ADVISERS INVESTMENT TRUST
STATE FARM GROWTH FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (99.45%)
Advertising & Marketing (0.14%)
AppLovin Corp., Class A(a)
    27,468
$   14,152,338
Aerospace & Defense (0.19%)
Axon Enterprise Inc.(a)
     1,500
      840,915
General Electric Co.
     6,900
    2,578,737
Lockheed Martin Corp.
    30,700
   15,640,422
 
 
   19,060,074
Apparel & Textile Products (0.29%)
Tapestry Inc.
   196,300
   28,734,394
VF Corp.
       100
        1,668
 
 
   28,736,062
Asset Management (0.57%)
Blackstone Inc.
       100
       11,767
Charles Schwab Corp., The
       100
        9,227
Franklin Resources Inc.
       100
        3,327
Invesco Ltd.
   944,800
   24,933,272
Janus Henderson Group PLC
   419,700
   21,803,415
KKR & Co. Inc.
       100
        9,178
Robinhood Markets Inc., Class A(a)
    43,604
    4,372,609
T. Rowe Price Group Inc.
    46,400
    5,275,216
 
 
   56,418,011
Automotive (0.95%)
Tesla Inc.(a)
   224,600
   94,466,760
Banking (2.33%)
Bank of America Corp.
   122,800
    6,997,144
Citigroup Inc.
   163,500
   22,883,460
Citizens Financial Group Inc.
       100
        7,007
Cullen/Frost Bankers Inc.
   100,900
   15,591,068
Fifth Third Bancorp
    12,186
      686,925
Huntington Bancshares Inc.
       100
        1,773
JPMorgan Chase & Co.
   170,900
   55,940,697
KeyCorp
   103,600
    2,387,980
M&T Bank Corp.
    62,000
   14,756,620
Regions Financial Corp.
       100
        3,020
Truist Financial Corp.
       100
        4,982
U.S. Bancorp
       100
        6,040
Wells Fargo & Co.
1,359,500
  112,349,080
Zions Bancorp NA
       100
        6,919
 
 
  231,622,715
Beverages (1.00%)
Coca-Cola Co., The
   745,000
   60,546,150
PepsiCo Inc.
   283,300
   38,358,820
 
 
   98,904,970
Biotechnology & Pharmaceuticals (11.73%)
AbbVie Inc.
   612,600
  154,154,664
Amgen Inc.
   100,885
   36,532,476
Bristol-Myers Squibb Co.
   159,200
    9,173,104
Eli Lilly & Co.
   233,400
  279,946,962
Gilead Sciences Inc.
   162,400
   20,517,616
Johnson & Johnson
2,125,520
  539,818,314
 
Shares
Value
Common Stocks (Cont.)
Biotechnology & Pharmaceuticals (Cont.)
Merck & Co. Inc.
   128,150
$   16,467,275
Pfizer Inc.
2,407,532
   57,973,371
Zoetis Inc.
   705,396
   50,689,757
 
 
1,165,273,539
Chemicals (2.89%)
Air Products and Chemicals Inc.
   724,900
  212,526,182
Ashland Inc.
    65,100
    4,289,439
Avery Dennison Corp.
    42,800
    6,948,580
Corteva Inc.
   154,200
   13,059,198
Ecolab Inc.
     4,200
    1,170,162
International Flavors &
Fragrances Inc.
   524,541
   41,554,138
Linde PLC
     5,100
    2,646,594
LyondellBasell Industries NV, Class A
    93,400
    4,917,510
 
 
  287,111,803
Commercial Support Services (0.90%)
Automatic Data Processing Inc.
   120,300
   26,941,185
Cintas Corp.
    79,300
   13,487,344
H&R Block Inc.
   658,400
   25,071,872
Republic Services Inc.
    23,900
    5,092,612
Robert Half Inc.
   609,800
   18,720,860
 
 
   89,313,873
Computers (0.21%)
Sandisk Corp.(a)
     8,613
   19,583,636
Super Micro Computer Inc.(a)
    49,251
    1,444,532
 
 
   21,028,168
Construction Materials (2.51%)
Vulcan Materials Co.
   844,800
  249,224,448
Consumer Services (0.01%)
Grand Canyon Education Inc.(a)
     7,100
    1,016,081
Containers & Packaging (0.51%)
AptarGroup Inc.
   391,597
   49,027,944
Packaging Corp of America
     8,700
    2,073,036
 
 
   51,100,980
Diversified Industrials (1.93%)
3M Co.
    91,900
   14,879,529
Illinois Tool Works Inc.
   652,300
  176,427,581
 
 
  191,307,110
E-Commerce Discretionary (1.98%)
Amazon.com Inc.(a)
   811,600
  193,436,744
eBay Inc.
    26,300
    2,939,025
Etsy Inc.(a)
       100
        7,533
 
 
  196,383,302
Electric Utilities (1.22%)
AES Corp., The
   713,600
   10,461,376
Alliant Energy Corp.
    48,600
    3,707,694
Brookfield Renewable Corp.
   239,600
    8,893,952
1

ADVISERS INVESTMENT TRUST
STATE FARM GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Electric Utilities (Cont.)
Clearway Energy Inc., Class C
   283,700
$    9,696,866
Consolidated Edison Inc.
   126,200
   13,961,506
Constellation Energy Corp.
     3,400
      844,458
Duke Energy Corp.
    82,800
   10,480,824
Edison International
   251,900
   18,753,955
Evergy Inc.
   151,400
   13,085,502
NRG Energy Inc.
     2,300
      335,938
OGE Energy Corp.
   287,800
   14,004,348
Public Service Enterprise Group Inc.
    24,100
    1,955,956
Southern Co., The
   156,800
   15,007,328
 
 
  121,189,703
Electrical Equipment (1.13%)
AMETEK Inc.
     7,400
    1,790,356
Emerson Electric Co.
   126,400
   18,094,160
GE Vernova Inc.
    47,300
   55,570,878
Generac Holdings Inc.(a)
       100
       29,281
Rockwell Automation Inc.
     1,000
      495,080
Vertiv Holdings Co., Class A
   109,100
   36,528,862
 
 
  112,508,617
Entertainment Content (2.36%)
Electronic Arts Inc.
    18,800
    3,854,752
Netflix Inc.(a)
   682,000
   48,694,800
Paramount Skydance Corp., Class B
       100
          986
Take-Two Interactive
Software Inc.(a)
     1,036
      258,979
Walt Disney Co., The
1,885,840
  181,512,100
Warner Bros Discovery Inc.(a)
       100
        2,666
 
 
  234,324,283
Food (0.54%)
Hershey Co., The
    57,600
   10,105,920
McCormick & Co. Inc.
   856,600
   43,189,772
 
 
   53,295,692
Gas & Water Utilities (0.25%)
National Fuel Gas Co.
    77,000
    5,945,170
UGI Corp.
   549,500
   18,979,730
 
 
   24,924,900
Health Care Facilities & Services (0.48%)
Cardinal Health Inc.
    54,400
   12,923,264
Cencora Inc.
     6,100
    1,726,178
Chemed Corp.
    22,600
   10,525,724
Encompass Health Corp.
    12,100
    1,223,068
McKesson Corp.
    20,000
   15,112,000
Medpace Holdings Inc.(a)
     5,500
    2,912,745
Quest Diagnostics Inc.
    16,500
    3,497,175
 
 
   47,920,154
Home & Office Products (0.57%)
HNI Corp.
1,235,100
   49,910,391
Scotts Miracle-Gro Co., The
   100,000
    6,811,000
 
 
   56,721,391
 
Shares
Value
Common Stocks (Cont.)
Household Products (1.61%)
Colgate-Palmolive Co.
   367,600
$   33,701,568
Kenvue Inc.
1,427,196
   27,273,716
Procter & Gamble Co., The
   674,755
   98,946,073
 
 
  159,921,357
Institutional Financial Services (0.31%)
Cboe Global Markets Inc.
    26,400
    6,406,488
CME Group Inc.
     3,900
      861,237
Coinbase Global Inc., Class A(a)
    22,511
    3,290,883
Goldman Sachs Group Inc., The
     4,100
    4,146,617
Intercontinental Exchange Inc.
    58,400
    7,189,624
Jefferies Financial Group Inc.
    86,700
    4,333,266
Morgan Stanley
     7,200
    1,505,088
Northern Trust Corp.
    20,600
    3,581,104
 
 
   31,314,307
Insurance (0.79%)
Allstate Corp., The
    24,500
    5,829,530
American Financial Group Inc.
    55,000
    7,696,700
Assurant Inc.
    23,200
    6,229,896
Axis Capital Holdings Ltd.
    91,700
    9,852,248
Berkshire Hathaway Inc., Class B(a)
     6,500
    3,252,535
Equitable Holdings Inc.
   245,800
   10,785,704
Hartford Insurance Group Inc., The
    54,400
    7,209,088
Lincoln National Corp.
    89,600
    3,167,360
Loews Corp.
    69,100
    7,822,811
Old Republic International Corp.
   111,700
    4,570,764
Willis Towers Watson PLC
    47,900
   12,519,623
 
 
   78,936,259
Internet Media & Services (6.88%)
Airbnb Inc., Class A(a)
       100
       14,310
Alphabet Inc., Class A
1,459,500
  521,581,515
Alphabet Inc., Class C
   118,420
   41,841,339
Booking Holdings Inc.
    10,000
    1,782,400
Expedia Group Inc.
     3,300
      844,404
Match Group Inc.
     7,900
      300,595
Meta Platforms Inc., Class A
   176,057
   99,171,147
Uber Technologies Inc.(a)
     7,200
      519,552
VeriSign Inc.
    67,400
   16,955,144
 
 
  683,010,406
IT Services (0.54%)
Accenture PLC, Class A
   121,300
   15,094,572
Amdocs Ltd.
   321,100
   16,228,394
Cognizant Technology Solutions
Corp., Class A
   125,100
    4,845,123
DXC Technology Co.(a)
       100
          885
International Business Machines
Corp.
    61,800
   17,378,778
 
 
   53,547,752
Leisure Facilities & Services (0.83%)
Caesars Entertainment Inc.(a)
       100
        3,018
Carnival Corp., Ltd.
   111,600
    3,188,412
2

ADVISERS INVESTMENT TRUST
STATE FARM GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Leisure Facilities & Services (Cont.)
Chipotle Mexican Grill Inc.(a)
       100
$        3,400
Domino's Pizza Inc.
    32,200
    9,532,488
Las Vegas Sands Corp.
       100
        4,619
McDonald's Corp.
    66,300
   17,921,553
MGM Resorts International(a)
       100
        4,781
Norwegian Cruise Line Holdings
Ltd.(a)
       100
        2,111
Royal Caribbean Cruises Ltd.
    40,800
   12,955,224
TKO Group Holdings Inc.
    39,900
    8,032,269
Vail Resorts Inc.
    40,500
    5,514,075
Wendy's Co., The
1,002,700
    8,312,383
Wyndham Hotels & Resorts Inc.
    32,900
    2,770,509
Wynn Resorts Ltd.
       100
        9,709
Yum! Brands Inc.
    87,900
   14,051,694
 
 
   82,306,245
Machinery (6.80%)
Caterpillar Inc.
   623,448
  663,909,775
MSA Safety Inc.
    12,900
    2,252,082
Snap-on Inc.
    10,900
    4,386,160
Veralto Corp.
    57,800
    5,125,704
 
 
  675,673,721
Medical Equipment & Devices (1.12%)
Abbott Laboratories
   393,800
   35,733,412
Agilent Technologies Inc.
   548,071
   72,800,271
Dexcom Inc.(a)
       100
        6,735
Insulet Corp.(a)
       100
       15,225
Solventum Corp.(a)
    23,075
    1,780,236
Thermo Fisher Scientific Inc.
     1,600
      802,176
 
 
  111,138,055
Metals & Mining (0.48%)
Rio Tinto PLC Sponsored ADR
   479,900
   45,556,907
Royal Gold Inc.
     9,500
    1,896,295
 
 
   47,453,202
Oil & Gas Supply Chain (2.36%)
Antero Midstream Corp.
   190,000
    4,322,500
APA Corp.
   490,700
   15,982,099
Cheniere Energy Inc.
    57,900
   13,838,679
Chevron Corp.
   836,200
  138,608,512
ConocoPhillips
   120,973
   12,576,353
Devon Energy Corp.
       100
        4,132
Diamondback Energy Inc.
    24,200
    4,253,876
EOG Resources Inc.
    81,600
   10,585,968
EQT Corp.
       100
        5,317
Exxon Mobil Corp.
    60,000
    8,203,200
Occidental Petroleum Corp.
    42,100
    2,044,797
Targa Resources Corp.
    80,600
   21,612,084
Texas Pacific Land Corp.
     5,400
    2,363,256
 
 
  234,400,773
Oil, Gas Services & Equipment (0.00%)
Baker Hughes Co.
       100
        5,550
 
Shares
Value
Common Stocks (Cont.)
Publishing & Broadcasting (0.10%)
Nexstar Media Group Inc.
    58,500
$   10,447,515
Real Estate Investment Trusts (1.76%)
Alexandria Real Estate Equities Inc.
       100
        5,285
AvalonBay Communities Inc.
    42,900
    8,094,801
Brixmor Property Group Inc.
    51,900
    1,636,407
Camden Property Trust
   118,800
   13,601,412
EPR Properties
   268,500
   15,575,685
Essex Property Trust Inc.
    38,700
   11,284,533
Federal Realty Investment Trust
   138,200
   17,059,408
Gaming and Leisure Properties Inc.
    19,900
      886,147
Highwoods Properties Inc.
   309,200
    9,325,472
Host Hotels & Resorts Inc.
   306,300
    7,262,373
Iron Mountain Inc.
   129,400
   16,344,514
Lamar Advertising Co., Class A
   176,300
   27,499,274
Prologis Inc.
     2,700
      365,769
Public Storage
    38,700
   12,318,597
Regency Centers Corp.
    63,700
    5,079,438
Simon Property Group Inc.
   125,900
   28,157,535
 
 
  174,496,650
Real Estate Services (0.00%)
CBRE Group Inc., Class A(a)
       100
       13,469
Retail - Consumer Staples (3.10%)
Costco Wholesale Corp.
    33,200
   31,057,604
Walmart Inc.
2,443,000
  276,694,180
 
 
  307,751,784
Retail - Discretionary (0.81%)
AutoZone Inc.(a)
     1,600
    5,113,504
Bath & Body Works Inc.
   119,300
    2,759,409
Carvana Co.(a)
    71,370
    4,697,573
Dick's Sporting Goods Inc.
     7,400
    1,678,394
Home Depot Inc., The
    16,000
    5,642,880
O'Reilly Automotive Inc.(a)
   107,300
    9,881,257
TJX Cos. Inc., The
   137,200
   20,785,800
Williams-Sonoma Inc.
   126,300
   29,440,530
 
 
   79,999,347
Semiconductors (16.86%)
Advanced Micro Devices Inc.(a)
    59,820
   34,750,036
Analog Devices Inc.
    57,700
   22,916,709
Applied Materials Inc.
     6,300
    4,554,900
ASML Holding NV NY Reg. Shares
   205,282
  408,396,222
Broadcom Inc.
   515,100
  194,579,025
Cirrus Logic Inc.(a)
    40,000
    5,941,200
Intel Corp.(a)
   151,907
   21,210,774
KLA Corp.
   424,000
  127,925,040
Lam Research Corp.
   162,600
   70,459,458
Micron Technology Inc.
    46,664
   53,863,789
NVIDIA Corp.
3,549,400
  710,199,446
QUALCOMM Inc.
    54,900
   10,144,971
Texas Instruments Inc.
    31,726
    9,456,569
 
 
1,674,398,139
3

ADVISERS INVESTMENT TRUST
STATE FARM GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Software (3.53%)
Adobe Inc.(a)
     6,800
$    1,394,136
Appfolio Inc., Class A(a)
    24,800
    3,976,680
Cadence Design Systems Inc.(a)
     4,600
    1,726,472
Datadog Inc., Class A(a)
     3,837
      999,001
Dropbox Inc., Class A(a)
   298,900
    8,210,783
Fortinet Inc.(a)
       100
       15,362
Gen Digital Inc.
    81,400
    2,026,046
Intuit Inc.
     8,100
    2,114,100
Microsoft Corp.
   859,869
  320,748,335
Oracle Corp.
    27,553
    4,037,892
Palo Alto Networks Inc.(a)
     2,400
      818,448
Roper Technologies Inc.
     1,400
      473,746
Salesforce Inc.
     7,900
    1,237,614
Tyler Technologies Inc.(a)
     8,900
    2,602,894
 
 
  350,381,509
Specialty Finance (1.36%)
AGNC Investment Corp.
   847,900
    9,242,110
Ally Financial Inc.
     6,500
      298,675
Block Inc.(a)
    55,575
    4,223,700
Broadridge Financial Solutions Inc.
    32,900
    4,505,655
Credit Acceptance Corp.(a)
    27,800
   17,701,372
FactSet Research Systems Inc.
     3,744
      861,420
Fair Isaac Corp.(a)
       300
      358,434
Global Payments Inc.
       100
        7,256
Mastercard Inc., Class A
     1,864
      957,350
MGIC Investment Corp.
   400,700
   11,299,740
Moody's Corp.
    13,000
    5,887,960
MSCI Inc.
    12,800
    7,168,512
OneMain Holdings Inc.
   350,000
   21,339,500
Rithm Capital Corp.
   597,500
    5,610,525
S&P Global Inc.
     2,200
      895,972
UWM Holdings Corp.
1,972,419
    4,516,840
Verisk Analytics Inc.
    56,100
   10,071,633
Visa Inc., Class A
    51,612
   17,707,561
Western Union Co., The
1,597,400
   12,299,980
 
 
  134,954,195
Steel (0.74%)
Nucor Corp.
   331,800
   73,908,450
Technology Hardware (11.23%)
Apple Inc.
3,344,968
  967,899,941
Cisco Systems Inc.
   233,200
   27,391,672
Corning Inc.
   339,200
   86,641,856
Dell Technologies Inc., Class C
       100
       43,146
F5 Inc.(a)
     3,500
    1,455,860
HP Inc.
   148,200
    3,251,508
Lumentum Holdings Inc.(a)
       621
      532,855
Motorola Solutions Inc.
    24,200
   10,050,018
Teledyne Technologies Inc.(a)
    26,100
   17,406,090
Western Digital Corp.
     1,982
    1,265,943
 
 
1,115,938,889
Telecommunications (0.60%)
AT&T Inc.
    46,300
      958,410
 
Shares
Value
Common Stocks (Cont.)
Telecommunications (Cont.)
Iridium Communications Inc.
    87,700
$    4,810,345
Millicom International Cellular SA
   323,400
   29,351,784
T-Mobile US Inc.
    26,900
    4,511,937
Verizon Communications Inc.
   472,200
   19,992,948
 
 
   59,625,424
Tobacco & Cannabis (0.61%)
Altria Group Inc.
   455,300
   32,758,835
Philip Morris International Inc.
   155,500
   28,131,505
 
 
   60,890,340
Transportation & Logistics (0.43%)
American Airlines Group Inc.(a)
       100
        1,807
Delta Air Lines Inc.
       100
        9,366
Expeditors International of
Washington Inc.
    12,700
    2,069,846
Landstar System Inc.
   102,000
   21,094,620
Ryder System Inc.
    31,000
    8,176,870
Union Pacific Corp.
    42,600
   11,587,200
United Airlines Holdings Inc.(a)
       100
       13,599
 
 
   42,953,308
Wholesale - Consumer Staples (1.91%)
Archer-Daniels-Midland Co.
2,487,154
  190,018,566
Total Common Stocks
(cost $2,262,738,474)
 
9,879,490,186
 
Principal
amount
Value
U.S. Treasury Obligations (0.01%)
U.S. Treasury Bill
3.586%, 10/15/2026(b),(c)
$   907,000
      897,131
Total U.S. Treasury Obligations
(cost $897,425)
 
      897,131
 
Shares
Value
Short-term Investments (0.50%)
Northern Institutional Treasury
Portfolio (Premier Class),
3.513%(d)
49,319,524
   49,319,524
Total Short-term Investments
(cost $49,319,524)
 
   49,319,524
TOTAL INVESTMENTS (99.96%)
(cost $2,312,955,423)
 
9,929,706,841
OTHER ASSETS, NET OF
LIABILITIES
(0.04%)
 
    3,871,840
NET ASSETS (100.00%)
 
$9,933,578,681
4

ADVISERS INVESTMENT TRUST
STATE FARM GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
(a)
Non-income producing security.
(b)
Security pledged as collateral to cover margin requirements for open
futures contracts.
(c)
Discount rate at the time of purchase.
(d)
Rate shown is the 7-day yield as of June 30, 2026.
PLC
Public Limited Company
ADR
American Depositary Receipt
At June 30, 2026, the Fund had open futures contracts as follows:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
 
 
E-Mini
S&P 500
35
9/18/2026
USD
$13,209,438
$156,625
5

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (73.25%)
Advertising & Marketing (0.00%)
AppLovin Corp., Class A(a)
         1
$          515
Aerospace & Defense (0.13%)
Axon Enterprise Inc.(a)
         1
          561
General Electric Co.
     1,600
      597,968
Lockheed Martin Corp.
     6,100
    3,107,706
 
 
    3,706,235
Apparel & Textile Products (0.35%)
Tapestry Inc.
    67,400
    9,866,012
Asset Management (0.18%)
Ameriprise Financial Inc.
       500
      229,380
Charles Schwab Corp., The
       100
        9,227
Invesco Ltd.
   128,100
    3,380,559
Janus Henderson Group PLC
    24,900
    1,293,555
Robinhood Markets Inc., Class A(a)
         1
          100
 
 
    4,912,821
Automotive (0.20%)
Tesla Inc.(a)
    13,427
    5,647,396
Banking (1.85%)
Bank of America Corp.
    19,700
    1,122,506
Citigroup Inc.
     6,400
      895,744
Cullen/Frost Bankers Inc.
    16,900
    2,611,388
Fifth Third Bancorp
    36,392
    2,051,417
JPMorgan Chase & Co.
    28,000
    9,165,240
M&T Bank Corp.
    19,000
    4,522,190
Wells Fargo & Co.
   379,300
   31,345,352
 
 
   51,713,837
Beverages (0.65%)
Coca-Cola Co., The
   147,257
   11,967,576
PepsiCo Inc.
    46,400
    6,282,560
 
 
   18,250,136
Biotechnology & Pharmaceuticals (9.34%)
AbbVie Inc.
    69,700
   17,539,308
Amgen Inc.
    44,950
   16,277,294
Bristol-Myers Squibb Co.
     7,100
      409,102
Eli Lilly & Co.
    74,213
   89,013,298
Gilead Sciences Inc.
    33,100
    4,181,854
Johnson & Johnson
   387,309
   98,364,867
Merck & Co. Inc.
    40,100
    5,152,850
Moderna Inc.(a)
       100
        7,003
Pfizer Inc.
   588,340
   14,167,227
Zoetis Inc.
   229,295
   16,477,139
 
 
  261,589,942
Cable & Satellite (0.00%)
EchoStar Corp., Class A(a)
        35
        3,553
Chemicals (2.61%)
Air Products and Chemicals Inc.
   195,500
   57,316,690
Ashland Inc.
    13,700
      902,693
Avery Dennison Corp.
     8,100
    1,315,035
 
Shares
Value
Common Stocks (Cont.)
Chemicals (Cont.)
Corteva Inc.
    34,400
$    2,913,336
International Flavors &
Fragrances Inc.
   119,888
    9,497,528
LyondellBasell Industries NV, Class A
    20,200
    1,063,530
Qnity Electronics Inc.
         1
          163
 
 
   73,008,975
Commercial Support Services (0.67%)
Automatic Data Processing Inc.
    38,800
    8,689,260
Cintas Corp.
    16,400
    2,789,312
H&R Block Inc.
    65,300
    2,486,624
Republic Services Inc.
     3,500
      745,780
Robert Half Inc.
   131,200
    4,027,840
 
 
   18,738,816
Computers (0.07%)
Sandisk Corp.(a)
       780
    1,773,509
Super Micro Computer Inc.(a)
     3,706
      108,697
 
 
    1,882,206
Construction Materials (1.12%)
Vulcan Materials Co.
   106,400
   31,389,064
Consumer Services (0.01%)
Grand Canyon Education Inc.(a)
     2,900
      415,019
Containers & Packaging (0.44%)
AptarGroup Inc.
    97,500
   12,207,000
Packaging Corp of America
     1,100
      262,108
 
 
   12,469,108
Diversified Financial Services (0.02%)
Blackrock Inc.
       500
      480,780
Diversified Industrials (1.57%)
3M Co.
    53,000
    8,581,230
Illinois Tool Works Inc.
   130,400
   35,269,288
 
 
   43,850,518
E-Commerce Discretionary (0.75%)
Amazon.com Inc.(a)
    87,843
   20,936,501
eBay Inc.
       100
       11,175
 
 
   20,947,676
Electric Utilities (0.90%)
AES Corp., The
   158,000
    2,316,280
Alliant Energy Corp.
    14,800
    1,129,092
Clearway Energy Inc., Class C
    54,500
    1,862,810
Consolidated Edison Inc.
    24,900
    2,754,687
Constellation Energy Corp.
       800
      198,696
Duke Energy Corp.
    21,000
    2,658,180
Edison International
    61,400
    4,571,230
Evergy Inc.
    32,700
    2,826,261
NRG Energy Inc.
     3,200
      467,392
OGE Energy Corp.
    59,200
    2,880,672
Public Service Enterprise Group Inc.
     3,600
      292,176
6

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Electric Utilities (Cont.)
Southern Co., The
    33,500
$    3,206,285
Vistra Corp.
       100
       15,863
 
 
   25,179,624
Electrical Equipment (0.66%)
Emerson Electric Co.
    62,400
    8,932,560
GE Vernova Inc.
     5,800
    6,814,188
Generac Holdings Inc.(a)
       100
       29,281
Vertiv Holdings Co., Class A
     8,300
    2,779,006
 
 
   18,555,035
Entertainment Content (1.75%)
Electronic Arts Inc.
       200
       41,008
Netflix Inc.(a)
    15,200
    1,085,280
Paramount Skydance Corp., Class B
       100
          986
Take-Two Interactive
Software Inc.(a)
       100
       24,998
Walt Disney Co., The
   496,695
   47,806,894
Warner Bros Discovery Inc.(a)
       100
        2,666
 
 
   48,961,832
Food (0.08%)
Hershey Co., The
    12,800
    2,245,760
Nestle SA Sponsored ADR
       100
       10,269
 
 
    2,256,029
Gas & Water Utilities (0.16%)
National Fuel Gas Co.
     3,800
      293,398
UGI Corp.
   123,500
    4,265,690
 
 
    4,559,088
Health Care Facilities & Services (0.27%)
Cencora Inc.
       701
      198,369
Chemed Corp.
     4,700
    2,188,978
Encompass Health Corp.
     4,500
      454,860
McKesson Corp.
     4,500
    3,400,200
Medpace Holdings Inc.(a)
       900
      476,631
Quest Diagnostics Inc.
     4,300
      911,385
 
 
    7,630,423
Home & Office Products (0.30%)
HNI Corp.
   160,000
    6,465,600
Scotts Miracle-Gro Co., The
    27,900
    1,900,269
 
 
    8,365,869
Household Products (2.02%)
Kenvue Inc.
   205,557
    3,928,194
Procter & Gamble Co., The
   359,200
   52,673,088
 
 
   56,601,282
Institutional Financial Services (0.16%)
Cboe Global Markets Inc.
     5,100
    1,237,617
CME Group Inc.
       500
      110,415
Goldman Sachs Group Inc., The
       800
      809,096
Intercontinental Exchange Inc.
    11,000
    1,354,210
 
Shares
Value
Common Stocks (Cont.)
Institutional Financial Services (Cont.)
Morgan Stanley
     1,700
$      355,368
Northern Trust Corp.
     3,400
      591,056
 
 
    4,457,762
Insurance (0.44%)
Allstate Corp., The
     4,000
      951,760
American Financial Group Inc.
    14,300
    2,001,142
Assurant Inc.
     3,800
    1,020,414
Axis Capital Holdings Ltd.
     6,800
      730,592
Berkshire Hathaway Inc., Class B(a)
     1,700
      850,663
Hanover Insurance Group Inc., The
       100
       21,412
Hartford Insurance Group Inc., The
    11,600
    1,537,232
Lincoln National Corp.
    15,600
      551,460
Loews Corp.
    13,900
    1,573,619
Old Republic International Corp.
    18,400
      752,928
Willis Towers Watson PLC
     8,800
    2,300,056
 
 
   12,291,278
Internet Media & Services (7.19%)
Airbnb Inc., Class A(a)
       100
       14,310
Alphabet Inc., Class A
   391,440
  139,888,913
Alphabet Inc., Class C
    71,180
   25,150,029
Booking Holdings Inc.
       600
      106,944
Expedia Group Inc.
         1
          256
Match Group Inc.
       100
        3,805
Meta Platforms Inc., Class A
    57,730
   32,518,732
Uber Technologies Inc.(a)
     1,500
      108,240
VeriSign Inc.
    14,900
    3,748,244
 
 
  201,539,473
IT Services (0.26%)
Accenture PLC, Class A
     2,400
      298,656
Amdocs Ltd.
    45,900
    2,319,786
Cognizant Technology Solutions
Corp., Class A
    26,600
    1,030,218
DXC Technology Co.(a)
       100
          885
International Business Machines
Corp.
    13,300
    3,740,093
 
 
    7,389,638
Leisure Facilities & Services (0.47%)
Caesars Entertainment Inc.(a)
       100
        3,018
Carnival Corp., Ltd.
       100
        2,857
Chipotle Mexican Grill Inc.(a)
       100
        3,400
Domino's Pizza Inc.
     6,800
    2,013,072
McDonald's Corp.
    14,200
    3,838,402
MGM Resorts International(a)
       100
        4,781
Norwegian Cruise Line Holdings
Ltd.(a)
       100
        2,111
Royal Caribbean Cruises Ltd.
       100
       31,753
Vail Resorts Inc.
    17,000
    2,314,550
Wendy's Co., The
   217,100
    1,799,759
Wynn Resorts Ltd.
       100
        9,709
Yum! Brands Inc.
    20,100
    3,213,186
 
 
   13,236,598
7

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Machinery (6.10%)
Caterpillar Inc.
   141,243
$  150,409,671
Deere & Co.
    20,002
   12,687,868
Donaldson Co. Inc.
    36,517
    3,278,131
MSA Safety Inc.
     2,000
      349,160
Snap-on Inc.
     2,600
    1,046,240
Veralto Corp.
    34,900
    3,094,932
 
 
  170,866,002
Medical Equipment & Devices (0.90%)
Abbott Laboratories
    53,975
    4,897,692
Agilent Technologies Inc.
   143,587
   19,072,661
Dexcom Inc.(a)
       100
        6,735
Insulet Corp.(a)
         1
          152
Solventum Corp.(a)
    13,250
    1,022,238
Thermo Fisher Scientific Inc.
       300
      150,408
 
 
   25,149,886
Metals & Mining (0.38%)
Rio Tinto PLC Sponsored ADR
   110,100
   10,451,793
Royal Gold Inc.
     1,500
      299,415
 
 
   10,751,208
Oil & Gas Supply Chain (1.79%)
Antero Midstream Corp.
       100
        2,275
APA Corp.
       100
        3,257
Cheniere Energy Inc.
    12,900
    3,083,229
Chevron Corp.
   196,900
   32,638,144
ConocoPhillips
    20,200
    2,099,992
EOG Resources Inc.
    16,100
    2,088,653
Exxon Mobil Corp.
    54,400
    7,437,568
Occidental Petroleum Corp.
       100
        4,857
Targa Resources Corp.
    10,400
    2,788,656
 
 
   50,146,631
Publishing & Broadcasting (0.00%)
News Corp., Class A
       100
        2,483
Nexstar Media Group Inc.
       600
      107,154
 
 
      109,637
Real Estate Investment Trusts (1.14%)
AvalonBay Communities Inc.
     9,500
    1,792,555
Camden Property Trust
    25,700
    2,942,393
EPR Properties
    45,400
    2,633,654
Essex Property Trust Inc.
     9,100
    2,653,469
Federal Realty Investment Trust
    29,600
    3,653,824
Highwoods Properties Inc.
    76,300
    2,301,208
Host Hotels & Resorts Inc.
    68,100
    1,614,651
Lamar Advertising Co., Class A
    21,600
    3,369,168
Mid-America Apartment
Communities Inc.
       700
       97,258
Prologis Inc.
       500
       67,735
Public Storage
     9,100
    2,896,621
Regency Centers Corp.
    13,200
    1,052,568
Simon Property Group Inc.
    30,200
    6,754,230
 
 
   31,829,334
 
Shares
Value
Common Stocks (Cont.)
Retail - Consumer Staples (1.37%)
Costco Wholesale Corp.
     7,000
$    6,548,290
Walgreens Boots Alliance Inc.(a),(b)
       100
            -
Walmart Inc.
   281,400
   31,871,364
 
 
   38,419,654
Retail - Discretionary (0.45%)
AutoZone Inc.(a)
       300
      958,782
Bath & Body Works Inc.
       100
        2,313
Carvana Co.(a)
     8,935
      588,102
Home Depot Inc., The
     3,800
    1,340,184
Lowe's Cos. Inc.
       300
       66,147
O'Reilly Automotive Inc.(a)
    19,200
    1,768,128
TJX Cos. Inc., The
    30,500
    4,620,750
Williams-Sonoma Inc.
    14,400
    3,356,640
 
 
   12,701,046
Semiconductors (8.71%)
Advanced Micro Devices Inc.(a)
       100
       58,091
Analog Devices Inc.
    11,901
    4,726,720
Applied Materials Inc.
     1,300
      939,900
ASML Holding NV NY Reg. Shares
    11,521
   22,920,338
Broadcom Inc.
    95,600
   36,112,900
Cirrus Logic Inc.(a)
     8,500
    1,262,505
Intel Corp.(a)
       100
       13,963
KLA Corp.
    31,000
    9,353,010
Lam Research Corp.
    10,800
    4,679,964
Microchip Technology Inc.
       100
        9,120
Micron Technology Inc.
     4,857
    5,606,387
Monolithic Power Systems Inc.
         1
        1,382
NVIDIA Corp.
   788,531
  157,777,168
ON Semiconductor Corp.(a)
       100
        9,454
Qorvo Inc.(a)
       100
        9,327
QUALCOMM Inc.
     2,300
      425,017
Skyworks Solutions Inc.
       100
        6,780
Texas Instruments Inc.
         1
          298
 
 
  243,912,324
Software (2.51%)
Adobe Inc.(a)
     1,500
      307,530
Appfolio Inc., Class A(a)
     5,900
      946,065
Autodesk Inc.(a)
         1
          194
Cadence Design Systems Inc.(a)
     1,400
      525,448
Datadog Inc., Class A(a)
         1
          260
Dropbox Inc., Class A(a)
    65,600
    1,802,032
Fortinet Inc.(a)
       100
       15,362
Gen Digital Inc.
       100
        2,489
Intuit Inc.
     3,200
      835,200
Microsoft Corp.
   168,121
   62,712,496
Oracle Corp.
       300
       43,965
Palantir Technologies Inc., Class A(a)
    21,500
    2,508,405
Palo Alto Networks Inc.(a)
         1
          341
Paycom Software Inc.
       100
       12,568
Salesforce Inc.
     1,500
      234,990
Tyler Technologies Inc.(a)
     1,700
      497,182
 
 
   70,444,527
8

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Shares
Value
Common Stocks (Cont.)
Specialty Finance (1.24%)
AGNC Investment Corp.
   334,800
$    3,649,320
Annaly Capital Management Inc.
    75,600
    1,690,416
Broadridge Financial Solutions Inc.
     5,800
      794,310
Credit Acceptance Corp.(a)
     6,300
    4,011,462
GATX Corp.
     4,200
      744,198
Mastercard Inc., Class A
       439
      225,470
MGIC Investment Corp.
    86,600
    2,442,120
Moody's Corp.
     2,900
    1,313,468
MSCI Inc.
     2,800
    1,568,112
OneMain Holdings Inc.
    77,800
    4,743,466
PayPal Holdings Inc.
       100
        4,318
Rithm Capital Corp.
   136,100
    1,277,979
S&P Global Inc.
       500
      203,630
Starwood Property Trust Inc.
   222,300
    3,641,274
Verisk Analytics Inc.
    11,800
    2,118,454
Visa Inc., Class A
    10,430
    3,578,429
Western Union Co., The
   342,500
    2,637,250
 
 
   34,643,676
Steel (1.92%)
Nucor Corp.
   242,000
   53,905,500
Technology Hardware (9.82%)
Apple Inc.
   775,904
  224,515,581
Ciena Corp.(a)
       295
      144,715
Cisco Systems Inc.
     8,500
      998,410
Corning Inc.
   164,692
   42,067,278
Dell Technologies Inc., Class C
       100
       43,146
F5 Inc.(a)
     1,900
      790,324
HP Inc.
    18,200
      399,308
Motorola Solutions Inc.
     5,600
    2,325,624
Seagate Technology Holdings PLC
         1
          965
Teledyne Technologies Inc.(a)
     5,700
    3,801,330
Western Digital Corp.
       100
       63,872
 
 
  275,150,553
Telecommunications (0.28%)
AT&T Inc.
     6,200
      128,340
Iridium Communications Inc.
    16,300
      894,055
Millicom International Cellular SA
    34,100
    3,094,916
T-Mobile US Inc.
     6,100
    1,023,153
Verizon Communications Inc.
    63,100
    2,671,654
 
 
    7,812,118
Tobacco & Cannabis (0.29%)
Altria Group Inc.
    57,000
    4,101,150
Philip Morris International Inc.
    22,400
    4,052,384
 
 
    8,153,534
Transportation & Logistics (0.36%)
American Airlines Group Inc.(a)
       100
        1,807
Expeditors International of
Washington Inc.
     4,800
      782,304
 
Shares
Value
Common Stocks (Cont.)
Transportation & Logistics (Cont.)
Landstar System Inc.
    20,900
$    4,322,329
Union Pacific Corp.
    17,866
    4,859,552
 
 
    9,965,992
Wholesale - Consumer Staples (1.37%)
Archer-Daniels-Midland Co.
   502,632
   38,401,085
Wholesale - Discretionary (0.00%)
Copart Inc.(a)
       100
        2,819
Total Common Stocks
(cost $419,560,212)
 
2,052,262,066
 
Principal
amount
Value
Corporate Bonds (7.60%)
Advertising & Marketing (0.01%)
AppLovin Corp.
5.500%, 12/01/2034
$   150,000
      151,356
 
 
      151,356
Aerospace & Defense (0.12%)
Lockheed Martin Corp.
5.100%, 11/15/2027
   250,000
      252,857
4.450%, 05/15/2028
   250,000
      250,285
5.250%, 01/15/2033
   250,000
      258,318
4.800%, 08/15/2034
   100,000
       99,568
5.000%, 08/15/2035
    75,000
       75,330
Boeing Co., The
3.250%, 02/01/2028
   250,000
      244,709
5.150%, 05/01/2030
   250,000
      253,048
3.625%, 02/01/2031
   150,000
      142,641
6.528%, 05/01/2034
   200,000
      217,583
HEICO Corp.
5.250%, 08/01/2028
   150,000
      151,756
Honeywell Aerospace Inc.
4.000%, 03/16/2029(c)
   100,000
       98,634
4.300%, 03/16/2031(c)
   100,000
       98,274
4.600%, 03/16/2033(c)
   100,000
       98,149
4.950%, 03/16/2036(c)
   100,000
       98,473
General Electric Co.
4.300%, 07/29/2030
   100,000
       99,098
4.900%, 01/29/2036
    50,000
       49,932
RTX Corp.
6.000%, 03/15/2031
   200,000
      211,049
5.150%, 02/27/2033
   250,000
      254,533
L3Harris Technologies Inc.
5.400%, 07/31/2033
   100,000
      102,228
Northrop Grumman Corp.
4.900%, 06/01/2034
   100,000
       99,555
General Dynamics Corp.
4.950%, 08/15/2035
   100,000
      100,173
9

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Aerospace & Defense (Cont.)
Textron Inc.
4.950%, 03/15/2036
$    50,000
$       48,701
Howmet Aerospace Inc.
4.750%, 04/15/2036
    50,000
       48,652
 
 
    3,353,546
Asset Management (0.17%)
Blue Owl Credit Income Corp.
7.750%, 09/16/2027
   250,000
      255,395
7.950%, 06/13/2028
   100,000
      103,413
5.800%, 03/15/2030
   100,000
       97,430
Blackstone Secured Lending Fund
5.875%, 11/15/2027
   150,000
      151,068
Brookfield Finance Inc.
3.900%, 01/25/2028
   100,000
       98,822
5.675%, 01/15/2035
   100,000
      101,638
Charles Schwab Corp., The
2.000%, 03/20/2028
   100,000
       95,991
5.643%, 05/19/2029(d)
   100,000
      101,893
6.196%, 11/17/2029(d)
   100,000
      103,427
4.625%, 03/22/2030
    50,000
       50,289
4.343%, 11/14/2031(d)
   100,000
       98,346
5.853%, 05/19/2034(d)
   150,000
      156,738
6.136%, 08/24/2034(d)
   100,000
      106,244
4.914%, 11/14/2036(d)
   100,000
       97,576
5.493%, 05/21/2037(d)
    75,000
       76,012
UBS AG
5.650%, 09/11/2028
   200,000
      204,793
Blackstone Private Credit Fund
4.000%, 01/15/2029
   250,000
      238,920
6.000%, 01/29/2032
    50,000
       49,277
6.000%, 11/22/2034
   100,000
       96,254
Goldman Sachs BDC Inc.
5.100%, 01/28/2029
    50,000
       48,837
Goldman Sachs Private Credit Corp.
5.375%, 01/31/2029
   100,000
       99,173
6.250%, 05/06/2030
    50,000
       50,660
5.875%, 01/31/2031
    50,000
       49,387
Ares Capital Corp.
5.875%, 03/01/2029
   150,000
      151,188
5.950%, 07/15/2029
   150,000
      151,507
5.800%, 03/08/2032
    50,000
       49,548
Blue Owl Capital Corp.
5.950%, 03/15/2029
   100,000
       99,998
6.200%, 07/15/2030
    50,000
       49,822
Ares Strategic Income Fund
6.350%, 08/15/2029
   100,000
      100,914
5.600%, 02/15/2030
   100,000
       98,271
Sixth Street Lending Partners
5.750%, 01/15/2030
   100,000
       99,353
Blackrock Inc.
2.400%, 04/30/2030
   250,000
      231,451
4.750%, 05/25/2033
   150,000
      150,193
MSD Investment Corp.
6.250%, 05/31/2030
    50,000
       49,488
 
Principal
amount
Value
Corporate Bonds (Cont.)
Asset Management (Cont.)
HPS Corporate Lending Fund
5.850%, 06/05/2030
$    50,000
$       49,293
5.450%, 11/15/2030
   200,000
      193,342
HA Sustainable Infrastructure
Capital Inc.
6.150%, 01/15/2031
    50,000
       51,262
6.375%, 07/01/2034
    50,000
       51,000
Apollo Debt Solutions BDC
5.700%, 01/23/2031(c)
    50,000
       48,952
6.700%, 07/29/2031
    50,000
       50,968
6.550%, 03/15/2032
   100,000
      100,856
Ameriprise Financial Inc.
4.500%, 05/13/2032
   250,000
      246,331
5.150%, 05/15/2033
   100,000
      101,180
Brookfield Capital Finance LLC
6.087%, 06/14/2033
   100,000
      104,896
 
 
    4,761,396
Automotive (0.21%)
American Honda Finance Corp.
4.550%, 07/09/2027
    50,000
       50,081
4.900%, 07/09/2027
    50,000
       50,205
5.125%, 07/07/2028
   250,000
      252,201
5.650%, 11/15/2028
   100,000
      102,124
4.800%, 03/05/2030
   100,000
       99,808
5.850%, 10/04/2030
   100,000
      103,761
4.900%, 04/10/2031
   100,000
       99,645
5.150%, 07/09/2032
    50,000
       50,101
4.900%, 01/10/2034
   100,000
       98,030
Toyota Motor Credit Corp.
4.550%, 09/20/2027
   250,000
      250,755
4.350%, 10/08/2027
   100,000
      100,067
4.050%, 03/13/2029
   100,000
       98,856
4.550%, 05/17/2030
   100,000
       99,811
4.800%, 01/05/2034
   100,000
       99,142
General Motors Financial Co. Inc.
6.000%, 01/09/2028
   250,000
      254,674
5.800%, 06/23/2028
   250,000
      254,858
4.750%, 04/06/2029
   100,000
       99,946
5.850%, 04/06/2030
   250,000
      258,291
5.450%, 07/15/2030
    50,000
       51,018
5.600%, 06/18/2031
   100,000
      102,369
6.400%, 01/09/2033
   250,000
      265,582
5.450%, 09/06/2034
   100,000
      100,180
5.900%, 01/07/2035
    50,000
       51,379
6.150%, 07/15/2035
    50,000
       52,105
Ford Motor Credit Co. LLC
6.800%, 05/12/2028
   200,000
      205,710
6.798%, 11/07/2028
   200,000
      206,483
5.875%, 11/07/2029
   200,000
      202,406
7.350%, 03/06/2030
   200,000
      211,465
7.200%, 06/10/2030
   200,000
      210,785
6.050%, 03/05/2031
   200,000
      202,999
5.420%, 04/09/2031
   200,000
      198,298
7.122%, 11/07/2033
   200,000
      212,747
10

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Automotive (Cont.)
Toyota Motor Corp.
5.118%, 07/13/2028
$   250,000
$      253,325
4.450%, 06/30/2030
    50,000
       49,773
5.123%, 07/13/2033
   250,000
      255,121
5.053%, 06/30/2035
   200,000
      201,756
General Motors Co.
5.625%, 04/15/2030
    50,000
       51,230
5.600%, 10/15/2032
   100,000
      102,349
Honda Motor Co. Ltd.
4.688%, 07/08/2030
   100,000
       99,382
5.337%, 07/08/2035
    50,000
       49,992
Magna International Inc.
5.500%, 03/21/2033
   200,000
      204,794
 
 
    5,963,604
Banking (1.61%)
Royal Bank of Canada
4.240%, 08/03/2027
   150,000
      149,900
6.000%, 11/01/2027
   250,000
      255,336
4.900%, 01/12/2028
   150,000
      151,069
5.200%, 08/01/2028
   150,000
      152,351
4.696%, 08/06/2031(d)
   200,000
      199,067
4.612%, 05/03/2032(d)
   100,000
       98,857
5.000%, 02/01/2033
   150,000
      151,039
5.000%, 05/02/2033
   125,000
      125,985
Banco Santander SA
5.294%, 08/18/2027
   200,000
      201,500
5.588%, 08/08/2028
   200,000
      203,491
5.565%, 01/17/2030
   200,000
      205,012
6.921%, 08/08/2033
   200,000
      217,144
Westpac Banking Corp.
4.043%, 08/26/2027
   250,000
      249,325
5.457%, 11/18/2027
   250,000
      253,753
5.535%, 11/17/2028
   100,000
      102,693
5.050%, 04/16/2029
   100,000
      101,734
6.820%, 11/17/2033
   100,000
      109,144
5.618%, 11/20/2035(d)
   100,000
      100,823
3.020%, 11/18/2036(d)
   100,000
       89,283
Deutsche Bank AG
5.371%, 09/09/2027
   250,000
      253,023
6.720%, 01/18/2029(d)
   250,000
      257,511
6.819%, 11/20/2029(d)
   150,000
      156,907
3.742%, 01/07/2033(d)
   250,000
      229,185
Bank of Montreal
4.700%, 09/14/2027
   150,000
      150,491
5.203%, 02/01/2028
   150,000
      151,563
3.088%, 01/10/2037(d)
   150,000
      134,529
Toronto-Dominion Bank, The
4.693%, 09/15/2027
   250,000
      250,877
5.156%, 01/10/2028
   150,000
      151,537
5.523%, 07/17/2028
   150,000
      152,873
4.808%, 06/03/2030
   125,000
      125,587
5.298%, 01/30/2032
   200,000
      204,330
PNC Bank N.A.
3.100%, 10/25/2027
   250,000
      245,923
 
Principal
amount
Value
Corporate Bonds (Cont.)
Banking (Cont.)
Keybank National Association
5.850%, 11/15/2027
$   250,000
$      254,020
National Australia Bank Ltd.
4.944%, 01/12/2028
   250,000
      252,590
4.900%, 06/13/2028
   250,000
      252,521
Sumitomo Mitsui Financial
Group Inc.
5.520%, 01/13/2028
   250,000
      253,643
5.800%, 07/13/2028
   250,000
      255,727
3.040%, 07/16/2029
   200,000
      190,278
5.710%, 01/13/2030
   250,000
      257,305
5.766%, 01/13/2033
   250,000
      260,169
5.632%, 01/15/2035
   200,000
      206,338
Manufacturers & Traders Trust Co.
4.700%, 01/27/2028
   250,000
      250,598
U.S. Bancorp
3.900%, 04/26/2028
   250,000
      247,671
4.548%, 07/22/2028(d)
   150,000
      150,022
4.653%, 02/01/2029(d)
   150,000
      150,105
5.775%, 06/12/2029(d)
   250,000
      255,215
5.384%, 01/23/2030(d)
   100,000
      101,699
4.839%, 02/01/2034(d)
   150,000
      148,008
5.836%, 06/12/2034(d)
   250,000
      260,664
5.678%, 01/23/2035(d)
   250,000
      258,124
5.033%, 01/26/2037(d)
   100,000
       98,574
Canadian Imperial Bank of
Commerce
5.001%, 04/28/2028
   150,000
      151,271
5.245%, 01/13/2031(d)
   125,000
      126,891
6.092%, 10/03/2033
   150,000
      159,445
Bank of Nova Scotia, The
5.250%, 06/12/2028
   150,000
      152,298
4.850%, 02/01/2030
   250,000
      251,639
4.904%, 06/05/2032
   100,000
       99,743
4.588%, 05/04/2037(d)
   150,000
      144,873
Mitsubishi UFJ Financial
Group Inc.(Variable, U.S. Treasury
Yield Curve Rate CMT 1Y +
1.95%)
5.017%, 07/20/2028(d)
   250,000
      251,191
5.422%, 02/22/2029(d)
   200,000
      202,288
5.258%, 04/17/2030(d)
   200,000
      202,542
2.309%, 07/20/2032(d)
   200,000
      176,305
5.441%, 02/22/2034(d)
   200,000
      204,023
5.406%, 04/19/2034(d)
   200,000
      204,233
5.057%, 01/14/2037(d)
   200,000
      196,303
Bank of America Corp.(Variable,
U.S. SOFR + 2.04%)
4.948%, 07/22/2028(d)
   150,000
      150,619
6.204%, 11/10/2028(d)
   250,000
      255,254
3.419%, 12/20/2028(d)
   250,000
      245,821
4.979%, 01/24/2029(d)
   100,000
      100,546
3.970%, 03/05/2029(d)
   250,000
      247,316
5.202%, 04/25/2029(d)
   250,000
      252,334
2.087%, 06/14/2029(d)
   250,000
      238,066
11

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Banking (Cont.)
4.271%, 07/23/2029(d)
$   150,000
$      148,817
5.819%, 09/15/2029(d)
   100,000
      102,332
3.974%, 02/07/2030(d)
   250,000
      245,292
4.477%, 04/23/2030(d)
   150,000
      149,054
3.194%, 07/23/2030(d)
   250,000
      238,938
5.162%, 01/24/2031(d)
   200,000
      202,707
4.456%, 02/06/2032(d)
   100,000
       98,237
2.687%, 04/22/2032(d)
   200,000
      181,163
4.695%, 04/23/2032(d)
   200,000
      198,318
2.572%, 10/20/2032(d)
   250,000
      222,522
2.972%, 02/04/2033(d)
   500,000
      451,323
4.571%, 04/27/2033(d)
   500,000
      490,121
5.015%, 07/22/2033(d)
   500,000
      500,742
5.288%, 04/25/2034(d)
   250,000
      253,331
5.872%, 09/15/2034(d)
   175,000
      182,911
5.468%, 01/23/2035(d)
   250,000
      254,893
2.482%, 09/21/2036(d)
   250,000
      217,997
5.045%, 02/06/2037(d)
   200,000
      196,974
3.846%, 03/08/2037(d)
   250,000
      232,333
JPMorgan Chase & Co.(Variable,
U.S. SOFR + 1.99%)
4.851%, 07/25/2028(d)
   250,000
      250,726
2.069%, 06/01/2029(d)
   250,000
      238,332
4.203%, 07/23/2029(d)
   150,000
      148,716
5.299%, 07/24/2029(d)
   250,000
      253,255
6.087%, 10/23/2029(d)
   100,000
      103,045
4.452%, 12/05/2029(d)
   150,000
      149,150
5.012%, 01/23/2030(d)
   150,000
      151,016
5.581%, 04/22/2030(d)
   250,000
      255,476
4.408%, 04/23/2030(d)
   100,000
       99,150
3.702%, 05/06/2030(d)
   250,000
      243,133
4.565%, 06/14/2030(d)
   250,000
      249,062
4.995%, 07/22/2030(d)
   250,000
      251,693
5.140%, 01/24/2031(d)
   200,000
      202,249
5.103%, 04/22/2031(d)
   200,000
      202,258
4.347%, 01/22/2032(d)
   100,000
       97,958
1.953%, 02/04/2032(d)
   250,000
      220,060
2.580%, 04/22/2032(d)
   250,000
      225,312
4.622%, 04/23/2032(d)
   200,000
      197,692
2.545%, 11/08/2032(d)
   250,000
      222,333
2.963%, 01/25/2033(d)
   250,000
      226,337
4.586%, 04/26/2033(d)
   500,000
      492,312
4.912%, 07/25/2033(d)
   500,000
      499,404
5.717%, 09/14/2033(d)
   250,000
      258,015
5.350%, 06/01/2034(d)
   250,000
      254,196
6.254%, 10/23/2034(d)
   250,000
      267,574
5.336%, 01/23/2035(d)
   250,000
      253,732
5.766%, 04/22/2035(d)
   100,000
      104,011
4.946%, 10/22/2035(d)
   100,000
       98,673
5.572%, 04/22/2036(d)
    50,000
       51,402
4.810%, 10/22/2036(d)
   250,000
      243,061
4.898%, 01/22/2037(d)
   200,000
      194,757
5.193%, 02/05/2037(d)
   200,000
      196,701
Huntington Bancshares Inc.(Variable,
U.S. SOFR + 1.97%)
4.443%, 08/04/2028(d)
   100,000
       99,819
 
Principal
amount
Value
Corporate Bonds (Cont.)
Banking (Cont.)
5.272%, 01/15/2031(d)
$   200,000
$      202,348
5.709%, 02/02/2035(d)
   100,000
      102,307
HSBC Holdings PLC(Variable,
U.S. SOFR + 2.61%)
5.210%, 08/11/2028(d)
   250,000
      251,717
7.390%, 11/03/2028(d)
   250,000
      258,862
6.161%, 03/09/2029(d)
   250,000
      255,894
5.286%, 11/19/2030(d)
   200,000
      202,545
5.240%, 05/13/2031(d)
   200,000
      202,190
4.675%, 03/10/2032(d)
   200,000
      197,250
2.804%, 05/24/2032(d)
   200,000
      180,764
5.402%, 08/11/2033(d)
   250,000
      253,220
8.113%, 11/03/2033(d)
   250,000
      287,141
6.254%, 03/09/2034(d)
   250,000
      264,762
6.547%, 06/20/2034(d)
   200,000
      212,507
7.399%, 11/13/2034(d)
   200,000
      222,412
5.450%, 03/03/2036(d)
   200,000
      201,246
Citibank N.A.
5.803%, 09/29/2028
   250,000
      257,209
4.838%, 08/06/2029
   250,000
      251,994
4.846%, 06/18/2032(d)
   250,000
      249,822
Lloyds Banking Group PLC(Variable,
U.S. Treasury Yield Curve Rate
CMT 1Y + 0.85%)
5.087%, 11/26/2028(d)
   200,000
      201,372
5.679%, 01/05/2035(d)
   200,000
      205,516
6.068%, 06/13/2036(d)
   200,000
      206,087
Santander UK Group Holdings PLC
6.534%, 01/10/2029(d)
   250,000
      256,603
Wells Fargo & Co.
4.150%, 01/24/2029
   186,000
      184,267
5.574%, 07/25/2029(d)
   200,000
      203,378
6.303%, 10/23/2029(d)
   100,000
      103,445
5.198%, 01/23/2030(d)
   150,000
      151,686
5.244%, 01/24/2031(d)
   100,000
      101,366
5.150%, 04/23/2031(d)
   100,000
      101,050
4.844%, 05/20/2032(d)
   150,000
      149,493
3.350%, 03/02/2033(d)
   500,000
      459,623
4.897%, 07/25/2033(d)
   500,000
      496,827
5.389%, 04/24/2034(d)
   150,000
      152,287
5.557%, 07/25/2034(d)
   150,000
      153,609
5.499%, 01/23/2035(d)
   250,000
      254,812
5.605%, 04/23/2036(d)
   150,000
      153,753
4.892%, 09/15/2036(d)
   100,000
       97,561
4.960%, 01/23/2037(d)
   200,000
      195,256
Truist Financial Corp.(Variable,
U.S. SOFR + 1.44%)
4.873%, 01/26/2029(d)
   100,000
      100,427
7.161%, 10/30/2029(d)
   150,000
      157,988
5.435%, 01/24/2030(d)
   100,000
      101,668
5.071%, 05/20/2031(d)
   100,000
      100,933
4.680%, 04/23/2032(d)
   100,000
       98,706
5.153%, 08/05/2032(d)
   100,000
      100,742
5.867%, 06/08/2034(d)
   150,000
      156,043
5.711%, 01/24/2035(d)
   100,000
      102,968
4.964%, 10/23/2036(d)
   100,000
       97,271
12

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Banking (Cont.)
Citigroup Inc.(Variable, U.S. SOFR +
0.87%)
4.786%, 03/04/2029(d)
$   150,000
$      150,360
5.174%, 02/13/2030(d)
   250,000
      252,667
3.980%, 03/20/2030(d)
   150,000
      147,106
4.952%, 05/07/2031(d)
   150,000
      150,496
2.561%, 05/01/2032(d)
   250,000
      224,747
3.057%, 01/25/2033(d)
   500,000
      452,981
3.785%, 03/17/2033(d)
   500,000
      469,856
4.910%, 05/24/2033(d)
   500,000
      497,448
6.270%, 11/17/2033(d)
   250,000
      266,528
6.174%, 05/25/2034(d)
   250,000
      260,876
5.827%, 02/13/2035(d)
   250,000
      254,812
5.449%, 06/11/2035(d)
   250,000
      254,258
5.333%, 03/27/2036(d)
   100,000
      100,721
5.174%, 09/11/2036(d)
   100,000
       99,443
Mizuho Financial Group Inc.(Variable,
U.S. Treasury Yield Curve Rate
CMT 1Y + 1.50%)
5.667%, 05/27/2029(d)
   200,000
      203,750
5.382%, 07/10/2030(d)
   200,000
      203,278
5.739%, 05/27/2031(d)
   200,000
      206,173
5.748%, 07/06/2034(d)
   200,000
      207,103
5.323%, 07/08/2036(d)
   200,000
      200,553
PNC Financial Services Group Inc.,
The(Variable, U.S. SOFR + 1.84%)
5.582%, 06/12/2029(d)
   250,000
      254,537
5.492%, 05/14/2030(d)
   100,000
      102,111
5.222%, 01/29/2031(d)
   100,000
      101,621
4.812%, 10/21/2032(d)
   100,000
       99,560
6.037%, 10/28/2033(d)
   150,000
      158,071
5.939%, 08/18/2034(d)
   150,000
      157,685
5.401%, 07/23/2035(d)
   100,000
      101,309
5.575%, 01/29/2036(d)
   100,000
      102,515
5.423%, 01/25/2041(d)
   100,000
       98,244
Fifth Third Bancorp(Variable,
U.S. SOFR + 2.34%)
6.339%, 07/27/2029(d)
   150,000
      155,009
4.772%, 07/28/2030(d)
   150,000
      149,784
5.141%, 01/29/2037(d)
   100,000
       98,162
NatWest Group PLC(Variable,
U.S. Treasury Yield Curve Rate
CMT 1Y + 1.95%)
5.808%, 09/13/2029(d)
   200,000
      204,390
5.076%, 01/27/2030(d)
   200,000
      201,303
4.983%, 06/18/2032(d)
   200,000
      199,880
5.778%, 03/01/2035(d)
   200,000
      207,396
Barclays PLC(Variable, U.S. SOFR +
2.22%)
6.490%, 09/13/2029(d)
   200,000
      207,014
5.102%, 06/26/2032(d)
   200,000
      199,810
5.746%, 08/09/2033(d)
   250,000
      256,722
7.437%, 11/02/2033(d)
   250,000
      278,629
6.224%, 05/09/2034(d)
   250,000
      263,027
7.119%, 06/27/2034(d)
   250,000
      273,491
 
Principal
amount
Value
Corporate Bonds (Cont.)
Banking (Cont.)
5.207%, 02/24/2037(d)
$   200,000
$      194,772
Morgan Stanley
4.133%, 10/18/2029(d)
   100,000
       98,635
Goldman Sachs Group Inc.,
The(Variable, U.S. SOFR + 0.90%)
4.153%, 10/21/2029(d)
   100,000
       98,590
4.972%, 06/03/2032(d)
   200,000
      199,885
Citizens Financial
Group Inc.(Variable, U.S. SOFR +
2.01%)
5.841%, 01/23/2030(d)
   100,000
      102,495
5.253%, 03/05/2031(d)
   100,000
      101,067
6.645%, 04/25/2035(d)
   100,000
      107,685
Morgan Stanley Private Bank
N.A.(Variable, U.S. SOFR +
0.76%)
4.213%, 02/08/2030(d)
   250,000
      246,735
4.734%, 07/18/2031(d)
   250,000
      248,872
ING Groep N.V.(Variable, U.S. SOFR +
1.44%)
5.335%, 03/19/2030(d)
   200,000
      203,115
5.550%, 03/19/2035(d)
   200,000
      203,744
Morgan Stanley Bank N.A.
4.788%, 05/10/2030(d)
   250,000
      250,247
Santander Holdings U.S.A.
Inc.(Variable, U.S. SOFR + 1.88%)
5.741%, 03/20/2031(d)
   100,000
      102,137
5.220%, 06/05/2032(d)
   100,000
       99,751
6.342%, 05/31/2035(d)
    75,000
       78,995
KeyCorp
5.305%, 01/28/2037(d)
   100,000
       98,535
 
 
   45,074,342
Beverages (0.12%)
Diageo Capital PLC
5.300%, 10/24/2027
   250,000
      252,889
5.500%, 01/24/2033
   200,000
      206,277
PepsiCo Inc.
3.600%, 02/18/2028
   250,000
      247,300
4.450%, 05/15/2028
   250,000
      250,792
4.100%, 01/15/2029
    50,000
       49,712
4.300%, 07/23/2030
   100,000
       99,866
3.900%, 07/18/2032
   100,000
       96,689
4.450%, 02/15/2033
   100,000
       99,305
5.000%, 02/07/2035
   100,000
      100,482
5.000%, 07/23/2035
    50,000
       50,340
Coca-Cola Co., The
1.000%, 03/15/2028
   100,000
       94,739
3.450%, 03/25/2030
   100,000
       96,978
2.000%, 03/05/2031
   200,000
      179,576
5.000%, 05/13/2034
   100,000
      102,369
Anheuser-Busch InBev
Worldwide Inc.
4.750%, 01/23/2029
   100,000
      100,530
3.500%, 06/01/2030
   350,000
      337,725
13

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Beverages (Cont.)
Coca-Cola Consolidated Inc.
5.250%, 06/01/2029
$   100,000
$      101,841
Keurig Dr. Pepper Inc.
4.050%, 04/15/2032
   250,000
      237,222
5.150%, 05/15/2035
    50,000
       49,414
Constellation Brands Inc.
4.750%, 05/09/2032
   250,000
      247,316
4.900%, 05/01/2033
   100,000
       98,847
Brown-Forman Corp.
4.750%, 04/15/2033
   100,000
       98,859
Anheuser-Busch Cos. LLC/Anheuser-
Busch InBev Worldwide Inc.
4.700%, 02/01/2036
   200,000
      194,662
Maple Parent Holdings Corp.
5.700%, 03/26/2036(c)
    50,000
       50,620
 
 
    3,444,350
Biotechnology & Pharmaceuticals (0.32%)
Eli Lilly & Co.
4.150%, 08/14/2027
   100,000
       99,885
3.375%, 03/15/2029
   207,000
      201,981
4.375%, 05/20/2031
   100,000
       99,230
4.700%, 02/27/2033
   150,000
      150,374
4.700%, 02/09/2034
   100,000
       99,301
5.100%, 02/12/2035
   100,000
      101,570
Johnson & Johnson
0.950%, 09/01/2027
   100,000
       96,514
4.800%, 06/01/2029
   100,000
      101,751
4.850%, 03/01/2032
   200,000
      204,359
Amgen Inc.
5.150%, 03/02/2028
   250,000
      252,382
3.000%, 02/22/2029
   250,000
      240,799
4.050%, 08/18/2029
   250,000
      246,185
5.250%, 03/02/2030
   250,000
      254,721
3.350%, 02/22/2032
   150,000
      139,190
4.200%, 03/01/2033
   150,000
      144,112
5.250%, 03/02/2033
   250,000
      254,398
4.850%, 02/19/2036
   100,000
       97,968
Astrazeneca Finance LLC
4.875%, 03/03/2028
   250,000
      252,084
4.900%, 03/03/2030
   250,000
      253,293
4.875%, 03/03/2033
   150,000
      151,085
5.000%, 02/26/2034
   100,000
      100,996
4.600%, 03/02/2036
   100,000
       96,960
AbbVie Inc.
4.650%, 03/15/2028
   100,000
      100,430
4.250%, 11/14/2028
   100,000
       99,646
3.200%, 11/21/2029
   250,000
      239,385
4.875%, 03/15/2030
   150,000
      151,651
4.125%, 03/15/2031
   100,000
       97,853
4.950%, 03/15/2031
   100,000
      101,417
5.050%, 03/15/2034
   100,000
      101,079
5.200%, 03/15/2035
   100,000
      101,631
4.750%, 03/15/2036
   100,000
       97,835
 
Principal
amount
Value
Corporate Bonds (Cont.)
Biotechnology & Pharmaceuticals (Cont.)
GlaxoSmithKline Capital Inc.
3.875%, 05/15/2028
$   250,000
$      248,186
Merck & Co. Inc.
4.050%, 05/17/2028
   250,000
      249,272
3.400%, 03/07/2029
   150,000
      146,294
4.300%, 05/17/2030
    50,000
       49,684
4.650%, 05/22/2031
   100,000
      100,163
4.500%, 05/17/2033
   150,000
      148,291
4.750%, 12/04/2035
   100,000
       97,986
Pfizer Investment Enterprises Pte.
Ltd.
4.450%, 05/19/2028
   250,000
      250,181
4.650%, 05/19/2030
   250,000
      250,772
4.750%, 05/19/2033
   250,000
      247,598
Sanofi SA
3.625%, 06/19/2028
   150,000
      148,155
Pfizer Inc.
3.450%, 03/15/2029
   150,000
      146,508
4.875%, 11/15/2035
   100,000
       98,857
Gilead Sciences Inc.
1.650%, 10/01/2030
   300,000
      266,023
4.600%, 05/20/2031
   100,000
       99,680
Bristol-Myers Squibb Co.
5.100%, 02/22/2031
   300,000
      305,835
2.950%, 03/15/2032
   250,000
      228,411
5.200%, 02/22/2034
   100,000
      101,980
Novartis Capital Corp.
4.400%, 03/18/2031
   100,000
       99,265
4.200%, 09/18/2034
   100,000
       96,232
4.600%, 11/05/2035
   150,000
      146,547
4.900%, 03/18/2036
   150,000
      149,072
Zoetis Inc.
5.600%, 11/16/2032
   250,000
      259,645
Takeda U.S. Financing Inc.
5.200%, 07/07/2035
   200,000
      199,566
 
 
    8,864,268
Cable & Satellite (0.05%)
Charter Communications Operating
LLC/Charter Communications
Operating Capital
2.250%, 01/15/2029
   250,000
      232,927
4.400%, 04/01/2033
   250,000
      230,190
5.850%, 12/01/2035
   100,000
       96,790
Comcast Corp.
5.500%, 11/15/2032
   250,000
      256,742
4.650%, 02/15/2033
   250,000
      244,325
4.800%, 05/15/2033
   250,000
      246,108
5.300%, 05/15/2035
   100,000
      100,325
 
 
    1,407,407
Chemicals (0.08%)
Ecolab Inc.
5.250%, 01/15/2028
   150,000
      151,862
4.800%, 06/15/2031
    50,000
       50,221
14

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Chemicals (Cont.)
Sherwin-Williams Co., The
4.550%, 03/01/2028
$    50,000
$       49,996
2.950%, 08/15/2029
    70,000
       66,676
4.800%, 09/01/2031
    50,000
       50,063
Nutrien Ltd.
4.900%, 03/27/2028
   150,000
      150,639
4.850%, 05/29/2031
    50,000
       49,952
Air Products and Chemicals Inc.
4.600%, 02/08/2029
   100,000
      100,347
4.800%, 03/03/2033
   100,000
      100,478
4.850%, 02/08/2034
   100,000
       99,611
PPG Industries Inc.
4.375%, 03/15/2031
    50,000
       49,125
Albemarle Corp.
5.050%, 06/01/2032
   150,000
      149,348
Cabot Corp.
5.000%, 06/30/2032
   150,000
      149,703
Eastman Chemical Co.
5.750%, 03/08/2033
   100,000
      103,411
Avery Dennison Corp.
5.750%, 03/15/2033
   100,000
      104,418
Dow Chemical Co., The
6.300%, 03/15/2033
   150,000
      157,550
5.150%, 02/15/2034
   100,000
       98,082
5.350%, 03/15/2035
    50,000
       49,200
LYB International Finance III LLC
5.500%, 03/01/2034
   100,000
       99,146
6.150%, 05/15/2035
    50,000
       51,243
Westlake Corp.
5.550%, 11/15/2035
   100,000
       99,127
CF Industries Inc.
5.300%, 11/26/2035
   100,000
       99,645
 
 
    2,079,843
Commercial Services (0.00%)
Mobility Global Inc.
6.050%, 06/15/2036(c)
    50,000
       50,567
 
 
       50,567
Commercial Support Services (0.06%)
Waste Management Inc.
4.875%, 02/15/2029
   150,000
      151,553
4.625%, 02/15/2030
   100,000
      100,292
4.800%, 03/15/2032
   100,000
      100,634
4.150%, 04/15/2032
   100,000
       97,545
4.625%, 02/15/2033
   100,000
       99,337
RELX Capital Inc.
4.000%, 03/18/2029
   150,000
      147,543
3.000%, 05/22/2030
   150,000
      140,889
Republic Services Inc.
4.875%, 04/01/2029
   150,000
      151,369
4.750%, 07/15/2030
    50,000
       50,294
2.375%, 03/15/2033
   100,000
       86,643
Waste Connections Inc.
2.600%, 02/01/2030
   200,000
      187,155
 
Principal
amount
Value
Corporate Bonds (Cont.)
Commercial Support Services (Cont.)
5.000%, 03/01/2034
$   100,000
$      100,049
Paychex Inc.
5.100%, 04/15/2030
    60,000
       60,517
5.350%, 04/15/2032
    60,000
       60,715
5.600%, 04/15/2035
    60,000
       60,627
 
 
    1,595,162
Construction Materials (0.02%)
CRH SMW Finance DAC
5.125%, 01/09/2030
   200,000
      202,628
Owens Corning
3.500%, 02/15/2030
   100,000
       95,787
Amrize Finance U.S. LLC
4.950%, 04/07/2030
   100,000
      100,661
5.400%, 04/07/2035
   130,000
      131,915
 
 
      530,991
Consumer Services (0.01%)
Trustees of Dartmouth College
4.273%, 06/01/2030
    50,000
       49,653
Trustees of Princeton University, The
4.647%, 07/01/2030
    50,000
       50,454
Leland Stanford Junior University,
The
4.146%, 08/01/2030
    50,000
       49,523
4.679%, 03/01/2035
    50,000
       48,804
President and Fellows of Harvard
College
4.609%, 02/15/2035
    50,000
       49,553
 
 
      247,987
Containers & Packaging (0.02%)
Berry Global Inc.
5.500%, 04/15/2028
   100,000
      101,492
WRKCo Inc.
4.900%, 03/15/2029
   100,000
      100,399
Amcor Finance U.S.A. Inc.
5.625%, 05/26/2033
   100,000
      102,871
Amcor Flexibles North America Inc.
5.500%, 03/17/2035
    40,000
       40,712
Smurfit Westrock Financing DAC
5.185%, 01/15/2036
   200,000
      197,940
 
 
      543,414
Diversified Financial Services (0.00%)
Mastercard Inc.
5.000%, 06/08/2036
    50,000
       49,890
 
 
       49,890
Diversified Industrials (0.02%)
Parker-Hannifin Corp.
4.250%, 09/15/2027
   150,000
      149,728
4.500%, 09/15/2029
   150,000
      149,888
3M Co.
2.875%, 10/15/2027
   100,000
       98,097
15

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Diversified Industrials (Cont.)
2.375%, 08/26/2029
$   100,000
$       93,802
4.800%, 03/15/2030
    50,000
       50,305
 
 
      541,820
E-Commerce Discretionary (0.11%)
eBay Inc.
5.950%, 11/22/2027
   250,000
      254,415
6.300%, 11/22/2032
   250,000
      266,197
Amazon.com Inc.
4.550%, 12/01/2027
   250,000
      251,022
3.900%, 11/20/2028
   100,000
       98,947
4.000%, 03/13/2029
   100,000
       98,931
3.450%, 04/13/2029
   250,000
      243,959
4.650%, 12/01/2029
   150,000
      151,026
4.100%, 11/20/2030
   200,000
      196,560
4.250%, 03/13/2031
   200,000
      196,931
2.100%, 05/12/2031
   150,000
      133,677
3.600%, 04/13/2032
   250,000
      236,919
4.700%, 12/01/2032
   250,000
      251,215
4.650%, 11/20/2035
   250,000
      243,117
4.875%, 03/13/2036
   250,000
      246,101
Alibaba Group Holding Ltd.
4.875%, 05/26/2030
   250,000
      253,470
 
 
    3,122,487
Electric Utilities (0.62%)
Eversource Energy
4.600%, 07/01/2027
   150,000
      150,119
5.450%, 03/01/2028
   150,000
      151,690
5.850%, 04/15/2031
   100,000
      103,736
5.125%, 05/15/2033
   150,000
      150,074
5.950%, 07/15/2034
   100,000
      104,552
NextEra Energy Capital Holdings Inc.
4.625%, 07/15/2027
   150,000
      150,190
4.900%, 02/28/2028
   150,000
      150,793
4.900%, 03/15/2029
   100,000
      100,842
5.000%, 02/28/2030
   150,000
      151,606
5.000%, 07/15/2032
   150,000
      150,757
5.050%, 02/28/2033
   150,000
      150,563
6.700%, 09/01/2054(d)
    50,000
       51,210
6.500%, 08/15/2055(d)
   100,000
      102,643
Southern Co., The
5.113%, 08/01/2027
   150,000
      150,722
4.850%, 06/15/2028
   150,000
      150,881
5.500%, 03/15/2029
    50,000
       51,131
5.700%, 10/15/2032
   150,000
      155,952
5.200%, 06/15/2033
   150,000
      151,148
Alabama Power Co.
3.750%, 09/01/2027
   150,000
      149,128
WEC Energy Group Inc.
5.150%, 10/01/2027
   150,000
      151,028
4.750%, 01/15/2028
   150,000
      150,371
American Electric Power Co. Inc.
5.750%, 11/01/2027
   150,000
      152,296
5.950%, 11/01/2032
   150,000
      158,113
 
Principal
amount
Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
7.050%, 12/15/2054(d)
$    50,000
$       51,994
Southern California Edison Co.
5.850%, 11/01/2027
   150,000
      152,226
5.300%, 03/01/2028
   150,000
      151,401
4.950%, 09/15/2031
    50,000
       49,893
5.950%, 11/01/2032
   150,000
      156,201
Public Service Enterprise Group Inc.
5.850%, 11/15/2027
   150,000
      152,667
4.800%, 06/15/2031
   100,000
       99,730
5.400%, 03/15/2035
    40,000
       40,470
Duke Energy Corp.
5.000%, 12/08/2027
   150,000
      151,149
4.300%, 03/15/2028
   150,000
      149,440
4.850%, 01/05/2029
   100,000
      100,572
5.450%, 06/15/2034
    50,000
       51,068
4.950%, 09/15/2035
   100,000
       97,861
6.450%, 09/01/2054(d)
   100,000
      103,840
Consumers Energy Co.
4.650%, 03/01/2028
   150,000
      150,785
4.625%, 05/15/2033
   150,000
      147,941
Constellation Energy Generation LLC
5.600%, 03/01/2028
   150,000
      152,345
National Rural Utilities Cooperative
Finance Corp.
4.800%, 03/15/2028
   150,000
      150,688
5.150%, 06/15/2029
    50,000
       50,774
4.950%, 02/07/2030
    50,000
       50,527
5.000%, 02/07/2031
   100,000
      101,258
2.750%, 04/15/2032
    50,000
       44,726
5.800%, 01/15/2033
    50,000
       52,489
Exelon Corp.
5.150%, 03/15/2028
   150,000
      151,402
5.300%, 03/15/2033
   150,000
      152,577
4.950%, 03/15/2036
    50,000
       48,606
Black Hills Corp.
5.950%, 03/15/2028
   150,000
      152,947
Florida Power & Light Co.
5.050%, 04/01/2028
   150,000
      151,704
4.400%, 05/15/2028
   150,000
      150,095
5.150%, 06/15/2029
    50,000
       50,937
4.625%, 05/15/2030
   150,000
      150,415
5.100%, 04/01/2033
   150,000
      151,974
4.800%, 05/15/2033
   150,000
      149,454
5.300%, 06/15/2034
    50,000
       51,016
4.700%, 02/15/2036
    50,000
       48,470
Berkshire Hathaway Energy Co.
3.250%, 04/15/2028
    80,000
       78,332
3.700%, 07/15/2030
    50,000
       48,308
System Energy Resources Inc.
6.000%, 04/15/2028
   100,000
      102,193
Georgia Power Co.
4.650%, 05/16/2028
   150,000
      150,449
4.700%, 05/15/2032
   150,000
      149,841
4.950%, 05/17/2033
   150,000
      150,909
5.250%, 03/15/2034
   100,000
      101,564
16

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
DTE Energy Co.
4.875%, 06/01/2028
$   150,000
$      150,625
5.100%, 03/01/2029
    50,000
       50,567
5.200%, 04/01/2030
   100,000
      101,440
5.850%, 06/01/2034
    50,000
       52,151
AES Corp., The
5.450%, 06/01/2028
   150,000
      151,648
National Grid PLC
5.602%, 06/12/2028
   150,000
      152,674
5.809%, 06/12/2033
   150,000
      156,190
San Diego Gas & Electric Co.
4.950%, 08/15/2028
   150,000
      151,208
5.200%, 03/15/2036
    50,000
       49,763
Duke Energy Carolinas LLC
3.950%, 11/15/2028
    90,000
       88,969
4.850%, 03/15/2030
   100,000
      100,911
4.650%, 06/15/2031
   100,000
       99,964
4.950%, 01/15/2033
   150,000
      150,979
4.850%, 01/15/2034
   100,000
       99,456
5.250%, 03/15/2035
    50,000
       50,698
5.150%, 06/15/2036
   100,000
      100,101
Duke Energy Progress LLC
3.450%, 03/15/2029
   100,000
       97,438
5.050%, 03/15/2035
    50,000
       50,016
Sempra
3.700%, 04/01/2029
   100,000
       97,591
5.500%, 08/01/2033
   200,000
      205,611
5.250%, 03/15/2036
   100,000
       98,687
6.400%, 10/01/2054(d)
    50,000
       50,268
6.875%, 10/01/2054(d)
    50,000
       51,008
6.625%, 04/01/2055(d)
    50,000
       50,556
Edison International
5.450%, 06/15/2029
    50,000
       50,488
Consolidated Edison Company of
New York Inc.
3.350%, 04/01/2030
    50,000
       47,779
5.500%, 03/15/2034
    50,000
       51,729
5.125%, 03/15/2035
    50,000
       50,104
Tennessee Valley Authority
7.125%, 05/01/2030
   250,000
      275,268
4.875%, 05/15/2035
   160,000
      163,466
Pacific Gas and Electric Co.
4.550%, 07/01/2030
   150,000
      147,700
5.050%, 11/15/2031
   100,000
       99,906
4.400%, 03/01/2032
   150,000
      144,958
5.900%, 06/15/2032
   150,000
      155,136
6.400%, 06/15/2033
   150,000
      158,718
6.950%, 03/15/2034
   100,000
      109,050
5.800%, 05/15/2034
   100,000
      102,223
Dayton Power & Light Co., The
4.550%, 08/15/2030
    50,000
       49,207
PacifiCorp
5.300%, 02/15/2031
   100,000
      101,507
5.100%, 04/15/2031
    50,000
       50,458
5.450%, 02/15/2034
   100,000
      101,153
 
Principal
amount
Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
5.800%, 04/15/2036
$   100,000
$      102,505
Vistra Operations Co. LLC
5.000%, 04/30/2031(c)
   100,000
       99,244
5.550%, 04/30/2036(c)
   100,000
       99,489
NSTAR Electric Co.
4.650%, 05/15/2031
    50,000
       49,957
Hydro One Inc.
4.750%, 05/30/2031
   100,000
      100,190
Commonwealth Edison Co.
4.550%, 06/01/2031
    50,000
       49,677
Wisconsin Electric Power Co.
4.650%, 06/15/2031
   100,000
       99,585
Southern Power Co.
4.800%, 06/15/2031
   100,000
       99,719
4.900%, 10/01/2035
    50,000
       48,509
Puget Energy Inc.
4.224%, 03/15/2032
   150,000
      143,978
5.725%, 03/15/2035
    50,000
       50,318
AEP Texas Inc.
4.700%, 05/15/2032
   150,000
      148,119
5.200%, 04/15/2036
   100,000
       98,634
Xcel Energy Inc.
4.600%, 06/01/2032
   150,000
      147,307
5.450%, 08/15/2033
   150,000
      152,683
Dominion Energy Inc.
5.375%, 11/15/2032
   150,000
      153,214
5.350%, 06/15/2036
   100,000
      100,116
6.875%, 02/01/2055(d)
    50,000
       51,666
6.200%, 02/15/2056(d)
   100,000
      100,316
Entergy Louisiana LLC
4.000%, 03/15/2033
   100,000
       94,496
5.350%, 03/15/2034
   100,000
      102,478
5.150%, 09/15/2034
   100,000
      101,025
CenterPoint Energy Houston Electric
LLC
6.950%, 03/15/2033
   100,000
      111,196
Virginia Electric and Power Co.
5.000%, 04/01/2033
   150,000
      150,776
5.300%, 08/15/2033
   150,000
      153,077
5.000%, 01/15/2034
   100,000
       99,830
5.150%, 03/15/2035
    50,000
       50,007
4.900%, 09/15/2035
   100,000
       97,884
4.950%, 03/15/2036
   100,000
       97,879
DTE Electric Co.
5.200%, 04/01/2033
    50,000
       51,072
5.250%, 05/15/2035
    50,000
       50,579
4.850%, 03/01/2036
    50,000
       48,868
Southwestern Electric Power Co.
5.300%, 04/01/2033
   100,000
      101,323
5.200%, 04/01/2036
   100,000
       98,680
PPL Electric Utilities Corp.
5.000%, 05/15/2033
   150,000
      151,033
4.850%, 02/15/2034
   100,000
       99,292
Ameren Illinois Co.
4.950%, 06/01/2033
   150,000
      150,311
17

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
Public Service Electric and Gas Co.
5.200%, 08/01/2033
$   150,000
$      152,925
Arizona Public Service Co.
5.550%, 08/01/2033
   150,000
      154,052
5.700%, 08/15/2034
   100,000
      103,318
5.100%, 03/15/2036
    50,000
       49,187
Oncor Electric Delivery Co. LLC
5.650%, 11/15/2033
   100,000
      104,281
5.350%, 04/01/2035
    50,000
       50,864
Duke Energy Florida LLC
5.875%, 11/15/2033
   100,000
      105,414
4.850%, 12/01/2035
    50,000
       49,017
Dominion Energy South Carolina Inc.
5.300%, 01/15/2035
   100,000
      101,345
Union Electric Co.
5.250%, 04/15/2035
    50,000
       50,528
4.800%, 03/15/2036
    50,000
       48,641
Northern States Power Co.
5.050%, 05/15/2035
    50,000
       50,175
Duke Energy Ohio Inc.
5.300%, 06/15/2035
    50,000
       50,461
AEP Transmission Co. LLC
5.375%, 06/15/2035
    50,000
       50,814
Interstate Power and Light Co.
5.600%, 06/29/2035
    50,000
       51,358
Public Service Co. of Colorado
5.150%, 09/15/2035
   100,000
       99,380
Entergy Arkansas LLC
4.950%, 01/15/2036
    50,000
       49,055
Public Service Co. of Oklahoma
5.450%, 01/15/2036
   100,000
      101,004
Idaho Power Co.
4.850%, 03/01/2036
    50,000
       48,697
Duke Energy Indiana LLC
4.950%, 03/15/2036
   100,000
       98,290
Entergy Mississippi LLC
5.050%, 04/15/2036
   100,000
       98,317
Entergy Corp.
7.125%, 12/01/2054(d)
    50,000
       51,695
 
 
   17,382,002
Electrical Equipment (0.05%)
Otis Worldwide Corp.
5.250%, 08/16/2028
   150,000
      151,965
Lennox International Inc.
5.500%, 09/15/2028
   100,000
      101,654
Amphenol Corp.
3.900%, 11/15/2028
   100,000
       98,793
5.050%, 04/05/2029
    50,000
       50,812
4.125%, 11/15/2030
   100,000
       98,043
4.400%, 02/15/2033
   100,000
       97,234
5.000%, 01/15/2035
    50,000
       49,947
4.625%, 02/15/2036
   100,000
       96,545
 
Principal
amount
Value
Corporate Bonds (Cont.)
Electrical Equipment (Cont.)
Johnson Controls International
PLC/Tyco Fire & Security Finance
SCA
5.500%, 04/19/2029
$    50,000
$       51,151
GE Vernova Inc.
4.250%, 02/04/2031
   100,000
       98,422
Vontier Corp.
2.950%, 04/01/2031
   150,000
      135,947
Allegion U.S. Holding Co. Inc.
5.411%, 07/01/2032
   150,000
      152,637
Trane Technologies Financing Ltd.
5.250%, 03/03/2033
   100,000
      102,129
Honeywell International Inc.
4.500%, 01/15/2034
   100,000
       97,697
Vertiv Holdings Co.
4.850%, 03/15/2036
    50,000
       48,561
Fortive Corp.
5.250%, 05/15/2036
    50,000
       49,823
 
 
    1,481,360
Engineering & Construction (0.01%)
Quanta Services Inc.
4.750%, 08/09/2027
    50,000
       50,128
5.100%, 08/09/2035
    50,000
       49,668
Jacobs Engineering Group Inc.
6.350%, 08/18/2028
   100,000
      103,287
MasTec Inc.
5.900%, 06/15/2029
    50,000
       51,450
 
 
      254,533
Entertainment Content (0.02%)
Netflix Inc.
4.875%, 04/15/2028
   100,000
      100,727
Walt Disney Co., The
3.800%, 03/22/2030
   150,000
      146,616
6.200%, 12/15/2034
   150,000
      163,588
 
 
      410,931
Environmental Control (0.00%)
Republic Services Inc.
4.750%, 07/15/2031
   100,000
      100,220
 
 
      100,220
Food (0.07%)
JBS NV/JBS U.S.A. Foods Group
Holdings Inc./JBS U.S.A. Food Co.
Holdings
3.000%, 02/02/2029
   250,000
      239,862
3.625%, 01/15/2032
   250,000
      231,519
5.750%, 04/01/2033
    73,000
       74,947
General Mills Inc.
4.875%, 01/30/2030
   100,000
      100,549
4.950%, 03/29/2033
   100,000
       99,268
5.250%, 01/30/2035
   100,000
      100,265
18

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Food (Cont.)
Kraft Heinz Foods Co.
3.750%, 04/01/2030
$   250,000
$      241,722
Pilgrim's Pride Corp.
4.250%, 04/15/2031
   250,000
      239,744
3.500%, 03/01/2032
   250,000
      227,907
6.250%, 07/01/2033
    47,000
       49,071
Kellanova
5.250%, 03/01/2033
   100,000
      101,870
McCormick & Co. Inc.
4.950%, 04/15/2033
   100,000
       99,715
Hershey Co., The
4.500%, 05/04/2033
   100,000
       99,052
 
 
    1,905,491
Forestry, Paper & Wood Products (0.01%)
Suzano Austria GmbH
6.000%, 01/15/2029
   200,000
      203,165
 
 
      203,165
Gas (0.00%)
Atmos Energy Corp.
4.750%, 01/15/2032
   100,000
       99,684
 
 
       99,684
Gas & Water Utilities (0.04%)
CenterPoint Energy Resources Corp.
5.250%, 03/01/2028
   100,000
      101,309
5.400%, 03/01/2033
     9,000
        9,167
NiSource Inc.
5.250%, 03/30/2028
   100,000
      101,114
5.200%, 07/01/2029
    50,000
       50,777
3.600%, 05/01/2030
    50,000
       47,992
4.750%, 05/18/2031
    50,000
       49,796
5.350%, 07/15/2035
    50,000
       50,412
6.950%, 11/30/2054(d)
    50,000
       51,701
Essential Utilities Inc.
2.704%, 04/15/2030
    50,000
       46,352
5.250%, 08/15/2035
    50,000
       49,922
5.125%, 03/15/2036
    50,000
       49,289
Southwest Gas Corp.
4.050%, 03/15/2032
   100,000
       95,557
American Water Capital Corp.
4.450%, 06/01/2032
   100,000
       98,250
5.250%, 03/01/2035
    50,000
       50,598
Southern California Gas Co.
5.200%, 06/01/2033
   100,000
      101,409
5.450%, 06/15/2035
    50,000
       51,146
Atmos Energy Corp.
5.900%, 11/15/2033
    50,000
       53,047
Southern Co. Gas Capital Corp.
4.950%, 09/15/2034
   100,000
       98,768
 
 
    1,156,606
 
Principal
amount
Value
Corporate Bonds (Cont.)
Health Care Facilities & Services (0.26%)
CommonSpirit Health
6.073%, 11/01/2027
$   150,000
$      152,391
Cencora Inc.
4.625%, 12/15/2027
   100,000
      100,130
5.150%, 02/15/2035
   100,000
       99,857
4.900%, 02/13/2036
    50,000
       48,716
UnitedHealth Group Inc.
5.250%, 02/15/2028
   250,000
      253,339
4.000%, 05/15/2029
   250,000
      246,522
5.300%, 02/15/2030
   250,000
      255,735
4.650%, 01/15/2031
   100,000
      100,090
4.200%, 05/15/2032
   250,000
      243,055
5.350%, 02/15/2033
   100,000
      102,621
4.500%, 04/15/2033
   100,000
       97,811
5.150%, 07/15/2034
   100,000
      100,911
HCA Inc.
5.000%, 03/01/2028
   100,000
      100,555
5.200%, 06/01/2028
   150,000
      151,474
3.375%, 03/15/2029
   150,000
      144,953
5.250%, 03/01/2030
   100,000
      101,389
5.450%, 04/01/2031
   100,000
      102,176
3.625%, 03/15/2032
   100,000
       93,086
5.500%, 06/01/2033
   100,000
      102,159
5.600%, 04/01/2034
   100,000
      102,109
5.750%, 03/01/2035
   100,000
      103,082
4.900%, 11/15/2035
    50,000
       48,423
Humana Inc.
5.750%, 03/01/2028
   250,000
      254,228
3.700%, 03/23/2029
   250,000
      243,610
5.375%, 04/15/2031
   100,000
      101,350
IQVIA Inc.
5.700%, 05/15/2028
   200,000
      203,199
6.250%, 02/01/2029
   100,000
      103,311
McKesson Corp.
4.900%, 07/15/2028
   150,000
      151,388
4.950%, 05/30/2032
    50,000
       50,431
5.100%, 07/15/2033
   100,000
      101,280
CVS Health Corp.
5.000%, 01/30/2029
   150,000
      151,359
5.125%, 02/21/2030
   250,000
      252,824
3.750%, 04/01/2030
   100,000
       96,691
5.250%, 01/30/2031
   250,000
      254,236
5.000%, 09/15/2032
    50,000
       50,111
5.250%, 02/21/2033
   100,000
      101,666
5.300%, 06/01/2033
   100,000
      101,432
5.700%, 06/01/2034
   100,000
      103,226
5.450%, 09/15/2035
   100,000
      101,294
Cigna Group, The
5.000%, 05/15/2029
   300,000
      303,671
5.125%, 05/15/2031
   100,000
      101,674
5.250%, 02/15/2034
   100,000
      101,066
5.250%, 01/15/2036
    70,000
       70,179
Laboratory Corp. of America
Holdings
4.350%, 04/01/2030
    50,000
       49,329
19

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Health Care Facilities & Services (Cont.)
Cardinal Health Inc.
4.500%, 09/15/2030
$   100,000
$       99,172
5.350%, 11/15/2034
   100,000
      101,178
Universal Health Services Inc.
2.650%, 10/15/2030
   250,000
      224,812
Adventist Health System
5.430%, 03/01/2032
   150,000
      152,210
Sutter Health
5.213%, 08/15/2032
    50,000
       51,016
5.164%, 08/15/2033
   100,000
      100,934
Elevance Health Inc.
5.500%, 10/15/2032
   250,000
      256,642
4.750%, 02/15/2033
   250,000
      246,390
5.375%, 06/15/2034
   100,000
      101,548
Quest Diagnostics Inc.
6.400%, 11/30/2033
   100,000
      108,100
Ascension Health
4.923%, 11/15/2035
    50,000
       49,382
 
 
    7,389,523
Healthcare - Products (0.00%)
Solventum Corp.
5.450%, 03/13/2031
   100,000
      102,367
 
 
      102,367
Home Construction (0.02%)
D.R. Horton Inc.
1.400%, 10/15/2027
   100,000
       96,196
5.500%, 10/15/2035
   100,000
      102,123
Lennar Corp.
5.200%, 07/30/2030
    50,000
       50,550
Sekisui House U.S. Inc.
2.500%, 01/15/2031
   100,000
       88,194
Fortune Brands Innovations Inc.
4.000%, 03/25/2032
   150,000
      142,082
5.875%, 06/01/2033
   100,000
      104,143
Meritage Homes Corp.
5.650%, 03/15/2035
    75,000
       75,831
 
 
      659,119
Home Furnishings (0.00%)
Sony Group Corp.
5.089%, 06/30/2036
    50,000
       49,998
 
 
       49,998
Household Products (0.06%)
Colgate-Palmolive Co.
3.100%, 08/15/2027
   100,000
       98,905
4.600%, 03/01/2028
   100,000
      100,606
Procter & Gamble Co., The
3.950%, 01/26/2028
   100,000
       99,595
4.350%, 01/29/2029
    50,000
       50,193
4.150%, 10/24/2029
    50,000
       49,959
2.300%, 02/01/2032
   100,000
       89,975
4.050%, 01/26/2033
   100,000
       98,340
 
Principal
amount
Value
Corporate Bonds (Cont.)
Household Products (Cont.)
4.350%, 11/03/2035
$   100,000
$       96,801
Kenvue Inc.
5.050%, 03/22/2028
   100,000
      100,962
5.000%, 03/22/2030
   100,000
      101,205
4.900%, 03/22/2033
   100,000
      100,383
Unilever Capital Corp.
1.375%, 09/14/2030
   300,000
      264,945
Haleon U.S. Capital LLC
3.625%, 03/24/2032
   250,000
      234,178
Clorox Co., The
4.600%, 05/01/2032
   100,000
       98,097
Church & Dwight Co. Inc.
5.600%, 11/15/2032
   100,000
      104,547
Estee Lauder Cos. Inc., The
4.650%, 05/15/2033
   100,000
       98,136
 
 
    1,786,827
Industrial Intermediate Products (0.01%)
Timken Co., The
4.125%, 04/01/2032
   150,000
      142,128
 
 
      142,128
Institutional Financial Services (0.52%)
Intercontinental Exchange Inc.
4.000%, 09/15/2027
   250,000
      248,733
4.350%, 06/15/2029
   250,000
      247,996
4.600%, 03/15/2033
   250,000
      245,374
Nomura Holdings Inc.
5.842%, 01/18/2028
   500,000
      508,733
6.181%, 01/18/2033
   250,000
      264,251
Bank of New York Mellon Corp., The
3.400%, 01/29/2028
   250,000
      246,599
5.834%, 10/25/2033(d)
   150,000
      157,580
4.706%, 02/01/2034(d)
   150,000
      147,544
6.474%, 10/25/2034(d)
   250,000
      271,855
State Street Corp.
4.536%, 02/28/2028
   100,000
      100,380
4.729%, 02/28/2030
   100,000
      100,697
4.834%, 04/24/2030
   100,000
      101,001
4.558%, 04/23/2032(d)
   100,000
       98,855
4.675%, 10/22/2032(d)
   100,000
       99,385
5.159%, 05/18/2034(d)
   150,000
      151,585
5.146%, 02/28/2036(d)
    60,000
       60,106
4.784%, 10/23/2036(d)
   100,000
       97,143
Jefferies Financial Group Inc.
5.875%, 07/21/2028
   100,000
      101,928
6.200%, 04/14/2034
   100,000
      102,351
Goldman Sachs Group Inc.,
The(Variable, U.S. SOFR + 1.73%)
4.482%, 08/23/2028(d)
   250,000
      249,763
4.148%, 01/21/2029(d)
   200,000
      198,278
4.223%, 05/01/2029(d)
   150,000
      148,697
6.484%, 10/24/2029(d)
   150,000
      155,596
4.594%, 04/20/2030(d)
   150,000
      149,153
5.727%, 04/25/2030(d)
   250,000
      256,207
20

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Institutional Financial Services (Cont.)
5.049%, 07/23/2030(d)
$   250,000
$      251,465
5.207%, 01/28/2031(d)
   200,000
      202,155
5.218%, 04/23/2031(d)
   200,000
      201,993
4.369%, 10/21/2031(d)
   250,000
      244,509
4.516%, 01/21/2032(d)
   125,000
      122,641
2.615%, 04/22/2032(d)
   250,000
      224,522
2.383%, 07/21/2032(d)
   250,000
      220,953
3.102%, 02/24/2033(d)
   500,000
      452,869
6.561%, 10/24/2034(d)
   100,000
      108,186
5.851%, 04/25/2035(d)
   100,000
      103,696
5.330%, 07/23/2035(d)
   100,000
      100,339
5.016%, 10/23/2035(d)
   100,000
       98,227
5.536%, 01/28/2036(d)
   150,000
      152,337
4.939%, 10/21/2036(d)
   250,000
      242,764
5.065%, 01/21/2037(d)
   200,000
      195,270
5.387%, 02/02/2041(d)
   100,000
       97,412
Morgan Stanley(Variable, CME Term
SOFR 3M + 1.40%)
3.772%, 01/24/2029(d)
   150,000
      147,961
5.123%, 02/01/2029(d)
   250,000
      251,519
5.164%, 04/20/2029(d)
   250,000
      251,971
5.449%, 07/20/2029(d)
   250,000
      253,309
6.407%, 11/01/2029(d)
   150,000
      155,285
5.173%, 01/16/2030(d)
   150,000
      151,352
4.431%, 01/23/2030(d)
   250,000
      247,716
4.555%, 04/10/2030(d)
   100,000
       99,366
5.656%, 04/18/2030(d)
   250,000
      255,377
5.042%, 07/19/2030(d)
   250,000
      251,744
2.699%, 01/22/2031(d)
   250,000
      232,155
5.192%, 04/17/2031(d)
   200,000
      202,107
4.356%, 10/22/2031(d)
   150,000
      146,660
4.493%, 01/16/2032(d)
   150,000
      147,084
1.794%, 02/13/2032(d)
   100,000
       86,992
4.708%, 03/12/2032(d)
   150,000
      148,146
4.809%, 04/16/2032(d)
   200,000
      198,445
2.239%, 07/21/2032(d)
   250,000
      219,316
2.943%, 01/21/2033(d)
   250,000
      224,798
4.889%, 07/20/2033(d)
   500,000
      496,203
6.342%, 10/18/2033(d)
   500,000
      533,045
5.250%, 04/21/2034(d)
   150,000
      150,944
5.424%, 07/21/2034(d)
   150,000
      152,327
6.627%, 11/01/2034(d)
   100,000
      108,517
2.484%, 09/16/2036(d)
   250,000
      216,872
4.892%, 10/22/2036(d)
   250,000
      242,112
5.073%, 01/30/2037(d)
   200,000
      195,586
5.297%, 04/20/2037(d)
   250,000
      248,975
5.948%, 01/19/2038(d)
   250,000
      257,218
5.942%, 02/07/2039(d)
   250,000
      257,815
5.314%, 01/18/2041(d)
   100,000
       97,458
BGC Group Inc.
6.150%, 04/02/2030
    50,000
       51,021
LPL Holdings Inc.
5.150%, 06/15/2030
    50,000
       50,158
5.650%, 03/15/2035
   100,000
       99,383
CME Group Inc.
2.650%, 03/15/2032
   100,000
       90,318
 
Principal
amount
Value
Corporate Bonds (Cont.)
Institutional Financial Services (Cont.)
Nasdaq Inc.
5.550%, 02/15/2034
$    88,000
$       90,528
Goldman Sachs Capital I
6.345%, 02/15/2034
   100,000
      104,098
 
 
   14,643,009
Insurance (0.18%)
F&G Annuities & Life Inc.
7.400%, 01/13/2028
   250,000
      257,024
6.500%, 06/04/2029
   100,000
      102,188
Corebridge Financial Inc.
3.850%, 04/05/2029
   250,000
      244,328
3.900%, 04/05/2032
   250,000
      234,592
6.875%, 12/15/2052(d)
   250,000
      253,622
Chubb INA Holdings LLC
4.650%, 08/15/2029
   150,000
      150,739
5.000%, 03/15/2034
   100,000
      100,297
5.300%, 05/20/2036
    50,000
       50,510
Marsh & McLennan Cos. Inc.
4.650%, 03/15/2030
   100,000
       99,899
2.250%, 11/15/2030
   250,000
      226,252
4.950%, 03/15/2036
    50,000
       49,163
MetLife Inc.
4.550%, 03/23/2030
   250,000
      250,513
Aflac Inc.
3.600%, 04/01/2030
   250,000
      241,189
5.150%, 05/14/2036
    50,000
       50,044
Brown & Brown Inc.
4.900%, 06/23/2030
    60,000
       59,899
Lincoln National Corp.
3.400%, 01/15/2031
   150,000
      140,975
Arthur J. Gallagher & Co.
5.000%, 02/15/2032
   100,000
      100,245
5.150%, 02/15/2035
   100,000
       99,291
Berkshire Hathaway Finance Corp.
2.875%, 03/15/2032
   100,000
       92,435
Aon Corp./Aon Global Holdings PLC
5.350%, 02/28/2033
   250,000
      255,278
American International Group Inc.
5.125%, 03/27/2033
   250,000
      251,682
Allstate Corp., The
5.250%, 03/30/2033
   250,000
      254,319
Progressive Corp., The
4.950%, 06/15/2033
   100,000
      100,795
5.150%, 03/26/2036
    50,000
       49,982
Fairfax Financial Holdings Ltd.
6.000%, 12/07/2033
   100,000
      104,385
Aon North America Inc.
5.450%, 03/01/2034
   100,000
      102,018
AEGON Funding Co. LLC
5.625%, 05/07/2036
    50,000
       49,750
Arch Capital Group Ltd.
5.250%, 06/15/2036
   100,000
       99,814
Mercury General Corp.
6.250%, 06/15/2036
    60,000
       61,051
21

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Insurance (Cont.)
Prudential Financial Inc.(Variable,
U.S. Treasury Yield Curve Rate
CMT 5Y + 3.16%)
5.125%, 03/01/2052(d)
$   250,000
$      245,056
6.000%, 09/01/2052(d)
   250,000
      254,282
6.250%, 06/15/2056(d)
   100,000
      100,221
Athene Holding Ltd.
6.625%, 10/15/2054(d)
   250,000
      240,221
 
 
    4,972,059
Internet Media & Services (0.13%)
Meta Platforms Inc.
3.500%, 08/15/2027
   500,000
      495,797
4.600%, 05/15/2028
   500,000
      502,509
4.800%, 05/15/2030
   100,000
      100,997
3.850%, 08/15/2032
   200,000
      189,255
4.950%, 05/15/2033
   250,000
      249,883
4.750%, 08/15/2034
   100,000
       98,183
4.875%, 11/15/2035
   100,000
       97,317
5.250%, 05/15/2036
   350,000
      347,529
Alphabet Inc.
3.700%, 02/15/2029
   200,000
      196,753
4.100%, 11/15/2030
   175,000
      172,423
4.100%, 02/15/2031
   200,000
      196,516
4.375%, 11/15/2032
   100,000
       98,483
4.500%, 05/15/2035
    50,000
       48,803
4.700%, 11/15/2035
   300,000
      293,919
4.800%, 02/15/2036
   100,000
       98,305
Uber Technologies Inc.
4.300%, 01/15/2030
   100,000
       98,832
4.800%, 09/15/2035
    50,000
       48,628
Expedia Group Inc.
3.250%, 02/15/2030
   100,000
       94,976
5.400%, 02/15/2035
   100,000
       98,978
Airbnb Inc.
4.650%, 03/16/2031
    50,000
       49,677
5.250%, 03/16/2036
    50,000
       49,793
 
 
    3,627,556
IT Services (0.06%)
International Business Machines
Corp.
4.150%, 07/27/2027
   150,000
      149,742
4.500%, 02/06/2028
   100,000
      100,026
1.950%, 05/15/2030
   200,000
      180,903
4.750%, 02/06/2033
   250,000
      248,682
5.200%, 02/10/2035
   100,000
      100,330
Kyndryl Holdings Inc.
2.700%, 10/15/2028
   250,000
      234,910
3.150%, 10/15/2031
   150,000
      124,960
Leidos Inc.
4.100%, 03/15/2029
    50,000
       49,179
5.400%, 03/15/2032
    50,000
       50,640
5.500%, 03/15/2035
    50,000
       50,450
 
Principal
amount
Value
Corporate Bonds (Cont.)
IT Services (Cont.)
Booz Allen Hamilton Inc.
5.950%, 08/04/2033
$   100,000
$      100,416
IBM International Capital Pte. Ltd.
4.900%, 02/05/2034
   100,000
       98,796
Accenture Capital Inc.
4.500%, 10/04/2034
   100,000
       95,898
 
 
    1,584,932
Leisure Facilities & Services (0.07%)
Hyatt Hotels Corp.
5.050%, 03/30/2028
    50,000
       50,302
5.750%, 03/30/2032
   100,000
      103,111
5.400%, 12/15/2035
   100,000
       99,255
McDonald's Corp.
4.800%, 08/14/2028
   250,000
      251,669
3.600%, 07/01/2030
   150,000
      145,275
4.950%, 08/14/2033
   100,000
      101,222
5.000%, 02/13/2036
   100,000
       99,658
Marriott International Inc.
4.900%, 04/15/2029
   250,000
      252,042
5.100%, 04/15/2032
   100,000
      101,104
5.300%, 05/15/2034
   100,000
      100,984
5.350%, 03/15/2035
    50,000
       50,350
Las Vegas Sands Corp.
6.000%, 08/15/2029
   100,000
      102,632
6.000%, 06/14/2030
    50,000
       51,400
Starbucks Corp.
2.250%, 03/12/2030
   100,000
       91,831
4.800%, 02/15/2033
   100,000
       99,453
5.000%, 02/15/2034
    56,000
       56,121
Royal Caribbean Cruises Ltd.
5.375%, 01/15/2036
   100,000
       99,262
 
 
    1,855,671
Leisure Products (0.00%)
Brunswick Corp.
5.850%, 03/18/2029
    50,000
       51,152
Hasbro Inc.
3.900%, 11/19/2029
    50,000
       48,600
 
 
       99,752
Machinery (0.14%)
Caterpillar Financial Services Corp.
3.600%, 08/12/2027
   100,000
       99,316
4.375%, 08/16/2029
   100,000
       99,833
4.800%, 01/08/2030
   100,000
      101,352
4.150%, 01/08/2031
   100,000
       98,400
4.500%, 05/15/2031
   100,000
       99,597
John Deere Capital Corp.
4.150%, 09/15/2027
   100,000
       99,875
4.900%, 03/03/2028
   100,000
      100,945
4.950%, 07/14/2028
   100,000
      101,239
4.850%, 10/11/2029
   150,000
      152,330
4.700%, 06/10/2030
   150,000
      151,005
4.350%, 09/15/2032
   100,000
       98,600
22

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Machinery (Cont.)
5.100%, 04/11/2034
$   100,000
$      101,527
5.050%, 06/12/2034
   100,000
      101,059
Stanley Black & Decker Inc.
6.000%, 03/06/2028
   150,000
      153,256
CNH Industrial Capital LLC
4.750%, 03/21/2028
   100,000
      100,219
4.550%, 04/10/2028
   100,000
       99,730
4.950%, 06/25/2031
    50,000
       49,926
Regal Rexnord Corp.
6.050%, 04/15/2028
   150,000
      153,159
6.300%, 02/15/2030
   150,000
      156,554
6.400%, 04/15/2033
   250,000
      265,343
Eaton Corp.
4.350%, 05/18/2028
   150,000
      149,946
4.150%, 03/15/2033
   100,000
       96,579
4.800%, 03/06/2036
   200,000
      196,212
Ingersoll Rand Inc.
5.400%, 08/14/2028
   150,000
      152,250
5.176%, 06/15/2029
    50,000
       50,868
5.700%, 08/14/2033
   100,000
      103,977
5.450%, 06/15/2034
   100,000
      101,840
Veralto Corp.
5.350%, 09/18/2028
   100,000
      101,385
Deere Funding Canada Corp.
4.150%, 10/09/2030
   130,000
      127,739
Pentair Finance S.a.r.l.
5.900%, 07/15/2032
   100,000
      103,710
AGCO Corp.
5.800%, 03/21/2034
   100,000
      102,000
Deere & Co.
5.450%, 01/16/2035
   100,000
      103,387
Caterpillar Inc.
5.200%, 05/15/2035
   100,000
      102,001
Flowserve Corp.
5.700%, 05/15/2036
    50,000
       50,254
 
 
    3,925,413
Media (0.01%)
Space Exploration Technologies
Corp.
5.350%, 07/15/2031(c)
   300,000
      299,218
Walt Disney Co., The
4.625%, 03/14/2036
   100,000
       97,043
 
 
      396,261
Medical Equipment & Devices (0.11%)
GE HealthCare Technologies Inc.
5.650%, 11/15/2027
   150,000
      152,160
5.857%, 03/15/2030
   250,000
      259,034
5.905%, 11/22/2032
   250,000
      262,985
4.950%, 12/15/2035
    50,000
       48,800
Thermo Fisher Scientific Inc.
4.800%, 11/21/2027
   150,000
      150,934
4.977%, 08/10/2030
   250,000
      253,813
5.086%, 08/10/2033
   100,000
      101,273
 
Principal
amount
Value
Corporate Bonds (Cont.)
Medical Equipment & Devices (Cont.)
4.794%, 10/07/2035
$   100,000
$       98,232
4.902%, 02/12/2036
   100,000
       98,823
Illumina Inc.
5.750%, 12/13/2027
   150,000
      152,251
Stryker Corp.
4.700%, 02/10/2028
   100,000
      100,268
4.850%, 02/10/2030
   100,000
      100,753
5.200%, 02/10/2035
   100,000
      101,082
Becton Dickinson & Co.
4.693%, 02/13/2028
   150,000
      150,240
Medtronic Global Holdings SCA
4.250%, 03/30/2028
   150,000
      149,650
4.500%, 03/30/2033
   100,000
       98,032
Abbott Laboratories
3.700%, 03/09/2029
   100,000
       98,085
4.000%, 03/15/2031
   150,000
      146,183
4.300%, 03/15/2033
   120,000
      116,395
4.650%, 03/15/2036
   150,000
      145,639
Baxter International Inc.
4.900%, 12/15/2030
    50,000
       49,630
2.539%, 02/01/2032
   100,000
       86,080
5.650%, 12/15/2035
    50,000
       49,596
Augusta SpinCo Corp.
4.656%, 03/23/2031
    50,000
       49,618
5.245%, 03/23/2036
    50,000
       50,038
Zimmer Biomet Holdings Inc.
5.500%, 02/19/2035
    50,000
       50,899
 
 
    3,120,493
Metals & Mining (0.05%)
BHP Billiton Finance U.S.A. Ltd.
4.750%, 02/28/2028
   150,000
      150,854
5.100%, 09/08/2028
   100,000
      101,256
5.000%, 02/21/2030
    50,000
       50,601
4.900%, 02/28/2033
   100,000
      100,090
Rio Tinto Finance U.S.A. PLC
4.500%, 03/14/2028
   100,000
      100,169
4.875%, 03/14/2030
   100,000
      100,945
5.000%, 03/09/2033
   100,000
      100,950
5.250%, 03/14/2035
   100,000
      101,542
Newmont Corp./Newcrest Finance
Pty Ltd.
3.250%, 05/13/2030
    79,000
       75,547
5.350%, 03/15/2034
    50,000
       51,303
Vale Overseas Ltd.
3.750%, 07/08/2030
   100,000
       95,243
6.125%, 06/12/2033
   100,000
      104,750
Freeport-McMoRan Inc.
4.625%, 08/01/2030
   100,000
       99,359
Yamana Gold Inc.
2.630%, 08/15/2031
   150,000
      133,805
Newmont Corp.
5.875%, 04/01/2035
    50,000
       52,822
 
 
    1,419,236
23

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Oil & Gas Supply Chain (0.45%)
Targa Resources Corp.
5.200%, 07/01/2027
$   250,000
$      251,553
6.150%, 03/01/2029
   100,000
      103,550
4.900%, 09/15/2030
   100,000
      100,220
6.125%, 03/15/2033
   100,000
      105,345
Chevron U.S.A. Inc.
1.018%, 08/12/2027
   250,000
      241,594
3.850%, 01/15/2028
   250,000
      248,360
3.250%, 10/15/2029
   250,000
      241,112
4.300%, 10/15/2030
   100,000
       99,419
Phillips 66 Co.
4.950%, 12/01/2027
   125,000
      125,780
3.750%, 03/01/2028
   100,000
       98,678
3.150%, 12/15/2029
   150,000
      142,783
5.300%, 06/30/2033
   150,000
      151,975
5.875%, 03/15/2056(d)
   100,000
       99,247
Energy Transfer L.P.
5.550%, 02/15/2028
   250,000
      253,327
4.550%, 01/15/2031
   100,000
       98,711
5.750%, 02/15/2033
   100,000
      103,535
6.550%, 12/01/2033
   100,000
      108,196
5.550%, 05/15/2034
   100,000
      101,583
5.600%, 09/01/2034
   100,000
      102,058
5.700%, 04/01/2035
   100,000
      102,633
5.350%, 01/15/2036
   100,000
       99,580
MPLX L.P.
4.000%, 03/15/2028
   100,000
       99,040
2.650%, 08/15/2030
   100,000
       92,049
4.800%, 02/15/2031
   100,000
       99,592
5.000%, 03/01/2033
   100,000
       99,247
5.500%, 06/01/2034
   100,000
      101,100
5.400%, 09/15/2035
   100,000
       99,724
5.300%, 04/01/2036
   100,000
       98,570
Sabine Pass Liquefaction LLC
4.200%, 03/15/2028
   100,000
       99,317
4.500%, 05/15/2030
   100,000
       99,033
EQT Corp.
5.700%, 04/01/2028
   250,000
      254,252
4.750%, 01/15/2031
    50,000
       49,531
TransCanada PipeLines Ltd.
4.250%, 05/15/2028
   150,000
      149,034
Williams Cos. Inc., The
5.300%, 08/15/2028
   250,000
      253,608
2.600%, 03/15/2031
   250,000
      226,237
5.650%, 03/15/2033
   100,000
      102,947
5.150%, 03/15/2036
   100,000
       98,286
Cheniere Energy Inc.
4.625%, 10/15/2028
   250,000
      249,400
ONEOK Inc.
5.650%, 11/01/2028
   250,000
      255,145
5.800%, 11/01/2030
   250,000
      258,709
6.100%, 11/15/2032
   150,000
      157,678
5.050%, 11/01/2034
   100,000
       97,809
5.400%, 10/15/2035
   100,000
       99,829
 
Principal
amount
Value
Corporate Bonds (Cont.)
Oil & Gas Supply Chain (Cont.)
Enbridge Inc.
6.000%, 11/15/2028
$   100,000
$      103,056
5.300%, 04/05/2029
   100,000
      101,647
4.500%, 02/15/2031
   100,000
       98,535
5.700%, 03/08/2033
   150,000
      154,883
5.550%, 06/20/2035
    50,000
       50,850
5.200%, 11/20/2035
   100,000
       99,352
5.450%, 03/27/2036
   100,000
      101,072
Devon Energy Corp.
4.375%, 03/15/2029(c)
   250,000
      247,966
Enterprise Products Operating LLC
3.125%, 07/31/2029
   150,000
      143,827
4.600%, 01/15/2031
   100,000
       99,681
5.350%, 01/31/2033
   100,000
      102,563
4.950%, 02/15/2035
   100,000
       99,233
BP Capital Markets America Inc.
4.970%, 10/17/2029
   100,000
      101,158
2.721%, 01/12/2032
   250,000
      224,728
4.812%, 02/13/2033
   250,000
      248,891
4.893%, 09/11/2033
   100,000
       99,556
4.989%, 04/10/2034
   100,000
       99,888
5.227%, 11/17/2034
   100,000
      101,311
Eastern Gas Transmission &
Storage Inc.
3.000%, 11/15/2029
   150,000
      141,773
Cheniere Corp.us Christi Holdings
LLC
3.700%, 11/15/2029
   250,000
      241,739
Canadian Natural Resources Ltd.
5.000%, 12/15/2029
   100,000
      101,001
5.400%, 12/15/2034
   100,000
      101,066
Diamondback Energy Inc.
5.150%, 01/30/2030
   100,000
      101,396
6.250%, 03/15/2033
   250,000
      265,814
5.400%, 04/18/2034
   100,000
      101,433
Chevron Corp.
2.236%, 05/11/2030
   250,000
      229,947
Kinder Morgan Inc.
5.150%, 06/01/2030
   100,000
      101,675
5.200%, 06/01/2033
   100,000
      101,369
5.400%, 02/01/2034
   100,000
      101,929
Occidental Petroleum Corp.
8.875%, 07/15/2030
   100,000
      112,597
5.550%, 10/01/2034
   100,000
      102,293
Exxon Mobil Corp.
2.610%, 10/15/2030
   250,000
      231,853
TotalEnergies Capital U.S.A LLC
4.248%, 01/13/2031
   100,000
       98,315
EOG Resources Inc.
4.400%, 01/15/2031
   100,000
       98,676
Plains All American Pipeline L.P./PAA
Finance Corp.
4.700%, 01/15/2031
   100,000
       99,136
Cenovus Energy Inc.
4.650%, 03/20/2031
   100,000
       98,720
24

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Oil & Gas Supply Chain (Cont.)
Targa Resources Partners L.P./Targa
Resources Partners Finance Corp.
4.000%, 01/15/2032
$   250,000
$      237,077
Western Midstream Operating L.P.
6.150%, 04/01/2033
   250,000
      260,754
Cheniere Energy Partners L.P.
5.950%, 06/30/2033
   100,000
      104,408
5.550%, 10/30/2035
   150,000
      152,370
Ovintiv Inc.
6.250%, 07/15/2033
   250,000
      262,987
TotalEnergies Capital SA
4.724%, 09/10/2034
   100,000
       98,855
ConocoPhillips Co.
5.000%, 01/15/2035
   150,000
      149,716
Shell Finance U.S. Inc.
4.125%, 05/11/2035
    50,000
       47,107
4.750%, 01/06/2036
   100,000
       97,843
Woodside Finance Ltd.
6.000%, 05/19/2035
   100,000
      103,873
Plains All American Pipeline L.P.
5.950%, 06/15/2035
   100,000
      102,863
Viper Energy Partners LLC
5.700%, 08/01/2035
   100,000
      101,593
Valero Energy Corp.
5.150%, 03/10/2036
    50,000
       49,214
Transcontinental Gas Pipe Line Co.
LLC
5.100%, 03/15/2036
    50,000
       49,499
 
 
   12,646,464
Oil, Gas Services & Equipment (0.01%)
Schlumberger Investment SA
2.650%, 06/26/2030
   100,000
       92,982
5.150%, 05/07/2036
   100,000
       99,554
Helmerich & Payne Inc.
2.900%, 09/29/2031
   100,000
       89,623
 
 
      282,159
Packaging & Containers (0.00%)
Sonoco Products Co.
4.600%, 09/01/2029
   100,000
       99,396
 
 
       99,396
Pharmaceuticals (0.00%)
Eli Lilly & Co.
4.250%, 03/15/2031
    50,000
       49,522
Cardinal Health Inc.
5.150%, 09/15/2035
    50,000
       49,940
 
 
       99,462
Real Estate Investment Trusts (0.38%)
Crown Castle Inc.
3.650%, 09/01/2027
   100,000
       99,015
5.000%, 01/11/2028
   100,000
      100,534
2.250%, 01/15/2031
   100,000
       89,064
 
Principal
amount
Value
Corporate Bonds (Cont.)
Real Estate Investment Trusts (Cont.)
2.100%, 04/01/2031
$   100,000
$       87,948
2.500%, 07/15/2031
   100,000
       88,851
5.100%, 05/01/2033
   250,000
      247,934
5.800%, 03/01/2034
   100,000
      102,747
Boston Properties L.P.
6.750%, 12/01/2027
   250,000
      256,816
Prologis L.P.
3.375%, 12/15/2027
   250,000
      246,801
4.000%, 09/15/2028
   250,000
      247,456
2.875%, 11/15/2029
   250,000
      236,590
1.750%, 07/01/2030
   250,000
      223,751
4.750%, 06/15/2033
   250,000
      247,728
5.000%, 03/15/2034
   100,000
       99,762
5.250%, 05/15/2035
   100,000
      101,022
Digital Realty Trust L.P.
5.550%, 01/15/2028
   250,000
      253,554
VICI Properties L.P.
4.750%, 02/15/2028
   250,000
      249,920
5.125%, 05/15/2032
   250,000
      247,944
5.625%, 04/01/2035
   100,000
      100,042
ERP Operating L.P.
3.500%, 03/01/2028
    50,000
       49,226
3.000%, 07/01/2029
    50,000
       47,784
4.950%, 06/15/2032
    50,000
       50,270
4.650%, 09/15/2034
    50,000
       48,733
American Tower Corp.
5.500%, 03/15/2028
   500,000
      507,070
5.250%, 07/15/2028
   500,000
      505,815
5.650%, 03/15/2033
   500,000
      516,355
Extra Space Storage L.P.
5.700%, 04/01/2028
   250,000
      254,350
3.900%, 04/01/2029
   250,000
      244,878
4.000%, 06/15/2029
    50,000
       49,025
5.500%, 07/01/2030
   250,000
      255,830
2.200%, 10/15/2030
   100,000
       89,678
2.400%, 10/15/2031
   100,000
       88,319
4.950%, 01/15/2033
   100,000
       98,980
Rexford Industrial Realty L.P.
5.000%, 06/15/2028
   250,000
      251,277
Realty Income Corp.
4.700%, 12/15/2028
   250,000
      250,626
4.850%, 03/15/2030
   250,000
      251,687
5.625%, 10/13/2032
   250,000
      259,353
1.800%, 03/15/2033
   100,000
       82,852
Ventas Realty L.P.
4.400%, 01/15/2029
   100,000
       99,270
5.000%, 01/15/2035
   100,000
       98,573
Public Storage Operating Co.
5.125%, 01/15/2029
    50,000
       50,874
4.375%, 07/01/2030
    50,000
       49,674
Alexandria Real Estate Equities Inc.
2.750%, 12/15/2029
    50,000
       46,621
4.900%, 12/15/2030
    50,000
       49,902
2.000%, 05/18/2032
    50,000
       42,108
1.875%, 02/01/2033
    50,000
       40,814
25

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Real Estate Investment Trusts (Cont.)
4.750%, 04/15/2035
$    50,000
$       47,561
Welltower OP LLC
4.500%, 07/01/2030
    50,000
       49,745
3.850%, 06/15/2032
   250,000
      237,681
5.125%, 07/01/2035
   100,000
      100,380
Omega Healthcare Investors Inc.
5.200%, 07/01/2030
    50,000
       50,244
Simon Property Group L.P.
2.650%, 07/15/2030
    50,000
       46,366
5.500%, 03/08/2033
   250,000
      258,333
4.750%, 09/26/2034
   100,000
       97,672
5.125%, 10/01/2035
   100,000
      100,201
WP Carey Inc.
4.650%, 07/15/2030
    50,000
       49,661
Lineage OP L.P.
5.250%, 07/15/2030
    50,000
       50,091
Equinix Europe 2 Financing Corp.
LLC
4.600%, 11/15/2030
   100,000
       98,843
5.500%, 06/15/2034
    50,000
       50,694
AvalonBay Communities Inc.
2.450%, 01/15/2031
   250,000
      227,846
CubeSmart L.P.
2.000%, 02/15/2031
   150,000
      132,472
Equinix Asia Financing Corp. Pte.
Ltd.
4.400%, 03/15/2031
   100,000
       97,743
Kimco Realty OP LLC
3.200%, 04/01/2032
   250,000
      229,755
American Homes 4 Rent L.P.
3.625%, 04/15/2032
   250,000
      232,226
Equinix Inc.
3.900%, 04/15/2032
   150,000
      141,784
Invitation Homes Operating
Partnership L.P.
4.150%, 04/15/2032
   250,000
      237,929
Healthpeak OP LLC
5.250%, 12/15/2032
   250,000
      252,230
Weyerhaeuser Co.
3.375%, 03/09/2033
   100,000
       90,502
Brixmor Operating Partnership L.P.
5.750%, 02/15/2035
   100,000
      103,450
 
 
   10,690,832
Retail - Consumer Staples (0.08%)
Walmart Inc.
3.950%, 09/09/2027
   150,000
      149,610
3.900%, 04/15/2028
   250,000
      248,825
4.000%, 04/15/2030
   250,000
      247,498
4.150%, 04/30/2031
   100,000
       98,852
4.150%, 09/09/2032
   250,000
      246,172
4.100%, 04/15/2033
   250,000
      243,260
4.900%, 04/28/2035
    65,000
       65,549
Dollar General Corp.
5.200%, 07/05/2028
   250,000
      252,686
 
Principal
amount
Value
Corporate Bonds (Cont.)
Retail - Consumer Staples (Cont.)
Kroger Co., The
1.700%, 01/15/2031
$   250,000
$      219,210
Target Corp.
6.350%, 11/01/2032
   100,000
      108,801
4.400%, 01/15/2033
   250,000
      247,017
 
 
    2,127,480
Retail - Discretionary (0.08%)
AutoZone Inc.
4.500%, 02/01/2028
   150,000
      149,899
6.250%, 11/01/2028
   100,000
      103,476
Lowe's Cos. Inc.
1.300%, 04/15/2028
   150,000
      141,781
4.000%, 10/15/2028
   100,000
       98,752
4.250%, 03/15/2031
   100,000
       97,972
3.750%, 04/01/2032
   150,000
      142,172
5.150%, 07/01/2033
   250,000
      252,518
Genuine Parts Co.
6.500%, 11/01/2028
    50,000
       51,598
Home Depot Inc., The
4.900%, 04/15/2029
   100,000
      101,320
2.950%, 06/15/2029
   100,000
       96,029
4.750%, 06/25/2029
   100,000
      100,990
2.700%, 04/15/2030
    50,000
       46,929
4.500%, 09/15/2032
   250,000
      248,615
4.950%, 06/25/2034
   100,000
      100,335
4.650%, 09/15/2035
   100,000
       97,358
AutoNation Inc.
3.850%, 03/01/2032
   150,000
      140,136
O'Reilly Automotive Inc.
4.700%, 06/15/2032
   150,000
      149,384
 
 
    2,119,264
Semiconductors (0.17%)
Intel Corp.
3.750%, 08/05/2027
   150,000
      148,836
4.875%, 02/10/2028
   100,000
      100,345
1.600%, 08/12/2028
   250,000
      235,225
4.000%, 08/05/2029
   150,000
      147,234
5.125%, 02/10/2030
   150,000
      151,813
4.650%, 06/01/2031
   100,000
       99,029
5.200%, 02/10/2033
   250,000
      252,755
5.300%, 05/15/2036
   100,000
       99,500
Texas Instruments Inc.
2.900%, 11/03/2027
   150,000
      147,474
4.900%, 03/14/2033
   250,000
      253,212
5.100%, 05/23/2035
    50,000
       50,403
Broadcom Inc.
4.800%, 04/15/2028
   100,000
      100,559
4.350%, 02/15/2030
   100,000
       99,000
4.600%, 07/15/2030
   150,000
      149,491
4.200%, 10/15/2030
   130,000
      127,434
4.300%, 01/15/2031
   100,000
       98,368
2.450%, 02/15/2031
   150,000
      135,718
5.150%, 11/15/2031
   100,000
      101,753
26

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Semiconductors (Cont.)
4.550%, 02/15/2032
$   100,000
$       98,651
2.600%, 02/15/2033
   100,000
       86,927
3.419%, 04/15/2033
   100,000
       91,159
3.469%, 04/15/2034
   100,000
       89,799
4.800%, 10/15/2034
   100,000
       97,872
5.200%, 07/15/2035
   100,000
      100,336
4.800%, 02/15/2036
   100,000
       97,045
4.000%, 04/15/2029(c)
   150,000
      147,712
4.150%, 04/15/2032(c)
   150,000
      144,366
NVIDIA Corp.
1.550%, 06/15/2028
    50,000
       47,388
2.850%, 04/01/2030
    50,000
       47,303
2.000%, 06/15/2031
    50,000
       44,606
4.950%, 06/15/2036
   200,000
      198,246
Analog Devices Inc.
4.250%, 06/15/2028
   100,000
       99,680
4.500%, 06/15/2030
    50,000
       49,878
5.050%, 04/01/2034
   100,000
      101,064
Marvell Technology Inc.
5.750%, 02/15/2029
    50,000
       51,267
5.950%, 09/15/2033
    50,000
       52,507
NXP B.V./NXP Funding LLC/NXP
U.S.A. Inc.
3.400%, 05/01/2030
   150,000
      142,874
2.500%, 05/11/2031
   100,000
       89,712
5.250%, 08/19/2035
    50,000
       50,016
QUALCOMM Inc.
5.400%, 05/20/2033
   250,000
      258,869
5.000%, 05/20/2035
    50,000
       49,794
 
 
    4,735,220
Software (0.17%)
Oracle Corp.
3.250%, 11/15/2027
   150,000
      147,007
4.500%, 05/06/2028
   250,000
      248,367
4.800%, 08/03/2028
   100,000
       99,793
6.150%, 11/09/2029
   150,000
      153,840
4.650%, 05/06/2030
   150,000
      147,096
4.450%, 09/26/2030
   150,000
      144,805
4.950%, 02/04/2031
   150,000
      146,855
2.875%, 03/25/2031
   100,000
       89,340
5.250%, 02/03/2032
   100,000
       98,578
4.800%, 09/26/2032
   200,000
      190,302
6.250%, 11/09/2032
   250,000
      256,940
4.900%, 02/06/2033
   250,000
      237,031
5.200%, 09/26/2035
   400,000
      374,483
5.700%, 02/04/2036
   100,000
       96,846
Salesforce Inc.
4.500%, 03/15/2028
   200,000
      199,748
4.650%, 03/15/2029
   200,000
      199,896
1.950%, 07/15/2031
    50,000
       43,549
4.900%, 09/15/2031
   200,000
      199,554
5.200%, 03/15/2033
   100,000
      100,176
5.550%, 03/15/2036
   200,000
      199,848
Synopsys Inc.
4.650%, 04/01/2028
    45,000
       45,048
 
Principal
amount
Value
Corporate Bonds (Cont.)
Software (Cont.)
4.850%, 04/01/2030
$    90,000
$       90,151
5.000%, 04/01/2032
    65,000
       65,114
5.150%, 04/01/2035
   100,000
       99,429
VMware LLC
1.800%, 08/15/2028
    50,000
       47,303
4.700%, 05/15/2030
    50,000
       50,094
2.200%, 08/15/2031
    50,000
       44,033
Roper Technologies Inc.
4.500%, 10/15/2029
   100,000
       99,363
4.750%, 02/15/2032
   100,000
       98,970
4.900%, 10/15/2034
   100,000
       96,649
5.100%, 09/15/2035
   100,000
       97,150
Adobe Inc.
4.950%, 01/17/2030
   100,000
      101,361
5.300%, 01/17/2035
   100,000
      101,158
Microsoft Corp.
1.350%, 09/15/2030
   100,000
       88,866
Workday Inc.
3.800%, 04/01/2032
   150,000
      139,678
ServiceNow Inc.
5.400%, 05/15/2036
    75,000
       74,962
Intuit Inc.
5.500%, 06/15/2036
   100,000
       99,613
 
 
    4,812,996
Specialty Finance (0.29%)
ORIX Corp.
5.000%, 09/13/2027
    50,000
       50,295
4.000%, 04/13/2032
    50,000
       47,725
5.400%, 02/25/2035
    50,000
       50,586
American Express Co.
5.850%, 11/05/2027
   150,000
      152,842
5.282%, 07/27/2029(d)
   150,000
      151,986
5.532%, 04/25/2030(d)
   150,000
      153,332
5.085%, 01/30/2031(d)
   100,000
      101,199
5.016%, 04/25/2031(d)
   100,000
      101,021
5.043%, 05/01/2034(d)
   150,000
      150,242
5.284%, 07/26/2035(d)
   100,000
      101,012
5.442%, 01/30/2036(d)
    60,000
       61,225
5.667%, 04/25/2036(d)
    60,000
       62,144
4.804%, 10/24/2036(d)
    50,000
       48,418
5.412%, 02/08/2041(d)
   100,000
       99,849
Synchrony Financial
3.950%, 12/01/2027
   150,000
      148,478
Sumisho Air Lease Corp.
5.300%, 02/01/2028
   250,000
      252,150
3.125%, 12/01/2030
   200,000
      185,252
Sumisho Air Lease Corp.
4.850%, 03/24/2031(c)
   100,000
       98,957
Fiserv Inc.
5.450%, 03/02/2028
   250,000
      252,447
4.550%, 02/15/2031
   100,000
       97,622
5.600%, 03/02/2033
   250,000
      252,636
5.250%, 08/11/2035
   100,000
       97,415
27

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Specialty Finance (Cont.)
Mastercard Inc.
4.875%, 03/09/2028
$   250,000
$      251,888
4.850%, 03/09/2033
   250,000
      251,995
4.875%, 05/09/2034
    50,000
       50,106
Equifax Inc.
5.100%, 06/01/2028
   250,000
      252,012
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust
3.000%, 10/29/2028
   150,000
      144,385
4.125%, 02/28/2029
   150,000
      147,825
4.375%, 11/15/2030
   150,000
      147,067
5.375%, 12/15/2031
   150,000
      152,655
3.300%, 01/30/2032
   500,000
      457,037
Global Payments Inc.
4.500%, 11/15/2028
    50,000
       49,401
4.875%, 11/15/2030
   100,000
       98,307
5.400%, 08/15/2032
   150,000
      149,414
5.550%, 11/15/2035
   100,000
       96,943
Capital One Financial Corp.(Variable,
U.S. SOFR + 2.08%)
5.468%, 02/01/2029(d)
   150,000
      151,864
6.312%, 06/08/2029(d)
   100,000
      102,829
5.247%, 07/26/2030(d)
   150,000
      151,590
7.624%, 10/30/2031(d)
   100,000
      109,680
6.377%, 06/08/2034(d)
   150,000
      158,722
5.884%, 07/26/2035(d)
   100,000
      102,847
5.197%, 09/11/2036(d)
   100,000
       97,345
5.399%, 01/30/2037(d)
   100,000
       98,686
Visa Inc.
3.800%, 02/12/2029
   100,000
       98,775
1.100%, 02/15/2031
   250,000
      216,220
4.400%, 02/12/2033
    50,000
       49,244
4.700%, 02/12/2036
    50,000
       49,425
Fidelity National Information
Services Inc.
4.550%, 03/10/2029
   100,000
       99,224
4.800%, 03/10/2031
   100,000
       98,907
5.100%, 07/15/2032
   150,000
      150,112
S&P Global Inc.
4.250%, 05/01/2029
   150,000
      148,905
2.500%, 12/01/2029
   150,000
      140,253
1.250%, 08/15/2030
   250,000
      218,353
Ally Financial Inc.
6.848%, 01/03/2030(d)
   150,000
      155,944
Ladder Capital Finance Holdings
LLLP/Ladder Capital Finance
Corp.
5.500%, 08/01/2030
    50,000
       50,365
PayPal Holdings Inc.
4.950%, 06/01/2031
   100,000
      100,001
4.400%, 06/01/2032
   150,000
      145,976
5.150%, 06/01/2034
    50,000
       49,733
GATX Corp.
5.450%, 09/15/2033
   100,000
      102,345
6.900%, 05/01/2034
   125,000
      137,982
 
Principal
amount
Value
Corporate Bonds (Cont.)
Specialty Finance (Cont.)
Verisk Analytics Inc.
5.250%, 03/15/2035
$   100,000
$       99,422
MSCI Inc.
5.250%, 09/01/2035
   100,000
       97,884
 
 
    8,148,501
Steel (0.02%)
ArcelorMittal SA
6.550%, 11/29/2027
   150,000
      153,577
6.800%, 11/29/2032
   150,000
      164,572
Nucor Corp.
4.650%, 06/01/2030
    50,000
       50,050
3.125%, 04/01/2032
   150,000
      137,895
Steel Dynamics Inc.
3.250%, 01/15/2031
    50,000
       46,882
5.250%, 05/15/2035
    50,000
       50,192
 
 
      603,168
Technology Hardware (0.16%)
Hewlett Packard Enterprise Co.
4.400%, 09/25/2027
   100,000
       99,802
4.600%, 03/23/2029
   100,000
       99,843
4.550%, 10/15/2029
   100,000
       99,410
4.400%, 10/15/2030
   100,000
       98,168
5.000%, 10/15/2034
   100,000
       97,972
Dell International LLC/EMC Corp.
5.250%, 02/01/2028
   100,000
      101,075
5.300%, 10/01/2029
   150,000
      152,508
6.200%, 07/15/2030
   150,000
      157,390
4.500%, 02/15/2031
   100,000
       98,612
5.300%, 04/01/2032
   100,000
      101,703
5.750%, 02/01/2033
   250,000
      259,790
5.400%, 04/15/2034
    50,000
       50,691
5.100%, 02/15/2036
    50,000
       49,284
Apple Inc.
1.200%, 02/08/2028
   100,000
       95,337
4.000%, 05/10/2028
   250,000
      248,997
4.000%, 05/12/2028
   100,000
       99,585
1.400%, 08/05/2028
   250,000
      235,952
3.250%, 08/08/2029
   150,000
      145,491
4.150%, 05/10/2030
   150,000
      149,551
1.650%, 02/08/2031
   150,000
      133,197
4.300%, 05/10/2033
   250,000
      247,739
4.750%, 05/12/2035
    50,000
       50,178
Cisco Systems Inc.
4.550%, 02/24/2028
   100,000
      100,366
4.850%, 02/26/2029
   100,000
      101,062
4.950%, 02/26/2031
   100,000
      101,647
5.050%, 02/26/2034
   100,000
      100,846
5.100%, 02/24/2035
   100,000
      101,019
TD SYNNEX Corp.
4.300%, 01/17/2029
    50,000
       49,376
5.300%, 10/10/2035
    50,000
       49,221
Jabil Inc.
5.450%, 02/01/2029
   250,000
      253,837
28

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Technology Hardware (Cont.)
Teledyne Technologies Inc.
2.750%, 04/01/2031
$   250,000
$      228,614
HP Inc.
2.650%, 06/17/2031
   150,000
      134,076
4.200%, 04/15/2032
   150,000
      143,148
Motorola Solutions Inc.
5.600%, 06/01/2032
   150,000
      154,367
5.400%, 04/15/2034
   100,000
      101,235
 
 
    4,491,089
Telecommunications (0.20%)
AT&T Inc.
1.650%, 02/01/2028
   200,000
      191,125
4.100%, 02/15/2028
   100,000
       99,240
4.350%, 03/01/2029
   500,000
      496,726
4.300%, 02/15/2030
   135,000
      133,222
2.750%, 06/01/2031
   150,000
      136,425
2.250%, 02/01/2032
   100,000
       87,016
4.900%, 11/01/2035
   250,000
      242,236
T-Mobile U.S.A. Inc.
4.950%, 03/15/2028
   100,000
      100,622
4.800%, 07/15/2028
   100,000
      100,393
2.400%, 03/15/2029
   300,000
      283,165
3.875%, 04/15/2030
   300,000
      290,693
2.550%, 02/15/2031
   100,000
       90,736
3.500%, 04/15/2031
   100,000
       94,366
2.700%, 03/15/2032
   500,000
      444,378
5.050%, 07/15/2033
   250,000
      249,575
4.950%, 11/15/2035
   200,000
      195,651
5.000%, 02/15/2036
   100,000
       97,822
Verizon Communications Inc.
2.100%, 03/22/2028
   100,000
       95,968
3.875%, 02/08/2029
   500,000
      492,287
1.750%, 01/20/2031
   100,000
       87,841
2.550%, 03/21/2031
   150,000
      136,172
2.355%, 03/15/2032
   150,000
      131,074
5.050%, 05/09/2033
   250,000
      251,815
4.780%, 02/15/2035
   165,000
      159,603
5.000%, 01/15/2036
   150,000
      146,295
British Telecommunications Ltd.
5.125%, 12/04/2028
   200,000
      201,559
Rogers Communications Inc.
5.000%, 02/15/2029
   100,000
      100,607
3.800%, 03/15/2032
    75,000
       69,937
5.300%, 02/15/2034
   100,000
       99,131
America Movil S.A.B. de C.V.
5.000%, 01/20/2033
   200,000
      199,374
Vodafone Group PLC
5.350%, 06/18/2036
   100,000
       99,157
 
 
    5,604,211
Tobacco & Cannabis (0.08%)
Philip Morris International Inc.
5.125%, 11/17/2027
   150,000
      151,382
4.875%, 02/15/2028
   150,000
      150,894
 
Principal
amount
Value
Corporate Bonds (Cont.)
Tobacco & Cannabis (Cont.)
5.250%, 09/07/2028
$   100,000
$      101,538
5.625%, 11/17/2029
   150,000
      154,567
5.125%, 02/15/2030
   150,000
      152,274
5.125%, 02/13/2031
   100,000
      101,837
5.750%, 11/17/2032
   150,000
      157,103
5.375%, 02/15/2033
   150,000
      153,966
4.875%, 04/30/2035
   100,000
       98,538
4.625%, 10/29/2035
   100,000
       96,276
BAT International Finance PLC
4.448%, 03/16/2028
   150,000
      149,608
5.931%, 02/02/2029
   150,000
      154,606
Altria Group Inc.
6.200%, 11/01/2028
   100,000
      103,459
BAT Capital Corp.
6.343%, 08/02/2030
   150,000
      158,564
5.834%, 02/20/2031
   100,000
      104,167
5.350%, 08/15/2032
   100,000
      102,344
6.421%, 08/02/2033
   150,000
      162,144
 
 
    2,253,267
Transportation & Logistics (0.10%)
United Airlines 2020-1 Class A Pass
Through Trust
5.875%, 10/15/2027
    31,115
       31,482
Ryder System Inc.
5.250%, 06/01/2028
   150,000
      151,917
Delta Air Lines Inc.
4.950%, 07/10/2028
   100,000
      100,368
5.250%, 07/10/2030
    50,000
       50,545
Southwest Airlines Co.
4.375%, 11/15/2028
   100,000
       99,220
5.250%, 11/15/2035
   100,000
       96,804
Union Pacific Corp.
3.700%, 03/01/2029
   250,000
      245,442
2.800%, 02/14/2032
   100,000
       91,067
4.500%, 01/20/2033
   100,000
       99,119
5.100%, 02/20/2035
    50,000
       50,722
United Parcel Service Inc.
2.500%, 09/01/2029
   150,000
      141,560
4.650%, 10/15/2030
    50,000
       50,384
4.875%, 03/03/2033
   100,000
      101,139
5.250%, 05/14/2035
    50,000
       51,006
Canadian Pacific Railway Co.
2.875%, 11/15/2029
   150,000
      142,208
4.800%, 03/30/2030
    70,000
       70,351
2.450%, 12/02/2031
   100,000
       88,941
5.200%, 03/30/2035
    50,000
       50,551
Norfolk Southern Corp.
5.050%, 08/01/2030
   150,000
      152,346
3.000%, 03/15/2032
   100,000
       91,514
5.100%, 05/01/2035
    50,000
       50,272
Fedex Freight Holding Co. Inc.
4.650%, 03/15/2031(c)
   100,000
       98,231
GXO Logistics Inc.
2.650%, 07/15/2031
   150,000
      132,959
29

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Corporate Bonds (Cont.)
Transportation & Logistics (Cont.)
United Airlines 2019-1 Class AA
Pass Through Trust
4.150%, 08/25/2031
$    61,133
$       59,324
American Airlines 2019-1 Class AA
Pass Through Trust
3.150%, 02/15/2032
    67,442
       63,243
Canadian National Railway Co.
3.850%, 08/05/2032
   100,000
       95,165
CSX Corp.
4.100%, 11/15/2032
   100,000
       96,813
American Airlines 2021-1 Class A
Pass Through Trust
2.875%, 07/11/2034
    78,551
       70,705
FedEx Corp.
3.900%, 02/01/2035
    50,000
       46,094
 
 
    2,669,492
Transportation Equipment (0.02%)
PACCAR Financial Corp.
4.450%, 08/06/2027
   100,000
      100,358
4.000%, 09/26/2029
   100,000
       98,967
5.000%, 03/22/2034
    50,000
       50,511
Cummins Inc.
4.900%, 02/20/2029
   100,000
      101,128
4.700%, 02/15/2031
   100,000
      100,393
 
 
      451,357
Wholesale - Consumer Staples (0.02%)
Sysco Corp.
5.750%, 01/17/2029
   100,000
      102,514
5.100%, 09/23/2030
   100,000
      100,956
5.400%, 03/23/2035
    50,000
       50,222
4.950%, 03/25/2036
    50,000
       48,121
Bunge Ltd. Finance Corp.
4.550%, 08/04/2030
   100,000
       99,245
5.150%, 03/19/2036
    50,000
       49,664
Archer-Daniels-Midland Co.
4.500%, 08/15/2033
   100,000
       98,489
 
 
      549,211
Total Corporate Bonds
(cost $210,275,603)
 
  212,934,335
Foreign Government Bonds (1.28%)
Austria (0.01%)
Oesterreichische Kontrollbank AG
3.625%, 09/09/2027
   250,000
      248,388
 
 
      248,388
Canada (0.18%)
Export Development Canada
3.875%, 02/14/2028
   150,000
      149,235
4.125%, 02/13/2029
   200,000
      199,658
4.000%, 06/20/2030
   200,000
      198,333
4.750%, 06/05/2034
   200,000
      204,759
 
Principal
amount
Value
Foreign Government Bonds (Cont.)
Canada (Cont.)
Province of Alberta Canada
3.300%, 03/15/2028
$   250,000
$      246,171
4.500%, 06/26/2029
   100,000
      100,656
1.300%, 07/22/2030
   250,000
      222,418
4.500%, 01/24/2034
   100,000
       99,766
Province of Quebec Canada
3.625%, 04/13/2028
   175,000
      173,178
4.500%, 04/03/2029
   150,000
      150,923
1.350%, 05/28/2030
   250,000
      223,498
3.875%, 01/14/2031
   150,000
      147,213
4.500%, 09/08/2033
   100,000
       99,800
4.250%, 09/05/2034
   200,000
      195,309
4.625%, 08/28/2035
   100,000
       99,647
Canada Government International
Bond
3.750%, 04/26/2028
   175,000
      173,853
4.000%, 03/18/2030
   200,000
      198,622
4.250%, 05/28/2031
   200,000
      200,247
Province of Manitoba Canada
1.500%, 10/25/2028
   100,000
       93,936
4.300%, 07/27/2033
    50,000
       49,181
Province of British Columbia Canada
4.800%, 11/15/2028
   100,000
      101,201
4.900%, 04/24/2029
   150,000
      152,446
3.900%, 08/27/2030
   150,000
      147,637
4.050%, 04/23/2031
   200,000
      197,448
4.200%, 07/06/2033
   100,000
       98,109
4.800%, 06/11/2035
   100,000
      101,042
Province of Ontario Canada
4.200%, 01/18/2029
   100,000
       99,875
4.700%, 01/15/2030
   150,000
      151,970
3.900%, 09/04/2030
   150,000
      147,739
1.125%, 10/07/2030
   100,000
       87,734
1.600%, 02/25/2031
   100,000
       88,688
4.050%, 04/16/2031
   100,000
       98,879
1.800%, 10/14/2031
    50,000
       43,978
2.125%, 01/21/2032
    50,000
       44,384
5.050%, 04/24/2034
   100,000
      103,282
4.850%, 06/11/2035
   100,000
      101,656
4.450%, 11/20/2035
   100,000
       98,360
 
 
    5,090,831
Chile (0.02%)
Chile Government International Bond
3.240%, 02/06/2028
   250,000
      244,863
2.550%, 07/27/2033
   200,000
      171,620
3.500%, 01/31/2034
   200,000
      181,390
 
 
      597,873
Germany (0.13%)
Landwirtschaftliche Rentenbank
3.875%, 09/28/2027
   250,000
      249,003
0.875%, 09/03/2030
   250,000
      218,490
Kreditanstalt fuer Wiederaufbau
3.750%, 02/15/2028
   200,000
      198,747
30

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Foreign Government Bonds (Cont.)
Germany (Cont.)
2.875%, 04/03/2028
$   500,000
$      489,227
3.875%, 06/15/2028
   100,000
       99,473
4.000%, 03/15/2029
   350,000
      348,516
1.750%, 09/14/2029
   250,000
      231,958
4.625%, 03/18/2030
   180,000
      182,593
3.750%, 07/15/2030
   650,000
      639,092
0.750%, 09/30/2030
   175,000
      151,791
4.750%, 10/29/2030
   200,000
      204,385
4.125%, 07/15/2033
   200,000
      197,465
4.375%, 02/28/2034
   200,000
      200,148
0.000%, 04/18/2036(e)
   250,000
      161,621
 
 
    3,572,509
Indonesia (0.04%)
Indonesia Government International
Bond
4.550%, 01/11/2028
   250,000
      250,599
4.100%, 04/24/2028
   250,000
      249,123
4.750%, 02/11/2029
   250,000
      251,143
4.850%, 01/11/2033
   250,000
      246,022
 
 
      996,887
Israel (0.03%)
Israel Government International
Bond
2.750%, 07/03/2030
   250,000
      229,441
5.500%, 03/12/2034
   200,000
      202,817
5.625%, 02/19/2035
   200,000
      204,221
5.000%, 01/13/2036
   200,000
      195,026
 
 
      831,505
Italy (0.01%)
Republic of Italy Government
International Bond
2.875%, 10/17/2029
   250,000
      238,237
 
 
      238,237
Japan (0.03%)
Japan Bank for International
Cooperation
4.625%, 07/22/2027
   200,000
      200,784
4.625%, 07/19/2028
   250,000
      251,461
3.250%, 07/20/2028
   250,000
      244,721
1.875%, 04/15/2031
   200,000
      178,461
 
 
      875,427
Mexico (0.07%)
Mexico Government International
Bond
5.400%, 02/09/2028
   250,000
      251,512
4.500%, 04/22/2029
   250,000
      246,813
2.659%, 05/24/2031
1,000,000
      881,150
4.750%, 04/27/2032
   200,000
      191,600
 
Principal
amount
Value
Foreign Government Bonds (Cont.)
Mexico (Cont.)
4.875%, 05/19/2033
$   200,000
$      189,500
5.625%, 09/22/2035
   200,000
      194,300
 
 
    1,954,875
Panama (0.02%)
Panama Government International
Bond
3.298%, 01/19/2033
   250,000
      221,037
6.400%, 02/14/2035
   200,000
      211,200
6.875%, 01/31/2036
   200,000
      218,000
 
 
      650,237
Peru (0.02%)
Peruvian Government International
Bond
3.000%, 01/15/2034
   300,000
      259,650
5.375%, 02/08/2035
   200,000
      201,600
 
 
      461,250
Philippines (0.03%)
Philippine Government International
Bond
5.170%, 10/13/2027
   250,000
      252,675
3.750%, 01/14/2029
   250,000
      246,176
5.609%, 04/13/2033
   250,000
      258,137
5.000%, 01/27/2036
   200,000
      196,049
 
 
      953,037
Poland (0.04%)
Republic of Poland Government
International Bond
5.750%, 11/16/2032
   250,000
      261,933
4.875%, 10/04/2033
   200,000
      198,913
5.125%, 09/18/2034
   200,000
      200,920
5.375%, 02/12/2035
   200,000
      204,082
5.375%, 04/14/2036
   200,000
      201,747
 
 
    1,067,595
South Korea (0.05%)
Export-Import Bank of Korea
4.250%, 09/15/2027
   250,000
      249,836
5.000%, 01/11/2028
   250,000
      252,409
5.125%, 01/11/2033
   250,000
      258,560
Korea Development Bank, The
4.625%, 02/03/2028
   200,000
      200,789
3.750%, 01/28/2029
   200,000
      197,174
4.000%, 01/28/2031
   200,000
      196,784
 
 
    1,355,552
Supranational (0.59%)
Inter-American Development Bank
2.375%, 07/07/2027
   250,000
      245,607
0.625%, 09/16/2027
   250,000
      239,620
4.000%, 01/12/2028
   250,000
      249,334
1.125%, 07/20/2028
   250,000
      235,164
31

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Foreign Government Bonds (Cont.)
Supranational (Cont.)
4.125%, 02/15/2029
$   150,000
$      149,788
2.250%, 06/18/2029
   250,000
      236,615
3.500%, 09/14/2029
   250,000
      244,759
3.750%, 06/14/2030
   100,000
       98,284
1.125%, 01/13/2031
   500,000
      436,730
3.500%, 04/12/2033
   100,000
       95,070
4.500%, 09/13/2033
   100,000
      100,872
4.375%, 07/17/2034
   150,000
      149,845
4.375%, 07/16/2035
   100,000
       99,496
4.125%, 01/23/2036
   200,000
      194,702
Asian Development Bank
3.125%, 08/20/2027
   200,000
      197,688
1.250%, 06/09/2028
   250,000
      236,515
4.500%, 08/25/2028
   250,000
      251,693
3.125%, 09/26/2028
   250,000
      244,475
4.375%, 03/06/2029
   100,000
      100,489
1.875%, 03/15/2029
   250,000
      235,404
1.750%, 09/19/2029
   250,000
      231,759
1.875%, 01/24/2030
   250,000
      230,861
4.125%, 05/30/2030
   200,000
      199,363
3.750%, 08/28/2030
   100,000
       98,254
3.125%, 04/27/2032
   250,000
      235,036
4.125%, 01/12/2034
   100,000
       98,442
4.375%, 03/22/2035
   100,000
       99,729
4.250%, 01/14/2036
   200,000
      196,997
Nordic Investment Bank
3.375%, 09/08/2027
   250,000
      247,613
European Investment Bank
0.625%, 10/21/2027
   250,000
      238,905
3.875%, 03/15/2028
   225,000
      223,911
3.875%, 06/15/2028
   180,000
      179,007
4.500%, 10/16/2028
   500,000
      503,584
4.000%, 02/15/2029
   225,000
      223,994
1.750%, 03/15/2029
   100,000
       93,851
3.750%, 05/15/2029
   150,000
      148,127
4.750%, 06/15/2029
   225,000
      228,487
1.625%, 10/09/2029
   250,000
      230,512
3.750%, 11/15/2029
   300,000
      295,805
4.500%, 03/14/2030
   300,000
      302,992
3.625%, 07/15/2030
   250,000
      244,619
3.875%, 10/15/2030
   200,000
      197,390
1.250%, 02/14/2031
   250,000
      219,178
3.750%, 03/13/2031
   300,000
      294,138
4.375%, 10/10/2031
   250,000
      251,567
4.250%, 08/16/2032
   500,000
      499,097
3.750%, 02/14/2033
   200,000
      193,548
4.125%, 02/13/2034
   150,000
      147,652
4.625%, 02/12/2035
   150,000
      152,320
4.250%, 02/08/2036
   250,000
      246,156
African Development Bank
4.375%, 11/03/2027
   250,000
      250,597
4.000%, 03/18/2030
   100,000
       99,184
4.500%, 06/12/2035
   100,000
      100,332
International Bank for
Reconstruction & Development
0.750%, 11/24/2027
   250,000
      238,485
 
Principal
amount
Value
Foreign Government Bonds (Cont.)
Supranational (Cont.)
1.375%, 04/20/2028
$   200,000
$      190,364
3.500%, 07/12/2028
   250,000
      246,770
1.125%, 09/13/2028
   200,000
      187,292
3.875%, 10/16/2029
   200,000
      198,007
1.750%, 10/23/2029
   250,000
      231,226
3.875%, 02/14/2030
   250,000
      247,195
4.125%, 03/20/2030
   250,000
      249,247
0.875%, 05/14/2030
   250,000
      220,423
4.000%, 07/25/2030
   250,000
      248,078
3.500%, 10/28/2030
   365,000
      354,786
4.000%, 01/10/2031
   250,000
      247,793
1.250%, 02/10/2031
   250,000
      219,178
4.500%, 04/10/2031
   150,000
      151,772
1.625%, 11/03/2031
   250,000
      218,771
4.625%, 01/15/2032
   250,000
      254,276
4.750%, 11/14/2033
   100,000
      102,383
3.875%, 08/28/2034
   250,000
      241,275
4.375%, 08/27/2035
   200,000
      199,063
4.500%, 05/20/2036
   250,000
      250,619
Council of Europe Development
Bank
3.625%, 01/26/2028
   250,000
      247,850
European Bank for Reconstruction &
Development
4.125%, 01/25/2029
   150,000
      149,741
4.250%, 03/13/2034
   100,000
       98,992
International Finance Corp.
3.875%, 07/02/2030
   100,000
       98,823
0.750%, 08/27/2030
   250,000
      217,357
Asian Infrastructure Investment
Bank, The
4.250%, 03/13/2034
   100,000
       99,181
 
 
   16,654,104
Uruguay (0.01%)
Uruguay Government International
Bond
4.375%, 01/23/2031
   200,000
      200,420
 
 
      200,420
Total Foreign Government Bonds
(cost $35,546,890)
 
   35,748,727
Agency Securities (f) (0.24%)
Federal Farm Credit Banks Funding Corp.
 
3.750%, 07/03/2028
1,131,000
    1,121,943
3.375%, 01/07/2028
   350,000
      346,029
3.500%, 01/21/2028
   250,000
      247,524
4.470%, 02/23/2034
   500,000
      490,902
4.390%, 03/27/2029
   250,000
      250,212
Federal Home Loan Banks
4.000%, 06/30/2028
1,000,000
      996,803
Federal Home Loan Mortgage Corp.
 
6.750%, 03/15/2031
   250,000
      276,855
32

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
Agency Securities (Cont.)
Federal Home Loan Mortgage Corp. (Cont.)
 
6.250%, 07/15/2032
$   250,000
$      275,884
4.200%, 12/18/2030
   750,000
      744,164
4.100%, 01/09/2031
   750,000
      741,607
Federal National Mortgage Association
 
7.125%, 01/15/2030
   250,000
      273,761
6.625%, 11/15/2030
   250,000
      273,898
7.250%, 05/15/2030
   250,000
      276,699
0.750%, 10/08/2027
   500,000
      479,307
Total Agency Securities
(cost $6,792,362)
 
    6,795,588
U.S. Treasury Obligations (16.83%)
U.S. Treasury Bill
3.585%, 10/15/2026(g),(h)
   161,000
      159,248
U.S. Treasury Notes
 
4.375%, 07/15/2027
3,000,000
    3,007,497
3.875%, 07/31/2027
5,000,000
    4,985,742
3.625%, 08/31/2027
6,000,000
    5,965,312
0.375%, 09/30/2027
10,000,000
    9,545,703
3.500%, 09/30/2027
5,000,000
    4,960,742
4.125%, 09/30/2027
2,000,000
    1,999,453
3.500%, 10/31/2027
5,000,000
    4,957,031
2.250%, 11/15/2027
2,000,000
    1,949,297
0.625%, 11/30/2027
5,000,000
    4,759,180
3.375%, 11/30/2027
2,000,000
    1,978,516
4.000%, 12/15/2027
5,000,000
    4,988,477
0.625%, 12/31/2027
5,000,000
    4,745,312
3.375%, 12/31/2027
4,000,000
    3,954,219
3.875%, 12/31/2027
1,000,000
      995,781
4.250%, 01/15/2028
2,000,000
    2,002,188
3.500%, 01/31/2028
6,000,000
    5,938,125
0.750%, 01/31/2028
5,000,000
    4,740,039
2.750%, 02/15/2028
5,000,000
    4,889,453
3.375%, 02/29/2028
6,000,000
    5,925,234
3.875%, 03/15/2028
5,000,000
    4,975,781
1.250%, 03/31/2028
5,000,000
    4,756,250
3.875%, 03/31/2028
3,000,000
    2,985,234
3.625%, 03/31/2028
1,000,000
      990,859
3.750%, 04/15/2028
1,000,000
      992,891
3.750%, 04/30/2028
6,000,000
    5,956,641
3.500%, 04/30/2028
5,000,000
    4,941,211
3.750%, 05/15/2028
5,000,000
    4,962,891
2.875%, 05/15/2028
3,500,000
    3,419,199
4.000%, 05/31/2028
5,000,000
    4,985,352
1.250%, 06/30/2028
5,000,000
    4,723,438
4.125%, 06/30/2028
1,000,000
      999,492
2.875%, 08/15/2028
5,000,000
    4,869,922
3.625%, 08/15/2028
1,000,000
      989,063
4.375%, 08/31/2028
4,000,000
    4,016,875
1.250%, 09/30/2028
3,000,000
    2,813,672
4.625%, 09/30/2028
2,000,000
    2,019,375
3.500%, 10/15/2028
   500,000
      492,715
4.875%, 10/31/2028
2,000,000
    2,030,781
3.125%, 11/15/2028
5,000,000
    4,883,203
 
Principal
amount
Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
 
4.375%, 11/30/2028
$3,000,000
$    3,013,828
1.375%, 12/31/2028
4,000,000
    3,737,344
4.000%, 01/31/2029
4,000,000
    3,982,812
2.625%, 02/15/2029
4,000,000
    3,847,812
3.500%, 02/15/2029
1,000,000
      983,438
4.250%, 02/28/2029
5,000,000
    5,010,352
4.125%, 03/31/2029
3,400,000
    3,396,016
4.625%, 04/30/2029
3,000,000
    3,035,859
2.875%, 04/30/2029
3,000,000
    2,897,461
2.375%, 05/15/2029
5,000,000
    4,760,742
3.875%, 05/15/2029
1,000,000
      992,266
2.750%, 05/31/2029
5,000,000
    4,808,008
4.500%, 05/31/2029
4,000,000
    4,036,250
4.250%, 06/30/2029
2,000,000
    2,004,531
2.625%, 07/31/2029
3,000,000
    2,867,344
1.625%, 08/15/2029
5,000,000
    4,633,398
3.625%, 08/31/2029
5,000,000
    4,919,922
3.500%, 09/30/2029
5,000,000
    4,898,437
4.125%, 10/31/2029
2,000,000
    1,996,797
1.750%, 11/15/2029
6,000,000
    5,550,469
4.125%, 11/30/2029
5,000,000
    4,992,187
4.375%, 12/31/2029
7,000,000
    7,045,117
3.875%, 12/31/2029
2,000,000
    1,980,313
4.250%, 01/31/2030
3,850,000
    3,858,422
1.500%, 02/15/2030
15,000,000
   13,665,234
4.000%, 02/28/2030
4,000,000
    3,975,781
4.000%, 03/31/2030
5,500,000
    5,464,980
3.875%, 04/30/2030
4,500,000
    4,451,309
4.000%, 05/31/2030
3,750,000
    3,724,658
3.875%, 06/30/2030
4,500,000
    4,447,969
3.875%, 07/31/2030
3,000,000
    2,964,609
3.625%, 08/31/2030
3,500,000
    3,424,121
3.625%, 10/31/2030
7,500,000
    7,330,664
4.875%, 10/31/2030
3,000,000
    3,078,867
0.875%, 11/15/2030
20,000,000
   17,367,188
3.500%, 11/30/2030
3,750,000
    3,644,824
3.625%, 12/31/2030
5,500,000
    5,370,449
3.750%, 01/31/2031
5,000,000
    4,905,664
4.000%, 01/31/2031
2,000,000
    1,982,656
3.500%, 02/28/2031
3,500,000
    3,397,324
4.250%, 02/28/2031
2,000,000
    2,003,359
3.875%, 03/31/2031
3,500,000
    3,450,234
3.875%, 04/30/2031
4,000,000
    3,942,500
4.625%, 04/30/2031
1,000,000
    1,017,891
1.625%, 05/15/2031
12,000,000
   10,645,781
4.125%, 05/31/2031
3,500,000
    3,487,148
4.125%, 06/30/2031
3,500,000
    3,487,695
1.250%, 08/15/2031
8,000,000
    6,914,062
1.375%, 11/15/2031
7,000,000
    6,045,156
1.875%, 02/15/2032
11,500,000
   10,144,707
4.000%, 04/30/2032
   750,000
      740,127
4.125%, 05/31/2032
   750,000
      744,639
4.000%, 07/31/2032
1,000,000
      985,547
2.750%, 08/15/2032
2,000,000
    1,836,797
3.875%, 08/31/2032
1,000,000
      978,438
3.875%, 09/30/2032
1,000,000
      977,852
33

ADVISERS INVESTMENT TRUST
STATE FARM BALANCED FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
 
3.750%, 10/31/2032
$1,000,000
$      970,430
4.125%, 11/15/2032
4,000,000
    3,964,062
3.750%, 11/30/2032
1,250,000
    1,212,500
3.875%, 12/31/2032
   750,000
      732,363
3.500%, 02/15/2033
2,000,000
    1,908,203
3.750%, 02/28/2033
1,250,000
    1,210,693
4.250%, 03/31/2033
1,000,000
      996,875
4.125%, 04/30/2033
1,500,000
    1,483,594
3.375%, 05/15/2033
2,000,000
    1,888,984
4.250%, 05/31/2033
1,750,000
    1,743,438
4.250%, 06/30/2033
1,500,000
    1,494,141
3.875%, 08/15/2033
7,000,000
    6,806,953
4.500%, 11/15/2033
5,000,000
    5,050,195
4.000%, 02/15/2034
5,000,000
    4,884,766
4.375%, 05/15/2034
5,500,000
    5,501,719
3.875%, 08/15/2034
6,500,000
    6,278,340
4.250%, 11/15/2034
7,500,000
    7,426,758
4.625%, 02/15/2035
7,750,000
    7,872,910
4.250%, 05/15/2035
6,000,000
    5,929,219
4.250%, 08/15/2035
5,100,000
    5,035,055
4.000%, 11/15/2035
5,000,000
    4,836,719
4.125%, 02/15/2036
5,750,000
    5,609,844
4.375%, 05/15/2036
3,750,000
    3,730,078
Total U.S. Treasury Obligations
(cost $471,967,330)
 
  471,666,588
Long-term Municipal Bonds (0.05%)
California (0.04%)
State of California, Taxable General
Obligation Bonds
6.000%, 03/01/2033
   250,000
      268,337
4.875%, 09/01/2030
   500,000
      509,331
Regents of the University of
California Medical Center Pooled
Taxable Revenue Bonds
4.132%, 05/15/2032
   250,000
      244,339
 
 
    1,022,007
Louisiana (0.01%)
Louisiana Local Government
Environmental Facilities &
Community Development
Authority Taxable Revenue Bonds
4.145%, 02/01/2033
   250,000
      246,934
 
 
      246,934
Total Long-term Municipal Bonds
(cost $1,243,228)
 
    1,268,941
 
Shares
Value
Short-term Investments (0.70%)
Northern Institutional Treasury
Portfolio (Premier Class),
3.513%(i)
19,642,938
$   19,642,938
Total Short-term Investments
(cost $19,642,938)
 
   19,642,938
TOTAL INVESTMENTS (99.95%)
(cost $1,165,028,563)
 
2,800,319,183
OTHER ASSETS, NET OF
LIABILITIES
(0.05%)
 
    1,439,905
NET ASSETS (100.00%)
 
$2,801,759,088
(a)
Non-income producing security.
(b)
Security valued pursuant to Level 3 unobservable inputs.
(c)
Securities exempt from registration pursuant to Rule 144A under the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
June 30, 2026, the value of these securities amounted to $1,778,852 or
0.06% of net assets.
(d)
Floating rate security. The rate presented is the rate in effect at June 30,
2026, and the related index and spread are shown parenthetically for each
security.
(e)
Zero coupon bond.
(f)
The obligations of these U.S. Government-sponsored entities are neither
issued nor guaranteed by the United States Treasury. On September 6,
2008, the Federal Housing Finance Agency placed the Federal National
Mortgage Association (“Fannie Mae”) and the Federal Home Loan
Mortgage Corp. (“Freddie Mac”) into conservatorship. The United States
Treasury has put in place a set of financing agreements to help ensure
that these entities continue to meet their obligations to holders of bonds
they have issued or guaranteed.
(g)
Security pledged as collateral to cover margin requirements for open
futures contracts.
(h)
Discount rate at the time of purchase.
(i)
Rate shown is the 7-day yield as of June 30, 2026.
PLC
Public Limited Company
ADR
American Depositary Receipt
LLC
Limited Liability Company
At June 30, 2026, the Fund had open futures contracts as follows:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
 
 
E-Mini
S&P 500
6
9/18/2026
USD
$2,264,475
$26,850
34

ADVISERS INVESTMENT TRUST
STATE FARM INTERIM FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
Principal
amount
Value
U.S. Treasury Obligations (99.34%)
U.S. Treasury Notes
 
4.375%, 07/15/2027
$2,400,000
$  2,405,997
2.750%, 07/31/2027
2,680,000
  2,640,742
3.875%, 07/31/2027
  550,000
    548,432
0.375%, 07/31/2027
  450,000
    432,229
2.250%, 08/15/2027
  550,000
    538,613
3.125%, 08/31/2027
2,950,000
  2,916,352
3.625%, 08/31/2027
2,920,000
  2,903,119
0.500%, 08/31/2027
  500,000
    479,453
3.375%, 09/15/2027
3,000,000
  2,972,812
3.500%, 09/30/2027
2,680,000
  2,658,958
4.125%, 09/30/2027
2,312,000
  2,311,368
0.375%, 09/30/2027
  500,000
    477,285
3.875%, 10/15/2027
2,575,000
  2,565,746
3.500%, 10/31/2027
3,430,000
  3,400,523
4.125%, 10/31/2027
2,150,000
  2,148,740
0.500%, 10/31/2027
  750,000
    714,785
4.125%, 11/15/2027
1,000,000
    999,375
2.250%, 11/15/2027
  675,000
    657,888
3.875%, 11/30/2027
3,000,000
  2,988,164
3.375%, 11/30/2027
2,500,000
  2,473,145
4.000%, 12/15/2027
2,800,000
  2,793,547
3.875%, 12/31/2027
3,150,000
  3,136,711
3.375%, 12/31/2027
2,000,000
  1,977,109
0.625%, 12/31/2027
  900,000
    854,156
4.250%, 01/15/2028
2,500,000
  2,502,734
0.750%, 01/31/2028
3,920,000
  3,716,191
3.500%, 01/31/2028
2,170,000
  2,147,622
4.250%, 02/15/2028
3,400,000
  3,403,852
2.750%, 02/15/2028
  400,000
    391,156
4.000%, 02/29/2028
3,400,000
  3,390,969
3.375%, 02/29/2028
1,600,000
  1,580,062
1.125%, 02/29/2028
  500,000
    475,762
3.875%, 03/15/2028
2,753,000
  2,739,665
3.625%, 03/31/2028
3,340,000
  3,309,470
3.875%, 03/31/2028
2,070,000
  2,059,812
3.750%, 04/15/2028
2,950,000
  2,929,027
3.500%, 04/30/2028
3,400,000
  3,360,023
1.250%, 04/30/2028
3,185,000
  3,022,764
3.750%, 04/30/2028
2,240,000
  2,223,813
2.875%, 05/15/2028
4,000,000
  3,907,656
3.750%, 05/15/2028
1,750,000
  1,737,012
3.625%, 05/31/2028
2,900,000
  2,871,453
4.000%, 05/31/2028
1,980,000
  1,974,199
1.250%, 05/31/2028
1,130,000
  1,069,969
3.875%, 06/15/2028
2,000,000
  1,989,062
4.000%, 06/30/2028
3,250,000
  3,239,971
4.125%, 06/30/2028
2,725,000
  2,723,616
1.250%, 06/30/2028
  500,000
    472,344
3.875%, 07/15/2028
1,700,000
  1,690,238
4.125%, 07/31/2028
3,300,000
  3,297,680
1.000%, 07/31/2028
1,350,000
  1,265,625
3.625%, 08/15/2028
2,850,000
  2,818,828
2.875%, 08/15/2028
2,625,000
  2,556,709
4.375%, 08/31/2028
1,200,000
  1,205,062
1.125%, 08/31/2028
1,000,000
    937,578
3.375%, 09/15/2028
1,600,000
  1,573,375
 
Principal
amount
Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
 
4.625%, 09/30/2028
$2,000,000
$  2,019,375
1.250%, 09/30/2028
  700,000
    656,523
3.500%, 10/15/2028
1,970,000
  1,941,296
4.875%, 10/31/2028
2,900,000
  2,944,633
1.375%, 10/31/2028
2,350,000
  2,205,053
3.125%, 11/15/2028
1,200,000
  1,171,969
3.500%, 11/15/2028
  700,000
    689,473
1.500%, 11/30/2028
2,125,000
  1,995,757
4.375%, 11/30/2028
1,680,000
  1,687,744
3.500%, 12/15/2028
  920,000
    905,769
3.750%, 12/31/2028
3,000,000
  2,970,234
1.375%, 12/31/2028
  600,000
    560,602
3.500%, 01/15/2029
  940,000
    924,909
4.000%, 01/31/2029
2,750,000
  2,738,184
1.750%, 01/31/2029
2,000,000
  1,882,266
2.625%, 02/15/2029
1,100,000
  1,058,148
3.500%, 02/15/2029
  690,000
    678,572
4.250%, 02/28/2029
2,970,000
  2,976,149
1.875%, 02/28/2029
  600,000
    565,617
3.500%, 03/15/2029
1,570,000
  1,543,568
4.125%, 03/31/2029
2,500,000
  2,497,070
2.375%, 03/31/2029
2,000,000
  1,907,812
3.875%, 04/15/2029
1,460,000
  1,448,936
4.625%, 04/30/2029
3,000,000
  3,035,859
2.875%, 04/30/2029
1,000,000
    965,820
3.875%, 05/15/2029
1,270,000
  1,260,177
2.375%, 05/15/2029
  600,000
    571,289
4.500%, 05/31/2029
3,960,000
  3,995,887
4.125%, 06/15/2029
1,580,000
  1,578,519
4.250%, 06/30/2029
3,250,000
  3,257,363
3.250%, 06/30/2029
1,000,000
    974,336
4.000%, 07/31/2029
3,150,000
  3,134,988
2.625%, 07/31/2029
1,000,000
    955,781
1.625%, 08/15/2029
1,960,000
  1,816,292
3.625%, 08/31/2029
4,150,000
  4,083,535
3.500%, 09/30/2029
3,505,000
  3,433,805
4.125%, 10/31/2029
3,530,000
  3,524,346
4.000%, 10/31/2029
  250,000
    248,623
1.750%, 11/15/2029
  250,000
    231,270
4.125%, 11/30/2029
3,735,000
  3,729,164
4.375%, 12/31/2029
2,530,000
  2,546,307
3.875%, 12/31/2029
1,440,000
  1,425,825
4.250%, 01/31/2030
3,180,000
  3,186,956
1.500%, 02/15/2030
1,545,000
  1,407,519
4.000%, 02/28/2030
5,225,000
  5,193,364
4.000%, 03/31/2030
4,575,000
  4,545,870
3.625%, 03/31/2030
  870,000
    853,144
3.875%, 04/30/2030
4,080,000
  4,035,853
3.500%, 04/30/2030
2,790,000
  2,722,430
0.625%, 05/15/2030
4,050,000
  3,538,529
4.000%, 05/31/2030
4,085,000
  4,057,394
3.750%, 05/31/2030
  250,000
    246,045
3.875%, 06/30/2030
3,700,000
  3,657,219
3.750%, 06/30/2030
  250,000
    245,937
3.875%, 07/31/2030
3,525,000
  3,483,416
4.000%, 07/31/2030
  790,000
    784,260
35

ADVISERS INVESTMENT TRUST
STATE FARM INTERIM FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Principal
amount
Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
 
0.625%, 08/15/2030
$3,000,000
$  2,598,047
3.625%, 08/31/2030
3,900,000
  3,815,449
4.125%, 08/31/2030
  300,000
    299,168
4.625%, 09/30/2030
1,630,000
  1,656,615
3.625%, 09/30/2030
1,050,000
  1,026,867
3.625%, 10/31/2030
3,100,000
  3,030,008
0.875%, 11/15/2030
4,360,000
  3,786,047
3.500%, 11/30/2030
3,060,000
  2,974,177
3.625%, 12/31/2030
3,410,000
  3,329,679
3.750%, 01/31/2031
3,545,000
  3,478,116
1.125%, 02/15/2031
4,520,000
  3,944,230
3.500%, 02/28/2031
2,850,000
  2,766,393
3.875%, 03/31/2031
3,380,000
  3,331,941
3.875%, 04/30/2031
3,960,000
  3,903,075
4.625%, 04/30/2031
  300,000
    305,367
1.625%, 05/15/2031
4,300,000
  3,814,738
4.125%, 05/31/2031
2,880,000
  2,869,425
4.125%, 06/30/2031
3,990,000
  3,975,973
U.S. Treasury Bonds
 
6.125%, 11/15/2027
1,100,000
  1,128,918
6.250%, 05/15/2030
  630,000
    676,020
Total U.S. Treasury Obligations
(cost $289,938,714)
 
287,985,582
 
Shares
Value
Short-term Investments (0.22%)
Northern Institutional Treasury Portfolio
(Premier Class), 3.513%(a)
  647,642
    647,642
Total Short-term Investments
(cost $647,642)
 
    647,642
TOTAL INVESTMENTS (99.56%)
(cost $290,586,356)
 
288,633,224
OTHER ASSETS, NET OF LIABILITIES
(0.44%)
 
  1,268,858
NET ASSETS (100.00%)
 
$289,902,082
(a)
Rate shown is the 7-day yield as of June 30, 2026.
36

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (98.40%)
Alabama (4.78%)
City of Athens, Alabama, Electric Revenue Warrants
3.750%
06/01/2027
$645,000
$    645,259
City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants
3.000%
05/01/2028
980,000
    974,191
City of Athens, Alabama, Electric Revenue Warrants
4.000%
06/01/2028
665,000
    665,362
City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants
3.125%
05/01/2029
1,010,000
  1,003,253
Black Belt Energy Gas District Revenue Bonds, Series C-1(a)
5.250%
06/01/2029
1,000,000
  1,050,924
Black Belt Energy Gas District Revenue Bonds, Series B(b)
5.250%
12/01/2030
2,000,000
  2,148,850
Black Belt Energy Gas District Revenue Bonds, Series E
5.000%
07/01/2033
1,500,000
  1,570,958
Black Belt Energy Gas District Revenue Refunding Bonds, Series H-1
5.000%
01/01/2034
1,015,000
  1,063,992
Black Belt Energy Gas District Revenue Bonds, Series D(c)
5.000%
11/01/2034
1,740,000
  1,854,825
Black Belt Energy Gas District Revenue Bonds, Series A
5.000%
12/01/2034
1,000,000
  1,058,304
Black Belt Energy Gas District Revenue Bonds, Series E(d)
5.000%
05/01/2035
2,000,000
  2,129,946
Health Care Authority of the City of Huntsville Revenue Bonds, Series B
5.000%
06/01/2035
1,000,000
  1,122,294
Energy Southeast A Cooperative District Revenue Bonds, Series A
5.000%
11/01/2035
1,580,000
  1,667,744
Southeast Energy Authority A Cooperative District Revenue Bonds, Series H
5.000%
11/01/2035
1,000,000
  1,063,453
Madison Water & Wastewater Board Revenue Refunding Bonds
4.000%
12/01/2035
215,000
    220,158
Black Belt Energy Gas District Revenue Bonds, Series C
5.250%
06/01/2036
2,460,000
  2,650,741
Madison Water & Wastewater Board Revenue Refunding Bonds
4.000%
12/01/2036
310,000
    315,521
Mobile County Board of School Commissioners Special Tax Warrants, Series B
5.000%
03/01/2037
1,000,000
  1,080,387
Jefferson County Sewer Revenue Refunding Warrants
5.000%
10/01/2038
1,000,000
  1,086,474
 
 
 
 
23,372,636
Alaska (1.57%)
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A
3.250%
09/01/2028
1,095,000
  1,094,564
Municipality of Anchorage, Alaska, General Obligation Bonds, Series B
3.250%
09/01/2028
1,050,000
  1,049,582
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A
3.500%
09/01/2029
1,390,000
  1,389,147
Municipality of Anchorage, Alaska, General Obligation Bonds, Series B
3.500%
09/01/2029
1,090,000
  1,089,331
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A
3.500%
09/01/2030
1,440,000
  1,439,612
Alaska Municipal Bank Authority Master Resolution Revenue Bonds, Series A
5.500%
10/01/2042
1,560,000
  1,594,321
 
 
 
 
  7,656,557
Arizona (2.08%)
County of Pima, Arizona, General Obligation Bonds, Series A
4.000%
07/01/2026
2,000,000
  2,000,000
Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds,
Series D
5.000%
07/01/2026
555,000
    555,000
Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds,
Series D
5.000%
07/01/2027
400,000
    400,637
Maricopa County Industrial Development Authority Revenue Refunding Bonds, Series A
5.000%
01/01/2032
1,000,000
  1,098,736
Maricopa County School District No. 3 Tempe Elementary General Obligation Bonds, Series C
5.000%
07/01/2036
1,000,000
  1,152,515
Salt River Project Agricultural Improvement & Power District Electric System Revenue
Refunding Bonds, Series A
4.000%
01/01/2038
1,000,000
    997,987
Western Maricopa Education Center District No. 402, General Obligation Bonds, Series A
5.000%
07/01/2039
1,350,000
  1,515,322
Maricopa County Industrial Development Authority Revenue Refunding Bonds, Series D
5.000%
12/01/2041
1,305,000
  1,402,390
Superstition Fire & Medical District, General Obligation Bonds
5.000%
07/01/2042
975,000
  1,067,532
 
 
 
 
10,190,119
Arkansas (0.41%)
State of Arkansas, General Obligation Refunding Bonds
4.000%
06/01/2027
2,000,000
  2,006,126
California (3.28%)
Southern California Public Power Authority Revenue Refunding Bonds, Series A
5.000%
07/01/2028
755,000
    789,184
California Statewide Communities Development Authority Revenue Bonds, Series 2009C(e)
5.000%
11/01/2029
2,500,000
  2,681,984
City of La Mesa, California, General Obligation Refunding Bonds
4.000%
08/01/2030
540,000
    540,452
City of La Mesa, California, General Obligation Refunding Bonds
4.000%
08/01/2031
400,000
    400,296
City of La Mesa, California, General Obligation Refunding Bonds
4.000%
08/01/2032
500,000
    500,300
Los Angeles Department of Water & Power Revenue Refunding Bonds, Series B
5.000%
07/01/2035
1,340,000
  1,395,461
Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E
3.000%
08/01/2035
1,150,000
  1,124,298
37

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
California (Cont.)
Central Unified School District, General Obligation Bonds, Election of 2016, Series C
3.000%
08/01/2035
$300,000
$    294,582
Gavilan Joint Community College District, General Obligation Bonds, Series B
3.000%
08/01/2035
1,000,000
    978,081
California Community Choice Financing Authority Sustainable Revenue Bonds
5.000%
12/01/2035
1,055,000
  1,146,671
Gavilan Joint Community College District, General Obligation Bonds, Series B
3.000%
08/01/2036
1,000,000
    954,268
Central Unified School District, General Obligation Bonds, Election of 2016, Series C
3.000%
08/01/2037
755,000
    702,984
San Francisco City & County Airport Commission International Airport Revenue Refunding
Bonds, Series A (AMT)
5.250%
05/01/2039
2,000,000
  2,275,256
University of California Revenue Bonds, Series CA
5.000%
05/15/2039
2,000,000
  2,262,929
 
 
 
 
16,046,746
Colorado (2.08%)
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation
Refunding Bonds, Series B
2.500%
12/15/2027
1,500,000
  1,485,628
Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B
5.000%
12/15/2034
2,000,000
  2,021,106
Town of Estes Park, Colorado, Power & Communications Enterprise Revenue Refunding
Bonds, Series A
4.000%
11/01/2035
980,000
    987,797
Westminster Public Schools General Obligation Bonds, Series A
5.000%
12/01/2037
2,000,000
  2,261,248
Rangeview Library District, Certificate of Participation, Series A
5.000%
12/15/2037
650,000
    711,047
Adams & Weld Counties School District No. 27J Brighton, Colorado, General Obligation Bonds,
Series A
5.500%
12/01/2039
1,000,000
  1,191,938
Adams & Arapahoe Counties Joint School District 28J Aurora, General Obligation Bonds
5.500%
12/01/2040
1,300,000
  1,525,551
 
 
 
 
10,184,315
Connecticut (1.79%)
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds,
Series A-2(f)
2.000%
07/01/2026
3,500,000
  3,500,000
State of Connecticut, General Obligation Bonds, Series C
5.000%
08/15/2032
1,000,000
  1,123,590
State of Connecticut Special Tax Obligation Revenue Bonds, Series A(g)
4.000%
09/01/2035
1,300,000
  1,302,551
State of Connecticut Special Tax Revenue Refunding Bonds
5.000%
07/01/2042
2,515,000
  2,811,005
 
 
 
 
  8,737,146
Delaware (0.24%)
City of Wilmington, Delaware, General Obligation Refunding Bonds
5.000%
01/01/2042
1,045,000
  1,161,840
Florida (3.93%)
School District of Broward County, Florida, Refunding Certificate of Participation, Series A
5.000%
07/01/2029
1,000,000
  1,063,313
County of Broward, Florida, Port Facilities Revenue Bonds (AMT)
5.000%
09/01/2030
1,000,000
  1,063,972
County of Lee, Florida, Airport Revenue Variable Revenue Bonds, Series A-2 (AMT)(h)
5.000%
10/01/2031
1,000,000
  1,073,150
Florida Municipal Loan Council Revenue Bonds, Series A
3.000%
08/01/2032
520,000
    516,609
County of Miami-Dade School Board Refunding Certificate of Participation, Series A
5.000%
02/01/2033
1,000,000
  1,115,651
Florida Municipal Loan Council Revenue Bonds, Series A
3.250%
08/01/2033
535,000
    535,712
County of Miami-Dade Seaport Department Senior Revenue Refunding Bonds, Series A (AMT)
5.000%
10/01/2035
1,000,000
  1,078,908
Florida Department of Management Services, Certificate of Participation, Series A
3.000%
11/01/2035
1,000,000
    934,080
County of Miami-Dade, Florida, Aviation Revenue Refunding Bonds, Series A (AMT)(i)
5.000%
10/01/2037
1,000,000
  1,109,491
Orlando Utilities Commission Utility System Revenue Bonds, Series 2018A
5.000%
10/01/2037
540,000
    552,004
County of Miami-Dade, Florida, Water & Sewer System Revenue Refunding Bonds, Series B
4.000%
10/01/2038
2,000,000
  2,005,151
City of Wildwood, Florida, Utility System Revenue Bonds, Series A
5.000%
11/01/2038
1,375,000
  1,531,304
School District of Broward County, Florida, General Obligation Refunding Bonds
5.000%
07/01/2039
1,000,000
  1,144,275
County of Broward, Florida, Port Facilities Revenue Bonds (AMT)
5.000%
09/01/2039
500,000
    537,099
County of Pasco, Florida, Solid Waste Disposal & Resource Recovery System Revenue Bonds,
Series A (AMT)
5.000%
10/01/2039
1,105,000
  1,212,389
County of Sarasota, Florida, Utility System Revenue Bonds
5.250%
10/01/2039
1,000,000
  1,103,484
City of South Miami Health Facilities Authority Revenue Refunding Bonds
5.000%
08/15/2042
1,500,000
  1,522,892
County of Lee, Forida, Airport Revenue Bonds, Series A-1 (AMT)
5.250%
10/01/2042
1,000,000
  1,107,139
 
 
 
 
19,206,623
38

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Georgia (1.79%)
Bartow County Development Authority Revenue Refunding Bonds
1.800%
09/01/2029
$1,000,000
$    938,301
Main Street Natural Gas, Inc., Gas Supply Revenue Bonds, Series C(j)
5.000%
12/01/2031
5,000,000
  5,292,649
Harris County School District, General Obligation Bonds
3.000%
03/01/2035
250,000
    245,294
Metropolitan Atlanta Rapid Transit Authority Sales Tax Sustainable Revenue Refunding Bonds,
Series B
5.000%
07/01/2038
1,250,000
  1,476,611
City of Winder, Georgia, Water & Sewerage Revenue Bonds
5.000%
01/01/2039
695,000
    793,383
 
 
 
 
  8,746,238
Hawaii (0.23%)
State of Hawaii Department of Budget & Finance Special Purpose Revenue Refunding Bonds
5.000%
07/01/2036
1,000,000
  1,134,657
Idaho (0.47%)
Idaho State University Revenue Bonds
4.000%
04/01/2033
180,000
    182,881
Idaho Health Facilities Authority Revenue Refunding Bonds
4.000%
03/01/2034
400,000
    410,774
Boise State University Revenue Bonds, Series A
5.000%
04/01/2034
240,000
    248,232
Idaho State University Revenue Bonds
4.000%
04/01/2034
255,000
    258,110
Boise State University Revenue Bonds, Series A
5.000%
04/01/2035
250,000
    258,294
Boise State University Revenue Refunding Bonds, Series A
3.000%
04/01/2035
300,000
    292,219
Idaho State University Revenue Bonds
4.000%
04/01/2035
175,000
    176,769
Idaho State University Revenue Bonds
4.000%
04/01/2036
200,000
    201,388
Boise State University Revenue Refunding Bonds, Series A
3.000%
04/01/2037
310,000
    292,633
 
 
 
 
  2,321,300
Illinois (7.48%)
State of Illinois Sales Tax Revenue Bonds, Series A
5.000%
06/15/2032
3,010,000
  3,307,814
Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, Series A (AMT)
5.000%
01/01/2033
1,250,000
  1,359,681
Village of Schaumburg, Illinois, General Obligation Refunding Bonds
4.000%
12/01/2034
2,500,000
  2,611,978
Sangamon County School District No. 186 Springfield, General Obligation Bonds(g)
3.000%
02/01/2035
1,000,000
    960,594
Chicago Park District, General Obligation Refunding Bonds, Series F-2
4.000%
01/01/2036
300,000
    301,392
County of Will, Illinois, General Obligation Refunding Bonds
5.000%
11/15/2036
500,000
    570,739
Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series G (AMT)
5.000%
01/01/2037
2,000,000
  2,014,769
State of Illinois, General Obligation Bonds, Series B
5.000%
05/01/2037
5,000,000
  5,456,879
Illinois Housing Development Authority Sustainable Revenue Refunding Bonds, Series A
3.750%
10/01/2037
1,200,000
  1,190,533
Chicago O'Hare International Airport General Senior Lien Revenue Bonds, Series B
5.000%
01/01/2038
520,000
    541,911
DuPage County Community Unit School District No. 200 Wheaton-Warrenville, General
Obligation Bonds
5.000%
01/15/2038
2,645,000
  2,928,033
Illinois Finance Authority Revenue Refunding Bonds
4.000%
08/01/2038
1,500,000
  1,445,782
Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series A (AMT)
5.000%
01/01/2039
1,500,000
  1,629,297
State of Illinois Sales Tax Revenue Bonds, Series B
5.000%
06/15/2039
1,000,000
  1,096,302
Village of Mundelein, Illinois, General Obligation Bonds
4.000%
12/15/2039
1,355,000
  1,357,940
Illinois State Toll Highway Authority Revenue Bonds, Series B
5.000%
01/01/2040
3,000,000
  3,003,502
Chicago Midway International Airport Senior Lien Revenue Refunding Bonds, Series A (AMT)
5.250%
01/01/2041
605,000
    649,484
Illinois State Toll Highway Authority Senior Revenue Bonds, Series A
5.000%
01/01/2041
1,590,000
  1,690,169
Sales Tax Securitization Corporation Senior Lien Revenue Refunding Bonds, Series A
5.000%
01/01/2041
1,200,000
  1,300,846
Chicago O'Hare International Airport Senior Lien Revenue Bonds, Series D
5.250%
01/01/2042
1,000,000
  1,008,367
City of Joliet, Illinois, Waterworks & Sewerage Revenue Bonds
5.000%
01/01/2042
1,000,000
  1,080,720
City of Aurora, Illinois, General Obligation Bonds, Series C
5.000%
12/30/2042
1,000,000
  1,079,742
 
 
 
 
36,586,474
Indiana (3.71%)
East Noble School Building Corporation Revenue Bonds
2.000%
01/15/2027
1,205,000
  1,195,371
City of Lebanon, Indiana, Sewage Works Revenue Bonds (Prerefunded to 07-01-2027 @
100)(g)
4.000%
07/01/2027
895,000
    907,958
East Allen County Schools, General Obligation Bonds
5.000%
01/15/2028
565,000
    582,876
Carmel Redevelopment Authority Revenue Bonds, Series B
5.000%
01/15/2033
2,485,000
  2,755,650
City of Whiting, Indiana, Environmental Facilities Variable Revenue Refunding Bonds (AMT)(k)
4.000%
06/10/2033
1,000,000
  1,018,705
39

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Indiana (Cont.)
City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A
3.000%
12/01/2033
$650,000
$    628,542
IPS Multi-School Building Corporation Sustainable Revenue Bonds
5.000%
01/15/2034
1,300,000
  1,460,789
Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds
5.000%
07/15/2034
335,000
    345,247
City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A
3.000%
12/01/2034
675,000
    646,849
Indianapolis Local Public Improvement Bond Bank Revenue Refunding Bonds, Series E
5.000%
02/01/2035
900,000
    986,430
East Allen Multi School Building Corporation Revenue Bonds
5.000%
07/15/2036
1,000,000
  1,104,386
Brownsburg 1999 School Building Corporation Revenue Bonds
5.250%
07/15/2038
1,790,000
  1,935,927
Peru Multi-School Building Corporation Revenue Bonds
5.000%
07/15/2039
1,000,000
  1,107,823
Johnson County Redevelopment Authority Revenue Bonds
5.000%
07/15/2040
1,180,000
  1,265,980
Brownsburg 1999 School Building Corporation Revenue Bonds
5.000%
07/15/2042
1,000,000
  1,093,629
Clark-Pleasant Community School Building Corporation Revenue Bonds
5.000%
07/15/2043
1,000,000
  1,093,747
 
 
 
 
18,129,909
Iowa (1.63%)
Waukee Community School District, General Obligation Refunding Bonds, Series B
2.000%
06/01/2027
2,100,000
  2,074,392
City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D
3.000%
06/01/2029
950,000
    950,029
City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A
3.000%
06/01/2029
1,050,000
  1,050,160
City of West Des Moines, Iowa, General Obligation Bonds, Series D
3.000%
06/01/2031
1,770,000
  1,728,908
Cedar Rapids Community School District, General Obligation Bonds
5.000%
06/01/2035
1,000,000
  1,099,202
Des Moines Independent Community School District General Obligation Bonds(i)
5.000%
06/01/2039
1,000,000
  1,094,298
 
 
 
 
  7,996,989
Kansas (1.24%)
Johnson County Unified School District No. 512 Shawnee Mission, General Obligation
Refunding Bonds, Series A
3.000%
10/01/2027
1,000,000
  1,000,207
State of Kansas Department of Transportation Revenue Bonds, Series A
5.000%
09/01/2033
4,000,000
  4,097,462
Sedgwick County Unified School District No. 263 Mulvane General Obligation Bonds, Series A
5.000%
09/01/2043
900,000
    968,627
 
 
 
 
  6,066,296
Kentucky (4.71%)
Northern Kentucky Water District Revenue Bonds, Series A
4.000%
02/01/2028
1,110,000
  1,110,713
City of Owensboro, Kentucky, Water Revenue Refunding Bonds
3.250%
09/15/2029
1,735,000
  1,737,346
Lexington-Fayette Urban County Government, General Obligation Bonds, Series A
3.000%
10/01/2029
1,060,000
  1,057,352
City of Owensboro, Kentucky, Water Revenue Refunding Bonds
3.375%
09/15/2030
1,800,000
  1,804,032
Lexington-Fayette Urban County Government, General Obligation Bonds, Series A
3.125%
10/01/2030
1,095,000
  1,095,024
Northern Kentucky Water District Revenue Refunding Bonds
3.000%
02/01/2031
2,160,000
  2,144,181
Kenton County School District Finance Corporation Revenue Bonds
2.000%
02/01/2032
1,770,000
  1,595,231
Kentucky Public Energy Authority Revenue Refunding Bonds, Series B(l)
5.000%
08/01/2032
3,330,000
  3,520,594
City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds
3.000%
06/01/2033
3,115,000
  3,034,663
Kentucky State Public Energy Authority Gas Supply Revenue Bonds, Series B
5.000%
12/01/2033
655,000
    674,020
Kentucky Public Energy Authority Revenue Refunding Bonds, Series C
5.000%
05/01/2036
1,000,000
  1,053,549
Kentucky Municipal Energy Agency Power System Revenue Bonds
5.000%
01/01/2039
785,000
    859,049
Kentucky State Property & Buildings Commission Revenue Bonds, Series A
5.000%
05/01/2039
1,130,000
  1,226,241
Woodford County School District Finance Corporation Revenue Bonds, Series A
5.000%
08/01/2039
1,000,000
  1,070,369
Franklin County School District, General Obligation Bonds
5.000%
06/01/2042
1,000,000
  1,068,164
 
 
 
 
23,050,528
Louisiana (1.64%)
State of Louisiana General Obligation Bonds, Series E
5.000%
09/01/2032
2,000,000
  2,247,631
St. John the Baptist Parish School District No. 1, General Obligation Bonds
5.250%
03/01/2037
1,500,000
  1,650,664
Louisiana Local Government Environmental Facilities & Community Development Authority
Revenue Bonds
5.000%
08/15/2037
1,000,000
  1,015,910
New Orleans Aviation Board Revenue Refunding Bonds, Series B (AMT)
5.000%
01/01/2039
1,025,000
  1,094,712
40

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Louisiana (Cont.)
Parish of St. John the Baptist, Los Angeles, General Obligation Bonds
5.000%
03/01/2039
$1,000,000
$  1,126,773
City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A
5.000%
12/01/2039
830,000
    890,737
 
 
 
 
  8,026,427
Maryland (1.39%)
City of Baltimore, Maryland, Revenue Bonds, Series A
5.000%
07/01/2035
1,000,000
  1,099,532
Maryland Health & Higher Educational Facilities Authority Variable Revenue Refunding
Bonds(m)
5.000%
08/15/2036
2,500,000
  2,791,259
County of Baltimore, Maryland, General Obligation Bonds
4.000%
03/01/2038
1,750,000
  1,770,014
County of Baltimore, Maryland, General Obligation Bonds
5.000%
03/01/2039
1,000,000
  1,148,941
 
 
 
 
  6,809,746
Massachusetts (3.07%)
Massachusetts Development Finance Agency Variable Revenue Bonds, Series A-1(n)
5.000%
05/13/2032
3,000,000
  3,340,629
Massachusetts Development Finance Agency Revenue Refunding Bonds, Partners Healthcare
System
5.000%
07/01/2035
1,400,000
  1,400,000
Massachusetts Development Finance Agency Variable Revenue Bonds(o)
5.000%
11/01/2035
2,000,000
  2,325,377
Massachusetts School Building Authority Sales Tax Sustainable Revenue Refunding Bonds
5.000%
02/15/2036
500,000
    585,399
Commonwealth of Massachusetts, General Obligation Bonds, Series A
5.000%
01/01/2037
1,810,000
  1,894,505
Massachusetts Development Finance Agency Revenue Bonds, Series A
5.000%
10/01/2038
1,000,000
  1,135,944
Commonwealth of Massachusetts, General Obligation Bonds, Series J
5.000%
12/01/2038
1,000,000
  1,008,192
Commonwealth of Massachusetts, General Obligation Refunding Bonds, Series B
5.000%
05/01/2039
1,480,000
  1,634,078
Commonwealth of Massachusetts Transportation Fund Revenue Refunding Bonds
5.000%
06/01/2040
500,000
    566,376
Massachusetts Development Finance Agency Revenue Refunding Bonds, Series N
5.000%
07/01/2042
1,000,000
  1,118,529
 
 
 
 
15,009,029
Michigan (2.69%)
Hamilton Community School District, General Obligation Refunding Bonds
4.000%
05/01/2028
300,000
    300,355
Rockford Public Schools, General Obligation Bonds, Series I
4.000%
05/01/2035
1,755,000
  1,786,692
Van Buren Public Schools, Michigan, General Obligation Refunding Bonds
4.000%
11/01/2035
1,000,000
  1,016,935
Grosse Pointe Public School System, General Obligation Refunding Bonds
5.000%
05/01/2036
1,635,000
  1,720,002
Lowell Area Schools, General Obligation Bonds
4.000%
05/01/2036
865,000
    879,568
West Bloomfield School District, General Obligation Bonds
3.000%
05/01/2036
3,825,000
  3,664,832
Dundee Community Schools, General Obligation Bonds
5.000%
05/01/2037
1,000,000
  1,090,535
Northville Public Schools General Obligation Bonds, Series II
5.000%
05/01/2039
1,495,000
  1,685,598
Michigan State Housing Development Authority Single Family Mortgage Sustainable Revenue
Bonds, Series C
4.650%
06/01/2041
1,000,000
  1,020,838
 
 
 
 
13,165,355
Minnesota (2.92%)
City of Eagan, Minnesota, General Obligation Bonds, Series A
3.250%
02/01/2032
1,245,000
  1,243,405
Duluth Independent School District No. 709, General Obligation Bonds, Series A(p)
0.000%
02/01/2033
1,000,000
    797,673
White Bear Lake Independent School District No. 624, General Obligation Bonds, Series A
5.000%
02/01/2033
4,000,000
  4,449,155
North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation
Bonds, Series B
3.000%
02/01/2034
3,300,000
  3,252,142
Minnesota Municipal Gas Agency Revenue Bonds, Series A
5.000%
09/01/2035
1,000,000
  1,043,494
City of Minneapolis, Minnesota, General Obligation Bonds
3.000%
12/01/2035
2,000,000
  1,923,522
Pequot Lakes Independent School District No. 186, General Obligation Bonds, Series A
5.000%
02/01/2036
960,000
  1,088,926
Minnesota Housing Finance Agency Revenue Bonds, Series B
5.000%
08/01/2036
425,000
    474,912
 
 
 
 
14,273,229
Mississippi (0.62%)
State of Mississippi, General Obligation Bonds, Series F
3.000%
11/01/2026
3,000,000
  3,011,557
Missouri (1.57%)
Grain Valley No. R-5 School District, General Obligation Bonds, Series A
5.000%
03/01/2035
1,000,000
  1,032,651
41

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Missouri (Cont.)
City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B
3.000%
10/01/2035
$2,520,000
$  2,381,905
Park Hill School District of Platte County, General Obligation Bonds
3.350%
03/01/2036
1,000,000
    977,747
Nixa Public Schools, General Obligation Bonds
5.000%
03/01/2039
1,170,000
  1,290,862
Willard No. R-2, General Obligation Refunding Bonds
5.000%
03/01/2039
860,000
    935,936
Troy Reorganized School District No. 3 Lincoln County, General Obligation Bonds
5.000%
03/01/2040
1,000,000
  1,077,302
 
 
 
 
  7,696,403
Montana (3.10%)
Hellgate School District No. 4, General Obligation Bonds
5.000%
06/15/2032
945,000
    962,832
Missoula High School District No. 1, General Obligation Bonds
4.000%
07/01/2032
1,010,000
  1,009,548
Hellgate School District No. 4, General Obligation Bonds
5.000%
06/15/2033
1,005,000
  1,023,106
Hellgate School District No. 4, General Obligation Bonds
5.000%
06/15/2034
505,000
    513,620
Cascade County High School District A Great Falls, General Obligation Bonds
5.000%
07/01/2034
725,000
    752,389
Flathead County School District No. 6 Columbia Falls, General Obligation Bonds
4.000%
07/01/2034
1,000,000
  1,030,615
Hellgate School District No. 4, General Obligation Bonds
5.250%
06/15/2035
880,000
    896,074
Flathead County School District No. 44 Whitefish, General Obligation Bonds
4.000%
07/01/2035
845,000
    858,264
Flathead County School District No. 6 Columbia Falls, General Obligation Bonds
4.000%
07/01/2035
750,000
    769,986
Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds
5.000%
07/01/2035
1,925,000
  1,994,129
Montana State Board of Regents Revenue Refunding Bonds
3.000%
11/15/2035
3,660,000
  3,489,233
Flathead County School District No. 44 Whitefish, General Obligation Bonds
4.000%
07/01/2036
585,000
    593,538
Montana State Board of Regents Revenue Refunding Bonds
5.000%
11/15/2043
1,150,000
  1,278,043
 
 
 
 
15,171,377
Nebraska (0.71%)
City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds
3.000%
06/15/2034
1,105,000
  1,070,092
City of Kearney, Nebraska, General Obligation Bonds
4.000%
05/15/2035
500,000
    502,836
County of Sarpy, Nebraska, General Obligation Bonds
3.500%
06/01/2037
1,000,000
  1,000,083
City of La Vista, Nebraska, General Obligation Bonds
3.000%
09/15/2041
1,000,000
    891,705
 
 
 
 
  3,464,716
Nevada (0.20%)
Clark County School District, General Obligation Refunding Bonds, Series C
4.000%
06/15/2037
1,000,000
  1,002,783
New Hampshire (0.24%)
New Hampshire Health & Education Facilities Authority Act Revenue Bonds, Series A
5.000%
06/01/2035
1,000,000
  1,163,397
New Jersey (0.88%)
New Jersey Health Care Facilities Financing Authority Revenue Refunding Bonds
5.000%
07/01/2029
2,000,000
  2,131,379
New Jersey Educational Facilities Authority Variable Revenue Bonds, Series A(q)
5.000%
07/01/2031
2,000,000
  2,189,805
 
 
 
 
  4,321,184
New Mexico (2.68%)
City of Santa Fe, New Mexico, General Obligation Bonds
4.000%
08/01/2026
225,000
    225,180
City of Santa Fe, New Mexico, General Obligation Bonds
4.000%
08/01/2027
700,000
    700,724
Rio Rancho Public School District No. 94, General Obligation Bonds, Series A
3.000%
08/01/2027
1,515,000
  1,515,301
City of Santa Fe, New Mexico, General Obligation Bonds
4.000%
08/01/2028
725,000
    725,586
Las Cruces School District No. 2, General Obligation Bonds, Series C
3.500%
08/01/2028
900,000
    899,888
City of Santa Fe, New Mexico, General Obligation Bonds
4.000%
08/01/2029
750,000
    750,571
Santa Fe Public School District, General Obligation Bonds
3.625%
08/01/2029
2,000,000
  1,998,996
Albuquerque Municipal School District No. 12, General Obligation Bonds
5.000%
08/01/2034
1,800,000
  1,876,466
Albuquerque Municipal School District No. 12, General Obligation Bonds
5.000%
08/01/2035
2,600,000
  2,707,462
New Mexico Finance Authority State Transportation Subordinate Lien Revenue Bonds, Series A
5.000%
06/15/2039
1,500,000
  1,716,835
 
 
 
 
13,117,009
42

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
New York (3.53%)
New York State Housing Finance Agency Affordable Housing Variable Sustainability Revenue
Bonds, Series J(r)
1.100%
05/01/2027
$525,000
$    514,270
New York City Transitional Financing Authority Future Tax Subordinate Revenue Refunding
Bonds
5.000%
11/01/2031
2,020,000
  2,235,150
City of New York, General Obligation Refunding Bonds, Subseries F-1
5.000%
08/01/2032
1,000,000
  1,114,386
New York City Transitional Finance Authority Building Aid Revenue Refunding Bonds,
Series S-2
5.000%
07/15/2033
1,000,000
  1,144,142
New York Energy Finance Development Corporation Variable Revenue Bonds(s)
5.000%
12/01/2033
1,500,000
  1,549,811
State of New York Mortgage Agency Revenue Refunding Bonds, Series 220
2.400%
10/01/2034
1,000,000
    901,436
State of New York Mortgage Agency Homeowner Mortgage Sustainable Revenue Refunding
Bonds (AMT)
3.950%
10/01/2036
300,000
    297,951
New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds,
Series B-1
5.250%
11/01/2036
1,500,000
  1,672,798
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue
Refunding Bonds, Fiscal 2026
5.000%
11/01/2036
1,000,000
  1,146,214
Port Authority of New York & New Jersey Revenue Refunding Bonds, Series 250
5.000%
10/15/2037
1,350,000
  1,563,207
New York City Municipal Water Finance Authority Revenue Refunding Bonds, Series DD
5.000%
06/15/2038
1,000,000
  1,176,039
New York State Dormitory Authority Revenue Bonds
5.000%
07/01/2038
1,225,000
  1,372,770
New York State Dormitory Authority Revenue Bonds(i)
5.000%
10/01/2039
1,320,000
  1,466,273
City of New York, General Obligation Bonds, Series D
5.000%
10/01/2041
1,000,000
  1,104,027
 
 
 
 
17,258,474
North Carolina (0.39%)
Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds
4.000%
07/01/2027
1,210,000
  1,210,721
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds
5.000%
05/01/2028
700,000
    701,386
 
 
 
 
  1,912,107
North Dakota (1.08%)
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L
3.125%
05/01/2028
845,000
    845,240
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L
3.250%
05/01/2029
835,000
    834,978
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M
3.125%
05/01/2031
1,015,000
  1,014,999
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M
3.125%
05/01/2032
1,060,000
  1,059,688
City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A
3.000%
05/01/2034
1,550,000
  1,529,998
 
 
 
 
  5,284,903
Ohio (1.70%)
Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds
5.000%
12/01/2027
175,000
    175,301
Northwest Local School District, Hamilton & Butler Counties, General Obligation Bonds
4.000%
12/01/2030
365,000
    365,235
Hudson City School District, Ohio, General Obligation Bonds
4.000%
12/01/2031
350,000
    350,276
Lakewood City School District, General Obligation Refunding Bonds, Series B
4.000%
11/01/2032
220,000
    222,658
City of Marysville, Ohio, Water System Revenue Bonds
4.000%
12/01/2032
315,000
    315,146
Hudson City School District, Ohio, General Obligation Bonds
4.000%
12/01/2032
375,000
    375,259
Lakewood City School District, General Obligation Refunding Bonds, Series B
4.000%
11/01/2033
370,000
    373,914
City of Marysville, Ohio, Water System Revenue Bonds
4.000%
12/01/2033
235,000
    235,146
Hudson City School District, Ohio, General Obligation Bonds
4.000%
12/01/2033
400,000
    400,232
City of Toledo, Ohio, General Obligation Bonds
5.250%
12/01/2034
1,000,000
  1,116,175
Hudson City School District, Ohio, General Obligation Bonds
4.000%
12/01/2034
875,000
    875,461
City of Marysville, Ohio, Water System Revenue Bonds
4.000%
12/01/2035
1,870,000
  1,870,864
State of Ohio Revenue Refunding Bonds
5.000%
01/15/2036
750,000
    825,609
Euclid City School District, General Obligation Refunding Bonds
5.000%
01/15/2037
725,000
    813,762
 
 
 
 
  8,315,038
Oklahoma (1.71%)
City of Tulsa, Oklahoma, General Obligation Bonds
3.000%
04/01/2028
3,000,000
  3,001,142
Edmond Public Works Authority Revenue Bonds
5.000%
07/01/2032
1,500,000
  1,529,928
43

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Oklahoma (Cont.)
Oklahoma County Finance Authority Revenue Bonds
5.000%
09/01/2036
$2,500,000
$  2,723,618
Oklahoma Turnpike Authority Senior Revenue Bonds, Series A
5.000%
01/01/2042
1,000,000
  1,109,470
 
 
 
 
  8,364,158
Oregon (1.00%)
Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation
Bonds
3.000%
06/15/2035
2,865,000
  2,696,900
Chemeketa Community College District, General Obligation Bonds, Series B
5.000%
06/15/2038
1,000,000
  1,135,375
State of Oregon Housing & Community Services Department Mortgage Revenue Bonds,
Series A
4.750%
07/01/2040
1,000,000
  1,043,615
 
 
 
 
  4,875,890
Pennsylvania (2.06%)
Pennsylvania Housing Finance Agency Revenue Bonds, Series 137
2.200%
04/01/2033
2,785,000
  2,478,906
Allegheny County Hospital Development Authority Revenue Refunding Bonds
5.000%
07/15/2033
1,220,000
  1,284,973
Pennsylvania Economic Development Financing Authority Revenue Refunding Bonds, Series A
5.000%
12/15/2039
960,000
  1,005,291
Pennsylvania Housing Finance Agency Sustainable Revenue Bonds, Series 153A(i)
4.400%
10/01/2041
1,000,000
  1,007,887
Dallastown Area School District, General Obligation Bonds
5.000%
03/15/2043
1,000,000
  1,075,813
Philadelphia Energy Authority Sustainable Revenue Bonds
5.000%
11/01/2043
1,000,000
  1,095,180
County of Dauphin, Pennsylvania, General Obligation Refunding Notes, Series B
5.000%
11/15/2043
2,000,000
  2,147,379
 
 
 
 
10,095,429
Rhode Island (1.50%)
Rhode Island Health & Educational Building Corporation Revenue Bonds, Series C
5.000%
05/15/2032
1,065,000
  1,176,316
Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A
2.200%
10/01/2033
780,000
    687,105
Rhode Island Health & Educational Building Corporation Revenue Bonds, Series H
5.000%
05/15/2036
1,550,000
  1,771,619
Rhode Island Health & Educational Building Corporation Revenue Bonds, Series D
4.000%
05/15/2041
1,000,000
    992,913
Rhode Island Health & Educational Building Corporation Revenue Bonds, Series D
5.250%
05/15/2042
2,445,000
  2,701,567
 
 
 
 
  7,329,520
South Carolina (0.29%)
Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds
3.500%
12/01/2027
380,000
    380,034
Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds
4.000%
12/01/2028
520,000
    520,221
Town of Fort Mill, South Carolina, Water & Sewer System Revenue Bonds
4.000%
12/01/2030
535,000
    535,147
 
 
 
 
  1,435,402
Tennessee (0.75%)
Tennergy Corporation, Tennessee, Gas Revenue Bonds, Series A(t)
4.000%
09/01/2028
1,000,000
  1,012,541
Tennessee State School Bond Authority Revenue Bonds
5.000%
11/01/2042
2,525,000
  2,652,285
 
 
 
 
  3,664,826
Texas (9.59%)
Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to
02-15-2027 @ 100)(g)
4.000%
02/15/2027
280,000
    282,315
Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to
02-15-2027 @ 100)(g)
4.000%
02/15/2027
485,000
    489,009
Denton Independent School District, Variable General Obligation Bonds, Series B1(u)
4.000%
08/15/2028
3,000,000
  3,065,815
Bell County Water Control & Improvement District No. 1 Revenue Bonds
5.000%
07/10/2031
535,000
    584,815
Upper Brushy Creek Water Control & Improvement District, General Obligation Bonds
3.000%
08/15/2031
1,000,000
    998,146
Aldine Independent School District, General Obligation Refunding Bonds
4.000%
02/15/2033
1,000,000
  1,005,807
Humble Independent School District, General Obligation Refunding Bonds
5.000%
02/15/2033
690,000
    777,229
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds
5.000%
03/01/2033
200,000
    206,146
Texas Water Development Board Revenue Bonds, Series A
5.000%
04/15/2033
2,405,000
  2,721,857
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds
4.000%
03/01/2034
280,000
    283,210
Lovejoy Independent School District, General Obligation Bonds
5.000%
02/15/2035
1,250,000
  1,436,121
44

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Texas (Cont.)
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds
4.000%
03/01/2035
$200,000
$    201,958
State of Texas, General Obligation Bonds (AMT)
5.000%
08/01/2035
1,500,000
  1,682,572
State of Texas, General Obligation Refunding Bonds, Series B
5.000%
08/01/2035
1,000,000
  1,139,602
Texas State Technical College Revenue Bonds
5.250%
08/01/2035
1,000,000
  1,120,066
City of Dallas, Texas, General Obligation Bonds
5.000%
02/15/2036
1,000,000
  1,135,377
City of Greenville, Texas, Waterworks and Sewer System Revenue Bonds
6.000%
02/15/2036
1,280,000
  1,534,251
Pecos Barstow Toyah Independent School District, General Obligation Bonds
5.000%
02/15/2036
1,745,000
  1,796,982
Richardson Independent School District, General Obligation Bonds, Series A
5.000%
02/15/2036
1,000,000
  1,098,895
Texas Municipal Gas Acquisition & Supply Corporation Revenue Bonds
5.000%
04/01/2036
1,000,000
  1,057,679
Texas A&M University Revenue Bonds
5.250%
05/15/2036
1,000,000
  1,114,601
Harris County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds(i)
5.000%
07/01/2036
1,000,000
  1,139,365
Trinity River Authority Central Regional Wastewater System Revenue Bonds
3.500%
08/01/2036
1,000,000
    993,336
Leander Independent School District, General Obligation Refunding Bonds, Series A
5.000%
08/15/2036
1,000,000
  1,148,112
Texas Water Development Board Revenue Bonds
4.450%
10/15/2036
1,000,000
  1,068,936
Texas Water Development Board Revenue Bonds
4.000%
10/15/2036
1,000,000
  1,007,013
City of Cedar Park, Texas, General Obligation Bonds
5.000%
02/15/2037
1,000,000
  1,072,220
County of Kaufman, Texas, General Obligation Bonds
5.000%
02/15/2037
1,700,000
  1,897,486
Waller Consolidated Independent School District, General Obligation Bonds
5.000%
02/15/2037
1,000,000
  1,094,026
City of Beaumont, Texas, Certificates of Obligation, General Obligation Bonds
5.000%
03/01/2038
810,000
    893,345
North Texas Tollway Authority First Tier Revenue Refunding Bonds, Series A
4.125%
01/01/2039
1,000,000
  1,015,419
City of San Antonio, Texas, Electric & Gas Systems Revenue Bonds, Series A
5.000%
02/01/2039
1,010,000
  1,119,580
Fort Worth Independent School District Revenue Refunding Bonds, Series A
5.000%
02/15/2039
960,000
  1,122,723
Pecos Barstow Toyah Independent School District, General Obligation Bonds
5.000%
02/15/2039
1,000,000
  1,053,621
County of Smith, Texas, General Obligation Bonds
5.000%
08/15/2039
1,000,000
  1,082,857
Harlandale Independent School District, General Obligation Bonds, Series A
5.250%
08/15/2039
1,000,000
  1,103,947
Northside Independent School District, General Obligation Refunding Bonds
5.000%
08/15/2039
1,105,000
  1,127,244
City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series D
5.000%
11/15/2039
1,725,000
  1,727,215
Austin Community College District, General Obligation Bonds, Unrefunded Balance
4.000%
08/01/2040
230,000
    229,993
Trinity River Authority Central Regional Wastewater System Revenue Refunding Bonds
5.000%
08/01/2042
1,500,000
  1,639,342
County of Harris, Texas, Toll Road Revenue Refunding Bonds
5.000%
08/15/2042
1,500,000
  1,660,345
 
 
 
 
46,928,578
Utah (1.13%)
Central Utah Water Conservancy District Revenue Refunding Bonds, Series B
4.000%
10/01/2033
2,500,000
  2,517,215
Wasatch County School District Local Building Authority Revenue Bonds
5.000%
06/01/2034
750,000
    826,869
Duchesne County School District Revenue Bonds
5.000%
06/01/2036
1,150,000
  1,198,656
City of Salt Lake, Utah, Revenue Bonds, Series A (AMT)
5.000%
07/01/2042
1,000,000
  1,010,031
 
 
 
 
  5,552,771
Vermont (0.37%)
City of Burlington, Vermont, General Obligation Bonds, Series A
5.000%
11/01/2032
175,000
    183,947
City of Burlington, Vermont, General Obligation Bonds, Series A
5.000%
11/01/2033
190,000
    199,383
City of Burlington, Vermont, General Obligation Bonds, Series A
5.000%
11/01/2034
255,000
    267,091
City of Burlington, Vermont, General Obligation Bonds, Series B
5.000%
11/01/2034
410,000
    429,441
City of Burlington, Vermont, General Obligation Bonds, Series A
5.000%
11/01/2035
265,000
    277,023
City of Burlington, Vermont, General Obligation Bonds, Series B
5.000%
11/01/2035
435,000
    454,736
 
 
 
 
  1,811,621
Virginia (1.20%)
County of Stafford, Virginia, General Obligation Bonds
4.000%
07/01/2030
1,205,000
  1,205,721
Virginia Public Building Authority Revenue Bonds, Series B (AMT)
5.000%
08/01/2034
1,000,000
  1,045,950
City of Danville, Virginia, General Obligation Bonds
4.000%
09/01/2039
1,625,000
  1,659,450
City of Richmond, Virginia, Public Utility Revenue Refunding Bonds, Series B
5.000%
01/15/2043
1,750,000
  1,949,293
 
 
 
 
  5,860,414
45

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
 
Coupon
rate
Maturity
date
Principal
amount
Value
Long-term Municipal Bond (Cont.)
Washington (1.97%)
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A
3.250%
12/01/2028
$350,000
$    349,868
King County School District No. 414 Lake Washington, General Obligation Bonds
4.000%
12/01/2033
2,500,000
  2,521,502
Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A
4.000%
12/01/2033
840,000
    847,225
Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds
4.375%
12/01/2034
1,040,000
  1,067,791
Okanogan County Public Utility District No. 1 Revenue Bonds, Series A
4.000%
12/01/2035
500,000
    509,970
City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds
4.000%
05/01/2036
1,000,000
  1,000,063
State of Washington, General Obligation Bonds, Series 2024-A
5.000%
08/01/2038
1,000,000
  1,104,938
Mason County School District No. 402 Pioneer, General Obligation Refunding Bonds
5.000%
12/01/2039
1,000,000
  1,109,445
Island County Consolidated School District No. 206 South Whidbey, General Obligation Bonds
5.000%
12/01/2042
1,000,000
  1,104,392
 
 
 
 
  9,615,194
Wisconsin (7.00%)
Wisconsin-Dells School District, General Obligation Bonds
3.125%
03/01/2030
1,595,000
  1,595,752
City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A
2.000%
03/01/2031
895,000
    821,606
Burlington Area School District, Wisconsin, General Obligation Bonds
3.125%
04/01/2031
1,000,000
    999,030
Poynette School District, General Obligation Bonds
3.000%
04/01/2031
850,000
    844,893
Burlington Area School District, Wisconsin, General Obligation Bonds
3.250%
04/01/2032
1,120,000
  1,120,616
Hamilton School District, Wisconsin, General Obligation Bonds
3.250%
04/01/2032
2,000,000
  2,000,021
Poynette School District, General Obligation Bonds
3.125%
04/01/2032
1,520,000
  1,515,522
Western Technical College District, General Obligation Refunding Bonds, Series F
3.000%
04/01/2032
1,420,000
  1,416,736
City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A
4.000%
06/01/2032
675,000
    680,393
City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A
4.000%
06/01/2034
1,390,000
  1,399,672
Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds
3.000%
03/01/2035
1,405,000
  1,356,181
New Richmond School District, General Obligation Bonds
4.000%
04/01/2035
2,000,000
  2,059,368
Public Finance Authority Revenue Bonds
5.000%
12/31/2035
2,500,000
  2,756,024
Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds
3.000%
03/01/2036
1,535,000
  1,464,665
City of Kaukauna, Wisconsin, General Obligation Bonds, Series A
5.000%
09/01/2036
1,750,000
  1,939,257
Chippewa Falls Area Unified School District, Wisconsin, General Obligation Refunding Bonds
5.000%
03/01/2038
1,050,000
  1,215,440
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds
5.000%
07/01/2038
1,000,000
  1,000,839
Two Rivers Public School District, General Obligation Refunding Bonds
4.000%
03/01/2039
1,000,000
  1,009,452
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds
4.000%
04/01/2039
1,000,000
    971,874
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds
5.000%
06/01/2039
1,100,000
  1,197,759
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds
5.000%
11/15/2039
3,025,000
  3,030,726
Public Finance Authority Revenue Bonds
5.000%
12/01/2039
750,000
    790,095
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds
5.000%
04/01/2040
2,810,000
  3,047,771
 
 
 
 
34,233,692
Total Long-term Municipal Bond
(cost $481,975,528)
 
 
 
481,364,728
 
 
 
Shares
Value
Short-term Investments (1.78%)
Northern Institutional Treasury Portfolio (Premier Class), 3.513%(v)
 
 
8,723,163
  8,723,163
Total Short-term Investments
(cost $8,723,163)
 
 
 
  8,723,163
TOTAL INVESTMENTS (100.18%)
(cost $490,698,691)
 
 
 
490,087,891
LIABILITIES, NET OF OTHER ASSETS ((0.18)%)
 
 
 
   (894,240)
NET ASSETS (100.00%)
 
 
 
$489,193,651
46

ADVISERS INVESTMENT TRUST
STATE FARM MUNICIPAL BOND FUND
SCHEDULE OF INVESTMENTS (continued)
June 30, 2026 (Unaudited)
(a)
Rate shown is fixed until mandatory tender date of June 1, 2029.
(b)
Rate shown is fixed until mandatory tender date of December 1, 2030.
(c)
Rate shown is fixed until mandatory tender date of November 1, 2034.
(d)
Rate shown is fixed until mandatory tender date of May 1, 2035.
(e)
Rate shown is fixed until mandatory tender date of November 1, 2029.
(f)
Rate shown is fixed until mandatory tender date of July 1, 2026.
(g)
Advanced Refunded Bonds are backed by an escrow or trust containing U.S. Government, U.S. Government Agency or other securities to support the timely payment
of principal and interest.
(h)
Rate shown is fixed until mandatory tender date of October 1, 2031.
(i)
Security purchased on a “when-issued” basis.
(j)
Rate shown is fixed until mandatory tender date of December 1, 2031.
(k)
Rate shown is fixed until mandatory tender date of June 10, 2033.
(l)
Rate shown is fixed until mandatory tender date of August 1, 2032.
(m)
Rate shown is fixed until mandatory tender date of August 15, 2036.
(n)
Rate shown is fixed until mandatory tender date of May 13, 2032.
(o)
Rate shown is fixed until mandatory tender date of November 1, 2035.
(p)
Zero coupon bond.
(q)
Rate shown is fixed until mandatory tender date of July 1, 2031.
(r)
Rate shown is fixed until mandatory tender date of May 1, 2027.
(s)
Rate shown is fixed until mandatory tender date of December 1, 2033.
(t)
Rate shown is fixed until mandatory tender date of September 1, 2028.
(u)
Rate shown is fixed until mandatory tender date of August 15, 2028.
(v)
Rate shown is the 7-day yield as of June 30, 2026.
47