
| **No Security Type:** Black Belt Energy Gas District Revenue Bonds, Series E |  |  |  |  |
| **No Security Type:** County of Broward, Florida, Port Facilities Revenue Bonds (AMT) |  |  |  |  |
| **No Security Type:** County of Broward, Florida, Port Facilities Revenue Bonds (AMT) |  |  |  |  |
| **No Security Type:** Brownsburg 1999 School Building Corporation Revenue Bonds |  |  |  |  |
| **No Security Type:** California Community Choice Financing Authority Sustainable Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Central Texas Regional Mobility Authority Senior Lien Revenue Refunding Bonds, <br> Series A<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, <br> Series A (AMT)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, <br> Series A (AMT)<br>|  |  |  |  |
| **No Security Type:** Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series A (AMT) |  |  |  |  |
| **No Security Type:** State of Connecticut Special Tax Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Corpus Christi, Texas, Utility System Senior Lien Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Dallas, Texas, General Obligation Bonds |  |  |  |  |
| **No Security Type:** Duluth Independent School District No. 709, General Obligation Bonds, Series A |  |  |  |  |
| **No Security Type:** East Allen County Schools, General Obligation Bonds |  |  |  |  |
| **No Security Type:** Energy Southeast A Cooperative District Revenue Bonds, Series A |  |  |  |  |
| **No Security Type:** Euclid City School District, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** Fort Worth Independent School District Revenue Refunding Bonds, Series A |  |  |  |  |
| **No Security Type:** County of Harris, Texas, Toll Road Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** State of Illinois Sales Tax Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** IPS Multi-School Building Corporation Sustainable Revenue Bonds |  |  |  |  |
| **No Security Type:** Johnson County Redevelopment Authority Revenue Bonds |  |  |  |  |
| **No Security Type:** City of Joliet, Illinois, Waterworks & Sewerage Revenue Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Mason County School District No. 402 Pioneer, General Obligation Refunding <br> Bonds<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Massachusetts Development Finance Agency Revgenue Refunding Bonds, <br> Series N (AMT)<br>|  |  |  |  |
| **No Security Type:** Commonwealth of Massachusetts Transportation Fund Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** Minnesota Housing Finance Agency Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** New Orleans Aviation Board Revenue Refunding Bonds, Series B (AMT) |  |  |  |  |
| **No Security Type:** City of New York, General Obligation Bonds, Series D |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** New York City Transitional Finance Authority Future Tax Secured Subordinate <br> Revenue Refunding Bonds, Fiscal 2026<br>|  |  |  |  |
| **No Security Type:** State of Ohio Revenue Refunding Bonds |  |  |  |  |
| **No Security Type:** Peru Multi-School Building Corporation Revenue Bonds |  |  |  |  |
| **No Security Type:** Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series B |  |  |  |  |
| **No Security Type:** Kentucky Public Energy Authority Revenue Refunding Bonds, Series C |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Rhode Island Health and Educational Building Corporation Revenue Bonds, <br> Series D<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Rhode Island Health and Educational Building Corporation Revenue Bonds, <br> Series H<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **No Security Type:** Trinity River Authority Central Regional Wastewater System Revenue Refunding <br> Bonds<br>|  |  |  |  |
| **No Security Type:** Wayne County Airport Authority Revenue Refunding Bonds (AMT) |  |  |  |  |
| **No Security Type:** Wayne County Airport Authority Revenue Refunding Bonds (AMT) |  |  |  |  |

---

------

**ADVISERS INVESTMENT TRUST**

**STATE FARM MUNICIPAL BOND FUND**

**SCHEDULE OF INVESTMENTS (continued)**

**December 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon**<br> **rate**<br>| **Maturity**<br> **date**<br>| **Principal**<br> **amount**<br>| **Value** |
| **No Security Type:** County of Will, Illinois, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Wilmington, Delaware, General Obligation Refunding Bonds |  |  |  |  |
| **No Security Type:** City of Winder, Georgia, Water & Sewerage Revenue Bonds |  |  |  |  |
| **No Security Type:** Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds |  |  |  |  |
| **TOTAL INVESTMENTS (0.00%)** <br>(cost $500,333,813)<br>|  |  |  | 501094938 |
| **LIABILITIES, NET OF OTHER ASSETS (0.00%)** |  |  |  | (501094938) |
| **NET ASSETS (0.00%)** |  |  |  | $0 |

---

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

&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 August 1, 2032.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(q) Rate shown is the 7-day yield as of December 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** State Farm Interim Fund

- **b. EDGAR series identifier (if any):** S000071159

- **c. LEI of Series:** 549300GZ9YLIDRQVTY75

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $299363813.91

**Total Liabilities:** $137977.90

**Net Assets:** $299225836.01

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225897 | 0.31%                | 0.61%                | 0.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3574.73                | $156909.65                                 |
| Month 2  | $-20993.08               | $744181.64                                 |
| Month 3  | $554.78                  | $-326532.95                                |

### Schedule of Portfolio Investments

| Name                         | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury Notes | T 4.25 01/31/30                             | CUSIP: 91282CMG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3835986.34   | 1.28%             | 2030-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 07/31/27                            | CUSIP: 91282CNP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2917105.48   | 0.97%             | 2027-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 07/31/30                            | CUSIP: 91282CNN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3525000 | PA      | $3554053.72   | 1.19%             | 2030-07-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.375 05/15/27                            | CUSIP: 912828X88<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1969921.88   | 0.66%             | 2027-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.75 02/15/28                             | CUSIP: 9128283W8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $394031.25    | 0.13%             | 2028-02-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 08/15/28                            | CUSIP: 91282CNU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2850000 | PA      | $2858015.63   | 0.96%             | 2028-08-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 08/31/27                            | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3207375.01   | 1.07%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.25 02/15/27                             | CUSIP: 912828V98<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1577937.50   | 0.53%             | 2027-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.375 09/30/27                            | CUSIP: 91282CAL5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $473984.38    | 0.16%             | 2027-09-30      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.375 07/31/27                            | CUSIP: 91282CAD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    450000 | PA      | $428695.31    | 0.14%             | 2027-07-31      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.5 05/31/27                              | CUSIP: 912828ZS2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1290000 | PA      | $1237392.19   | 0.41%             | 2027-05-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.875 11/15/30                            | CUSIP: 91282CAV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4360000 | PA      | $3815170.30   | 1.28%             | 2030-11-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.5 08/31/27                              | CUSIP: 91282CAH4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $476132.81    | 0.16%             | 2027-08-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.625 08/15/30                            | CUSIP: 91282CAE1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2612812.50   | 0.87%             | 2030-08-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.25 05/31/28                             | CUSIP: 91282CCE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $758687.50    | 0.25%             | 2028-05-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 10/31/27                            | CUSIP: 91282CFU0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2150000 | PA      | $2174103.52   | 0.73%             | 2027-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 05/31/27                            | CUSIP: 91282CNE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $2362208.98   | 0.79%             | 2027-05-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1 07/31/28                                | CUSIP: 91282CCR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $328494.14    | 0.11%             | 2028-07-31      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.125 08/31/28                            | CUSIP: 91282CCV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $469843.75    | 0.16%             | 2028-08-31      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 10/31/29                                | CUSIP: 91282CFT3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $253427.74    | 0.08%             | 2029-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 11/15/28                              | CUSIP: 91282CPK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199843.75    | 0.07%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.25 09/30/28                             | CUSIP: 91282CCY5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $658683.59    | 0.22%             | 2028-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.25 06/30/28                             | CUSIP: 91282CCH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $473339.85    | 0.16%             | 2028-06-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 07/31/29                                | CUSIP: 91282CLC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3150000 | PA      | $3192451.16   | 1.07%             | 2029-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 07/31/30                                | CUSIP: 91282CHR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | PA      | $354744.14    | 0.12%             | 2030-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.375 08/31/28                            | CUSIP: 91282CHX2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2553515.63   | 0.85%             | 2028-08-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 07/31/28                            | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3300000 | PA      | $3350144.52   | 1.12%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 08/15/27                             | CUSIP: 91282CLG4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3012656.25   | 1.01%             | 2027-08-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 06/30/30                             | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250800.78    | 0.08%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.375 07/15/27                            | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2400000 | PA      | $2432062.51   | 0.81%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 06/30/29                             | CUSIP: 91282CKX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3524660.14   | 1.18%             | 2029-06-30      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.375 05/15/29                            | CUSIP: 9128286T2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $577171.87    | 0.19%             | 2029-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.625 08/15/29                            | CUSIP: 912828YB0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1960000 | PA      | $1830685.94   | 0.61%             | 2029-08-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.625 03/31/27                            | CUSIP: 912828ZE3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    490000 | PA      | $473079.69    | 0.16%             | 2027-03-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 10/31/29                            | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4579804.71   | 1.53%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 02/15/28                             | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3452460.95   | 1.15%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 05/15/28                             | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1759912.11   | 0.59%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 07/15/28                            | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1714808.60   | 0.57%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 09/30/27                              | CUSIP: 91282CPB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3451078.13   | 1.15%             | 2027-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 11/30/30                              | CUSIP: 91282CPN5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3060000 | PA      | $3032029.70   | 1.01%             | 2030-11-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.875 05/15/28                            | CUSIP: 9128284N7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3943906.24   | 1.32%             | 2028-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.875 08/15/28                            | CUSIP: 9128284V9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2625000 | PA      | $2583574.22   | 0.86%             | 2028-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.5 04/30/27                              | CUSIP: 912828ZN3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $961562.50    | 0.32%             | 2027-04-30      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.875 02/28/29                            | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $570093.75    | 0.19%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 02/29/28                                | CUSIP: 91282CGP0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3436125.00   | 1.15%             | 2028-02-29      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.375 09/15/27                            | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2994726.57   | 1.00%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 10/15/27                            | CUSIP: 91282CLQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3235000 | PA      | $3256987.91   | 1.09%             | 2027-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 11/30/29                            | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4750000 | PA      | $4835166.03   | 1.62%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 12/31/26                             | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2618179.69   | 0.87%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 03/15/28                            | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $4537089.86   | 1.52%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 04/30/30                            | CUSIP: 91282CMZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4650000 | PA      | $4689960.94   | 1.57%             | 2030-04-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 04/30/27                             | CUSIP: 91282CMY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3450000 | PA      | $3460916.01   | 1.16%             | 2027-04-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 06/30/30                            | CUSIP: 91282CNK3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3700000 | PA      | $3730929.71   | 1.25%             | 2030-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 08/31/30                            | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3900000 | PA      | $3889488.29   | 1.30%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 09/30/30                            | CUSIP: 91282CPA3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1050000 | PA      | $1046882.81   | 0.35%             | 2030-09-30      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 10/15/28                              | CUSIP: 91282CPC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1970000 | PA      | $1968614.85   | 0.66%             | 2028-10-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 10/31/27                              | CUSIP: 91282CPE5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4270000 | PA      | $4271501.16   | 1.43%             | 2027-10-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.125 11/15/28                            | CUSIP: 9128285M8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1187015.63   | 0.40%             | 2028-11-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.5 01/31/27                              | CUSIP: 912828Z78<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2226000 | PA      | $2178523.60   | 0.73%             | 2027-01-31      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 12/31/27                            | CUSIP: 91282CGC9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3150000 | PA      | $3173994.15   | 1.06%             | 2027-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 08/31/29                            | CUSIP: 91282CLK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4150000 | PA      | $4151783.21   | 1.39%             | 2029-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 03/31/30                                | CUSIP: 91282CMU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4775000 | PA      | $4839350.57   | 1.62%             | 2030-03-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 03/31/27                            | CUSIP: 91282CMV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3950000 | PA      | $3967281.25   | 1.33%             | 2027-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 10/31/30                            | CUSIP: 91282CPD7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3100000 | PA      | $3089828.13   | 1.03%             | 2030-10-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.75 11/15/29                             | CUSIP: 912828YS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $233623.05    | 0.08%             | 2029-11-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 09/30/29                              | CUSIP: 91282CLN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4525000 | PA      | $4506617.19   | 1.51%             | 2029-09-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 11/30/27                            | CUSIP: 91282CFZ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3021679.68   | 1.01%             | 2027-11-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 01/31/28                              | CUSIP: 91282CGH8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2170000 | PA      | $2170762.89   | 0.73%             | 2028-01-31      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 11/15/27                            | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1011523.44   | 0.34%             | 2027-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 01/31/27                            | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2012500.00   | 0.67%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 06/30/27                             | CUSIP: 91282CNL1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2509863.28   | 0.84%             | 2027-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.625 05/15/30                            | CUSIP: 912828ZQ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5290000 | PA      | $4646107.81   | 1.55%             | 2030-05-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 04/15/28                             | CUSIP: 91282CMW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2950000 | PA      | $2965902.33   | 0.99%             | 2028-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.375 09/15/28                            | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3200000 | PA      | $3187875.01   | 1.07%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.375 11/30/27                            | CUSIP: 91282CPL9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2495507.80   | 0.83%             | 2027-11-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.625 02/15/29                            | CUSIP: 9128286B1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1100000 | PA      | $1070007.82   | 0.36%             | 2029-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 02/28/30                                | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5725000 | PA      | $5802153.31   | 1.94%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 12/31/29                            | CUSIP: 91282CGB1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1453218.75   | 0.49%             | 2029-12-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 02/28/27                            | CUSIP: 91282CMP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1090000 | PA      | $1097366.01   | 0.37%             | 2027-02-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 05/31/30                             | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $250820.31    | 0.08%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.75 12/31/28                             | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3018164.07   | 1.01%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    789474 | NS      | $789474.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes | T 4.625 09/30/28                            | CUSIP: 91282CJA0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2057187.50   | 0.69%             | 2028-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.875 10/31/28                            | CUSIP: 91282CJF9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3150000 | PA      | $3262710.94   | 1.09%             | 2028-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 03/15/27                             | CUSIP: 91282CKE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2521289.05   | 0.84%             | 2027-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 08/31/30                            | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $305542.97    | 0.10%             | 2030-08-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 03/31/28                            | CUSIP: 91282CGT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3750000 | PA      | $3760693.35   | 1.26%             | 2028-03-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.5 04/30/28                              | CUSIP: 91282CHA2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3400000 | PA      | $3400132.80   | 1.14%             | 2028-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 01/15/27                                | CUSIP: 91282CJT9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1004818.53   | 0.34%             | 2027-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 02/15/27                            | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2013203.12   | 0.67%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 02/28/29                             | CUSIP: 91282CKD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3850000 | PA      | $3929556.63   | 1.31%             | 2029-02-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.625 05/31/28                            | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2908269.52   | 0.97%             | 2028-05-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.375 11/30/28                            | CUSIP: 91282CJN2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3100000 | PA      | $3171445.33   | 1.06%             | 2028-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 03/31/29                            | CUSIP: 91282CKG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2542578.13   | 0.85%             | 2029-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.5 04/15/27                              | CUSIP: 91282CKJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2600000 | PA      | $2632093.75   | 0.88%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.625 04/30/29                            | CUSIP: 91282CKP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $3098320.32   | 1.04%             | 2029-04-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 0.625 12/31/27                            | CUSIP: 91282CBB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $850921.88    | 0.28%             | 2027-12-31      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.625 09/30/30                            | CUSIP: 91282CHZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1880000 | PA      | $1955346.87   | 0.65%             | 2030-09-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.375 12/15/26                            | CUSIP: 91282CJP7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1450000 | PA      | $1461396.09   | 0.49%             | 2026-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 01/31/29                                | CUSIP: 91282CJW2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2750000 | PA      | $2786093.75   | 0.93%             | 2029-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.5 05/15/27                              | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1266650.39   | 0.42%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.875 06/15/28                            | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $2017656.24   | 0.67%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 06/30/28                                | CUSIP: 91282CHK0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3250000 | PA      | $3288847.64   | 1.10%             | 2028-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.5 05/31/29                              | CUSIP: 91282CKT7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4420000 | PA      | $4549319.52   | 1.52%             | 2029-05-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.625 06/15/27                            | CUSIP: 91282CKV2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $762041.02    | 0.25%             | 2027-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.375 12/31/29                            | CUSIP: 91282CMD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $4109687.52   | 1.37%             | 2029-12-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 05/31/30                                | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4085000 | PA      | $4140370.91   | 1.38%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.375 10/31/28                            | CUSIP: 91282CDF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2350000 | PA      | $2214691.42   | 0.74%             | 2028-10-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.375 03/31/29                            | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1927734.38   | 0.64%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.5 03/31/27                              | CUSIP: 91282CEF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3011000 | PA      | $2973832.97   | 0.99%             | 2027-03-31      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.875 04/30/29                            | CUSIP: 91282CEM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $978359.38    | 0.33%             | 2029-04-30      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.75 07/31/27                             | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3500000 | PA      | $3460761.71   | 1.16%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.75 01/31/29                             | CUSIP: 91282CDW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1895781.24   | 0.63%             | 2029-01-31      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.75 04/30/27                             | CUSIP: 91282CEN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1951000 | PA      | $1932175.89   | 0.65%             | 2027-04-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.25 06/30/29                             | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $989101.56    | 0.33%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.125 08/31/27                            | CUSIP: 91282CFH9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2950000 | PA      | $2933291.02   | 0.98%             | 2027-08-31      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.125 09/30/27                            | CUSIP: 91282CFM8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2312000 | PA      | $2337016.56   | 0.78%             | 2027-09-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.875 02/28/27                            | CUSIP: 91282CEC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2722000 | PA      | $2671813.13   | 0.89%             | 2027-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.625 07/31/29                            | CUSIP: 91282CFC0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $967656.25    | 0.32%             | 2029-07-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.375 12/31/28                            | CUSIP: 91282CDP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $563531.25    | 0.19%             | 2028-12-31      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 2.625 05/31/27                            | CUSIP: 91282CET4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2892000 | PA      | $2857544.54   | 0.95%             | 2027-05-31      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 3.25 06/30/27                             | CUSIP: 91282CEW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1675000 | PA      | $1669373.04   | 0.56%             | 2027-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4 12/15/27                                | CUSIP: 91282CMB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2827562.50   | 0.94%             | 2027-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.25 12/31/26                             | CUSIP: 91282CDQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2230000 | PA      | $2180643.83   | 0.73%             | 2026-12-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 4.25 01/15/28                             | CUSIP: 91282CMF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2537207.03   | 0.85%             | 2028-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes | T 1.5 11/30/28                              | CUSIP: 91282CDL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2125000 | PA      | $2006381.84   | 0.67%             | 2028-11-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer