# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0001145549-25-038401
**Filing Date:** 2025-6
**Character Count:** 108901
**Document Hash:** 227958ae3e1fe26f3e99f6451c2703b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038401.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001145549-25-038401

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 251019561

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

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

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? 8dd9e1f6fb9c93e

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22538

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

------

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices)(Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

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

#### 866-638-5859

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

![TSR - Fund Logo - Canyon](images_6956.jpg)

### River Canyon Total Return Bond Fund

### Institutional Shares \| RCTIX
SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the River Canyon Total Return Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at rivercanyonfunds.com/documents/. You can also request this information by contacting us at 800-245-0371 (toll free) or 312-557-0164.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| River Canyon Total Return Bond Fund <br>(Institutional Shares/RCTIX) | $33 | 0.65% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1319540862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26.87% |

---

PORTFOLIO DIVERSIFICATION AS A % OF NET ASSETS

---

| | |
|:---|:---|
| Asset-Backed Securities | 43.3% |
| Bank Debts | 13.5% |
| Short-Term Investments | 13.2% |
| Corporate Bonds | 11.8% |
| Mortgage-Backed Securities | 10.1% |
| Foreign Issuer Bonds | 7.0% |
| Municipal Bonds | 3.5% |
| All other asset types less than 2% | —% |

---

Where can I find more information?

![TSR - QR Code - Canyon](images_6959.jpg)

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

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

River Canyon Total Return Bond Fund

------

(b) Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.** 

Not applicable – only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable – only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable – only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.**

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

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img5816d17c1.gif)

------

RIVER CANYON TOTAL RETURN

BOND FUND

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2025

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND**

**TABLE OF CONTENTS**

**March 31, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_5b890080-d33e-40f0-a473-cef1a2743776_SOI-TOCPageHeader-1125_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments](#xx_5b890080-d33e-40f0-a473-cef1a2743776_SOI-TOCPageHeader-1125_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets & Liabilities](#xx_5b890080-d33e-40f0-a473-cef1a2743776_FS-FundBookHeader2-1125_1)** | **14** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations](#xx_5b890080-d33e-40f0-a473-cef1a2743776_FS-FundBookHeader2-1125_2)** | **15** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_5b890080-d33e-40f0-a473-cef1a2743776_FS-FundBookHeader2-1125_3)** | **16** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_5b890080-d33e-40f0-a473-cef1a2743776_FS-FundBookHeader2-1125_4)** | **17** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_5b890080-d33e-40f0-a473-cef1a2743776_NTF-NotestoFinancialStatements-1125_1)** | **18** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_5b890080-d33e-40f0-a473-cef1a2743776_CAD-CAD-TOC_1)** | **27** |
| **[PROXY DISCLOSURES](#xx_5b890080-d33e-40f0-a473-cef1a2743776_PD-PD-TOC_1)** | **28** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_5b890080-d33e-40f0-a473-cef1a2743776_RPDOO-RPDOO-TOC_1)** | **29** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_5b890080-d33e-40f0-a473-cef1a2743776_SRBA-BA-TOC_1)** | **30** |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 43.3<br> %<br>|  |  |
| A&D Mortgage Trust Series 2024-NQM5<sup>(a)(b)</sup> <br>7.73%, 11/25/69<br>|  | $6308000 | &nbsp;&nbsp; $6288061 |
| ACHM Trust Series 2025-HE1<sup>(a)</sup> <br>6.80%, 03/25/55<br>|  | 10000000 | &nbsp;&nbsp; 9996177 |
| ACM Auto Trust Series 2023-1A<sup>(a)</sup> <br>8.59%, 01/22/30<br>|  | 218080 | &nbsp;&nbsp; 218481 |
| ADMT Series 2024-NQM6<sup>(a)(b)</sup> <br>7.30%, 01/25/70<br>|  | 4000000 | &nbsp;&nbsp; 4009100 |
| Ally Bank Auto Credit-Linked Notes Series 2024-A<sup>(a)</sup> <br>9.89%, 05/17/32<br>|  | 707538 | &nbsp;&nbsp; 727719 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>8.04%, 09/15/32<br>|  | 1004358 | &nbsp;&nbsp; 1010401 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>11.40%, 09/15/32<br>|  | 5858753 | &nbsp;&nbsp; 5838870 |
| Aqua Finance Trust Series 2024-A<sup>(a)</sup> <br>6.53%, 04/18/50<br>|  | 4000000 | &nbsp;&nbsp; 3947939 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.80%, 04/15/30<br>|  | 15280000 | &nbsp;&nbsp; 15352336 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>13.15%, 04/15/30<br>|  | 17000000 | &nbsp;&nbsp; 17536486 |
| Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.98%, 05/15/29<br>|  | 7000000 | &nbsp;&nbsp; 7007207 |
| Avant Loans Funding Trust Series 2022-REV1<sup>(a)</sup> <br>8.57%, 09/15/31<br>|  | 4623180 | &nbsp;&nbsp; 4633135 |
| Avant Loans Funding Trust Series 2023-REV1<sup>(a)</sup> <br>12.12%, 09/15/32<br>|  | 4200000 | &nbsp;&nbsp; 4329148 |
| Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>8.00%, 10/15/33<br>|  | 12445000 | &nbsp;&nbsp; 12351100 |
| Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>9.00%, 10/15/33<br>|  | 4070000 | &nbsp;&nbsp; 3761038 |
| Avant Loans Funding Trust Series 2025-REV1<sup>(a)(c)</sup> <br>12.81%, 05/15/34<br>|  | 4988000 | &nbsp;&nbsp; 4986943 |
| Bayview Opportunity Master Fund VII Series 2024-CAR1<br> (Floating, U.S. 30-Day Average SOFR + 3.60%)<sup>(a)(b)</sup> <br>7.94%, 12/26/31<br>|  | 938599 | &nbsp;&nbsp; 947583 |
| BHG Securitization Trust Series 2023-B<sup>(a)</sup> <br>12.40%, 12/17/36<br>|  | 2000000 | &nbsp;&nbsp; 2149153 |
| Bridgepoint CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.65%, 6.65% Floor)<sup>(a)(b)</sup> <br>9.20%, 11/14/36<br>|  | 1500000 | &nbsp;&nbsp; 1634089 |
| Builders Capital Loan Acquisition Trust Series 2024-NPL1<sup>(a)</sup> <br>9.00%, 11/29/29<br>|  | 20000000 | &nbsp;&nbsp; 19879752 |
| Capital Four CLO VII DAC Series 7A<br> (Floating, Euribor 3M + 6.79%, 6.79% Floor)<sup>(a)(b)</sup> <br>9.46%, 04/25/37<br>|  | 1000000 | &nbsp;&nbsp; 1089350 |
| Cascade Funding Mortgage Trust Series 2024-RM5<sup>(a)(b)</sup> <br>4.00%, 10/25/54<br>|  | 18000000 | &nbsp;&nbsp; 15905394 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cascade Funding Mortgage Trust Series 2025-HB16<sup>(a)</sup> <br>3.00%, 03/25/35<br>|  | $3000000 | &nbsp;&nbsp; $2724368 |
| Cascade MH Asset Trust Series 2024-MH1<sup>(a)(b)(c)</sup> <br>8.22%, 11/25/56<br>|  | 8936000 | &nbsp;&nbsp; 7171140 |
| CFMT LLC Series 2023-H12<sup>(a)</sup> <br>4.25%, 04/25/33<br>|  | 5000000 | &nbsp;&nbsp; 4729237 |
| CFMT LLC Series 2024-HB15<sup>(a)</sup> <br>4.00%, 08/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3723743 |
| CFMT LLC Series 2024-NR1<br> (Step to 12.32% on 12/25/27)<sup>(a)(d)</sup> <br>9.32%, 11/25/29<br>|  | 10000000 | &nbsp;&nbsp; 10045828 |
| Chase Auto Owner Trust Series 2024-1A<sup>(a)(e)(f)(g)</sup> <br>0.00%, 06/25/31<br>|  | 8850 | &nbsp;&nbsp; 1962303 |
| Chase Auto Owner Trust Series 2024-2A<sup>(a)(e)(f)(g)</sup> <br>0.00%, 08/25/31<br>|  | 6875 | &nbsp;&nbsp; 1687899 |
| Clsec Holdings 22t LLC Series 2021-1<sup>(a)</sup> <br>6.17%, 05/11/37<br>|  | 12963426 | &nbsp;&nbsp; 12069388 |
| CP EF Asset Securitization I LLC Series 2022-1A<sup>(a)</sup> <br>5.96%, 04/15/30<br>|  | 203018 | &nbsp;&nbsp; 203111 |
| Cross Mortgage Trust Series 2023-H1<sup>(a)(b)</sup> <br>8.31%, 03/25/68<br>|  | 2618000 | &nbsp;&nbsp; 2634426 |
| EFMT Series 2024-RM3<sup>(a)</sup> <br>5.00%, 12/25/54<br>|  | 3496387 | &nbsp;&nbsp; 3258523 |
| EFMT Series 2025-CES2<sup>(a)</sup> <br>7.53%, 03/25/50<br>|  | 6477000 | &nbsp;&nbsp; 6476999 |
| EFMT Series 2025-CES2<sup>(a)(b)</sup> <br>8.52%, 03/25/50<br>|  | 3445000 | &nbsp;&nbsp; 3444990 |
| FAT Brands Fazoli's Native I LLC Series 2021-1<sup>(a)</sup> <br>7.00%, 07/25/51<br>|  | 15423000 | &nbsp;&nbsp; 14756057 |
| FAT Brands GFG Royalty I LLC Series 2021-1A<sup>(a)</sup> <br>7.00%, 07/25/51<br>|  | 15229000 | &nbsp;&nbsp; 14114822 |
| FIGRE Trust Series 2024-HE1<sup>(a)(b)</sup> <br>10.03%, 03/25/54<br>|  | 1000000 | &nbsp;&nbsp; 1072018 |
| FIGRE Trust Series 2024-HE2<sup>(a)</sup> <br>8.20%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2099962 |
| FIGRE Trust Series 2024-HE3<sup>(a)</sup> <br>7.55%, 07/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2038830 |
| FIGRE Trust Series 2024-HE5<sup>(a)</sup> <br>7.01%, 10/25/54<br>|  | 4109000 | &nbsp;&nbsp; 4118893 |
| FIGRE Trust Series 2025-HE2<sup>(a)(b)(h)</sup> <br>8.73%, 04/25/37<br>|  | 5000000 | &nbsp;&nbsp; 4999868 |
| Foundation Finance Trust Series 2023-2A<sup>(a)</sup> <br>9.10%, 06/15/49<br>|  | 2944000 | &nbsp;&nbsp; 3140276 |
| Foundation Finance Trust Series 2024-1A<sup>(a)</sup> <br>8.13%, 12/15/49<br>|  | 7499024 | &nbsp;&nbsp; 7902587 |
| Foundation Finance Trust Series 2025-1A<sup>(a)</sup> <br>8.37%, 04/15/50<br>|  | 5000000 | &nbsp;&nbsp; 4915309 |
| Goldman Home Improvement Issuer Trust Series 2022-GRN1<sup>(a)(c)(f)</sup> <br>0.00%, 06/25/52<br>|  | 50000 | &nbsp;&nbsp; 2212445 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| GoodLeap Home Improvement Solutions Trust Series 2024-1<sup>(a)</sup> <br>8.94%, 10/20/46<br>|  | $1000000 | &nbsp;&nbsp; $1038308 |
| GreenSky Home Improvement Issuer Trust Series 2025-1A<sup>(a)</sup> <br>8.65%, 03/25/60<br>|  | 2000000 | &nbsp;&nbsp; 2007386 |
| Harvest SBA Loan Trust Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 3.75%)<sup>(a)(b)</sup> <br>8.18%, 12/25/51<br>|  | 2901658 | &nbsp;&nbsp; 2911186 |
| Hertz Vehicle Financing III LLC Series 2024-2A<sup>(a)</sup> <br>9.41%, 01/27/31<br>|  | 6250000 | &nbsp;&nbsp; 6538049 |
| HOA Funding LLC Series 2021-1A<sup>(a)</sup> <br>4.72%, 08/20/51<br>|  | 14055985 | &nbsp;&nbsp; 10120309 |
| Horizon Aircraft Finance I Ltd. Series 2018-1<sup>(a)</sup> <br>4.46%, 12/15/38<br>|  | 2632424 | &nbsp;&nbsp; 2522637 |
| HTAP Issuer Trust Series 2024-2<sup>(a)</sup> <br>6.50%, 04/25/42<br>|  | 11321141 | &nbsp;&nbsp; 11179987 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 5.25%)<sup>(a)(b)</sup> <br>9.59%, 05/20/32<br>|  | 1350485 | &nbsp;&nbsp; 1380051 |
| Huntington Bank Auto Credit-Linked Notes Series 2025-1<br> (Floating, U.S. 30-Day Average SOFR + 3.50%)<sup>(a)(b)</sup> <br>7.85%, 03/21/33<br>|  | 4750000 | &nbsp;&nbsp; 4737620 |
| ICG U.S. CLO Ltd. Series 2020-1A<br> (Floating, CME Term SOFR 3M + 3.86%, 3.60% Floor)<sup>(a)(b)</sup> <br>8.15%, 01/20/35<br>|  | 3000000 | &nbsp;&nbsp; 2993228 |
| L.P. LMS Asset Securitization Trust Series 2023-1A<sup>(a)</sup> <br>7.48%, 10/17/33<br>|  | 3000000 | &nbsp;&nbsp; 2998272 |
| Lendingpoint Asset Securitization Trust Series 2022-C<sup>(a)(c)</sup> <br>13.09%, 02/15/30<br>|  | 6400000 | &nbsp;&nbsp; — |
| Lendmark Funding Trust Series 2021-2A<sup>(a)</sup> <br>3.09%, 04/20/32<br>|  | 3160000 | &nbsp;&nbsp; 2911050 |
| LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 3.75%, 3.75% Floor)<sup>(a)(b)</sup> <br>8.09%, 05/21/34<br>|  | 1840000 | &nbsp;&nbsp; 1840830 |
| LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 10.50%, 10.50% Floor)<sup>(a)(b)</sup> <br>14.84%, 05/21/34<br>|  | 2400000 | &nbsp;&nbsp; 2401082 |
| MAPS Ltd. Series 2019-1A<sup>(a)</sup> <br>4.46%, 03/15/44<br>|  | 556186 | &nbsp;&nbsp; 538136 |
| Mariner Finance Issuance Trust Series 2021-BA<sup>(a)</sup> <br>3.42%, 11/20/36<br>|  | 1980000 | &nbsp;&nbsp; 1862410 |
| ME Funding LLC Series 2024-1A<sup>(a)</sup> <br>8.10%, 04/30/54<br>|  | 4628906 | &nbsp;&nbsp; 4677929 |
| Momnt Technologies Trust Series 2023-1A<sup>(a)</sup> <br>8.29%, 03/20/45<br>|  | 3000000 | &nbsp;&nbsp; 2907017 |
| Momnt Technologies Trust Series 2023-1A<sup>(a)</sup> <br>11.24%, 03/20/45<br>|  | 9180000 | &nbsp;&nbsp; 8846915 |
| MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>8.35%, 07/22/41<br>|  | 4440000 | &nbsp;&nbsp; 4476884 |
| MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>11.25%, 07/22/41<br>|  | 5965000 | &nbsp;&nbsp; 6011083 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| NRZ Excess Spread-Collateralized Notes Series 2021-GTN1<sup>(a)</sup> <br>3.47%, 11/25/26<br>|  | $3649256 | &nbsp;&nbsp; $3516149 |
| Octane Receivables Trust Series 2024-RVM1<sup>(a)</sup> <br>8.42%, 01/22/46<br>|  | 2000000 | &nbsp;&nbsp; 2057542 |
| OnDeck Asset Securitization Trust IV LLC Series 2023-1A<sup>(a)</sup> <br>9.93%, 08/19/30<br>|  | 6000000 | &nbsp;&nbsp; 6093455 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-1A<sup>(a)</sup> <br>8.99%, 06/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3096465 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>7.03%, 10/17/31<br>|  | 2250000 | &nbsp;&nbsp; 2254538 |
| OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>9.49%, 10/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3042063 |
| Onity Loan Investment Trust Series 2024-HB2<sup>(a)</sup> <br>5.00%, 08/25/37<br>|  | 2000000 | &nbsp;&nbsp; 1872892 |
| Oportun Funding Trust Series 2024-3<sup>(a)</sup> <br>9.60%, 08/15/29<br>|  | 4000000 | &nbsp;&nbsp; 4053037 |
| Oportun Issuance Trust Series 2021-B<sup>(a)</sup> <br>5.41%, 05/08/31<br>|  | 2351993 | &nbsp;&nbsp; 2309661 |
| Oportun Issuance Trust Series 2021-C<sup>(a)</sup> <br>3.61%, 10/08/31<br>|  | 1928278 | &nbsp;&nbsp; 1897007 |
| Oportun Issuance Trust Series 2024-2<sup>(a)</sup> <br>10.47%, 02/09/32<br>|  | 3500000 | &nbsp;&nbsp; 3637945 |
| Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>7.25%, 02/08/33<br>|  | 8500000 | &nbsp;&nbsp; 8339015 |
| Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>10.00%, 02/08/33<br>|  | 6500000 | &nbsp;&nbsp; 6480337 |
| Pagaya AI Debt Grantor Trust and Pagaya AI Debt Trust Series 2024-6<sup>(a)</sup> <br>11.35%, 11/15/31<br>|  | 3842705 | &nbsp;&nbsp; 3984198 |
| Pagaya AI Debt Grantor Trust Series 2024-10<sup>(a)</sup> <br>10.41%, 06/15/32<br>|  | 3799678 | &nbsp;&nbsp; 3909233 |
| Pagaya AI Debt Grantor Trust Series 2024-9<sup>(a)</sup> <br>10.11%, 03/15/32<br>|  | 7998777 | &nbsp;&nbsp; 8107526 |
| Pagaya AI Debt Trust Series 2023-6<sup>(a)</sup> <br>9.00%, 06/16/31<br>|  | 2749295 | &nbsp;&nbsp; 2812290 |
| Pagaya AI Debt Trust Series 2023-8<sup>(a)</sup> <br>9.00%, 06/16/31<br>|  | 2744954 | &nbsp;&nbsp; 2765169 |
| PenFed Auto Receivables Owner Trust Series 2024-A<sup>(a)(f)</sup> <br>0.00%, 09/15/32<br>|  | 37500 | &nbsp;&nbsp; 4158033 |
| PNMAC GMSR ISSUER TRUST Series 2022-GT1<br> (Floating, U.S. 30-Day Average SOFR + 4.25%)<sup>(a)(b)</sup> <br>8.59%, 05/25/27<br>|  | 12000000 | &nbsp;&nbsp; 12143046 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.52% on 02/25/29)<sup>(a)(d)</sup> <br>4.00%, 07/25/69<br>|  | 2000000 | &nbsp;&nbsp; 1821171 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.52% on 02/25/29)<sup>(a)(d)</sup> <br>4.00%, 07/25/69<br>|  | 8000000 | &nbsp;&nbsp; 7185590 |
| PRET Trust Series 2025-RPL1<br> (Step to 4.52% on 02/25/29)<sup>(a)(d)</sup> <br>4.00%, 07/25/69<br>|  | 3000000 | &nbsp;&nbsp; 2679500 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Project Silver Series 2019-1<sup>(a)</sup> <br>3.97%, 07/15/44<br>|  | $2591620 | &nbsp;&nbsp; $2501017 |
| PRPM LLC Series 2024-7<br> (Step to 11.84% on 12/25/27)<sup>(a)(d)</sup> <br>8.84%, 11/25/29<br>|  | 5000000 | &nbsp;&nbsp; 5000446 |
| RRE 18 Loan Management DAC Series 18A<br> (Floating, Euribor 3M + 6.42%, 6.42% Floor)<sup>(a)(b)</sup> <br>9.21%, 04/15/39<br>|  | 1280000 | &nbsp;&nbsp; 1407291 |
| SAFCO Auto Receivables Trust Series 2022-1A<sup>(a)</sup> <br>8.62%, 11/19/29<br>|  | 3000000 | &nbsp;&nbsp; 3013194 |
| Saluda Grade Alternative Mortgage Trust Series 2025-NPL1<br> (Step to 12.05% on 01/25/28)<sup>(a)(d)</sup> <br>9.05%, 01/25/30<br>|  | 6000000 | &nbsp;&nbsp; 6019602 |
| Santander Bank Auto Credit-Linked Notes Series 2023-A<sup>(a)</sup> <br>7.08%, 06/15/33<br>|  | 618442 | &nbsp;&nbsp; 622304 |
| Santander Bank Auto Credit-Linked Notes Series 2023-B<sup>(a)</sup> <br>12.24%, 12/15/33<br>|  | 7390633 | &nbsp;&nbsp; 7675595 |
| SEB Funding LLC Series 2024-1A<sup>(a)</sup> <br>7.39%, 04/30/54<br>|  | 7500000 | &nbsp;&nbsp; 7692958 |
| Service Experts Issuer LLC Series 2021-1A<sup>(a)</sup> <br>5.37%, 02/02/32<br>|  | 3000000 | &nbsp;&nbsp; 2752874 |
| Service Experts Issuer LLC Series 2024-1A<sup>(a)</sup> <br>8.08%, 11/20/35<br>|  | 4000000 | &nbsp;&nbsp; 4073753 |
| Skyline Aircraft Series 2006-S3<sup>(c)</sup> <br>6.17%, 08/17/33<br>|  | 3911742 | &nbsp;&nbsp; 3691707 |
| Sound Point CLO XXX Ltd. Series 2021-2A<br> (Floating, CME Term SOFR 3M + 3.61%, 3.35% Floor)<sup>(a)(b)</sup> <br>7.91%, 07/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3987098 |
| Sound Point CLO XXXI Ltd. Series 2021-3A<br> (Floating, CME Term SOFR 3M + 3.51%, 3.25% Floor)<sup>(a)(b)</sup> <br>7.81%, 10/25/34<br>|  | 2750000 | &nbsp;&nbsp; 2604486 |
| Sound Point Euro CLO X Funding DAC Series 10A<br> (Floating, Euribor 3M + 6.52%, 6.52% Floor)<sup>(a)(b)</sup> <br>9.26%, 04/20/38<br>|  | 2000000 | &nbsp;&nbsp; 2191172 |
| Stream Innovations Issuer Trust Series 2024-1A<sup>(a)</sup> <br>7.89%, 07/15/44<br>|  | 1290000 | &nbsp;&nbsp; 1354278 |
| Towd Point Mortgage Trust Series 2024-CES1<sup>(a)</sup> <br>6.86%, 01/25/64<br>|  | 1000000 | &nbsp;&nbsp; 1011836 |
| Trinitas Euro CLO VI DAC Series 6A<br> (Floating, Euribor 3M + 6.38%, 6.38% Floor)<sup>(a)(b)</sup> <br>9.17%, 04/15/37<br>|  | 2000000 | &nbsp;&nbsp; 2176020 |
| Twin Hospitality I LLC Series 2024-1A<sup>(a)(c)</sup> <br>9.00%, 10/26/54<br>|  | 7500000 | &nbsp;&nbsp; 7500000 |
| Twin Hospitality I LLC Series 2024-1A<sup>(a)</sup> <br>9.00%, 10/26/54<br>|  | 22000000 | &nbsp;&nbsp; 21153176 |
| U.S. Auto Funding Trust Series 2022-1A<sup>(a)</sup> <br>3.98%, 04/15/25<br>|  | 298808 | &nbsp;&nbsp; 296344 |
| U.S. Auto Funding Trust Series 2022-1A<sup>(a)(c)(g)</sup> <br>11.79%, 06/15/29<br>|  | 5000000 | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| U.S. Bank N.A. Series 2023-1<sup>(a)</sup> <br>9.79%, 08/25/32<br>|  | $1108136 | &nbsp;&nbsp; $1134569 |
| U.S. Bank N.A. Series 2023-1<sup>(a)</sup> <br>13.60%, 08/25/32<br>|  | 1773018 | &nbsp;&nbsp; 1805792 |
| U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 2.70%)<sup>(a)(b)</sup> <br>7.05%, 02/25/32<br>|  | 4000000 | &nbsp;&nbsp; 3970100 |
| U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 7.50%)<sup>(a)(b)</sup> <br>11.85%, 02/25/32<br>|  | 12500000 | &nbsp;&nbsp; 12500000 |
| Unlock HEA Trust Series 2024-2<sup>(a)</sup> <br>6.00%, 10/25/39<br>|  | 3000000 | &nbsp;&nbsp; 2222464 |
| Upstart Securitization Trust Series 2022-3<sup>(a)(c)(f)(g)</sup> <br>0.00%, 06/20/32<br>|  | 5575 | &nbsp;&nbsp; 103322 |
| Vista Point Securitization Trust Series 2024-CES1<sup>(a)(b)</sup> <br>10.35%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2066139 |
| Vista Point Securitization Trust Series 2024-CES2<sup>(a)</sup> <br>7.50%, 10/25/54<br>|  | 1483000 | &nbsp;&nbsp; 1487677 |
| Vista Point Securitization Trust Series 2024-CES3<sup>(a)(b)</sup> <br>9.50%, 01/25/55<br>|  | 3077000 | &nbsp;&nbsp; 3184097 |
| Vista Point Securitization Trust Series 2025-CES1<br> (Step to 7.53% on 04/25/29)<sup>(a)(d)</sup> <br>6.53%, 04/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2002744 |
| Vista Point Securitization Trust Series 2025-CES1<sup>(a)</sup> <br>7.62%, 04/25/55<br>|  | 3179000 | &nbsp;&nbsp; 3178976 |
| Vista Point Securitization Trust Series 2025-CES1<sup>(a)(b)</sup> <br>8.96%, 04/25/55<br>|  | 2696000 | &nbsp;&nbsp; 2695940 |
| TOTAL ASSET-BACKED SECURITIES<br> (Cost $586,002,880)<br>|  |  | &nbsp;&nbsp; 571295686 |
| BANK DEBTS<sup>(b)</sup> | 13.5<br> %<br>|  |  |
| Amneal Pharmaceuticals LLC<br> (1M USD CME Term SOFR + 5.50%)<br> 9.82%, 05/04/28<br>|  | 14269342 | &nbsp;&nbsp; 14496795 |
| Amneal Pharmaceuticals LLC<sup>(i)</sup> <br>05/04/28<br>|  | 9811373 | &nbsp;&nbsp; 9967766 |
| Asurion LLC<br> (1M USD CME Term SOFR + 3.25%)<br> 7.69%, 12/23/26<br>|  | 11038815 | &nbsp;&nbsp; 11016406 |
| Asurion LLC<sup>(i)</sup> <br>12/23/26<br>|  | 23961185 | &nbsp;&nbsp; 23912544 |
| Clover Holdings 2 LLC<br> (3M USD CME Term SOFR + 4.00%)<br> 8.29%, 12/09/31<br>|  | 6170000 | &nbsp;&nbsp; 6092875 |
| CMG Media Corp.<sup>(i)</sup> <br>06/18/29<br>|  | 6585725 | &nbsp;&nbsp; 6161472 |
| Cobham Ultra Senior Co. S.a.r.l.<br> (6M USD CME Term SOFR + 3.75%)<br> 8.43%, 08/03/29<br>|  | 39691804 | &nbsp;&nbsp; 39510015 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CSC Holdings LLC<br> (3M USD PRIME + 1.50%)<br> 9.00%, 04/15/27<br>|  | $10000000 | &nbsp;&nbsp; $9382100 |
| CSC Holdings LLC<sup>(i)</sup> <br>04/15/27<br>|  | 5000000 | &nbsp;&nbsp; 4691050 |
| Digicel International Finance Ltd.<br> (3M USD CME Term SOFR + 5.25%)<br> 9.64%, 05/25/27<br>|  | 1461636 | &nbsp;&nbsp; 1432871 |
| Digicel International Finance Ltd.<sup>(i)</sup> <br>05/25/27<br>|  | 13500000 | &nbsp;&nbsp; 13234320 |
| Electro Rent LLC<br> (3M USD CME Term SOFR + 7.50%) <sup>(c)</sup> <br>11.90%, 12/15/28<br>|  | 4671984 | &nbsp;&nbsp; 4531825 |
| Form Technologies LLC<br> (3M USD CME Term SOFR + 5.75%)<br> 10.04%, 07/19/30<br>|  | 5103000 | &nbsp;&nbsp; 4975425 |
| Maravai Intermediate Holdings LLC<br> (3M USD CME Term SOFR + 3.00%)<br> 7.29%, 10/19/27<br>|  | 5478943 | &nbsp;&nbsp; 5287180 |
| Northeast Grocery, Inc.<br> (3M USD CME Term SOFR + 7.50%, 0.50% Floor)<br> 11.82%, 12/13/28<br>|  | 1887500 | &nbsp;&nbsp; 1892219 |
| Northeast Grocery, Inc.<sup>(i)</sup> <br>12/13/28<br>|  | 3964281 | &nbsp;&nbsp; 3974192 |
| Optiv Parent, Inc.<br> (3M USD CME Term SOFR + 5.25%, 2.00% Floor)<br> 9.55%, 07/31/26<br>|  | 5939698 | &nbsp;&nbsp; 4526050 |
| Pluto Acquisition I, Inc.<br> (3M USD CME Term SOFR + 5.50%, 0.50% Floor)<br> 9.80%, 06/20/28<br>|  | 2000000 | &nbsp;&nbsp; 2020000 |
| PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 7.00%, 0.50% Floor)<br> 11.32%, 12/10/23<br>|  | 2397380 | &nbsp;&nbsp; 2433340 |
| Pretium PKG Holdings, Inc.<br> (3M USD CME Term SOFR + 3.75%, 1.00% Floor)<br> 8.04%, 10/02/28<br>|  | 8704511 | &nbsp;&nbsp; 8748034 |
| TOTAL BANK DEBTS<br> (Cost $179,102,935)<br>|  |  | &nbsp;&nbsp; 178286479 |
| CORPORATE BONDS | 11.8<br> %<br>|  |  |
| Acadian Asset Management, Inc.<br> 4.80%, 07/27/26<br>|  | 9600000 | &nbsp;&nbsp; 9460586 |
| Ahead DB Holdings LLC<sup>(a)</sup> <br>6.63%, 05/01/28<br>|  | 7414000 | &nbsp;&nbsp; 7235789 |
| Ambac Assurance Corp.<sup>(a)(g)</sup> <br>5.10%, 12/31/49<br>|  | 4317243 | &nbsp;&nbsp; 5936209 |
| Ardagh Metal Packaging Finance U.S.A. LLC<sup>(a)</sup> <br>4.00%, 09/01/29<br>|  | 2000000 | &nbsp;&nbsp; 1703050 |
| Centene Corp.<br> 4.25%, 12/15/27<br>|  | 5000000 | &nbsp;&nbsp; 4878885 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Champ Acquisition Corp.<sup>(a)</sup> <br>8.38%, 12/01/31<br>|  | $5000000 | &nbsp;&nbsp; $5165180 |
| Charter Communications Operating LLC<br> 4.91%, 07/23/25<br>|  | 1153000 | &nbsp;&nbsp; 1152719 |
| Cobra AcquisitionCo LLC<sup>(a)</sup> <br>12.25%, 11/01/29<br>|  | 3000000 | &nbsp;&nbsp; 3057280 |
| Ferrellgas L.P./Ferrellgas Finance Corp.<sup>(a)</sup> <br>5.38%, 04/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4949485 |
| Global Medical Response, Inc.<sup>(a)(j)</sup> <br>10.00%, 10/30/28<br>|  | 10974656 | &nbsp;&nbsp; 10970815 |
| HAH Group Holding Co. LLC<sup>(a)</sup> <br>9.75%, 10/01/31<br>|  | 15077000 | &nbsp;&nbsp; 14520003 |
| LABL, Inc.<sup>(a)</sup> <br>10.50%, 07/15/27<br>|  | 27749000 | &nbsp;&nbsp; 24731296 |
| LABL, Inc.<sup>(a)</sup> <br>8.63%, 10/01/31<br>|  | 5200000 | &nbsp;&nbsp; 3874000 |
| Trident TPI Holdings, Inc.<sup>(a)</sup> <br>12.75%, 12/31/28<br>|  | 5395000 | &nbsp;&nbsp; 5786283 |
| Vertical Topco<sup>(c)</sup> <br>12.00%, 07/29/30<br>|  | 31600000 | &nbsp;&nbsp; 31600000 |
| VICI Properties L.P./VICI Note Co., Inc.<sup>(a)</sup> <br>4.25%, 12/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4945364 |
| VF Corp.<br> 6.00%, 10/15/33<br>|  | 9000000 | &nbsp;&nbsp; 8605100 |
| Staples, Inc.<sup>(a)</sup> <br>10.75%, 09/01/29<br>|  | 7538000 | &nbsp;&nbsp; 6810129 |
| TOTAL CORPORATE BONDS<br> (Cost $159,821,533)<br>|  |  | &nbsp;&nbsp; 155382173 |
| FOREIGN ISSUER BONDS | 7.0<br> %<br>|  |  |
| Avianca Midco 2 PLC<sup>(a)</sup> <br>9.63%, 02/14/30<br>|  | 15000000 | &nbsp;&nbsp; 13781250 |
| Avianca Midco 2 PLC<sup>(a)</sup> <br>9.00%, 12/01/28<br>|  | 3600000 | &nbsp;&nbsp; 3408725 |
| Cerdia Finanz GmbH<sup>(a)</sup> <br>9.38%, 10/03/31<br>|  | 10000000 | &nbsp;&nbsp; 10231100 |
| International Game Technology PLC<sup>(a)</sup> <br>4.13%, 04/15/26<br>|  | 17362000 | &nbsp;&nbsp; 17145380 |
| Latam Airlines Group S.A.<sup>(a)</sup> <br>13.38%, 10/15/29<br>|  | 10000000 | &nbsp;&nbsp; 11296870 |
| Latam Airlines Group S.A.<sup>(a)</sup> <br>7.88%, 04/15/30<br>|  | 2839000 | &nbsp;&nbsp; 2814514 |
| Pembroke Olive Downs Pty Ltd.<br> 11.50%, 02/18/30<br>|  | 5000000 | &nbsp;&nbsp; 5090625 |
| Stonegate Pub Co. Financing 2019 PLC<sup>(a)</sup> <br>10.75%, 07/31/29<br>|  | 15557000 | &nbsp;&nbsp; 20774740 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Rakuten Group, Inc.<sup>(a)</sup> <br>11.25%, 02/15/27<br>|  | $2000000 | &nbsp;&nbsp; $2166748 |
| Rakuten Group, Inc.<sup>(a)</sup> <br>9.75%, 04/15/29<br>|  | 5000000 | &nbsp;&nbsp; 5428592 |
| TOTAL FOREIGN ISSUER BONDS<br> (Cost $91,727,983)<br>|  |  | &nbsp;&nbsp; 92138544 |
| MORTGAGE-BACKED SECURITIES | 10.1<br> %<br>|  |  |
| PRIVATE | 5.1<br> %<br>|  |  |
| Home Equity | 3.0<br> %<br>|  |  |
| CSMC Trust Series 2022-NQM4<br> (Step to 5.14% on 07/25/26)<sup>(a)(d)</sup> <br>4.82%, 06/25/67<br>|  | 3972727 | &nbsp;&nbsp; 3947075 |
| Angel Oak Mortgage Trust Series 2022-3<sup>(a)(b)</sup> <br>4.14%, 01/10/67<br>|  | 5459212 | &nbsp;&nbsp; 5157793 |
| Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4021920 | &nbsp;&nbsp; 3236620 |
| Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4450880 | &nbsp;&nbsp; 3297747 |
| CWHEQ Home Equity Loan Trust Series 2006-S2<sup>(c)</sup> <br>5.60%, 07/25/27<br>|  | 272073 | &nbsp;&nbsp; 257112 |
| CWHEQ Home Equity Loan Trust Series 2006-S3<br> (Step to 6.11% on 05/25/25)<sup>(d)(k)</sup> <br>5.45%, 06/25/21<br>|  | 1 | &nbsp;&nbsp; 465920 |
| CWHEQ Home Equity Loan Trust Series 2006-S5<sup>(k)</sup> <br>5.75%, 06/25/35<br>|  | 3 | &nbsp;&nbsp; 1358955 |
| Home Equity Mortgage Trust Series 2006-3<br> (Floating, CME Term SOFR 1M + 0.34%, 0.46% Floor)<sup>(b)(c)</sup> <br>4.89%, 09/25/36<br>|  | 2708000 | &nbsp;&nbsp; 169 |
| Home Equity Mortgage Trust Series 2006-3<br> (Step to 5.61% on 04/25/25)<sup>(c)(d)</sup> <br>6.09%, 09/25/36<br>|  | 2622321 | &nbsp;&nbsp; 156798 |
| Home Equity Mortgage Trust Series 2006-4<br> (Floating, ICE LIBOR USD 1M + 0.61%, 0.61% Floor)<sup>(b)(c)(g)</sup> <br>3.99%, 11/25/36<br>|  | 4391000 | &nbsp;&nbsp; 128 |
| Home Equity Mortgage Trust Series 2006-4<br> (Floating, CME Term SOFR 1M + 0.61%, 0.50% Floor)<sup>(b)(c)</sup> <br>4.93%, 11/25/36<br>|  | 1354000 | &nbsp;&nbsp; 763 |
| Home Equity Mortgage Trust Series 2006-4<sup>(c)</sup> <br>6.23%, 11/25/36<br>|  | 1629293 | &nbsp;&nbsp; 100995 |
| Home Equity Mortgage Trust Series 2006-5<br> (Floating, CME Term SOFR 1M + 0.31%, 0.40% Floor)<sup>(b)(c)</sup> <br>4.83%, 01/25/37<br>|  | 256987 | &nbsp;&nbsp; 12849 |
| Imperial Fund Mortgage Trust Series 2022-NQM4<br> (Step to 4.99% on 05/25/25)<sup>(a)(d)</sup> <br>5.04%, 06/25/67<br>|  | 4000000 | &nbsp;&nbsp; 3207812 |
| Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.27% on 08/25/26)<sup>(a)(d)</sup> <br>6.25%, 08/25/67<br>|  | 3000000 | &nbsp;&nbsp; 2990942 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.27% on 08/25/26)<sup>(a)(d)</sup> <br>6.25%, 08/25/67<br>|  | $1125000 | &nbsp;&nbsp; $1109656 |
| Indymac Residential Mortgage-Backed Trust Series 2005-L3<br> (Floating, CME Term SOFR 1M + 0.55%, 0.44% Floor)<sup>(b)</sup> <br>4.87%, 12/16/35<br>|  | 965429 | &nbsp;&nbsp; 772343 |
| PRPM Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.43%, 04/25/67<br>|  | 2600000 | &nbsp;&nbsp; 2156284 |
| Residential Asset Securitization Trust Series 2006-A6<br> (Floating, 5.79% - CME Term SOFR 1M, 5.90% Cap)<sup>(b)(g)(l)</sup> <br>1.47%, 07/25/36<br>|  | 11987945 | &nbsp;&nbsp; 843011 |
| Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3<sup>(a)(b)</sup> <br>10.25%, 06/01/53<br>|  | 10502250 | &nbsp;&nbsp; 10620151 |
| Total Home Equity<br> (Cost $40,965,373)<br>|  |  | &nbsp;&nbsp; 39693123 |
| Commercial Mortgage-Backed Securities | 2.1<br> %<br>|  |  |
| FREMF Mortgage Trust Series 2019-KF59<br> (Floating, U.S. 30-Day Average SOFR + 6.11%, 6.00% Floor)<sup>(a)(b)</sup> <br>10.47%, 02/25/29<br>|  | 19291011 | &nbsp;&nbsp; 19095094 |
| Velocity Commercial Capital Loan Trust Series 2025-1<sup>(a)(b)</sup> <br>10.15%, 02/25/55<br>|  | 8489131 | &nbsp;&nbsp; 8530245 |
| Total Commercial Mortgage-Backed Securities<br> (Cost $27,872,619)<br>|  |  | &nbsp;&nbsp; 27625339 |
| U.S. GOVERNMENT AGENCIES | 5.0<br> %<br>|  |  |
| Fannie Mae REMICS Series 2013-67<br> (Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)<sup>(b)(g)(l)</sup> <br>1.65%, 07/25/43<br>|  | 7108430 | &nbsp;&nbsp; 849364 |
| Fannie Mae REMICS Series 2020-27<br> (Floating, 5.84% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(g)(l)</sup> <br>1.50%, 05/25/50<br>|  | 15525792 | &nbsp;&nbsp; 1615238 |
| Fannie Mae REMICS Series 2022-19<br> (Floating, 5.60% - U.S. 30-Day Average SOFR, 5.60% Cap)<sup>(b)(g)(l)</sup> <br>1.26%, 04/25/52<br>|  | 29645693 | &nbsp;&nbsp; 2687252 |
| Fannie Mae REMICS Series 2023-69<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(l)</sup> <br>1.55%, 12/25/57<br>|  | 49722445 | &nbsp;&nbsp; 5147934 |
| Freddie Mac Multifamily Structured Credit Risk Series 2021-MN3<br> (Floating, U.S. 30-Day Average SOFR + 6.85%)<sup>(a)(b)</sup> <br>11.19%, 11/25/51<br>|  | 5000000 | &nbsp;&nbsp; 5300035 |
| Freddie Mac Multifamily Structured Credit Risk Series 2024-MN9<br> (Floating, U.S. 30-Day Average SOFR + 6.00%)<sup>(a)(b)</sup> <br>10.34%, 10/25/44<br>|  | 3000000 | &nbsp;&nbsp; 3067287 |
| Freddie Mac REMICS Series 4833<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(l)</sup> <br>1.54%, 10/15/44<br>|  | 15826081 | &nbsp;&nbsp; 1565638 |
| Freddie Mac REMICS Series 5240<br> (Floating, 5.89% - U.S. 30-Day Average SOFR)<sup>(b)(g)(l)</sup> <br>1.55%, 03/25/50<br>|  | 15177453 | &nbsp;&nbsp; 1685773 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Government National Mortgage Association Series 2013-9<br> (Floating, 6.64% - CME Term SOFR 1M, 6.75% Cap)<sup>(b)(g)(l)</sup> <br>2.32%, 01/20/43<br>|  | $15920694 | &nbsp;&nbsp; $2054379 |
| Government National Mortgage Association Series 2016-116<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(l)</sup> <br>1.67%, 09/20/46<br>|  | 10069043 | &nbsp;&nbsp; 1242650 |
| Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(l)</sup> <br>1.62%, 09/20/49<br>|  | 42505294 | &nbsp;&nbsp; 5284075 |
| Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(l)</sup> <br>1.62%, 09/20/49<br>|  | 8937315 | &nbsp;&nbsp; 958365 |
| Government National Mortgage Association Series 2019-115<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(l)</sup> <br>1.67%, 09/20/49<br>|  | 17733720 | &nbsp;&nbsp; 2241634 |
| Government National Mortgage Association Series 2020-47<br> (Floating, 5.89% - CME Term SOFR 1M, 6.00% Cap)<sup>(b)(l)</sup> <br>1.57%, 02/20/49<br>|  | 35234499 | &nbsp;&nbsp; 3387670 |
| Government National Mortgage Association Series 2020-7<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(l)</sup> <br>1.62%, 01/20/50<br>|  | 15969572 | &nbsp;&nbsp; 1915279 |
| Government National Mortgage Association Series 2021-160<br> (Floating, 6.19% - CME Term SOFR 1M, 6.30% Cap)<sup>(b)(g)(l)</sup> <br>1.87%, 09/20/51<br>|  | 12470917 | &nbsp;&nbsp; 1748757 |
| Government National Mortgage Association Series 2021-205<br> (Floating, 3.20% - U.S. 30-Day Average SOFR, 3.20% Cap)<sup>(b)(g)(l)</sup> <br>0.00%, 11/20/51<br>|  | 149843934 | &nbsp;&nbsp; 2911318 |
| Government National Mortgage Association Series 2022-190<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(l)</sup> <br>1.67%, 08/20/49<br>|  | 29596869 | &nbsp;&nbsp; 3359094 |
| Government National Mortgage Association Series 2023-135<br> (Floating, 28.17% - U.S. 30-Day Average SOFR \* 4.33, 28.17% Cap)<sup>(b)</sup> <br>9.34%, 09/20/53<br>|  | 3009903 | &nbsp;&nbsp; 3297463 |
| Government National Mortgage Association Series 2023-147<br> (Floating, 6.25% - U.S. 30-Day Average SOFR, 6.25% Cap)<sup>(b)(l)</sup> <br>1.91%, 04/20/51<br>|  | 29909759 | &nbsp;&nbsp; 4105279 |
| Government National Mortgage Association Series 2024-128<br> (Floating, 18.29% - U.S. 30-Day Average SOFR \* 2.75, 18.29% Cap)<sup>(b)</sup> <br>6.34%, 08/20/54<br>|  | 4701255 | &nbsp;&nbsp; 4945498 |
| Government National Mortgage Association Series 2024-171<br> (Floating, 5.95% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(l)</sup> <br>1.61%, 09/20/52<br>|  | 41159592 | &nbsp;&nbsp; 3712323 |
| Government National Mortgage Association Series 2024-173<br> (Floating, 6.59% - CME Term SOFR 1M, 6.70% Cap)<sup>(b)(l)</sup> <br>2.27%, 11/20/43<br>|  | 27059028 | &nbsp;&nbsp; 3372845 |
| TOTAL U.S. GOVERNMENT AGENCIES<br> (Cost $68,069,389)<br>|  |  | &nbsp;&nbsp; 66455150 |
| TOTAL MORTGAGE-BACKED SECURITIES<br> (Cost $136,907,381)<br>|  |  | &nbsp;&nbsp; 133773612 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| MUNICIPAL BONDS | 3.5<br> %<br>|  |  |
| GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue <br> Bond<br> 7.50%, 08/20/40<br>|  | $4662479 | &nbsp;&nbsp; $4558763 |
| Commonwealth of Puerto Rico<sup>(e)</sup> <br>0.00%, 11/01/43<br>|  | 20714286 | &nbsp;&nbsp; 12972321 |
| PR Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 521000 | &nbsp;&nbsp; 65514 |
| PR Custodial Trust<sup>(e)</sup> <br>0.00%, 03/15/49<br>|  | 7510000 | &nbsp;&nbsp; 1234078 |
| PRCCDA Custodial Trust<sup>(e)</sup> <br>0.00%, 03/15/49<br>|  | 1415000 | &nbsp;&nbsp; 307147 |
| PRHTA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 12/06/49<br>|  | 2545000 | &nbsp;&nbsp; 649806 |
| PRHTA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 12/06/49<br>|  | 1855000 | &nbsp;&nbsp; 370537 |
| PRHTA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 12/06/49<br>|  | 2490000 | &nbsp;&nbsp; 450186 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 46764000 | &nbsp;&nbsp; 10690073 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 73420000 | &nbsp;&nbsp; 13749070 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 4128000 | &nbsp;&nbsp; 949380 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 1325000 | &nbsp;&nbsp; 271745 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 1029000 | &nbsp;&nbsp; 276435 |
| PRIFA Custodial Trust<sup>(e)(g)</sup> <br>0.00%, 03/15/49<br>|  | 1345000 | &nbsp;&nbsp; 325204 |
| TOTAL MUNICIPAL BONDS<br> (Cost $48,567,788)<br>|  |  | &nbsp;&nbsp; 46870259 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 13.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(m)</sup> <br>|  | 173547922 | &nbsp;&nbsp; 173547922 |
| TOTAL SHORT-TERM INVESTMENTS<br> (Cost $173,547,922)<br>|  |  | &nbsp;&nbsp; 173547922 |
| TOTAL INVESTMENTS<br> (Cost $1,375,678,422)<br>| 102.4<br> %<br>|  | &nbsp;&nbsp; 1351294675 |
| NET OTHER ASSETS (LIABILITIES) | (2.4)%<br>|  | &nbsp;&nbsp; (31753813)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1319540862 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

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

---

| |
|:---|
| <sup>(a)</sup>Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without <br> registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. As of March 31, 2025, <br> these securities had a total market value of $826,053,522 or 63% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs. |
| <sup>(d)</sup>Step coupon bond. Rate as of March 31, 2025 is disclosed. |
| <sup>(e)</sup>Zero coupon bond. |
| <sup>(f)</sup>Equity tranche security. |
| <sup>(g)</sup>Non-income producing security. |
| <sup>(h)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(i)</sup>Position is unsettled. Contract rate was not determined at March 31, 2025 and does not take effect until settlement date. |
| <sup>(j)</sup>Security is a payment in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| <sup>(k)</sup>FGIC insured bond in which the current value primarily relates to pending insurance payments. |
| <sup>(l)</sup>Interest only security. |
| <sup>(m)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

---

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

---

Forward foreign currency exchange contracts at March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp; **Settlement**<br> **Date**<br>| **Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br> **Amount**<br>| **Currency**<br> **Sold**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br> **Amount**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Goldman Sachs International | 06/30/25 | &nbsp;&nbsp; USD | 20853525 | &nbsp;&nbsp; GBP | 16100000 | &nbsp;&nbsp; $58027 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; 58027 |
| Goldman Sachs International | 05/30/25 | &nbsp;&nbsp; USD | 8306550 | &nbsp;&nbsp; EUR | 7875000 | &nbsp;&nbsp; $(237495)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; (237495)<br>|
| Total |  |  |  |  |  | &nbsp;&nbsp; $(179468)<br>|

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **River Canyon**<br> **Total Return** <br> **Bond Fund** <br>|
| Assets: |  |
| Investments, at value (Cost: $1,375,678,422) | &nbsp;&nbsp; $1351294675 |
| Cash | &nbsp;&nbsp; 23663853 |
| Cash collateral for derivatives | &nbsp;&nbsp; 2740914 |
| Receivable for interest | &nbsp;&nbsp; 9797910 |
| Receivable for dividends | &nbsp;&nbsp; 592435 |
| Receivable for investments sold | &nbsp;&nbsp; 18564862 |
| Receivables for capital shares sold | &nbsp;&nbsp; 9009217 |
| Receivable from Investment Adviser | &nbsp;&nbsp; 6522 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 58027 |
| Prepaid expenses | &nbsp;&nbsp; 104584 |
| Total Assets | &nbsp;&nbsp; 1415832999 |
| Liabilities: |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp; 237495 |
| Securities purchased payable | &nbsp;&nbsp; 94625817 |
| Capital shares redeemed payable | &nbsp;&nbsp; 361666 |
| Investment advisory fees payable | &nbsp;&nbsp; 525534 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 413794 |
| Regulatory and Compliance fees payable | &nbsp;&nbsp; 72842 |
| Other accrued expenses and payables | &nbsp;&nbsp; 54989 |
| Total Liabilities | &nbsp;&nbsp; 96292137 |
| Net Assets | &nbsp;&nbsp; $1319540862 |
| Institutional Shares: |  |
| Net assets | &nbsp;&nbsp; $1319540862 |
| Shares of common stock outstanding | &nbsp;&nbsp; 131387265 |
| Net asset value per share | &nbsp;&nbsp; $10.04 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $1401115985 |
| Distributable earnings (loss) | &nbsp;&nbsp; (81575123)<br>|
| Net Assets | &nbsp;&nbsp; $1319540862 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENT OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

------

---

| | |
|:---|:---|
|  | **River Canyon**<br> **Total Return** <br> **Bond Fund** <br>|
| Investment Income: |  |
| Dividend income | &nbsp;&nbsp; $2374871 |
| Interest income | &nbsp;&nbsp; 42977960 |
| Total investment income | &nbsp;&nbsp; 45352831 |
| Operating expenses: |  |
| Investment advisory | &nbsp;&nbsp; 3383851 |
| Accounting and Administration | &nbsp;&nbsp; 424920 |
| Regulatory and Compliance | &nbsp;&nbsp; 205973 |
| Trustees | &nbsp;&nbsp; 40293 |
| Legal | &nbsp;&nbsp; 27877 |
| Other | &nbsp;&nbsp; 100697 |
| Total expenses before reductions | &nbsp;&nbsp; 4183611 |
| Expenses reduced by Adviser | &nbsp;&nbsp; (799762)<br>|
| Net expenses | &nbsp;&nbsp; 3383849 |
| Net investment income | &nbsp;&nbsp; 41968982 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gain (loss) from: |  |
| Investments | &nbsp;&nbsp; (5068139)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1579718 |
| Foreign currency | &nbsp;&nbsp; (224576)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (3712997)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments | &nbsp;&nbsp; (14321099)<br>|
| Foreign currency translations | &nbsp;&nbsp; (6463)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (301684)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14629246)<br>|
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (18342243)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $23626739 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | |
|:---|:---|:---|
|  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  |
|  | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $41968982 | &nbsp;&nbsp; $53177010 |
| Net realized gains (losses) from investment transactions | &nbsp;&nbsp; (3712997)<br>| &nbsp;&nbsp; (7529568)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (14629246)<br>| &nbsp;&nbsp; 31583823 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 23626739 | &nbsp;&nbsp; 77231265 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings | &nbsp;&nbsp; (42842719)<br>| &nbsp;&nbsp; (53912268)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (42842719)<br>| &nbsp;&nbsp; (53912268)<br>|
| Capital Transactions: |  |  |
| Proceeds from sale of shares | &nbsp;&nbsp; 595834456 | &nbsp;&nbsp; 475612516 |
| Value of shares issued to shareholders in reinvestment of dividends | &nbsp;&nbsp; 39550880 | &nbsp;&nbsp; 50839244 |
| Value of shares redeemed | &nbsp;&nbsp; (209114530)<br>| &nbsp;&nbsp; (170339237)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 426270806 | &nbsp;&nbsp; 356112523 |
| Change in net assets | &nbsp;&nbsp; 407054826 | &nbsp;&nbsp; 379431520 |
| Net assets: |  |  |
| Beginning of year | &nbsp;&nbsp; 912486036 | &nbsp;&nbsp; 533054516 |
| End of year | &nbsp;&nbsp; $1319540862 | &nbsp;&nbsp; $912486036 |
| Share Transactions: |  |  |
| Sold | &nbsp;&nbsp; 58978050 | &nbsp;&nbsp; 47158298 |
| Reinvested | &nbsp;&nbsp; 3929047 | &nbsp;&nbsp; 5060222 |
| Redeemed | &nbsp;&nbsp; (20723994)<br>| &nbsp;&nbsp; (16952945)<br>|
| Change | &nbsp;&nbsp; 42183103 | &nbsp;&nbsp; 35265575 |

---

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  | **River Canyon**<br> **Total Return Bond Fund**  |
|  | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)** <br>| **Year Ended**<br> **September 30,**<br> **2024** <br>| **Year Ended**<br> **September 30,**<br> **2023** <br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022** <br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2021** <br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2020** <br>|
| Net asset value, beginning of period | $10.23 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $11.14 | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $11.17 |
| Income (loss) from operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.40 | 0.80 | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gains (losses) <br> from investments<br>| (0.19)<br>| 0.35 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Total from investment operations | 0.21 | 1.15 | 0.64 | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.40)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>|
| From net realized gains on investments |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Total distributions paid | (0.40)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>|
| Change in net asset value | (0.19)<br>| 0.35 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net asset value, end of period | $10.04 | &nbsp;&nbsp; $10.23 | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp; $11.14 | &nbsp;&nbsp;&nbsp; $10.92 |
| Total return<sup>(b)</sup> | 2.15<br> %<br>| 12.13<br> %<br>| 6.70 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (5.60<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>|
| <u>Ratios/Supplemental data:</u> |  |  |  |  |  |  |
| Net assets, end of period (000's) | $1319541 | &nbsp;&nbsp; $912486 | &nbsp;&nbsp; $533055 | &nbsp;&nbsp;&nbsp; $500577 | &nbsp;&nbsp;&nbsp; $868654 | &nbsp;&nbsp;&nbsp; $166302 |
| Ratio of net expenses to average net assets<sup>(d)</sup> | 0.65<br> %<br>| 0.65<br> %<br>| 0.67 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Ratio of net investment income to average net <br> assets<sup>(d)</sup><br>| 8.06<br> %<br>| 7.90<br> %<br>| 7.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>|
| Ratio of gross expenses to average net assets<sup>(d)</sup><sup>,</sup> <br>(f)<br>| 0.80<br> %<br>| 0.84<br> %<br>| 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>|
| Portfolio turnover rate<sup>(b)</sup> | 26.87<br> %<br>| 63.11<br> %<br>| 71.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 122.12 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.82<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized for periods less than one year.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

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

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

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

See Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Advisers Investment Trust (the "Trust") is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies". The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The River Canyon Total Return Bond Fund (the "Fund") is a series of the Trust which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and the Fund's Institutional Shares class commenced operations on December 30, 2014. Prior to April 6, 2015 shares of the Fund were not registered under the Securities Act of 1933, as amended (the "1933 Act"). During that time, investments in the Fund were made only by individuals or entities that were "accredited investors" within the meaning of Regulation D under the 1933 Act, and shares were issued solely in private placement transactions that did not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Effective April 6, 2015, the Fund became publicly available for investment.

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

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

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

**INVESTMENT VALUATION**

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

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

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

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

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

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

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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

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

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

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

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

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

The following is a summary of the valuation inputs used as of March 31, 2025 in valuing the Fund's investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **Investments in Securities:** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $545630129 | &nbsp;&nbsp; $25665557 | &nbsp;&nbsp; $571295686 |
| Bank Debts | &nbsp;&nbsp; — | &nbsp;&nbsp; 173754654 | &nbsp;&nbsp; 4531825 | &nbsp;&nbsp; 178286479 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 123782173 | &nbsp;&nbsp; 31600000 | &nbsp;&nbsp; 155382173 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 92138544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92138544 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 133244798 | &nbsp;&nbsp; 528814 | &nbsp;&nbsp; 133773612 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 46870259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46870259 |
| Short-Term Investments | &nbsp;&nbsp; 173547922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 173547922 |
| **Total Investments in Securities** | &nbsp;&nbsp; $173547922 | &nbsp;&nbsp; $1115420557 | &nbsp;&nbsp; $62326196 | &nbsp;&nbsp; $1351294675 |
| **Other Financial Instruments:** |  |  |  |  |
| Forward Foreign Currency Contracts\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 58027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58027 |
| Forward Foreign Currency Contracts\* | &nbsp;&nbsp; — | &nbsp;&nbsp; (237495)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (237495)<br>|
| **Total Other Financial Instruments** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(179468)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(179468)<br>|
| **Total Investments** | &nbsp;&nbsp; $173547922 | &nbsp;&nbsp; $1115241089 | &nbsp;&nbsp; $62326196 | &nbsp;&nbsp; $1351115207 |

---

\* These investments are reflected in the financial statements at the unrealized gain or loss on the investment.

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Below is a reconciliation that details the activity of securities classified as Level 3 during the six months ended March 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments, at value** | **Beginning**<br> **Value**<br>| **Current** <br> **Year**<br> **Amortization**<br>| **Purchases** | **Sales** | **Realized**<br> **Gains**<br> **(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Transfers**<br> **into**<br> **Level 3**<br>| **Transfers**<br> **out of**<br> **Level 3**<br>| **Ending**<br> **Value**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **from Investments**<br> **still held at**<br> **End of Period**<br>|
| Asset-Backed <br> Securities<br>| $7594716 | $48737 | $19658083 | $(171369)<br>| $— | $(1464610)<br>| $— | $— | $25665557 | $(1464610)<br>|
| Bank Debts | 5433298 | 13555<br>| 29024<br>| (958377)<br>| 22955<br>| (8630)<br>|  |  | 4531825 | (8630)<br>|
| Bankruptcy Claims | 31575000 |  |  | (33137669)<br>| 1562669<br>|  |  |  |  |  |
| Corporate Bonds | 10075000 | 726<br>| 21547500<br>|  |  | (23226)<br>|  |  | 31600000 | (23226)<br>|
| Mortgage-Backed <br> Securities<br>| 538837 | 32026 |  | (29396)<br>| 21615<br>| (34268)<br>|  |  | 528814 | (34268)<br>|
| Total | $55216851 | $95044 | $41234607 | $(34296811)<br>| $1607239<br>| $(1530734)<br>| $— | $— | $62326196 | $(1530734)<br>|

---

The following is a summary of the valuation techniques and unobservable inputs used in valuing the Fund's securities classified as Level 3 as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Level 3 Securities** | **Value** | **Valuation Techniques** | **Unobservable Inputs** |
| Asset-Backed Securities: | &nbsp;&nbsp; $3691706 | Broker quotes | Price |
|  | &nbsp;&nbsp; 2315768 | Independent pricing services | Price |
|  | &nbsp;&nbsp; 19658083 | Transactions | Price |
|  | &nbsp;&nbsp; — | Worthless | Worthless |
| Bank Debts | &nbsp;&nbsp; 4531825<br>| Market comparable companies | EBITDA multiple (4.9x) |
| Corporate Bonds | &nbsp;&nbsp; 31600000 | Market comparable companies | Yield (12%) |
| Mortgage-Backed Securities: | &nbsp;&nbsp; 527923 | Independent pricing services | Price |
|  | &nbsp;&nbsp; 891 | Transactions | Price |
| Total Investments in Level 3 Securities | &nbsp;&nbsp; $62326196 |  |  |

---

**FORWARD COMMITMENTS**

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

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

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

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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**REVERSE REPURCHASE AGREEMENTS**

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund delivers securities in exchange for cash to a counterparty, with a simultaneous agreement to repurchase the same or substantially same securities at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the securities delivered to the counterparty during the term of the agreement. Cash received in exchange for the securities delivered will accrue interest to be paid by the Fund to the counterparty and is recorded as a component of interest expense on the Statement of Operations. The Fund will earmark and reserve Fund assets, in cash or liquid securities, in an amount at least equal to its purchase obligations under the agreements. As of March 31, 2025, there were no reverse repurchase agreements held by the Fund.

**DERIVATIVE FINANCIAL INSTRUMENTS**

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

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

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

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

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

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

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**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

**INVESTMENT TRANSACTIONS AND INCOME**

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

**EXPENSE ALLOCATIONS**

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

**DIVIDENDS AND DISTRIBUTIONS**

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

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

**FEDERAL INCOME TAX INFORMATION**

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

As of March 31, 2025, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund's tax return for the tax years ended September 30, 2024, 2023, 2022 and 2021 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

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

**USE OF ESTIMATES**

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

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**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

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

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

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

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

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

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2025, the Trust paid each Trustee who is not an "interested person," as that term is defined in the 1940 Act (each, an "Independent Trustee" and, collectively, the "Independent Trustees") compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. Effective April 1, 2025, the Trust pays an annual retainer of $145,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the six months ended March 31, 2025, the aggregate Trustee compensation paid by the Trust was $198,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as "Trustees" fees on the Statement of Operations.

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

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**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

For the six months ended March 31, 2025, the Fund incurred advisory fees payable to River Canyon, expense waivers/reimbursements from River Canyon, and paid expense recoupments to River Canyon as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **River Canyon**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by River Canyon**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by River Canyon**<br>|
| River Canyon Total Return Bond Fund  | $3383851 | $799762 | $— |

---

The balances of recoverable expenses to River Canyon by the Fund at March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **For the:** | **Expiring** | **River Canyon**<br> **Total Return Bond Fund** <br>|
| Year Ended September 30, 2022 | September 30, 2025 | &nbsp;&nbsp; $1483301 |
| Year Ended September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; 973234 |
| Year Ended September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 1264398 |
| Six months ended March 31, 2025 | September 30, 2028 | &nbsp;&nbsp; 799762 |
| Balances of Recoverable Expenses to the Adviser |  | &nbsp;&nbsp; $4520695 |

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**C. Investment Transactions**

For the six months ended March 31, 2025, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Fund were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $604685111 | &nbsp;&nbsp; $263764519 |

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**D. Derivative Instruments**

Below are the types of derivatives by primary risk exposure as presented in the Statement of Assets & Liabilities as of March 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Fund** | **Contract Type** | **Statement of**<br> **Assets Location**<br>| **Value** | **Statement of**<br> **Liabilities Location**<br>| **Value** |
| River Canyon Total Return <br> Bond Fund <br>| Foreign exchange<br> contracts<br>| Unrealized appreciation on<br> forward foreign currency exchange<br> contracts<br>| 58027 | Unrealized depreciation on<br> forward foreign currency exchange<br> contracts<br>| 237495 |

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The following table, set forth by primary risk exposure, displays the Fund's realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the six months ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contract Type** | **Statement of Operations Location** | **Amount of Realized Gain**<br> **(Loss) on Derivative Contracts**<br>|
| River Canyon Total <br> Return Bond Fund <br>| Foreign exchange contracts | Net realized gain (loss) from forward foreign <br> currency exchange contracts<br>| $1579718 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contract Type** | **Statement of Operations Location** | **Change in Unrealized Appreciation**<br> **(Depreciation) on Derivative Contracts**<br>|
| River Canyon Total Return <br> Bond Fund <br>| Foreign exchange<br> contracts<br>| Change in unrealized appreciation (depreciation) on <br> forward foreign currency exchange contracts<br>| $(301684)<br>|

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Volume of derivative activity for the six months ended March 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Foreign Exchange**<br> **Contracts** | **Foreign Exchange**<br> **Contracts** |
| **Fund** | &nbsp;&nbsp; **Number**<br> **Of**<br> **Trades**<br>| **Average**<br> **Notional**<br> **Amount**<br>|
| River Canyon Total Return Bond Fund  | 9 | &nbsp;&nbsp; $11654085 |

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At March 31, 2025, derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral (received)/pledged by the Trust are as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivative Assets** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Liabilities** |  |  |  |
| **Counterparty** | **Foreign**<br> **exchange**<br> **contracts**<br>| **Total** | **Foreign**<br> **exchange**<br> **contracts**<br>| **Total** | **Net** <br> **Derivatives**<br> **Assets** <br> **(Liabilities)**<br>| **Collateral**<br> **(Received)/**<br> **Pledged**<br>| **Net** <br> **Exposure**<br>|
| Goldman Sachs International | $58027 | $58027 | $(237495)<br>| $(237495)<br>| $(179468)<br>| $— | $(179468)<br>|

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**E. Federal Income Tax**

As of March 31, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $1380588409<br>| &nbsp;&nbsp; $21877939<br>| &nbsp;&nbsp; $(51351141) <br>| &nbsp;&nbsp; $(29473202) <br>|

---

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2024 and September 30, 2023 for the Fund was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **River Canyon Total Return Bond Fund**  | **Ordinary Income** | **Net Long**<br> **Term Gains**<br>| **Total Taxable**<br> **Distributions**<br>| **Tax Return**<br> **of Capital**<br>| **Total Distributions**<br> **Paid**<br>|
| 2024 | &nbsp;&nbsp; $53912268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53912268 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53912268 |
| 2023 | &nbsp;&nbsp; 37841846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37841846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37841846 |

---

As of the latest tax year ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed**<br> **Ordinary Income**<br>| **Undistributed Long**<br> **Term Capital**<br> **Gains**<br>| **Accumulated**<br> **Earnings**<br>| **Distributions**<br> **Payable**<br>| **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| **Unrealized**<br> **(Depreciation)**<br>| **Total**<br> **Accumulated**<br> **(Deficit)**<br>|
| River Canyon Total Return Bond Fund  | $3888954 | $— | $3888954 | $— | $(51278796)<br>| $(14969301)<br>| $(62359143)<br>|

---

As of the latest tax year ended September 30, 2024, capital losses incurred by the Fund are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| River Canyon Total Return Bond Fund  | &nbsp;&nbsp; $35980908 | &nbsp;&nbsp; $15297888 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

**F. Concentration of Ownership**

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

**G. Other Risks**

The Fund is subject to market risk, which is the risk related to investments in securities in general and the daily fluctuations in the securities markets. The market prices of the Fund's securities may go up or down, sometimes rapidly or unpredictably, due to many factors, including fluctuation in interest rates, lack of liquidity in the bond market, national and international economic conditions, adverse investor sentiment, natural disasters, pandemics (e.g., COVID-19), climate change and climate-related events, disruptions to business operations and supply chains, staffing shortages, regulatory events and governmental or quasi-governmental actions and general market conditions. Global economies and financial markets are increasingly interconnected and events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. These events can have a significant impact on the Fund's operations and performance.

------

**ADVISERS INVESTMENT TRUST**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**ADVISERS INVESTMENT TRUST**

**PROXY DISCLOSURES**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**ADVISERS INVESTMENT TRUST**

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

**March 31, 2025 (Unaudited)**

------

Included on page 23 in the Notes to Financial Statements.

------

**ADVISERS INVESTMENT TRUST**

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

**March 31, 2025 (Unaudited)**

------

Not Applicable.

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**Investment Adviser**

River Canyon Fund Management LLC

2728 North Harwood Street, 2nd Floor

Dallas, Texas 75201

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered**

**Public Accounting Firm**

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

**Distributor**

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, cal**l

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

RC 03/25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

------

**Item 19. Exhibits.**

(a)(1) Not applicable - only for annual reports.

(a)(2) Not applicable.

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

(a)(4) Not applicable.

(a)(5) Not applicable.

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

------

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

Advisers Investment Trust

---

| | |
|:---|:---|
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

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

---

| | |
|:---|:---|
| By:  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |
| Date:  | June 3, 2025  |
| By:  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

------

## Ex-99.Cert

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

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Barbara J. Nelligan  |
|  | Barbara J. Nelligan  |
|  | President and Principal Executive Officer  |

---

------

I, Troy A. Sheets, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Troy A. Sheets  |
|  | Troy A. Sheets  |
|  | Treasurer and Principal Financial Officer  |

---

------

## Exhibit 99.906

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of the Advisers Investment Trust (the "registrant").

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

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

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

---

| | |
|:---|:---|
| June 3, 2025  | June 3, 2025  |
| Date  | Date  |
| /s/ Barbara J. Nelligan  | /s/ Troy A. Sheets  |
| Barbara J. Nelligan  | Troy A. Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

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

------