UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22538

Advisers Investment Trust

(Exact name of registrant as specified in charter)

50 S. LaSalle Street

Chicago, Illinois 60603

(Address of principal executive offices) (Zip code)

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

(Name and address of agent for service)

Registrant’s telephone number, including area code: 866-638-5859

Date of fiscal year end: September 30

Date of reporting period: March 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The following are copies of reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

INDEPENDENT FRANCHISE PARTNERS

US EQUITY FUND

SEMI-ANNUAL REPORT

March 31, 2024

The Securities and Exchange Commission (“SEC”) recently adopted a rule requiring mutual funds to produce “concise and visually engaging” annual and semi-annual reports to shareholders. This streamlined format is intended to highlight key information for retail shareholders to permit them to assess and monitor their fund investments. More detailed information that has historically been part of shareholder reports, such as the shareholder letter, financial statements, and financial highlights, will not appear in the new streamlined shareholder reports, but will be available free of charge upon request to the Fund or via the Fund’s Form N-CSR filed with the SEC on its EDGAR database. The compliance date for funds to implement streamlined shareholder reports is July 24, 2024; therefore, the Fund will issue its first streamlined shareholder reports beginning with its September 30, 2024 annual report. The new rule requires that a hard copy of the Fund’s streamlined shareholder report be mailed to each shareholder, unless the shareholder elects to receive such reports electronically. If you wish to ‘opt-in’ for electronic delivery of the Fund’s annual and semi-annual shareholder reports, please contact your financial advisor (or, for direct shareholders, please contact the Fund at 855-233-0437 (toll free) or 312-557-7902) for assistance in enrolling your account in paperless (i.e., electronic) delivery of shareholder materials.

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for the

distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

TABLE OF CONTENTS

March 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS	1
STATEMENT OF ASSETS & LIABILITIES	3
STATEMENT OF OPERATIONS	4
STATEMENTS OF CHANGES IN NET ASSETS	5
FINANCIAL HIGHLIGHTS	6
NOTES TO FINANCIAL STATEMENTS	7
ADDITIONAL INFORMATION	13

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Shares		Value
COMMON STOCKS		99.3	%
Biotechnology		5.1	%
Corteva Inc.					1,726,494	$	99,566,909
Commercial Services		10.5	%
RB Global Inc.					1,750,850		133,362,245
TransUnion					912,530		72,819,894
							206,182,139
Cosmetics/Personal Care		2.3	%
Estee Lauder Cos. Inc. - Class A					290,251		44,742,192
Diversified Financials		5.0	%
Intercontinental Exchange Inc.					716,772		98,505,976
Entertainment		3.8	%
TKO Group Holdings Inc.					857,581		74,103,574
Healthcare Products		1.2	%
Revvity Inc.					224,797		23,603,685
Household Products/Wares		3.0	%
Reckitt Benckiser Group PLC					1,044,049		59,456,724
Insurance		5.5	%
Aon PLC - Class A					325,063		108,480,024
Internet Software & Services		12.5	%
Booking Holdings Inc.					23,294		84,507,837
eBay Inc.					1,178,637		62,208,461
Zillow Group Inc. - Class A(a)					244,150		11,685,019
Zillow Group Inc. - Class C(a)					1,788,318		87,234,152
							245,635,469
Media		11.5	%
Fox Corp. - Class A					2,165,531		67,716,154
Fox Corp. - Class B					473,138		13,541,210
New York Times (The) Co. - Class A					391,172		16,906,454
News Corp. - Class A					3,394,351		88,864,109
News Corp. - Class B					1,410,055		38,156,088
							225,184,015
Pharmaceuticals		13.0	%
Bristol-Myers Squibb Co.					1,868,497		101,328,592
Johnson & Johnson					554,776		87,760,015
Novartis AG - REG					677,811		65,665,407
							254,754,014
Software		10.9	%
Aspen Technology Inc.(a)					280,005		59,719,466
Electronic Arts Inc.					540,119		71,657,588
Oracle Corp.					657,750		82,619,978
							213,997,032
Textiles, Apparel & Luxury Goods		2.9	%
Cie Financiere Richemont S.A. - Class A - REG					367,640		56,052,004

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Shares		Value
Tobacco		8.4	%
British American Tobacco PLC					1,960,908	$	59,547,542
Philip Morris International Inc.					1,158,264		106,120,148
							165,667,690
Toys/Games/Hobbies		3.7	%
Nintendo Co. Ltd.					1,328,870		71,947,539
TOTAL COMMON STOCKS (Cost $1,515,917,129)							1,947,878,986
TOTAL INVESTMENTS (Cost $1,515,917,129)		99.3	%				1,947,878,986
NET OTHER ASSETS (LIABILITIES)		0.7	%				14,330,042
NET ASSETS		100.0	%			$	1,962,209,028

^(a) Non-income producing security.

Abbreviations:

REG – Registered

At March 31, 2024, the Fund’s investments were concentrated in the following countries:

Country Allocation	Percentage of Net Assets
United States		71.0	%
Canada(b)		6.8
Switzerland		6.2
United Kingdom		6.1
Ireland(b)		5.5
Japan		3.7
Total		99.3	%

^(b) RB Global Inc. is incorporated in Canada and Aon PLC is incorporated in Ireland; however, their primary listings are on the New York Stock Exchange (NYSE) in the United States. Independent Franchise Partners, LLC therefore defines both as United States equities, consistent with the terms set out in the prospectus.

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

STATEMENT OFASSETS & LIABILITIES

March 31, 2024 (Unaudited)

	Independent Franchise Partners US Equity Fund
Assets:
Investments, at value (Cost:$1,515,917,129)	$	1,947,878,986
Cash		27,400,084
Receivable for dividends		4,325,391
Reclaims receivable		3,069,050
Receivable for investments sold		2,840,126
Prepaid expenses		35,219
Total Assets		1,985,548,856
Liabilities:
Securities purchased payable		2,357,403
Capital shares redeemed payable		19,000,000
Investment advisory fees payable		1,000,260
Accounting and Administration fees payable		897,487
Regulatory and Compliance fees payable		28,801
Risk Officer fees payable		7,500
Trustee fees payable		74
Other accrued expenses and payables		48,303
Total Liabilities		23,339,828
Net Assets	$	1,962,209,028
Net assets	$	1,962,209,028
Shares of common stock outstanding		101,090,125
Net asset value per share	$	19.41
Net Assets:
Paid in capital	$	1,457,833,915
Distributable earnings (loss)		504,375,113
Net Assets	$	1,962,209,028

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the six months ended March 31, 2024 (Unaudited)

	Independent Franchise Partners US Equity Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $1,061,573)	$	18,220,610
Operating expenses:
Investment advisory		5,608,891
Accounting and Administration		484,954
Regulatory and Compliance		85,870
Trustees		31,967
Legal		29,420
Risk Officer		15,000
Other		66,576
Total expenses		6,322,678
Net investment income		11,897,932
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains from investment transactions		85,373,060
Net realized gains from foreign currency transactions		23,130
Change in unrealized appreciation (depreciation) on investments		132,753,409
Change in unrealized appreciation (depreciation) on foreign currency		(7,003	)
Net realized and unrealized gains from investment activities		218,142,596
Change in Net Assets Resulting from Operations	$	230,040,528

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NETASSETS

For the six months ended March 31, 2024 (Unaudited) and the year ended September 30, 2023

	Independent Franchise Partners US Equity Fund
	2024			2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	11,897,932		$	23,606,559
Net realized gains (losses) from investment and foreign currency transactions		85,396,190			118,053,851
Change in unrealized appreciation (depreciation) on investments and foreign currency .		132,746,406			212,148,496
Change in net assets resulting from operations		230,040,528			353,808,906
Dividends paid to shareholders:
From distributable earnings		(145,543,249	)		(235,042,088	)
Total dividends paid to shareholders		(145,543,249	)		(235,042,088	)
Capital Transactions:
Proceeds from sale of shares		8,854,655			127,417,010
Value of shares issued to shareholders in reinvestment of dividends		140,586,322			203,432,724
Value of shares redeemed		(94,115,342	)		(117,449,197	)
Change in net assets from capital transactions		55,325,635			213,400,537
Change in net assets		139,822,914			332,167,355
Net assets:
Beginning of period		1,822,386,114			1,490,218,759
End of period	$	1,962,209,028		$	1,822,386,114
Share Transactions:
Sold		482,668			7,004,971
Reinvested		7,853,985			11,882,753
Redeemed		(5,034,730	)		(6,417,654	)
Change		3,301,923			12,470,070

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

							Independent Franchise Partners US Equity Fund
	Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019
Net asset value, beginning of period	$	18.64		$	17.47		$	22.26		$	19.72		$	18.67		$	18.55
Income (loss) from operations:
Net investment income		0.12			0.25			0.23			0.31			0.37			0.30
Net realized and unrealized gains (losses) from investments		2.17			3.69			(3.52	)		4.70			2.72			1.06
Total from investment operations		2.29			3.94			(3.29	)		5.01			3.09			1.36
Less distributions paid:
From net investment income		(0.27	)		(0.20	)		(0.26	)		(0.30	)		(0.37	)		(0.31	)
From net realized gains on investments		(1.25	)		(2.57	)		(1.24	)		(2.17	)		(1.68	)		(0.93	)
Total distributions paid		(1.52	)		(2.77	)		(1.50	)		(2.47	)		(2.05	)		(1.24	)
Increase from redemption fees		—	(a)		—	(a)		—	(a)		—	(a)		0.01			—	(a)
Change in net asset value		0.77			1.17			(4.79	)		2.54			1.05			0.12
Net asset value, end of period	$	19.41		$	18.64		$	17.47		$	22.26		$	19.72		$	18.67
Total return(b), (c)		13.02	%		23.97	%		(15.93	%)		27.34	%		17.50	%(d)		8.67	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	1,962,209		$	1,822,386		$	1,490,219		$	2,027,325		$	1,677,925		$	2,128,522
Ratio of net expenses to average net assets		0.68	%(e)		0.67	%		0.68	%		0.72	%		0.76	%		0.76	%
Ratio of net investment income to average net assets		1.27	%(e)		1.34	%		1.06	%		1.42	%		1.49	%		1.62	%
Ratio of gross expenses to average net assets		0.68	%(e)		0.67	%		0.68	%		0.72	%		0.76	%		0.76	%(f)
Portfolio turnover rate(b), (g)		12.92	%		21.75	%		25.80	%		23.67	%		43.46	%		37.99	%

(a) Redemption fees were less than $0.005 per share.

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

(c) Total return excludes redemption fees.

(d) During the period, the Adviser reimbursed the Fund for a loss realized in connection with a trade error. Such payment represented 0.02% to the Fund’s total return. (e) Annualized for periods less than one year.

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

(g) Portfolio turnover rate includes applicable corporate action activity and securities trading as a result of investor subscription and redemption activity.

See Notes to Financial Statements.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of theTrust.The Independent Franchise Partners US Equity Fund (the _IFP US Equity Fund_ or the _Fund_) is a series of the Trust which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements and notes only relate to the Fund.

The Fund is a non-diversified fund, meaning it may invest in a smaller number of companies than a diversified fund, and seeks to achieve an attractive long-term rate of return.

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

A. Significant accounting policies are as follows:

INVESTMENT VALUATION

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

Level 1  —quoted prices in active markets for identical assets

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

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

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

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

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

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The Trustees have designated Independent Franchise Partners, LLP, as investment adviser to the Fund, as the Fund’s Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) according to policies approved by the Board. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Fund’s net asset value is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Fund may use a systematic valuation model provided by an approved independent third party pricing service to fair value its international equity securities.

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

The following is a summary of the valuation inputs used as of March 31, 2024 in valuing the Fund’s investments based upon the three fair value levels defined above:

Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Independent Franchise Partners US Equity Fund
Common Stocks(1)	$	1,947,878,986	$	—	$	—	$	1,947,878,986
Total Investments	$	1,947,878,986	$	—	$	—	$	1,947,878,986

⁽¹⁾ See investment industries in the Schedule of Investments.

As of March 31, 2024, there were no Level 2 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the six months ended March 31, 2024.

CURRENCY TRANSACTIONS

The functional and reporting currency for the Fund is the U.S. dollar. The Fund may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

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

INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are accounted for no later than one business day after trade date. At financial reporting period ends, investments are reported as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available.

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

EXPENSE ALLOCATIONS

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

DIVIDENDS AND DISTRIBUTIONS

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

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

REDEMPTION FEES

The Fund will charge a redemption fee of up to 0.25% of the total redemption amount if you sell your shares, regardless of the length of time you have held your shares and subject to certain exceptions and limitations described in the prospectus. The redemption fee is paid directly to the Fund and is intended to encourage long-term investment in the Fund, to facilitate portfolio management and to avoid (or compensate the Fund for the impact of) transaction and other Fund expenses incurred as a result of shareholder redemptions. Redemption fees charged for the six months ended March 31, 2024 and year ended September 30, 2023 were $106,908 and $173,557, respectively, and are reflected within the value of shares redeemed on the Statements of Changes in Net Assets.

FEDERAL INCOME TAX INFORMATION

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

As of March 31, 2024, the Fund did not have material uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s Federal tax returns for the tax years ended September 30, 2020, 2021, 2022 and 2023 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

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

USE OF ESTIMATES

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

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ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

B. Fees and Transactions with Affiliates and Other Parties

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the “Agreement”) with Independent Franchise Partners, LLP (the “Adviser”) to provide investment management services to the Fund. Total fees incurred pursuant to the Agreement are reflected as “Investment advisory” fees on the Statement of Operations. Under the terms of the Agreement, and for the six months ended March 31, 2024, the Fund paid the Adviser a monthly fee based on the Fund’s daily net assets at the following annualized rates:

Adviser’s Assets Under Management(1)	Scale Discount for Assets in each Range(1)	Annualized Rate(1)	Effective Overall Annual Fee(1)
First $1 billion	—	0.80%	0.80%
$1 - 2 billion	0.10%	0.70%	at $2 billion 0.75%
$2 - 3 billion	0.20%	0.60%	at $3 billion 0.70%
$3 - 4 billion	0.30%	0.50%	at $4 billion 0.65%
$4 - 5 billion	0.40%	0.40%	at $5 billion 0.60%
Above $5 billion	—	—	0.60%

⁽¹⁾  The Adviser’s total assets under management at the end of each calendar quarter are used to calculate the effective annual fee to be applied during the next calendar quarter. During the six months ended March 31, 2024, the effective annualized rate was 0.60% given the Adviser’s total assets under management were in excess of $5 billion during the period. Effective April 1, 2024, the fee is calculated at a rate of 0.58% per annum.

Foreside Financial Services, LLC (the “Distributor”) provides distribution services to the Fund pursuant to a distribution agreement with the Trust, on behalf of the Fund. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Fund on a continuous basis.TheAdviser, at its own expense, pays the Distributor an annual $5,000 fee for these services and reimbursement for certain expenses incurred on behalf of the Fund.

The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian and fund accounting agent for the Fund pursuant to written agreements between the Trust, on behalf of the Fund, and Northern Trust. The Fund has agreed to pay Northern Trust certain annual and transaction-based fees, a tiered basis-point fee based on the Fund’s daily net assets, subject to a minimum annual fee of $175,000 relating to these services, and reimburse for certain expenses incurred on behalf of the Fund as well as other charges for additional service activities. Total fees paid to Northern Trust pursuant to these agreements are reflected as “Accounting and Administration” fees on the Statement of Operations.

Foreside Fund Officer Services, LLC (“Foreside”) provides compliance and financial control services for the Fund pursuant to a written agreement with the Trust, on behalf of the Fund, including providing certain officers to the Fund. The Fund pays Foreside an annual base fee, a basis-point fee based on the Fund’s daily net assets and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and Compliance” fees on the Statement of Operations.

Carne Global Financial Services (US) LLC (“Carne”) provides risk management and oversight services for the Fund pursuant to a written agreement between the Trust, on behalf of the Fund, and Carne, including providing the Risk Officer to the Fund to administer the Fund’s risk program and oversee the analysis of investment performance and performance of service providers.The Fund has agreed to pay Carne an annual fee of $30,000 for these services, and reimburse for certain expenses incurred on behalf of the Fund. Total fees paid to Carne pursuant to this agreement are reflected as “Risk Officer” fees on the Statement of Operations.

The officers of the Trust are affiliated with Foreside, Northern Trust, Carne or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2024, the Trust paid each Trustee who is not an “interested person,” as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (each, an “Independent Trustee” and, collectively, the “Independent Trustees”) compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. For the six months ended March 31, 2024, the aggregate Trustee compensation paid by the Trust was $198,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” fees on the Statement of Operations.

10

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit the Fund’s total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividends on short positions, litigation and indemnification expenses, fees and expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.85% of the average daily net assets of the Fund until January 28, 2025. For the six months ended March 31, 2024, there were no expenses reduced by the Adviser. Any fees waived or expenses reimbursed during a fiscal year are not subject to repayment from the Fund to the Adviser in subsequent fiscal years.

C. Investment Transactions

For the six months ended March 31, 2024, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Fund were as follows:

Fund	Cost of Purchases		Proceeds from sales
Independent Franchise Partners US Equity Fund	$	236,350,353	$	269,505,668

D. Federal Income Tax

As of March 31, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)
Independent Franchise Partners US Equity Fund	$	1,536,757,223	$	451,478,982	$ (40,357,219)	$	411,121,763

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2023 and September 30, 2022 for the Fund was as follows:

Independent Franchise Partners US Equity Fund	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax Return of Capital		Total Distributions Paid
2023	$	24,755,886	$	210,286,202	$	235,042,088	$	—	$	235,042,088
2022		38,179,775		99,342,251		137,522,026		—		137,522,026

As of the latest tax year ended September 30, 2023, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation		Total Accumulated Earnings
Independent Franchise Partners US Equity Fund		$40,989,104		$100,553,742		$141,542,846		$—		$—		$278,334,988		$419,877,834

At September 30, 2023, the latest tax year end, the Fund had no capital loss carry-forwards available to offset future net capital gains.

E. Concentration of Ownership Risk

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

11

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

F. Other Risks

The Fund is subject to market risk, which is the risk related to investments in securities in general and the daily fluctuations in the securities markets.The Fund’s investment return per share will change daily based on many factors, including fluctuation in interest rates, the quality of the instruments in the Fund’s investment portfolio, national and international economic conditions, disruptions to business operations and supply chains, staffing shortages, and general market conditions. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Fund’s portfolio may be impacted by inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics (e.g., COVID-19), climate change and climate-related events, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. These events can have a significant impact on the Fund’s operations and performance.

12

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

A. Summary of Fund Holdings as of March 31, 2024

Market Exposure
Equity Securities	% of Net Assets
Pharmaceuticals		13.0	%
Internet Software & Services		12.5
Media		11.5
Software		10.9
Commercial Services		10.5
Tobacco		8.4
Insurance		5.5
Biotechnology		5.1
Diversified Financials		5.0
Entertainment		3.8
Toys/Games/Hobbies		3.7
Household Products/Wares		3.0
Textiles, Apparel & Luxury Goods		2.9
Cosmetics/Personal Care		2.3
Healthcare Products		1.2
Total		99.3	%

5 Largest Security Positions
Issuer	% of Net Assets
RB Global Inc		6.8	%
Aon PLC - Class A		5.5
Philip Morris International Inc		5.4
Bristol-Myers Squibb Co		5.2
Corteva Inc		5.1
Total		28.0	%

B. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2023 and held for the entire period through March 31, 2024.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

13

ADVISERS INVESTMENT TRUST

INDEPENDENT FRANCHISE PARTNERS US EQUITY FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

		Expense Ratio	Beginning Account Value 10/1/2023		Ending Account Value 3/31/2024		Expenses Paid 10/1/23-3/31/24*
Actual	0.68%		$	1,000.00	$	1,130.20	$	3.62
Hypothetical	0.68%		$	1,000.00	$	1,021.60	$	3.44

* Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

C. Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the SEC adopted Rule 22e-4 under the 1940 Act. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the SEC adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the SEC when certain liquidity-related events occur.

The Board approved the appointment of the Adviser’s Programme Administrator Team as the administrator of the LRMP for the Fund on November 15, 2018. The Board approved the Fund’s LRMP at its regular board meeting on March 6, 2019. At the Board’s regular meeting on March 6-7, 2024, the Trust’s Chief Compliance Officer and the Adviser each provided a report to the Board on the operation and effectiveness of the LRMP. The Adviser manages liquidity risks associated with the Fund’s investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, the Adviser has contracted with a third party provider of liquidity monitoring services. The Adviser supplies portfolio-level data and certain assumptions to this provider, which the provider uses to determine preliminary classifications. Once these preliminary classifications are received by the Adviser, the Adviser’s personnel review the information.

The LRMP effectively managed the Fund’s liquidity risks for the twelve-month period ended December 31, 2023. During this period, the Fund held no less than 50% of its total net assets in highly liquid investments. Because the Fund consisted primarily of highly liquid investments, no highly liquid investment minimum was required to be established for the Fund, and the Fund was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

D. Other Information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by writing to the Fund at Independent Franchise Partners US Equity Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 855-233-0437 (toll free); and (ii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, by calling the Fund at 855-233-0437 (toll free); and (ii) on the SEC’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 855-233-0437 (toll free).

14

Investment Adviser

Independent Franchise Partners, LLP

Level 1, 10 Portman Square

London, W1H 6AZ

United Kingdom

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered Public

Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

855-233-0437 or 312-557-7902

IFP 03/24

VONTOBEL FUNDS

SEMI-ANNUAL REPORT

March 31, 2024

The Securities and Exchange Commission (“SEC”) recently adopted a rule requiring mutual funds to produce “concise and visually engaging” annual and semi-annual reports to shareholders. This streamlined format is intended to highlight key information for retail shareholders to permit them to assess and monitor their fund investments. More detailed information that has historically been part of shareholder reports, such as the shareholder letter, financial statements, and financial highlights, will not appear in the new streamlined shareholder reports, but will be available free of charge upon request to the Fund or via the Fund’s Form N-CSR filed with the SEC on its EDGAR database. The compliance date for funds to implement streamlined shareholder reports is July 24, 2024; therefore, the Funds will issue its first streamlined shareholder reports beginning with its September 30, 2024 annual report. The new rule requires that a hard copy of a Fund’s streamlined shareholder report be mailed to each shareholder, unless the shareholder elects to receive such reports electronically. If you wish to ‘opt-in’ for electronic delivery of the Funds’ annual and semi-annual shareholder reports, please contact your financial advisor (or, for direct shareholders, please contact the Funds at 866-252-5393 (toll free) or 312-630-6583) for assistance in enrolling your account in paperless (i.e., electronic) delivery of shareholder materials.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

TABLE OF CONTENTS

March 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS	1
STATEMENT OF ASSETS AND LIABILITIES	6
STATEMENT OF OPERATIONS	7
STATEMENTS OF CHANGES IN NET ASSETS	8
FINANCIAL HIGHLIGHTS	9
NOTES TO FINANCIAL STATEMENTS	11
ADDITIONAL INFORMATION	18

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

 

	Percentage of Net Assets		Shares		Value
COMMON STOCKS		97.3%
Consumer Discretionary		1.6%
Hanon Systems				12,462	$	54,338
LKQ Corp.				2,813		150,242
						204,580
Financials		0.9%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.				3,756		106,670
Industrials		45.7%
A.O. Smith Corp.				2,005		179,367
Alstom S.A.				7,890		120,276
ANDRITZ A.G.				2,446		152,527
Carrier Global Corp.				2,170		126,142
Cie de Saint-Gobain S.A.				4,121		319,797
Clean Harbors, Inc.(a)				1,277		257,073
Daifuku Co. Ltd.				7,295		172,713
East Japan Railway Co.				12,156		234,399
Ferguson PLC				1,177		257,092
Intertek Group PLC				430		27,055
Jiangsu Zhongtian Technology Co. Ltd. - Class A				32,400		62,593
Johnson Controls International PLC				3,272		213,727
KION Group A.G.				2,113		111,199
MasTec, Inc.(a)				2,292		213,729
Nidec Corp.				1,925		77,951
nVent Electric PLC				1,166		87,916
Prysmian S.p.A.				6,784		354,163
Quanta Services, Inc.				1,176		305,525
Regal Rexnord Corp.				1,139		205,134
Schneider Electric S.E.				1,028		232,514
Siemens A.G. - REG				1,413		269,761
Spirax-Sarco Engineering PLC				941		119,362
Stantec, Inc.				2,631		218,436
Tetra Tech, Inc.				1,231		227,378
Trane Technologies PLC				940		282,188
Union Pacific Corp.				867		213,221
Veralto Corp.				1,263		111,978
Vestas Wind Systems A/S(a)				4,577		127,142
Xylem, Inc.				2,423		313,149
						5,593,507
Information Technology		28.7%
ANSYS, Inc.(a)				763		264,883
Applied Materials, Inc.				2,139		441,126
ASML Holding N.V.				306		294,540
Cadence Design Systems, Inc.(a)				629		195,795
Chroma ATE, Inc.				11,145		88,802
First Solar, Inc.(a)				645		108,876

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

 

	Percentage of Net Assets			Shares		Value
Itron, Inc.(a)					1,532	$	141,741
Keysight Technologies, Inc.(a)					728		113,845
Murata Manufacturing Co. Ltd.					8,612		160,657
NXP Semiconductors N.V.					1,035		256,442
Power Integrations, Inc.					1,238		88,579
PTC, Inc.(a)					628		118,654
Rohm Co. Ltd.					7,092		113,773
Roper Technologies, Inc.					430		241,161
Samsung SDI Co. Ltd.					507		177,379
Synopsys, Inc.(a)					307		175,451
Trimble, Inc.(a)					2,905		186,966
Universal Display Corp.					733		123,474
Xinyi Solar Holdings Ltd.					120,097		92,985
Zebra Technologies Corp. - Class A(a)					420		126,605
							3,511,734
Materials		10.5%
Air Liquide S.A.					1,577		328,088
Ecolab, Inc.					1,024		236,441
Linde PLC					877		407,209
Smurfit Kappa Group PLC					2,777		126,639
West Fraser Timber Co. Ltd.					2,152		185,817
							1,284,194
Utilities		9.9%
American Water Works Co., Inc.					1,641		200,546
EDP Renovaveis S.A.					6,278		84,967
Iberdrola S.A.					26,428		327,744
National Grid PLC					14,855		199,867
NextEra Energy, Inc.					3,157		201,764
Veolia Environnement S.A.					6,117		198,838
							1,213,726
TOTAL COMMON STOCKS (Cost $9,713,045)							11,914,411
SHORT-TERM INVESTMENTS		3.0%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b)					367,633		367,633
TOTAL SHORT-TERM INVESTMENTS (Cost $367,633)							367,633
TOTAL INVESTMENTS (Cost $10,080,678)		100.3%					12,282,044
NET OTHER ASSETS (LIABILITIES)		(0.3%	)				(35,349	)
NET ASSETS		100.0%				$	12,246,695

^(a)Non-income producing security.

^(b)7-day current yield as of March 31, 2024 is disclosed.

Abbreviations:

REG – Registered

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

VONTOBEL GLOBAL ENVIRONMENTAL CHANGE FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

At March 31, 2024, the Fund’s investments (excluding short-term investments) were domiciled in the following countries:

CONCENTRATION BY COUNTRY	% OF NET ASSETS
United States	44.0%
France	9.8
Ireland	9.1
Japan	6.1
Netherlands	4.5
Spain	3.4
Canada	3.3
Germany	3.1
Italy	2.9
United Kingdom	2.8
Jersey	2.1
All other countries less than 2%	6.2
Total	97.3%

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

 

	Percentage of Net Assets			Shares		Value
COMMON STOCKS		99.9%
Communication Services		6.3%
Alphabet, Inc. - Class A(a)					3,716	$	560,856
Alphabet, Inc. - Class C(a)					9,265		1,410,689
Comcast Corp. - Class A					12,328		534,419
							2,505,964
Consumer Discretionary		10.5%
Amazon.com, Inc.(a)					13,210		2,382,820
Booking Holdings, Inc.					117		424,462
Home Depot (The), Inc.					1,060		406,616
NIKE, Inc. - Class B					4,275		401,764
Starbucks Corp.					6,121		559,398
							4,175,060
Consumer Staples		15.8%
Casey’s General Stores, Inc.					3,845		1,224,440
Coca-Cola (The) Co.					26,511		1,621,943
Hershey (The) Co.					2,131		414,480
Mondelez International, Inc. - Class A					22,158		1,551,060
PepsiCo, Inc.					5,628		984,956
Walmart, Inc.					7,812		470,048
							6,266,927
Financials		18.3%
Berkshire Hathaway, Inc. - Class B(a)					1,459		613,539
CME Group, Inc.					6,688		1,439,860
Intercontinental Exchange, Inc.					12,851		1,766,113
Mastercard, Inc. - Class A					3,513		1,691,755
Progressive (The) Corp.					3,827		791,500
Visa, Inc. - Class A					3,463		966,454
							7,269,221
Health Care		16.7%
Abbott Laboratories					11,186		1,271,401
Becton Dickinson and Co.					4,970		1,229,826
Boston Scientific Corp.(a)					17,659		1,209,465
Intuitive Surgical, Inc.(a)					295		117,732
Thermo Fisher Scientific, Inc.					1,718		998,519
UnitedHealth Group, Inc.					2,727		1,349,047
Zoetis, Inc.					2,869		485,463
							6,661,453
Industrials		7.1%
Copart, Inc.(a)					8,814		510,507
Graco, Inc.					4,253		397,485
RB Global, Inc.					17,500		1,332,975
Union Pacific Corp.					2,440		600,069
							2,841,036

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

VONTOBEL U.S. EQUITY INSTITUTIONAL FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

 

	Percentage of Net Assets				Shares		Value
Information Technology		19.7%
Adobe, Inc.(a)						2,435	$	1,228,701
Amphenol Corp. - Class A						6,169		711,594
Intuit, Inc.						1,924		1,250,600
Keysight Technologies, Inc.(a)						2,696		421,600
KLA Corp.						758		529,516
Microsoft Corp.						5,907		2,485,193
ServiceNow, Inc.(a)						649		494,798
Synopsys, Inc.(a)						1,240		708,660
								7,830,662
Materials		4.0%
CRH PLC						6,628		571,731
Sherwin-Williams (The) Co.						1,272		441,804
Vulcan Materials Co.						2,147		585,959
								1,599,494
Real Estate		1.5%
American Tower Corp.						3,067		606,009
TOTAL COMMON STOCKS (Cost $28,352,714)								39,755,826
SHORT-TERM INVESTMENTS		0.3%
Northern Institutional U.S. Government Select Portfolio – Shares Class, 5.20%(b)						111,718		111,718
TOTAL SHORT-TERM INVESTMENTS (Cost $111,718)								111,718
TOTAL INVESTMENTS (Cost $28,464,432)		100.2%						39,867,544
NET OTHER ASSETS (LIABILITIES)		(0.2%	)					(95,461	)
NET ASSETS		100.0%					$	39,772,083

^(a)Non-income producing security.

^(b)7-day current yield as of March 31, 2024 is disclosed.

At March 31, 2024, the Fund’s investments (excluding short-term investments) were domiciled in the following countries:

CONCENTRATION BY COUNTRY	% OF NET ASSETS
United States	95.2%
Canada	3.3
All other countries less than 2%	1.4
Total	99.9%

See Notes to Financial Statements.

5

ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

March 31, 2024 (Unaudited)

	Vontobel Global Environmental Change Fund		Vontobel U.S. Equity Institutional Fund
Assets:
Investments, at value (Cost:$10,080,678 and $28,464,432, respectively)	$	12,282,044	$	39,867,544
Cash		2,210		13,826
Foreign currencies (Cost:$132,198 and $0, respectively)		132,131		—
Receivable for dividends		11,440		37,522
Reclaims receivable		3,177		3,946
Receivable for investments sold		37,443		—
Receivable from investment adviser		22,280		19,671
Prepaid expenses		39,664		30,632
Total Assets		12,530,389		39,973,141
Liabilities:
Securities purchased payable		172,744		—
Accounting and Administration fees payable		79,221		140,168
Audit fees payable		8,555		33,834
Registration payable		10,966		—
Regulatory and Compliance fees payable		5,729		18,861
Trustee fees payable		480		—
Other accrued expenses and payables		5,999		8,195
Total Liabilities		283,694		201,058
Net Assets	$	12,246,695	$	39,772,083
Class I Shares:
Net assets	$	12,246,695	$	39,772,083
Shares of common stock outstanding		1,000,500		2,306,068
Net asset value per share	$	12.24	$	17.25
Net Assets:
Paid in capital	$	10,005,004	$	28,072,924
Distributable earnings (loss)		2,241,691		11,699,159
Net Assets	$	12,246,695	$	39,772,083

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the six months ended March 31, 2024 (Unaudited)

	Vontobel Global Environmental Change Fund(a)			Vontobel U.S. Equity Institutional Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $4,126, and $1,415, respectively)	$	68,029		$	257,808
Non-cash dividend income		5,662			—
Total investment income		73,691			257,808
Operating expenses:
Investment advisory		35,145			90,267
Accounting and Administration		79,220			80,429
Regulatory and Compliance		17,235			57,904
Audit fees		8,555			27,904
Trustees		10,155			32,716
Legal		5,591			18,559
Registration		14,678			12,112
Offering costs		25,968			—
Other		5,727			14,470
Total expenses before reductions		202,274			334,361
Expenses reduced by Adviser		(159,019	)		(217,014	)
Net expenses		43,255			117,347
Net investment income		30,436			140,461
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains from investment transactions		22,163			390,311
Net realized losses from foreign currency transactions		(3,999	)		—
Change in unrealized appreciation (depreciation) on investments		2,201,366			5,308,552
Change in unrealized appreciation (depreciation) on foreign currency		(90	)		—
Net realized and unrealized gains from investment activities		2,219,440			5,698,863
Change in Net Assets Resulting from Operations	$	2,249,876		$	5,839,324

(a) For the period from October 3, 2023, commencement of operations, to March 31, 2024.

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2024 (Unaudited) and the year ended September 30, 2023

	Vontobel Global Environmental Change Fund			Vontobel U.S. Equity Institutional Fund
	2024(a)			2024			2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	30,436		$	140,461		$	156,315
Net realized gains (losses) from investment and foreign currency transactions		18,164			390,311			214,841
Change in unrealized appreciation (depreciation) on investments and foreign currency		2,201,276			5,308,552			4,499,917
Change in net assets resulting from operations		2,249,876			5,839,324			4,871,073
Dividends paid to shareholders:
From distributable earnings		(8,185	)		(370,073	)		(982,719	)
Total dividends paid to shareholders		(8,185	)		(370,073	)		(982,719	)
Capital Transactions (Class I Shares):
Proceeds from sale of shares		10,005,000			5,736,681			7,698,838
Value of shares issued to shareholders in reinvestment of dividends		4			146,077			292,582
Value of shares redeemed		—			(1,491,930	)		(1,314,528	)
Change in net assets from capital transactions		10,005,004			4,390,828			6,676,892
Change in net assets		12,246,695			9,860,079			10,565,246
Net assets:
Beginning of period		—			29,912,004			19,346,758
End of period	$	12,246,695		$	39,772,083		$	29,912,004
Share Transactions (Class I Shares):
Sold		1,000,500			379,857			520,220
Reinvested		—	(b)		9,130			22,805
Redeemed		—			(89,728	)		(98,074	)
Change		1,000,500			299,259			444,951

(a) For the period from October 3, 2023, commencement of operations, to March 31, 2024.

(b) Less than 0.500 shares.

See Notes to Financial Statements.

8

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

	I shares
	Period Ended
	March 31,
	2024(a)
Vontobel Global Environmental Change Fund	(Unaudited)
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income(b)		0.03
Net realized and unrealized gains from investments and foreign currency		2.22
Total from investment operations		2.25
Less distributions paid:
From net investment income		(0.01	)
Total distributions paid		(0.01	)
Change in net asset value		2.24
Net asset value, end of period	$	12.24
Total return(c)		22.49	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	12,247
Ratio of net expenses to average net assets(d)		0.80	%
Ratio of net investment income to average net assets(d)		0.56	%
Ratio of gross expenses to average net assets(d)		3.74	%
Portfolio turnover rate(c)		11.42	%

(a) For the period from October 3, 2023, commencement of operations, to March 31, 2024.

(b) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c) Not annualized for periods less than one year.

(d) Annualized for periods less than one year.

See Notes to Financial Statements.

9

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

	I shares
Vontobel U.S. Equity Institutional Fund	Six Months Ended March 31, 2024 (Unaudited)			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019
Net asset value, beginning of period	$	14.91		$	12.39		$	16.24		$	13.77		$	12.35		$	11.16
Income (loss) from investment operations:
Net investment income(a)		0.06			0.09			0.08			0.05			0.07			0.09
Net realized and unrealized gains (losses) from investments and foreign currency		2.44			3.05			(2.29	)		2.81			1.58			1.17
Total from investment operations		2.50			3.14			(2.21	)		2.86			1.65			1.26
Less distributions paid:
From net investment income		(0.09	)		(0.05	)		(0.06	)		(0.04	)		(0.09	)		(0.07	)
From net realized gains		(0.07	)		(0.57	)		(1.58	)		(0.35	)		(0.14	)		—
Total distributions paid		(0.16	)		(0.62	)		(1.64	)		(0.39	)		(0.23	)		(0.07	)
Change in net asset value		2.34			2.52			(3.85	)		2.47			1.42			1.19
Net asset value, end of period	$	17.25		$	14.91		$	12.39		$	16.24		$	13.77		$	12.35
Total return(b)		16.87	%		26.15	%		(15.76	%)		21.18	%		13.47	%		11.46	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	39,772		$	29,912		$	19,347		$	24,003		$	19,816		$	15,921
Ratio of net expenses to average net assets(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets(c)		0.78	%		0.67	%		0.51	%		0.34	%		0.54	%		0.82	%
Ratio of gross expenses to average net assets(c)		1.85	%		2.74	%		2.74	%		2.61	%		3.33	%		3.15	%
Portfolio turnover rate(b)		19.64	%		30.34	%		50.11	%		43.97	%		57.97	%		27.31	%

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(c) Annualized for periods less than one year.

See Notes to Financial Statements.

10

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Vontobel U.S. Equity Institutional Fund and the Vontobel Global Environmental Change Fund (the “Funds”) are series of the Trust which is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and commenced operations on March 27, 2018, and October 3, 2023, respectively. These financial statements and notes only relate to the Funds.

The Funds are diversified funds. The investment objective of each Fund is to provide long-term capital appreciation.

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

A. Significant accounting policies are as follows:

INVESTMENT VALUATION

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

Level 1 —quoted prices in active markets for identical assets

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

Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

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

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

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

11

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The Trustees have designated Vontobel Asset Management, Inc., as investment adviser to the Funds, as the Funds’ Valuation Designee with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price) according to policies approved by the Board. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds’ net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an approved independent third party pricing service to fair value its international equity securities.

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

The following is a summary of the valuation inputs used as of March 31, 2024 in valuing the Funds’ investments based upon the three fair value levels defined above:

					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total
Vontobel Global Environmental Change Fund
Common Stocks:
Industrials	$	5,466,365	$	127,142	$	—	$	5,593,507
Other*		6,320,904		—		—		6,320,904
Total common stocks		11,787,269		127,142		—	$	11,914,411
Short-Term Investments		367,633		—		—		367,633
Total Investments	$	12,154,902	$	127,142	$	—	$	12,282,044
Vontobel U.S. Equity Institutional Fund
Common Stocks*	$	39,755,826	$	—	$	—	$	39,755,826
Short-Term Investments		111,718		—		—		111,718
Total Investments	$	39,867,544	$	—	$	—	$	39,867,544

*See additional categories in the Schedule of Investments.

As of March 31, 2024 there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the six months ended March 31, 2024.

CURRENCY TRANSACTIONS

The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (and losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from

12

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statement of Operations.

The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. Changes in foreign currency exchange rates will affect the value of the Funds’ securities and the price of the Funds’ shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country’s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

INVESTMENT TRANSACTIONS AND INCOME

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

EXPENSE ALLOCATIONS

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

DIVIDENDS AND DISTRIBUTIONS

The Funds intend to distribute substantially all of their net investment income as dividends to shareholders on an annual basis. The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.

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

FEDERAL INCOME TAX INFORMATION

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

As of March 31, 2024, the Funds did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Vontobel U.S. Equity Institutional Fund’s tax return for the tax years ended September 30, 2023, 2022, 2021 and 2020 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Funds will be recorded as interest expense on the Statement of Operations.

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

13

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

USE OF ESTIMATES

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

OTHER RISKS

The Funds are subject to market risk, which is the risk that the value of the securities in which the Funds invest may go up or down in response to the prospects of individual companies and/or general economic conditions, disruptions to business operations and supply chains, and staffing shortages. The net asset value of the Funds will fluctuate based on changes in the value of the securities in which the Funds invest. The price of securities may rise or fall because of economic or political changes. Security prices in general may decline over short or even extended periods of time. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect the securities markets. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Continuing uncertainties about interest rates, armed conflicts, rising government debt, political events, trade tensions and economic sanctions also contribute to market volatility. Securities in the Funds’ portfolios may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics (such as COVID-19), epidemics, climate change or climate-related events, terrorism, regulatory events and governmental or quasi-governmental actions.

Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of U.S. securities. The values of non-U.S. securities are subject to economic and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies, and changes in currency exchange rates. Trade tensions and economic sanctions on individuals and companies can contribute to market volatility. Countries may have different regulatory, accounting, auditing, and financial reporting and record keeping standards and may have material limitations on PCAOB inspection, investigation, and enforcement. Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country. In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies are generally not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Certain foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk.

B. Fees and Transactions with Affiliates and Other Parties

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the “Agreement”) with Vontobel Asset Management, Inc. (the “Adviser” or “Vontobel”), which is registered under the Investment Advisers Act of 1940, as amended, to provide investment advisory services to the Funds. Under the terms of the Agreement, the Funds pay the Adviser an annual fee based on the Funds’ daily net assets as set forth in the following table. The total fees incurred by the Funds pursuant to the Agreement is reflected as “Investment advisory” fees on the Statement of Operations. In addition, the Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) exceed the rate in the table below.

Fund	Class			Advisory Fee	Expense     Limitation
Vontobel Global Environmental Change Fund		Class I		0.65%		0.80%
Vontobel U.S. Equity Institutional Fund		Class I		0.50% on first $500 million		0.65%
				0.45% on assets over $500 million

14

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The expense limitation agreement is effective until January 28, 2025. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Funds’ registration statement, until such time as the Adviser provides written notice of non-renewal, and will terminate automatically upon termination of the Agreement.

For the six months ended March 31, 2024, the Funds incurred advisory fees payable to Vontobel, expense waivers/reimbursements from Vontobel and paid expense recoupments to Vontobel as follows:

Fund*	Advisory Fee to Vontobel		Expenses Reduced by Vontobel		Advisory Waivers   Recouped   by Vontobel
Vontobel Global Environmental Change Fund*	$	35,145	$	159,019	$	—
Vontobel U.S. Equity Institutional Fund		90,267		217,014		—

* For the period from October 3, 2023, commencement of operations, to March 31, 2024.

The balances of recoverable expenses to Vontobel by the Funds at March 31, 2024 were as follows:

For the:	Expiring			Vontobel Global Environmental Change Fund			Vontobel U.S. Equity Institutional Fund
Year Ended September 30, 2021		September 30, 2024			$     —			$  444,141
Year Ended September 30, 2022		September 30, 2025			—			481,888
Year Ended September 30, 2023		September 30, 2026			—			488,025
Six months ended March 31, 2024		September 30, 2027			159,019	*		217,014
Balances of Recoverable Expenses to the Adviser					$159,019			$1,631,068

* For the period from October 3, 2023, commencement of operations, to March 31, 2024.

Foreside Financial Services, LLC (the “Distributor”) provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. The Adviser, at its own expense, pays the Distributor $50,000 annually and reimburses for certain out-of-pocket expenses incurred on behalf of the Funds.

The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian, and fund accounting agent for the Funds pursuant to written agreements with the Trust, on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Funds’ daily net assets, and certain per account and transaction charges. The Funds are subject to a minimum annual fee of $150,000 relating to these services, and reimbursement for certain expenses incurred on behalf of the Funds, as well as other charges for additional service activities. Total fees paid to Northern Trust pursuant to these agreements are reflected as “Accounting and Administration” fees on the Statement of Operations.

Foreside Fund Officer Services, LLC (“Foreside”, d/b/a ACA Group) provides compliance and financial control services for the Funds pursuant to a written agreement with the Trust, on behalf of the Funds, including providing certain officers to the Funds. The Funds have agreed to pay Foreside a tiered basis-point fee based on the Funds’ daily net assets, subject to an overall minimum annual fee of $150,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and Compliance” fees on the Statement of Operations.

15

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. Through March 31, 2024, the Trust paid each Trustee who is not an “interested person,” as that term is defined in the 1940 Act (each, an “Independent Trustee” and, collectively, the “Independent Trustees”) compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the six months ended March 31, 2024, the aggregate Trustee compensation paid by the Trust was $198,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds are reflected as “Trustees” fees on the Statement of Operations.

C. Investment Transactions

For the six months ended March 31, 2024, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:

Fund*	Cost of Purchases		Proceeds from sales
Vontobel Global Environmental Change Fund*	$	10,931,044	$	1,240,772
Vontobel U.S. Equity Institutional Fund		11,460,717		6,926,022

* For the period from October 3, 2023, commencement of operations, to March 31, 2024.

D. Federal Income Tax

As of March 31, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Cost			Gross Unrealized Appreciation			Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Vontobel Global Environmental Change Fund	$	10,080,681		$	2,324,590		$	(123,227	)	$	2,201,363
Vontobel U.S. Equity Institutional Fund		28,627,002			11,273,223			(32,681	)		11,240,542

The difference between the tax cost of portfolio investments and the financial statement cost is primarily due to wash sale loss deferrals.

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2023 and September 30, 2022 for the Vontobel U.S. Equity Institutional Fund was as follows:

Vontobel U.S. Equity Institutional Fund	Ordinary Income			Net Long Term Gains			Total Taxable Distributions			Tax Return of Capital			Total Distributions Paid
2023	$	74,211		$	908,508		$	982,719		$	—		$	982,719
2022		625,176			1,837,447			2,462,623			—			2,462,623

As of the latest tax year ended September 30, 2023, the components of accumulated earnings on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Appreciation		Total Accumulated Earnings
Vontobel U.S. Equity Institutional Fund		$104,526		$173,797		$278,323		$—		$—		$5,951,585		$6,229,908

16

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

E. Concentration by Ownership

A significant portion of the Funds’ shares may be held in a limited number of shareholder accounts including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by the Funds, this could have a disruptive impact on the efficient implementation of the Funds’ investment strategy.

In addition, as of March 31, 2024, the Adviser or Adviser affiliates held outstanding shares of the Funds as follows:

Fund	Class			%   Ownership
Vontobel Global Environmental Change Fund		I shares			100.0
Vontobel U.S. Equity Institutional Fund		I shares			68.6

17

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

A. Summary of Fund Holdings as of March 31, 2024

Vontobel Global Environmental Change Fund

Market Exposure
Equity Securities	% of Net Assets
Electrical Equipment		13.9	%
Semiconductors		10.7
Engineering & Construction		9.0
Machinery		8.8
Software		8.2
Chemicals		7.9
Electric Utilities		6.7
Transportation & Logistics		3.6
Gas & Water Utilities		3.2
Technology Hardware		2.9
Industrial Intermediate Products		2.9
Renewable Energy		2.7
Construction Materials		2.6
Commercial Support Services		2.3
Diversified Industrials		2.2
Industrial Support Services		2.1
Automotive		1.9
Forestry, Paper & Wood Products		1.5
Wholesale - Discretionary		1.2
Containers & Packaging		1.1
Transportation Equipment		1.0
Asset Management		0.9
Total		97.3	%

5 Largest Equity Positions
Issuer	% of Net Assets
Applied Materials, Inc.		3.6	%
Linde PLC		3.4	%
Prysmian S.p.A.		2.9	%
Air Liquide S.A.		2.7	%
Iberdrola S.A.		2.7	%
Total		15.3	%

18

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

Vontobel U.S. Equity Institutional Fund

Market Exposure
Equity Securities	% of Net Assets
Software	15.5%
Medical Equipment & Devices	12.1
Institutional Financial Services	8.0
Technology Services	6.7
Beverages	6.6
Internet Media & Services	6.1
E-Commerce Discretionary	6.0
Food	4.9
Retail - Consumer Staples	4.3
Insurance	3.6
Health Care Facilities & Services	3.4
Industrial Support Services	3.3
Electrical Equipment	2.9
Construction Materials	2.9
Transportation & Logistics	1.5
Real Estate Investment Trusts	1.5
Leisure Facilities & Services	1.4
Cable & Satellite	1.3
Wholesale - Discretionary	1.3
Semiconductors	1.3
Biotechnology & Pharmaceuticals	1.2
Chemicals	1.1
Retail - Discretionary	1.0
Machinery	1.0
Apparel & Textile Products	1.0
Total	99.9%

5 Largest Equity Positions
Issuer	% of Net Assets
Microsoft Corp.	6.3%
Amazon.com, Inc.	6.0%
Intercontinental Exchange, Inc.	4.4%
Mastercard, Inc. - Class A	4.3%
Coca-Cola (The) Co.	4.1%
Total	25.1%

B. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Funds expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2023 and held for the entire period through March 31, 2024.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

19

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Vontobel Global
	Environmental
	Change Fund
		Beginning Account		Ending Account
	Expense	Value		Value		Expenses Paid
	Ratio	10/1/2023		3/31/2024		10/1/23-3/31/24*
Actual	0.80%	$	1,000.00	$	1,224.90	$     4.38
Hypothetical	0.80%	$	1,000.00	$	1,020.66	$     3.98
	Vontobel U.S. Equity
	Institutional Fund
		Beginning Account		Ending Account
	Expense	Value		Value		Expenses Paid
	Ratio	10/1/2023		3/31/2024		10/1/23-3/31/24*
Actual	0.65%	$	1,000.00	$	1,168.70	$     3.52
Hypothetical	0.65%	$	1,000.00	$	1,021.75	$     3.29

*Expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the actual number of days in the most recent half fiscal year (183 days, except for the Vontobel Global Environmental Change Fund’s actual expenses paid which was 180 operational days), and divided by the number of days in the current year (366).

C. Board Approval of Investment Advisory Agreement

Section 15 of the 1940 Act requires that the Amended and Restated Investment Advisory Agreement (the “Agreement”) between the Trust and the Adviser with respect to the Vontobel Global Environmental Change Fund and the Vontobel U.S. Equity Institutional Fund (each, a “Fund,” and, collectively, the “Funds”) be approved by a majority of the Board of Trustees of the Trust (the “Board”), including a majority of the Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to each of the Funds and its shareholders. The Board considered and approved the Agreement for the Vontobel Global Environmental Change Fund at an in-person meeting held on June 14, 2023 and for the Vontobel U.S. Equity Institutional Fund at an in-person meeting held on March 6, 2024.

The Board requested, and the Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by the Adviser to each Fund; (ii) the investment performance of each Fund and the Adviser; (iii) the costs of the services to be provided and the profits to be realized by the Adviser from its relationship with each of the Funds; (iv) the extent to which economies of scale will be realized as each Fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of each of the Fund’s shareholders.

The Board examined the nature, extent, and quality of the advisory services provided by the Adviser. The Board considered the terms of the Agreement, information and reports provided by the Adviser regarding its business, personnel and operations, and advisory services provided to each Fund. The Board reviewed the Adviser’s investment philosophy and portfolio construction process, the Adviser’s compliance program, pending material litigation, insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser, there had been no material compliance issues or concerns raised or encountered with respect to each Fund or any other fund managed by the Adviser since the last renewal of the Agreement. Taking into account the personnel involved in servicing each of the Funds, as well as the materials provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services received from the Adviser.

20

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

The Board considered the investment performance of the Vontobel U.S. Equity Institutional Fund. As part of this analysis, the Board reviewed an independent report (the “Vontobel U.S. Equity FUSE Report”) prepared by FUSE Research Network, LLC (“FUSE”). The Vontobel U.S. Equity FUSE Report consisted of comparisons of the Vontobel U.S. Equity Institutional Fund to fourteen other large growth funds selected by FUSE with pricing characteristics similar to the Vontobel U.S. Equity Institutional Fund (the “Vontobel U.S. Equity Peer Group”), and to the Vontobel U.S. Equity Peer Group and all other large growth funds with similar pricing features (the “Vontobel U.S. Equity Peer Universe”). The Board reviewed the methodology used to select the Vontobel U.S. Equity Peer Group and the Vontobel U.S. Equity Peer Universe. The Board also compared the performance of the Vontobel U.S. Equity Institutional Fund to its selected benchmark for various periods through December 31, 2023 and to other pooled investment vehicles and separately managed accounts advised by the Adviser with similar investment mandates (the “Similar Vontobel U.S. Equity Accounts”) for the one-year and five-year periods through December 31, 2023. The Board reviewed the investment performance of the Vontobel U.S. Equity Institutional Fund compared to the Vontobel U.S. Equity Peer Group and Vontobel U.S. Equity Peer Universe for various periods ended December 31, 2023. After considering the information presented to it, the Board expressed satisfaction with the performance of the Vontobel U.S. Equity Institutional Fund and the Adviser.

The Board reviewed the cost of services provided and the profits realized by the Adviser, including assertions related to compensation and profitability. The Board discussed the advisory fee paid by the Vontobel U.S. Equity Institutional Fund and the total operating expenses of the Vontobel U.S. Equity Institutional Fund. The Board noted that the Adviser received a management fee of 0.50% of average daily net assets of the Vontobel U.S. Equity Institutional Fund. The Board reviewed the investment advisory fee and total net expenses paid by the Vontobel U.S. Equity Institutional Fund in comparison to the investment advisory fees and total net expenses paid by the funds within the Vontobel U.S. Equity Peer Group and Vontobel U.S. Equity Peer Universe, noting that the fees paid by the Vontobel U.S. Equity Institutional Fund were lower than the median investment advisory fee and net total expenses paid by the Vontobel U.S. Equity Peer Group and Vontobel U.S. Equity Peer Universe. The Board then considered the expense cap in place for the Vontobel U.S. Equity Institutional Fund, noting that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses to 0.65% of average daily net assets of the Vontobel U.S. Equity Institutional Fund. The Board then reviewed the advisory fees paid by Similar Vontobel U.S. Equity Accounts. Noting that the advisory fee for the Vontobel U.S. Equity Institutional Fund was more than the advisory fees paid by the Similar Vontobel U.S. Equity Accounts, the Board acknowledged that the difference was attributable to different services received by Similar Vontobel U.S. Equity Accounts. After considering the comparative data provided by the Adviser, the Board concluded that the advisory fee and expense ratio were reasonable.

The Board discussed the advisory fee paid by the Vontobel Global Environmental Change Fund and the total operating expenses of the Vontobel Global Environmental Change Fund. The Board noted that the Adviser received a management fee of 0.65% of average daily net assets of the Vontobel Global Environmental Change Fund. As part of this analysis, the Board reviewed an independent report prepared by FUSE (the “Vontobel Global Environmental Change FUSE Report”). The Vontobel Global Environmental Change FUSE Report consisted of comparisons of the proposed investment advisory fees and the total net expenses paid by the Vontobel Global Environmental Change Fund to (i) 11 other thematic equity funds including climate and/or carbon/energy transition funds selected by FUSE with pricing characteristics similar to the Vontobel Global Environmental Change Fund (the “Vontobel Global Environmental Change Peer Group”) and (ii) the Vontobel Global Environmental Change Peer Group and all other global large-stock blend and growth funds with similar pricing features (the “Vontobel Global Environmental Change Peer Universe”). The Board considered the proposed advisory fee and the anticipated total net expenses to be paid by the Vontobel Global Environmental Change Fund compared to the Vontobel Global Environmental Change Fund Peer Group and the Vontobel Global Environmental Change Fund Peer Universe and noted that the Vontobel Global Environmental Change Fund advisory fee was lower than the median paid by the Vontobel Fund Peer Group and Vontobel Fund Peer Universe. The Board then reviewed the advisory fees paid by another pooled investment vehicle and a separately managed account with similar investment strategies to the Vontobel Global Environmental Change Fund. The Board then considered the expense cap in place for the Vontobel Global Environmental Change Fund, noting that the Adviser had contractually agreed to waive fees and/or reimburse expenses to limit total annual fund operating expenses to 0.80% of average daily net assets. After considering the comparative data provided by the Adviser, the Board concluded that the advisory fee and expense ratio were reasonable.

The Board recognized that, because the Vontobel Global Environmental Change Fund had not yet commenced operations as of June 14, 2023, the Board would review performance of the Vontobel Global Environmental Change Fund over time.

21

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

The Board examined the profitability of the Adviser’s relationship with the Vontobel U.S. Equity Institutional Fund and considered the information provided by the Adviser. Among other things, the Board considered the overall financial condition and profitability of the Adviser and representations made thereto and the overall importance of the Vontobel U.S. Equity Institutional Fund’s relationship to the Adviser’s business strategy. The Board concluded that, based on both the written and oral reports provided by the Adviser, the Vontobel U.S. Equity Institutional Fund was not yet profitable for the Adviser given the Vontobel U.S. Equity Institutional Fund’s limited history of operations and asset size.

The Board examined the expected profitability of the Adviser’s relationship with the Vontobel Global Environmental Change Fund and considered the information provided by the Adviser. Among other things, the Board considered the overall financial condition and profitability of the Adviser and representations made thereto and the overall importance of the Vontobel Global Environmental Change Fund’s relationship to the Adviser’s business strategy. The Board concluded that, based on both the written and oral reports provided by the Adviser, the Vontobel Global Environmental Change Fund was not initially expected to be profitable for the Adviser.

In considering the economies of scale for each of the Funds, the Board considered the marketing and distribution plans for each of the Funds, each Fund’s capacity, and each Fund’s breakeven point. The Board considered the Adviser’s representations that it believed that breakpoints were not necessary at this time as each Fund was priced competitively. The Board recognized that the Adviser and its affiliates may derive other benefits from their relationship with each of the Funds, noting that, among other things, any brokerage commissions generated by each of the Fund’s investment activity would contribute to the Adviser’s soft-dollar commission pool.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to the various factors considered.

D. Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the SEC adopted Rule 22e-4 under the 1940 Act. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the SEC adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the SEC when certain liquidity-related events occur.

The Board approved the appointment of the Adviser’s Liquidity Management Group as the administrator of the LRMP for the Funds on March 6, 2019. The Board approved the Funds’ LRMP at its regular board meeting on September 11, 2019. At the Board’s regular meeting on March 6-7, 2024, the Trust’s Chief Compliance Officer and the Adviser each provided a report to the Board on the operation and effectiveness of the LRMP. The Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of each Fund’s investments, the Adviser has contracted with a third party provider of liquidity monitoring services. The Adviser supplies portfolio-level data and certain assumptions to this provider, which the provider uses to determine preliminary classifications. Once these preliminary classifications are received by the Adviser, the Adviser’s personnel review the information.

The LRMP effectively managed each Fund’s liquidity risks for the twelve-month period ended December 31, 2023. During this period, each Fund held no less than 50% of its total net assets in highly liquid investments. Because the Funds consisted primarily of highly liquid investments, no highly liquid investment minimum was required to be established for the Funds, and the Funds were well under their illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

22

ADVISERS INVESTMENT TRUST

VONTOBEL FUNDS

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

E. Other Information

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 866-252-5393 (toll free) or 312-630-6583. Information about how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available without charge, upon request, by calling the Trust at 866-252-5393 (toll free) or 312-630-6583 and on the SEC’s website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 866-252-5393 (toll free).

23

Investment Adviser

Vontobel Asset Management, Inc.

1540 Broadway

38th Floor

New York, New York 10036

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Ernst & Young LLP

One Manhattan West

New York, New York 10001-8604

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

866-252-5393 (toll free) or 312-630-6583

VON 03/24

March 31, 2024

The Securities & Exchange Commission (SEC) has adopted a rule for mutual funds to create “concise and visually engaging” annual and semi-annual reports for shareholders. These reports provide key information for retail shareholders to evaluate and monitor their investments. Detailed financial information previously found in shareholder reports will now be accessible upon request, free of charge, or through the Funds’ Form N-CSR on the SEC’s EDGAR database. Starting September 30, 2024, hard copies of the streamlined reports will be mailed to shareholders unless they have chosen electronic delivery. To ‘opt-in’ for electronic delivery, please contact the Funds at 800-447-0740 (toll-free), 866-342-2418 (toll-free), or 501-255-1812.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

     

Advisers Investment Trust

State Farm Funds

Table of Contents

March 31, 2024 (Unaudited)

Message to Shareholders	1
Schedule of Investments
State Farm Growth Fund	2
State Farm Balanced Fund	6
State Farm Interim Fund	28
State Farm Municipal Bond Fund	29
Financial Statements
Statements of Assets and Liabilities	42
Statements of Operations	43
Statements of Changes in Net Assets	44
Financial Highlights	46
Notes to Financial Statements	50
Portfolio Summary
State Farm Growth Fund	61
State Farm Balanced Fund	61
State Farm Interim Fund	62
State Farm Municipal Bond Fund	62
Expense Examples	63
Liquidity Risk Management Program	64
Board Approval of Investment Advisory and Sub-Advisory Agreements	65

Investors may obtain a copy of the proxy voting policies and procedures by writing to Advisers Investment Trust in the name of the respective Fund, P.O. Box 182330, Columbus, OH 43218-2330 or by calling the Fund at 800-477-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812. Information about how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-477-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812 and on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov.

The Funds file their respective complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their respective reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling 800-477-0740 (toll free), 866-342-2418 (toll free) or 501-255-1812.

     

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

MESSAGE TO SHAREHOLDERS

March 31, 2024

Dear Shareholders,

Thank you for investing with State Farm Funds^®. We are pleased to present the Semi-Annual Report for the 6-month period ended March 31, 2024, for the State Farm Growth Fund, State Farm Balanced Fund, State Farm Interim Fund, and the State Farm Municipal Bond Fund (the “State Farm Funds” or the “Funds”), each a series of Advisers Investment Trust. We encourage your review and consideration of the entire report.

The State Farm Funds are advised by State Farm Investment Management Corp. with Northern Trust Investments, Inc. providing day-today portfolio management as the sub-adviser. The Northern Trust Company serves as the Funds’ administrator, fund accountant, custodian, and transfer agent.

State Farm Investment Management Corp., the Investment Adviser, has consistently maintained a long-term, disciplined approach to managing investment risk and providing competitive investment products that can help you, our valued shareholder, with your investment goals.¹ We believe that remaining focused on your long-term goals and maintaining an appropriate asset allocation mix are important elements in pursuing investment success.²

Sincerely,

Sarah Mineau

Vice President

State Farm Investment Management Corp.

¹  Investing involves risk, including potential for loss.

²  Asset allocation does not assure a profit or protect against loss.

1

ADVISERS INVESTMENT TRUST

STATE FARM GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (99.00%)
Aerospace & Defense (0.23%)
Axon Enterprise Inc.(a)		1,500	$	469,320
Lockheed Martin Corp.		37,000		16,830,190
				17,299,510
Apparel & Textile Products (0.29%)
Carter’s Inc.		144,800		12,261,664
NIKE Inc., Class B		2,400		225,552
Tapestry Inc.		196,300		9,320,324
VF Corp.		100		1,534
				21,809,074
Asset Management (0.57%)
BlackRock Inc.		23,800		19,842,060
Charles Schwab Corp., The		100		7,234
Franklin Resources Inc.		100		2,811
Invesco Ltd.		618,100		10,254,279
Janus Henderson Group PLC		75,500		2,483,195
Voya Financial Inc.		142,400		10,526,208
				43,115,787
Automotive (0.33%)
Tesla Inc.(a)		141,500		24,874,285
Banking (1.77%)
Citigroup Inc.		24,700		1,562,028
Citizens Financial Group Inc.		100		3,629
Comerica Inc.		100		5,499
Fifth Third Bancorp		12,000		446,520
Huntington Bancshares Inc.		100		1,395
JPMorgan Chase & Co.		170,900		34,231,270
KeyCorp		103,600		1,637,916
M&T Bank Corp.		62,000		9,017,280
Regions Financial Corp.		100		2,104
Truist Financial Corp.		100		3,898
US Bancorp		100		4,470
Wells Fargo & Co.		1,496,000		86,708,160
Zions Bancorp NA		100		4,340
				133,628,509
Beverages (1.60%)
Coca-Cola Co., The		819,200		50,118,656
PepsiCo Inc.		405,700		71,001,557
				121,120,213
Biotechnology & Pharmaceuticals (14.06%)
AbbVie Inc.		635,900		115,797,390
Amgen Inc.		107,885		30,673,863
Bristol-Myers Squibb Co.		25,300		1,372,019
Eli Lilly & Co.		389,500		303,015,420
Gilead Sciences Inc.		91,800		6,724,350
Johnson & Johnson		2,303,620		364,409,648
Merck & Co. Inc.		216,250		28,534,188
Moderna Inc.(a)		100		10,656
Pfizer Inc.		2,183,432		60,590,238
Regeneron Pharmaceuticals Inc.(a)		16,900		16,266,081

	Shares		Value
Common Stocks (Cont.)
Biotechnology & Pharmaceuticals (Cont.)
Vertex Pharmaceuticals Inc.(a)		35,900	$	15,006,559
Zoetis Inc.		705,396		119,360,057
				1,061,760,469
Cable & Satellite (0.12%)
Comcast Corp., Class A		84,300		3,654,405
Sirius XM Holdings Inc.		1,461,000		5,668,680
				9,323,085
Chemicals (3.85%)
Air Products and Chemicals Inc.		829,800		201,035,646
Avery Dennison Corp.		62,200		13,886,150
International Flavors & Fragrances Inc.		524,541		45,105,281
Linde PLC		66,000		30,645,120
				290,672,197
Commercial Support Services (0.54%)
Cintas Corp.		20,100		13,809,303
H&R Block Inc.		547,700		26,897,547
				40,706,850
Construction Materials (3.76%)
Vulcan Materials Co.		1,038,900		283,536,588
Consumer Services (0.15%)
Grand Canyon Education Inc.(a)		84,000		11,441,640
Containers & Packaging (0.85%)
AptarGroup Inc.		409,497		58,922,523
Packaging Corp of America		27,000		5,124,060
				64,046,583
Diversified Industrials (2.92%)
3M Co.		91,900		9,747,833
Emerson Electric Co.		126,400		14,336,288
Honeywell International Inc.		105,900		21,735,975
Illinois Tool Works Inc.		652,300		175,031,659
				220,851,755
E-Commerce Discretionary (1.42%)
Amazon.com Inc.(a)		593,400		107,037,492
eBay Inc.		100		5,278
Etsy Inc.(a)		5,200		357,344
				107,400,114
Electric Utilities (0.70%)
AES Corp., The		100		1,793
Consolidated Edison Inc.		69,800		6,338,538
Constellation Energy Corp.		90,500		16,728,925
Evergy Inc.		223,700		11,941,106
OGE Energy Corp.		131,800		4,520,740
Public Service Enterprise Group Inc.		194,600		12,995,388
				52,526,490

2 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Electrical Equipment (0.30%)
AMETEK Inc.		36,000	$	6,584,400
Generac Holdings Inc.(a)		100		12,614
Otis Worldwide Corp.		164,900		16,369,623
				22,966,637
Entertainment Content (4.24%)
Electronic Arts Inc.		66,600		8,835,822
Paramount Global, Class B		100		1,177
Walt Disney Co., The		2,544,440		311,337,678
Warner Bros Discovery Inc.(a)		100		873
				320,175,550
Food (1.26%)
General Mills Inc.		121,600		8,508,352
Hershey Co., The		44,700		8,694,150
Kellanova		206,300		11,818,927
McCormick & Co. Inc.		856,600		65,795,446
WK Kellogg Co.		11,250		211,500
				95,028,375
Gas & Water Utilities (0.21%)
National Fuel Gas Co.		46,300		2,487,236
UGI Corp.		549,500		13,484,730
				15,971,966
Health Care Facilities & Services (0.92%)
Cardinal Health Inc.		114,700		12,834,930
Cencora Inc.		8,600		2,089,714
Chemed Corp.		18,700		12,004,091
Cigna Group, The		11,200		4,067,728
Elevance Health Inc.		16,600		8,607,764
Encompass Health Corp.		42,200		3,484,876
Laboratory Corp of America Holdings		47,000		10,267,620
McKesson Corp.		22,600		12,132,810
UnitedHealth Group Inc.		8,200		4,056,540
				69,546,073
Home & Office Products (1.11%)
HNI Corp.		1,439,200		64,951,096
Scotts Miracle-Gro Co., The		255,800		19,080,122
				84,031,218
Household Products (2.30%)
Clorox Co., The		4,300		658,373
Colgate-Palmolive Co.		367,600		33,102,380
Kenvue Inc.		1,427,196		30,627,626
Procter & Gamble Co., The		674,755		109,478,999
				173,867,378
Institutional Financial Services (0.43%)
CME Group Inc.		51,400		11,065,906
Goldman Sachs Group Inc., The		3,500		1,461,915
Intercontinental Exchange Inc.		95,600		13,138,308
Jefferies Financial Group Inc.		99,300		4,379,130

	Shares		Value
Common Stocks (Cont.)
Institutional Financial Services (Cont.)
Morgan Stanley		7,200	$	677,952
Northern Trust Corp.		20,600		1,831,752
				32,554,963
Insurance (1.12%)
Allstate Corp., The		28,700		4,965,387
Assurant Inc.		71,500		13,459,160
Berkshire Hathaway Inc., Class B(a)		6,500		2,733,380
Equitable Holdings Inc.		245,800		9,342,858
Hartford Financial Services
Group Inc., The		101,700		10,480,185
Lincoln National Corp.		475,500		15,182,715
Loews Corp.		138,000		10,804,020
Old Republic International Corp.		203,300		6,245,376
Willis Towers Watson PLC		41,500		11,412,500
				84,625,581
Internet Media & Services (5.31%)
Airbnb Inc., Class A(a)		100		16,496
Alphabet Inc., Class A(a)		1,511,200		228,085,416
Alphabet Inc., Class C(a)		118,320		18,015,403
Booking Holdings Inc.		400		1,451,152
Expedia Group Inc.(a)		3,300		454,575
Match Group Inc.(a)		100		3,628
Meta Platforms Inc., Class A		230,170		111,765,949
Netflix Inc.(a)		68,200		41,419,906
				401,212,525
Leisure Facilities & Services (0.95%)
Caesars Entertainment Inc.(a)		100		4,374
Carnival Corp.(a)		111,600		1,823,544
Domino’s Pizza Inc.		20,200		10,036,976
Las Vegas Sands Corp.		100		5,170
McDonald’s Corp.		79,400		22,386,830
MGM Resorts International(a)		27,600		1,302,996
Norwegian Cruise Line Holdings Ltd.(a)		100		2,093
Royal Caribbean Cruises Ltd.(a)		40,800		5,671,608
Starbucks Corp.		202,500		18,506,475
TKO Group Holdings Inc.		39,900		3,447,759
Travel + Leisure Co.		138,700		6,790,752
Wynn Resorts Ltd.		14,600		1,492,558
				71,471,135
Machinery (4.33%)
Caterpillar Inc.		892,321		326,973,184
Medical Equipment & Devices (2.12%)
Abbott Laboratories		693,800		78,857,308
Agilent Technologies Inc.		548,071		79,749,811
Danaher Corp.		3,300		824,076
Dexcom Inc.(a)		3,700		513,190
Illumina Inc.(a)		100		13,732
Insulet Corp.(a)		100		17,140
				159,975,257

See accompanying notes to financial statements. 3

ADVISERS INVESTMENT TRUST

STATE FARM GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Metals & Mining (0.41%)
Rio Tinto PLC Sponsored ADR		479,900	$	30,588,826
Oil & Gas Producers (2.99%)
APA Corp.		51,200		1,760,256
Cheniere Energy Inc.		35,500		5,725,440
Chevron Corp.		951,400		150,073,836
ConocoPhillips		26,000		3,309,280
Devon Energy Corp.		6,700		336,206
Diamondback Energy Inc.		24,200		4,795,714
EOG Resources Inc.		100		12,784
EQT Corp.		100		3,707
Exxon Mobil Corp.		265,600		30,873,344
Marathon Oil Corp.		104,600		2,964,364
Murphy USA Inc.		2,200		922,240
Occidental Petroleum Corp.		195,700		12,718,543
Targa Resources Corp.		108,200		12,117,318
				225,613,032
Oil, Gas Services & Equipment (0.00%)
Baker Hughes Co.		100		3,350
Halliburton Co.		1,400		55,188
				58,538
Publishing & Broadcasting (0.13%)
Nexstar Media Group Inc.		58,800		10,130,652
Real Estate Investment Trusts (1.31%)
Alexandria Real Estate Equities Inc.		100		12,891
AvalonBay Communities Inc.		42,900		7,960,524
CubeSmart		352,200		15,926,484
Healthpeak Properties Inc.		484,000		9,075,000
Highwoods Properties Inc.		309,200		8,094,856
Iron Mountain Inc.		129,400		10,379,174
Lamar Advertising Co., Class A		63,700		7,606,417
Mid-America Apartment Communities Inc.		74,600		9,815,868
Prologis Inc.		6,400		833,408
Public Storage		33,500		9,717,010
Simon Property Group Inc.		125,900		19,702,091
				99,123,723
Renewable Energy (0.00%)
Enphase Energy Inc.(a)		100		12,098
Retail - Consumer Staples (3.02%)
Costco Wholesale Corp.		45,100		33,041,613
Walmart Inc.		3,246,000		195,311,820
				228,353,433
Retail - Discretionary (1.45%)
AutoZone Inc.(a)		4,700		14,812,755
Bath & Body Works Inc.		149,800		7,492,996
Best Buy Co. Inc.		29,100		2,387,073
Dick’s Sporting Goods Inc.		7,400		1,663,964
Home Depot Inc., The		103,247		39,605,549
Lowe’s Cos. Inc.		4,100		1,044,393
O’Reilly Automotive Inc.(a)		14,600		16,481,648

	Shares		Value
Common Stocks (Cont.)
Retail - Discretionary (Cont.)
TJX Cos. Inc., The		9,700	$	983,774
Williams-Sonoma Inc.		78,000		24,767,340
				109,239,492
Semiconductors (10.04%)
Advanced Micro Devices Inc.(a)		85,100		15,359,699
Analog Devices Inc.		43,900		8,682,981
Applied Materials Inc.		6,300		1,299,249
ASML Holding NV NY Reg. Shares		322,833		313,299,742
Broadcom Inc.		38,200		50,630,662
KLA Corp.		33,000		23,052,810
Lam Research Corp.		14,600		14,184,922
Microchip Technology Inc.		80,000		7,176,800
NVIDIA Corp.		349,600		315,884,576
QUALCOMM Inc.		4,300		727,990
Skyworks Solutions Inc.		19,000		2,058,080
Texas Instruments Inc.		31,726		5,526,986
				757,884,497
Software (4.49%)
Adobe Inc.(a)		9,516		4,801,773
Bentley Systems Inc., Class B		16,200		845,964
Ceridian HCM Holding Inc.(a)		100		6,621
Fortinet Inc.(a)		100		6,831
Gen Digital Inc.		18,500		414,400
Intuit Inc.		45,000		29,250,000
Microsoft Corp.		702,069		295,374,470
Oracle Corp.		100		12,561
Palo Alto Networks Inc.(a)		7,200		2,045,736
Salesforce Inc.		1,500		451,770
ServiceNow Inc.(a)		500		381,200
Tyler Technologies Inc.(a)		12,100		5,142,621
				338,733,947
Specialty Finance (0.80%)
AGNC Investment Corp.		847,900		8,394,210
Ally Financial Inc.		6,500		263,835
MGIC Investment Corp.		567,200		12,682,592
OneMain Holdings Inc.		253,200		12,935,988
Starwood Property Trust Inc.		677,400		13,771,542
UWM Holdings Corp.		1,714,419		12,446,682
				60,494,849
Steel (1.20%)
Nucor Corp.		457,300		90,499,670
Technology Hardware (10.94%)
Apple Inc.		4,342,868		744,715,005
Cisco Systems Inc.		60,700		3,029,537
Corning Inc.		1,284,600		42,340,416
HP Inc.		308,700		9,328,914
Motorola Solutions Inc.		38,000		13,489,240
Super Micro Computer Inc.(a)		1,300		1,313,039
Teledyne Technologies Inc.(a)		27,600		11,849,232
				826,065,383

4 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Technology Services (1.68%)
Accenture PLC, Class A		79,400	$	27,520,834
Amdocs Ltd.		110,200		9,958,774
Automatic Data Processing Inc.		112,200		28,020,828
CDW Corp.		14,200		3,632,076
DXC Technology Co.(a)		100		2,121
EPAM Systems Inc.(a)		1,500		414,240
Fair Isaac Corp.(a)		300		374,883
Fidelity National Information
Services Inc.		91,700		6,802,306
Global Payments Inc.		100		13,366
Mastercard Inc., Class A		6,964		3,353,653
Paychex Inc.		18,800		2,308,640
PayPal Holdings Inc.(a)		100		6,699
Science Applications International
Corp.		9,600		1,251,744
Verisk Analytics Inc.		49,700		11,715,781
Visa Inc., Class A		24,912		6,952,441
Western Union Co., The		1,771,200		24,761,376
				127,089,762
Transportation & Logistics (0.52%)
American Airlines Group Inc.(a)		100		1,535
CH Robinson Worldwide Inc.		12,200		928,908
Delta Air Lines Inc.		100		4,787
Expeditors International of
Washington Inc.		75,300		9,154,221
Landstar System Inc.		61,000		11,758,360
Norfolk Southern Corp.		35,900		9,149,833
Ryder System Inc.		31,000		3,725,890
Union Pacific Corp.		13,200		3,246,276
United Airlines Holdings Inc.(a)		100		4,788
United Parcel Service Inc., Class B		7,500		1,114,725
				39,089,323
Wholesale - Consumer Staples (2.26%)
Archer-Daniels-Midland Co.		2,719,854		170,834,030
Total Common Stocks (cost $1,919,781,920)				7,476,324,246
	Principal amount		Value
U.S. Treasury Obligations (0.03%)
U.S. Treasury Bill
5.238%, 04/11/2024(b),(c)	$	2,155,000		2,151,864
Total U.S. Treasury Obligations (cost $2,151,864)				2,151,864

	Shares		Value
Short-term Investments (0.90%)
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(d)		68,320,244	$	68,320,244
Total Short-term Investments (cost $68,320,244)				68,320,244
TOTAL INVESTMENTS (99.93%) (cost $ 1,990,254,028)				7,546,796,354
CASH AND OTHER ASSETS, NET OF LIABILITIES (0.07%)				5,020,610
NET ASSETS (100.00%)			$	7,551,816,964

(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 March 31, 2024.

PLC Public Limited Company

ADR American Depositary Receipt

At March 31, 2024, the Fund had open futures contracts as follows:

Description Contracts	Number of Contracts	Expiration Date	Trading Currency		Notional Amount		Unrealized Appreciation (Depreciation)*
Long Contracts
E-Mini S&P 500	181	6/21/2024		USD		48,041,925		$673,539

^*Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

See accompanying notes to financial statements. 5

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (71.30%)
Aerospace & Defense (0.12%)
Axon Enterprise Inc.(a)		100	$	31,288
Lockheed Martin Corp.		6,300		2,865,681
				2,896,969
Apparel & Textile Products (0.14%)
NIKE Inc., Class B		800		75,184
Tapestry Inc.		67,400		3,200,152
				3,275,336
Asset Management (0.30%)
BlackRock Inc.		5,300		4,418,610
Blue Owl Capital Inc.		12,100		228,206
Charles Schwab Corp., The		100		7,234
Voya Financial Inc.		34,600		2,557,632
				7,211,682
Automotive (0.06%)
Tesla Inc.(a)		7,700		1,353,583
Banking (1.83%)
Citigroup Inc.		5,600		354,144
Comerica Inc.		300		16,497
JPMorgan Chase & Co.		39,700		7,951,910
M&T Bank Corp.		19,000		2,763,360
Wells Fargo & Co.		564,900		32,741,604
				43,827,515
Beverages (0.79%)
Coca-Cola Co., The		177,257		10,844,583
PepsiCo Inc.		46,400		8,120,464
				18,965,047
Biotechnology & Pharmaceuticals (10.75%)
AbbVie Inc.		50,700		9,232,470
Amgen Inc.		54,650		15,538,088
Bristol-Myers Squibb Co.		700		37,961
Eli Lilly & Co.		121,900		94,833,324
Gilead Sciences Inc.		25,800		1,889,850
Johnson & Johnson		391,909		61,996,085
Merck & Co. Inc.		71,600		9,447,620
Moderna Inc.(a)		100		10,656
Pfizer Inc.		689,640		19,137,510
Regeneron Pharmaceuticals Inc.(a)		3,700		3,561,213
Vertex Pharmaceuticals Inc.(a)		7,400		3,093,274
Zoetis Inc.		229,295		38,799,007
				257,577,058
Cable & Satellite (0.03%)
Comcast Corp., Class A		14,800		641,580
Chemicals (3.20%)
Air Products and Chemicals Inc.		229,900		55,697,873
Avery Dennison Corp.		15,100		3,371,075

	Shares		Value
Common Stocks (Cont.)
Chemicals (Cont.)
International Flavors &
Fragrances Inc.		119,888	$	10,309,169
Linde PLC		15,600		7,243,392
				76,621,509
Commercial Support Services (0.15%)
Cintas Corp.		4,500		3,091,635
H&R Block Inc.		11,000		540,210
				3,631,845
Construction Materials (1.82%)
Vulcan Materials Co.		160,000		43,667,200
Consumer Services (0.11%)
Grand Canyon Education Inc.(a)		20,000		2,724,200
Containers & Packaging (0.67%)
AptarGroup Inc.		104,500		15,036,505
Packaging Corp of America		5,500		1,043,790
				16,080,295
Diversified Industrials (2.17%)
3M Co.		53,000		5,621,710
Emerson Electric Co.		62,400		7,077,408
Honeywell International Inc.		21,100		4,330,775
Illinois Tool Works Inc.		130,400		34,990,232
				52,020,125
E-Commerce Discretionary (0.84%)
Amazon.com Inc.(a)		111,000		20,022,180
eBay Inc.		100		5,278
Etsy Inc.(a)		100		6,872
				20,034,330
Electric Utilities (0.54%)
Clearway Energy Inc., Class C		100		2,305
Consolidated Edison Inc.		27,400		2,488,194
Constellation Energy Corp.		23,400		4,325,490
Duke Energy Corp.		100		9,671
Evergy Inc.		50,600		2,701,028
OGE Energy Corp.		15,200		521,360
Public Service Enterprise Group Inc.		44,000		2,938,320
				12,986,368
Electrical Equipment (0.07%)
AMETEK Inc.		8,600		1,572,940
Generac Holdings Inc.(a)		100		12,614
				1,585,554
Entertainment Content (4.17%)
Electronic Arts Inc.		13,800		1,830,846
Paramount Global, Class B		100		1,177
Take-Two Interactive
Software Inc.(a)		100		14,849

6 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Entertainment Content (Cont.)
Walt Disney Co., The		801,095	$	98,021,984
Warner Bros Discovery Inc.(a)		100		873
				99,869,729
Food (0.39%)
General Mills Inc.		13,400		937,598
Hershey Co., The		7,400		1,439,300
Kellanova		113,300		6,490,957
Nestle SA Sponsored ADR		100		10,620
WK Kellogg Co.		24,800		466,240
				9,344,715
Gas & Water Utilities (0.02%)
National Fuel Gas Co.		10,600		569,432
Health Care Facilities & Services (0.54%)
Chemed Corp.		4,500		2,888,685
Cigna Group, The		2,400		871,656
Elevance Health Inc.		3,200		1,659,328
Encompass Health Corp.		9,500		784,510
Humana Inc.		300		104,016
Laboratory Corp of America Holdings		10,600		2,315,676
McKesson Corp.		5,800		3,113,730
UnitedHealth Group Inc.		2,200		1,088,340
				12,825,941
Home & Office Products (0.47%)
HNI Corp.		160,000		7,220,800
Scotts Miracle-Gro Co., The		53,400		3,983,106
				11,203,906
Household Products (3.23%)
Kenvue Inc.		205,557		4,411,253
Procter & Gamble Co., The		450,700		73,126,075
				77,537,328
Institutional Financial Services (0.24%)
CME Group Inc.		9,500		2,045,255
Goldman Sachs Group Inc., The		800		334,152
Intercontinental Exchange Inc.		21,500		2,954,745
Morgan Stanley		1,700		160,072
Northern Trust Corp.		3,400		302,328
				5,796,552
Insurance (0.72%)
Allstate Corp., The		6,700		1,159,167
Assurant Inc.		15,700		2,955,368
Berkshire Hathaway Inc., Class B(a)		1,700		714,884
Hartford Financial Services
Group Inc., The		23,500		2,421,675
Lincoln National Corp.		104,600		3,339,878
Loews Corp.		29,500		2,309,555
Old Republic International Corp.		48,400		1,486,848
Willis Towers Watson PLC		10,500		2,887,500
				17,274,875

	Shares		Value
Common Stocks (Cont.)
Internet Media & Services (4.37%)
Airbnb Inc., Class A(a)		100	$	16,496
Alphabet Inc., Class A(a)		428,840		64,724,821
Alphabet Inc., Class C(a)		71,280		10,853,093
Expedia Group Inc.(a)		100		13,775
Match Group Inc.(a)		100		3,628
Meta Platforms Inc., Class A		58,430		28,372,439
Netflix Inc.(a)		1,100		668,063
				104,652,315
Leisure Facilities & Services (0.28%)
Caesars Entertainment Inc.(a)		100		4,374
Carnival Corp.(a)		100		1,634
Domino’s Pizza Inc.		2,000		993,760
McDonald’s Corp.		19,400		5,469,830
MGM Resorts International(a)		100		4,721
Norwegian Cruise Line Holdings Ltd.(a)		100		2,093
Royal Caribbean Cruises Ltd.(a)		100		13,901
Starbucks Corp.		2,300		210,197
Wynn Resorts Ltd.		100		10,223
				6,710,733
Machinery (4.86%)
Caterpillar Inc.		264,300		96,847,449
Deere & Co.		41,002		16,841,161
Donaldson Co. Inc.		36,517		2,727,090
				116,415,700
Medical Equipment & Devices (1.35%)
Abbott Laboratories		101,075		11,488,185
Agilent Technologies Inc.		143,587		20,893,344
Align Technology Inc.(a)		100		32,792
Dexcom Inc.(a)		100		13,870
Insulet Corp.(a)		100		17,140
				32,445,331
Metals & Mining (0.35%)
Rio Tinto PLC Sponsored ADR		131,700		8,394,558
Oil & Gas Producers (2.53%)
APA Corp.		100		3,438
Cheniere Energy Inc.		8,200		1,322,496
Chevron Corp.		274,000		43,220,760
ConocoPhillips		1,100		140,008
Exxon Mobil Corp.		136,000		15,808,640
Occidental Petroleum Corp.		100		6,499
Pioneer Natural Resources Co.		200		52,500
				60,554,341
Publishing & Broadcasting (0.00%)
Nexstar Media Group Inc.		600		103,374
Real Estate Investment Trusts (0.66%)
AvalonBay Communities Inc.		9,500		1,762,820
CubeSmart		52,400		2,369,528
Healthpeak Properties Inc.		40,900		766,875

See accompanying notes to financial statements. 7

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Real Estate Investment Trusts (Cont.)
Highwoods Properties Inc.		76,300	$	1,997,534
Mid-America Apartment
Communities Inc.		16,800		2,210,544
Public Storage		7,200		2,088,432
Simon Property Group Inc.		30,300		4,741,647
				15,937,380
Renewable Energy (0.00%)
Enphase Energy Inc.(a)		100		12,098
First Solar Inc.(a)		100		16,880
SolarEdge Technologies Inc.(a)		100		7,098
				36,076
Retail - Consumer Staples (1.02%)
Costco Wholesale Corp.		10,000		7,326,300
Walmart Inc.		285,600		17,184,552
				24,510,852
Retail - Discretionary (0.90%)
AutoZone Inc.(a)		1,100		3,466,815
Bath & Body Works Inc.		36,300		1,815,726
Home Depot Inc., The		24,660		9,459,576
Lowe’s Cos. Inc.		700		178,311
O’Reilly Automotive Inc.(a)		3,700		4,176,856
TJX Cos. Inc., The		2,400		243,408
Williams-Sonoma Inc.		7,200		2,286,216
				21,626,908
Semiconductors (4.65%)
Advanced Micro Devices Inc.(a)		33,200		5,992,268
Analog Devices Inc.		11,000		2,175,690
Applied Materials Inc.		1,300		268,099
ASML Holding NV NY Reg. Shares		13,721		13,315,819
Broadcom Inc.		11,200		14,844,592
Intel Corp.		100		4,417
KLA Corp.		100		69,857
Lam Research Corp.		200		194,314
Microchip Technology Inc.		100		8,971
Micron Technology Inc.		100		11,789
Monolithic Power Systems Inc.		200		135,484
NVIDIA Corp.		82,000		74,091,920
NXP Semiconductors NV		100		24,777
ON Semiconductor Corp.(a)		100		7,355
Qorvo Inc.(a)		100		11,483
QUALCOMM Inc.		1,700		287,810
Skyworks Solutions Inc.		600		64,992
				111,509,637
Software (2.75%)
Autodesk Inc.(a)		100		26,042
Cadence Design Systems Inc.(a)		100		31,128
Ceridian HCM Holding Inc.(a)		100		6,621
Fortinet Inc.(a)		100		6,831
Intuit Inc.		9,700		6,305,000
Microsoft Corp.		138,121		58,110,267

	Shares		Value
Common Stocks (Cont.)
Software (Cont.)
Oracle Corp.		100	$	12,561
Palo Alto Networks Inc.(a)		100		28,413
Salesforce Inc.		100		30,118
ServiceNow Inc.(a)		100		76,240
Synopsys Inc.(a)		100		57,150
Tyler Technologies Inc.(a)		2,800		1,190,028
				65,880,399
Specialty Finance (0.51%)
AGNC Investment Corp.		334,800		3,314,520
GATX Corp.		4,200		562,926
MGIC Investment Corp.		146,600		3,277,976
OneMain Holdings Inc.		23,600		1,205,724
Starwood Property Trust Inc.		163,900		3,332,087
UWM Holdings Corp.		85,270		619,060
				12,312,293
Steel (2.96%)
Nucor Corp.		358,700		70,986,730
Technology Hardware (7.81%)
Apple Inc.		997,704		171,086,282
Corning Inc.		323,492		10,662,296
Motorola Solutions Inc.		8,400		2,981,832
Teledyne Technologies Inc.(a)		5,900		2,532,988
				187,263,398
Technology Services (1.10%)
Accenture PLC, Class A		18,700		6,481,607
Amdocs Ltd.		21,600		1,951,992
Automatic Data Processing Inc.		39,400		9,839,756
CDW Corp.		1,500		383,670
DXC Technology Co.(a)		100		2,121
EPAM Systems Inc.(a)		100		27,616
Fidelity National Information Services Inc.		5,800		430,244
Mastercard Inc., Class A		439		211,409
Paychex Inc.		1,300		159,640
PayPal Holdings Inc.(a)		100		6,699
Science Applications International Corp.		1,500		195,585
Verisk Analytics Inc.		13,500		3,182,355
Visa Inc., Class A		4,130		1,152,601
Western Union Co., The		172,500		2,411,550
				26,436,845
Telecommunications (0.00%)
EchoStar Corp., Class A(a)		35		499
Tobacco & Cannabis (0.01%)
Philip Morris International Inc.		2,000		183,240
Transportation & Logistics (0.38%)
American Airlines Group Inc.(a)		100		1,535
CH Robinson Worldwide Inc.		2,700		205,578
Expeditors International of
Washington Inc.		18,600		2,261,202

8 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Shares		Value
Common Stocks (Cont.)
Transportation & Logistics (Cont.)
Landstar System Inc.		10,600	$	2,043,256
Norfolk Southern Corp.		6,300		1,605,681
Union Pacific Corp.		12,066		2,967,391
United Parcel Service Inc., Class B		200		29,726
				9,114,369
Wholesale - Consumer Staples (1.44%)
Archer-Daniels-Midland Co.		550,461		34,574,456
Wholesale - Discretionary (0.00%)
Copart Inc.(a)		100		5,792
Total Common Stocks (cost $383,111,858)				1,709,177,900
	Principal amount		Value
Corporate Bonds (8.44%)
Aerospace & Defense (0.14%)
General Dynamics Corp.
3.250%, 04/01/2025	$	200,000		196,123
Boeing Co., The
4.875%, 05/01/2025		250,000		247,259
2.196%, 02/04/2026		350,000		327,754
3.250%, 02/01/2028		250,000		230,127
5.150%, 05/01/2030		250,000		242,179
3.625%, 02/01/2031		150,000		132,062
Lockheed Martin Corp.
4.950%, 10/15/2025		100,000		99,903
5.100%, 11/15/2027		250,000		252,993
4.450%, 05/15/2028		250,000		247,711
5.250%, 01/15/2033		250,000		257,011
RTX Corp.
5.000%, 02/27/2026		150,000		149,660
5.750%, 11/08/2026		100,000		101,572
6.000%, 03/15/2031		200,000		210,394
5.150%, 02/27/2033		250,000		250,472
L3Harris Technologies Inc.
5.400%, 01/15/2027		150,000		151,140
5.400%, 07/31/2033		100,000		100,613
HEICO Corp.
5.250%, 08/01/2028		150,000		150,766
				3,347,739
Apparel & Textile Products (0.00%)
Tapestry Inc.
7.350%, 11/27/2028		100,000		105,425
				105,425
Asset Management (0.12%)
Blackstone Private Credit Fund
7.050%, 09/29/2025		500,000		507,567
3.250%, 03/15/2027		500,000		461,873
4.000%, 01/15/2029		250,000		229,488

	Principal amount		Value
Corporate Bonds (Cont.)
Asset Management (Cont.)
Charles Schwab Corp., The
0.900%, 03/11/2026	$	250,000	$	230,415
5.875%, 08/24/2026		100,000		101,662
5.853%, 05/19/2034		150,000		153,697
Blue Owl Credit Income Corp.
7.750%, 09/16/2027		250,000		256,214
BlackRock Inc.
2.400%, 04/30/2030		250,000		219,102
4.750%, 05/25/2033		150,000		149,323
Ameriprise Financial Inc.
4.500%, 05/13/2032		250,000		242,509
5.150%, 05/15/2033		100,000		101,172
Brookfield Capital Finance LLC
6.087%, 06/14/2033		100,000		104,791
				2,757,813
Automotive (0.27%)
American Honda Finance Corp.
4.600%, 04/17/2025		250,000		248,061
5.000%, 05/23/2025		250,000		248,992
5.800%, 10/03/2025		100,000		100,851
5.250%, 07/07/2026		250,000		251,488
5.125%, 07/07/2028		250,000		252,828
5.650%, 11/15/2028		100,000		103,105
5.850%, 10/04/2030		100,000		104,653
Toyota Motor Credit Corp.
3.650%, 08/18/2025		250,000		245,319
4.550%, 09/20/2027		250,000		247,656
4.550%, 05/17/2030		100,000		98,425
General Motors Financial Co. Inc.
6.050%, 10/10/2025		250,000		251,919
5.400%, 04/06/2026		250,000		250,172
5.000%, 04/09/2027		250,000		248,258
5.400%, 05/08/2027		100,000		100,267
6.000%, 01/09/2028		250,000		256,383
5.800%, 06/23/2028		250,000		255,013
5.850%, 04/06/2030		250,000		255,123
6.400%, 01/09/2033		250,000		262,215
Ford Motor Credit Co. LLC
6.950%, 03/06/2026		200,000		203,855
6.950%, 06/10/2026		200,000		204,395
5.800%, 03/05/2027		200,000		200,749
6.800%, 05/12/2028		200,000		207,889
6.798%, 11/07/2028		200,000		208,877
7.350%, 03/06/2030		200,000		213,298
7.200%, 06/10/2030		200,000		212,403
6.050%, 03/05/2031		200,000		201,686
Toyota Motor Corp.
5.275%, 07/13/2026		250,000		251,768
5.118%, 07/13/2028		250,000		255,202
5.123%, 07/13/2033		250,000		263,906

See accompanying notes to financial statements. 9

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Automotive (Cont.)
General Motors Co.
5.600%, 10/15/2032	$	100,000	$	101,280
Magna International Inc.
5.500%, 03/21/2033		200,000		206,071
				6,512,107
Banking (1.99%)
Canadian Imperial Bank of Commerce
3.300%, 04/07/2025		150,000		146,807
5.144%, 04/28/2025		250,000		249,238
3.945%, 08/04/2025		150,000		147,314
5.615%, 07/17/2026		150,000		151,387
3.450%, 04/07/2027		150,000		143,526
5.001%, 04/28/2028		150,000		149,609
Bank of Nova Scotia, The
3.450%, 04/11/2025		150,000		147,031
5.450%, 06/12/2025		150,000		150,084
4.750%, 02/02/2026		250,000		248,200
5.250%, 06/12/2028		150,000		151,334
4.850%, 02/01/2030		250,000		248,257
4.588%, 05/04/2037		150,000		136,098
Royal Bank of Canada
3.375%, 04/14/2025		150,000		147,064
4.950%, 04/25/2025		250,000		249,170
4.875%, 01/12/2026		100,000		99,668
5.200%, 07/20/2026		250,000		250,846
4.240%, 08/03/2027		150,000		146,645
6.000%, 11/01/2027		250,000		258,496
4.900%, 01/12/2028		150,000		150,091
5.200%, 08/01/2028		150,000		151,509
5.000%, 02/01/2033		150,000		149,461
5.000%, 05/02/2033		125,000		124,607
Deutsche Bank AG
4.162%, 05/13/2025		250,000		246,315
6.119%, 07/14/2026		200,000		200,654
7.146%, 07/13/2027		250,000		256,963
5.371%, 09/09/2027		250,000		251,386
2.552%, 01/07/2028		250,000		229,565
6.720%, 01/18/2029		250,000		258,703
6.819%, 11/20/2029		150,000		156,918
3.742%, 01/07/2033		250,000		206,687
National Australia Bank Ltd.
5.200%, 05/13/2025		250,000		250,074
3.500%, 06/09/2025		250,000		245,346
4.966%, 01/12/2026		250,000		249,715
3.905%, 06/09/2027		250,000		243,149
4.944%, 01/12/2028		250,000		250,898
4.900%, 06/13/2028		250,000		250,618
PNC Bank N.A.
3.250%, 06/01/2025		250,000		243,730
3.100%, 10/25/2027		250,000		233,515
Toronto-Dominion Bank, The
3.766%, 06/06/2025		150,000		147,377
0.750%, 01/06/2026		250,000		232,045

	Principal amount		Value
Corporate Bonds (Cont.)
Banking (Cont.)
5.103%, 01/09/2026	$	250,000	$	250,477
5.532%, 07/17/2026		250,000		252,240
4.108%, 06/08/2027		150,000		146,087
4.693%, 09/15/2027		250,000		247,666
5.156%, 01/10/2028		150,000		151,018
5.523%, 07/17/2028		150,000		153,234
Bank of Montreal
3.700%, 06/07/2025		150,000		147,189
5.300%, 06/05/2026		250,000		250,696
2.650%, 03/08/2027		150,000		140,640
4.700%, 09/14/2027		150,000		148,794
5.203%, 02/01/2028		150,000		151,179
3.088%, 01/10/2037		150,000		122,364
Australia & New Zealand Banking Group Ltd.
5.375%, 07/03/2025		250,000		250,841
5.088%, 12/08/2025		250,000		250,059
Morgan Stanley Bank N.A.
5.479%, 07/16/2025		250,000		251,007
4.754%, 04/21/2026		250,000		248,415
Cooperatieve Rabobank U.A.
5.500%, 07/18/2025		250,000		250,920
Wells Fargo Bank N.A.
5.550%, 08/01/2025		250,000		251,220
5.450%, 08/07/2026		250,000		251,756
KeyBank N.A.
4.150%, 08/08/2025		250,000		243,044
4.700%, 01/26/2026		250,000		244,232
5.850%, 11/15/2027		250,000		248,062
Banco Santander SA
5.147%, 08/18/2025		200,000		198,489
5.294%, 08/18/2027		200,000		199,665
4.175%, 03/24/2028		200,000		192,848
5.588%, 08/08/2028		200,000		202,893
6.921%, 08/08/2033		200,000		209,445
Bank of America N.A.
5.650%, 08/18/2025		250,000		251,550
5.526%, 08/18/2026		250,000		252,631
Westpac Banking Corp.
3.735%, 08/26/2025		250,000		245,385
4.043%, 08/26/2027		250,000		245,144
5.457%, 11/18/2027		250,000		255,184
Sumitomo Mitsui Financial Group Inc.
5.464%, 01/13/2026		200,000		200,708
5.880%, 07/13/2026		250,000		253,782
5.520%, 01/13/2028		250,000		255,115
5.800%, 07/13/2028		250,000		257,665
5.710%, 01/13/2030		250,000		258,091
5.766%, 01/13/2033		250,000		260,512
Manufacturers & Traders Trust Co.
4.650%, 01/27/2026		250,000		244,614
4.700%, 01/27/2028		250,000		240,992
Commonwealth Bank of Australia
5.316%, 03/13/2026		250,000		251,714

10 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Banking (Cont.)
JPMorgan Chase & Co.
3.300%, 04/01/2026	$	250,000	$	242,058
4.080%, 04/26/2026		250,000		246,171
6.070%, 10/22/2027		250,000		255,134
2.947%, 02/24/2028		250,000		234,982
4.323%, 04/26/2028		150,000		146,607
4.851%, 07/25/2028		250,000		247,826
4.203%, 07/23/2029		150,000		144,704
5.299%, 07/24/2029		250,000		251,932
6.087%, 10/23/2029		100,000		104,024
4.452%, 12/05/2029		150,000		146,225
5.012%, 01/23/2030		150,000		149,434
3.702%, 05/06/2030		250,000		234,335
4.565%, 06/14/2030		250,000		243,926
1.953%, 02/04/2032		250,000		203,732
2.580%, 04/22/2032		250,000		211,216
2.545%, 11/08/2032		250,000		208,015
2.963%, 01/25/2033		250,000		213,693
4.586%, 04/26/2033		500,000		479,251
4.912%, 07/25/2033		500,000		489,608
5.717%, 09/14/2033		250,000		254,530
5.350%, 06/01/2034		250,000		251,098
6.254%, 10/23/2034		250,000		267,339
5.336%, 01/23/2035		250,000		251,150
Bank of America Corp.(Variable, U.S. SOFR + 1.33%)(b)
3.384%, 04/02/2026		250,000		244,551
4.827%, 07/22/2026		250,000		247,801
5.080%, 01/20/2027		250,000		248,794
1.734%, 07/22/2027		250,000		230,573
5.933%, 09/15/2027		250,000		253,459
2.551%, 02/04/2028		250,000		232,432
4.376%, 04/27/2028		250,000		244,133
4.948%, 07/22/2028		150,000		148,924
6.204%, 11/10/2028		250,000		258,749
3.970%, 03/05/2029		250,000		239,071
5.202%, 04/25/2029		250,000		250,230
2.087%, 06/14/2029		250,000		221,111
4.271%, 07/23/2029		150,000		144,603
5.819%, 09/15/2029		100,000		102,600
3.974%, 02/07/2030		250,000		236,921
3.194%, 07/23/2030		250,000		227,123
2.572%, 10/20/2032		250,000		207,638
2.972%, 02/04/2033		500,000		425,400
4.571%, 04/27/2033		500,000		475,060
5.015%, 07/22/2033		500,000		492,273
5.288%, 04/25/2034		250,000		249,265
5.872%, 09/15/2034		175,000		181,409
5.468%, 01/23/2035		250,000		251,983
2.482%, 09/21/2036		250,000		199,982
3.846%, 03/08/2037		250,000		221,117
Mitsubishi UFJ Financial Group Inc.(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.50%)(b)
5.541%, 04/17/2026		200,000		199,971

	Principal amount		Value
Corporate Bonds (Cont.)
Banking (Cont.)
2.341%, 01/19/2028	$	250,000	$	231,953
5.017%, 07/20/2028		250,000		249,244
WellsFargo & Co.
3.000%, 04/22/2026		250,000		239,174
3.908%, 04/25/2026		150,000		147,234
4.540%, 08/15/2026		250,000		246,844
3.000%, 10/23/2026		250,000		236,729
3.526%, 03/24/2028		250,000		238,043
3.584%, 05/22/2028		364,000		346,190
4.150%, 01/24/2029		186,000		179,299
5.574%, 07/25/2029		200,000		202,426
6.303%, 10/23/2029		100,000		104,167
5.198%, 01/23/2030		150,000		149,719
3.350%, 03/02/2033		500,000		433,365
4.897%, 07/25/2033		500,000		482,046
5.389%, 04/24/2034		150,000		149,021
5.557%, 07/25/2034		150,000		150,723
5.499%, 01/23/2035		250,000		250,909
Bank of New York Mellon, The
5.148%, 05/22/2026(b)		250,000		249,542
U.S. Bancorp
2.375%, 07/22/2026		250,000		235,582
5.727%, 10/21/2026		100,000		100,553
3.150%, 04/27/2027		250,000		237,364
6.787%, 10/26/2027		250,000		258,962
3.900%, 04/26/2028		250,000		240,694
4.548%, 07/22/2028		150,000		147,058
4.653%, 02/01/2029		150,000		147,036
5.775%, 06/12/2029		250,000		254,644
5.384%, 01/23/2030		100,000		100,472
4.839%, 02/01/2034		150,000		142,610
5.836%, 06/12/2034		250,000		255,022
5.678%, 01/23/2035		250,000		252,736
Citigroup Inc.(Variable, U.S. SOFR + 1.55%)(b)
5.610%, 09/29/2026		250,000		250,459
3.070%, 02/24/2028		250,000		235,214
4.658%, 05/24/2028		150,000		147,773
3.980%, 03/20/2030		150,000		141,332
2.561%, 05/01/2032		250,000		208,366
3.057%, 01/25/2033		500,000		424,650
3.785%, 03/17/2033		500,000		447,030
4.910%, 05/24/2033		500,000		482,046
6.270%, 11/17/2033		250,000		263,935
6.174%, 05/25/2034		250,000		253,589
5.827%, 02/13/2035		250,000		247,578
Barclays PLC(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 3.05%)(b)
7.325%, 11/02/2026		200,000		204,936
5.829%, 05/09/2027		250,000		250,639
6.496%, 09/13/2027		250,000		255,112
6.490%, 09/13/2029		200,000		207,887
5.746%, 08/09/2033		250,000		251,017
7.437%, 11/02/2033		250,000		277,953
6.224%, 05/09/2034		250,000		257,943

See accompanying notes to financial statements. 11

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Banking (Cont.)
7.119%, 06/27/2034	$	250,000	$	267,069
HSBC Holdings PLC(Variable, U.S. SOFR + 3.03%)(b)
7.336%, 11/03/2026		200,000		205,800
5.887%, 08/14/2027		250,000		252,317
4.755%, 06/09/2028		250,000		245,182
5.210%, 08/11/2028		250,000		249,431
7.390%, 11/03/2028		250,000		266,044
6.161%, 03/09/2029		250,000		256,975
5.402%, 08/11/2033		250,000		249,404
8.113%, 11/03/2033		250,000		286,392
6.254%, 03/09/2034		250,000		263,494
6.547%, 06/20/2034		200,000		207,370
7.399%, 11/13/2034		200,000		218,950
NatWest Group PLC(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.85%)(b)
7.472%, 11/10/2026		200,000		205,465
5.847%, 03/02/2027		200,000		201,038
5.076%, 01/27/2030		200,000		196,437
PNC Financial Services Group Inc., The(Variable, U.S. SOFR Compound Index + 1.09%)(b)
4.758%, 01/26/2027		250,000		247,710
5.582%, 06/12/2029		250,000		253,182
6.037%, 10/28/2033		150,000		155,182
5.939%, 08/18/2034		150,000		154,040
Truist Financial Corp.(Variable, U.S. SOFR + 2.05%)(b)
6.047%, 06/08/2027		250,000		253,443
7.161%, 10/30/2029		150,000		160,087
5.435%, 01/24/2030		100,000		99,929
5.867%, 06/08/2034		150,000		151,872
Lloyds Banking Group PLC(Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 1.48%)(b)
5.985%, 08/07/2027		250,000		252,390
3.750%, 03/18/2028		250,000		239,350
Santander Holdings U.S.A. Inc.
2.490%, 01/06/2028(b)		250,000		227,292
Santander UK Group Holdings PLC(Variable, U.S. SOFR + 1.22%)(b)
2.469%, 01/11/2028		250,000		229,859
6.534%, 01/10/2029		250,000		258,534
ING Groep N.V.
4.017%, 03/28/2028(b)		200,000		192,791
Citibank N.A.
5.803%, 09/29/2028		250,000		258,776
Fifth Third Bancorp(Variable, U.S. SOFR + 2.34%)(b)
6.339%, 07/27/2029		150,000		154,688
4.772%, 07/28/2030		150,000		144,481

	Principal amount		Value
Corporate Bonds (Cont.)
Banking (Cont.)
Citizens Financial Group Inc.
5.841%, 01/23/2030(b)	$	100,000	$	99,809
Mizuho Financial Group Inc.
5.748%, 07/06/2034(b)		200,000		206,493
				47,767,926
Beverages (0.14%)
Diageo Capital PLC
5.200%, 10/24/2025		200,000		200,188
5.300%, 10/24/2027		250,000		253,509
5.500%, 01/24/2033		200,000		207,627
Constellation Brands Inc.
5.000%, 02/02/2026		250,000		248,416
4.350%, 05/09/2027		250,000		244,835
4.750%, 05/09/2032		250,000		244,487
4.900%, 05/01/2033		100,000		98,200
PepsiCo Inc.
4.550%, 02/13/2026		250,000		248,838
3.600%, 02/18/2028		250,000		241,594
4.450%, 05/15/2028		250,000		250,015
3.900%, 07/18/2032		100,000		94,735
4.450%, 02/15/2033		100,000		100,174
Anheuser-Busch InBev Worldwide Inc.
3.500%, 06/01/2030		350,000		325,866
Coca-Cola Co., The
2.000%, 03/05/2031		200,000		169,294
Keurig Dr. Pepper Inc.
4.050%, 04/15/2032		250,000		233,104
Brown-Forman Corp.
4.750%, 04/15/2033		100,000		99,108
				3,259,990
Biotechnology & Pharmaceuticals (0.39%)
Pfizer Investment Enterprises Pte. Ltd.
4.650%, 05/19/2025		250,000		248,378
4.450%, 05/19/2026		250,000		247,455
4.450%, 05/19/2028		250,000		246,441
4.650%, 05/19/2030		250,000		247,552
4.750%, 05/19/2033		250,000		246,213
Royalty Pharma PLC
1.200%, 09/02/2025		250,000		235,180
Zoetis Inc.
5.400%, 11/14/2025		250,000		250,323
5.600%, 11/16/2032		250,000		259,212
AstraZeneca PLC
3.375%, 11/16/2025		150,000		146,200
Novartis Capital Corp.
3.000%, 11/20/2025		150,000		145,717
Eli Lilly & Co.
5.000%, 02/27/2026		250,000		249,711
3.375%, 03/15/2029		207,000		196,270
4.700%, 02/27/2033		150,000		149,697
4.700%, 02/09/2034		100,000		99,488

12 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Biotechnology & Pharmaceuticals (Cont.)
Johnson & Johnson
2.450%, 03/01/2026	$	150,000	$	143,733
Amgen Inc.
5.507%, 03/02/2026		250,000		249,717
2.600%, 08/19/2026		250,000		236,749
5.150%, 03/02/2028		250,000		251,730
3.000%, 02/22/2029		250,000		231,080
4.050%, 08/18/2029		250,000		240,324
5.250%, 03/02/2030		250,000		253,902
3.350%, 02/22/2032		150,000		133,769
4.200%, 03/01/2033		150,000		140,239
5.250%, 03/02/2033		250,000		252,642
Astrazeneca Finance LLC
1.200%, 05/28/2026		250,000		230,974
4.800%, 02/26/2027		100,000		99,996
4.875%, 03/03/2028		250,000		250,686
4.900%, 03/03/2030		250,000		252,020
4.875%, 03/03/2033		150,000		149,729
5.000%, 02/26/2034		100,000		100,494
Bristol-Myers Squibb Co.
4.900%, 02/22/2027		100,000		100,253
5.100%, 02/22/2031		300,000		303,170
2.950%, 03/15/2032		250,000		218,543
5.200%, 02/22/2034		100,000		101,616
AbbVie Inc.
4.800%, 03/15/2027		100,000		100,082
3.200%, 11/21/2029		250,000		230,435
4.950%, 03/15/2031		500,000		503,539
GlaxoSmithKline Capital Inc.
3.875%, 05/15/2028		250,000		242,912
Merck & Co. Inc.
4.050%, 05/17/2028		250,000		245,933
3.400%, 03/07/2029		150,000		142,028
4.300%, 05/17/2030		250,000		244,643
4.500%, 05/17/2033		150,000		146,767
Sanofi SA
3.625%, 06/19/2028		150,000		145,051
Pfizer Inc.
3.450%, 03/15/2029		150,000		142,082
Gilead Sciences Inc.
1.650%, 10/01/2030		300,000		247,101
				9,299,776
Cable & Satellite (0.09%)
Comcast Corp.
5.250%, 11/07/2025		250,000		251,066
3.300%, 04/01/2027		200,000		191,438
5.350%, 11/15/2027		250,000		254,786
4.550%, 01/15/2029		250,000		248,125
5.500%, 11/15/2032		250,000		259,254
4.650%, 02/15/2033		250,000		245,421
4.800%, 05/15/2033		250,000		246,649

	Principal amount		Value
Corporate Bonds (Cont.)
Cable & Satellite (Cont.)
Charter Communications Operating LLC/Charter Communications Operating Capital
2.250%, 01/15/2029	$	250,000	$	212,813
4.400%, 04/01/2033		250,000		221,826
				2,131,378
Chemicals (0.12%)
Sherwin-Williams Co., The
4.250%, 08/08/2025		150,000		147,811
Nutrien Ltd.
5.950%, 11/07/2025		150,000		151,263
4.900%, 03/27/2028		150,000		149,290
E.I. du Pont de Nemours and Co.
4.500%, 05/15/2026		150,000		148,385
FMC Corp.
5.150%, 05/18/2026		150,000		149,086
Albemarle Corp.
4.650%, 06/01/2027		150,000		147,296
5.050%, 06/01/2032		150,000		144,089
Celanese U.S. Holdings LLC
6.165%, 07/15/2027		150,000		152,817
6.350%, 11/15/2028		150,000		155,446
6.330%, 07/15/2029		150,000		155,583
6.550%, 11/15/2030		150,000		157,809
6.379%, 07/15/2032		150,000		155,678
Ecolab Inc.
5.250%, 01/15/2028		150,000		152,856
Air Products and Chemicals Inc.
4.600%, 02/08/2029		100,000		99,496
4.800%, 03/03/2033		100,000		99,568
4.850%, 02/08/2034		100,000		98,835
Cabot Corp.
5.000%, 06/30/2032		150,000		146,277
Eastman Chemical Co.
5.750%, 03/08/2033		100,000		101,760
Avery Dennison Corp.
5.750%, 03/15/2033		100,000		104,170
Dow Chemical Co., The
6.300%, 03/15/2033		150,000		161,754
5.150%, 02/15/2034		100,000		99,553
				2,878,822
Commercial Support Services (0.05%)
Cintas Corp. No. 2
3.450%, 05/01/2025		100,000		98,027
GXO Logistics Inc.
1.650%, 07/15/2026		250,000		229,278
2.650%, 07/15/2031		150,000		122,235
Waste Management Inc.
4.875%, 02/15/2029		150,000		151,443
4.625%, 02/15/2030		100,000		99,588
4.150%, 04/15/2032		100,000		95,525
4.625%, 02/15/2033		100,000		97,960

See accompanying notes to financial statements. 13

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Commercial Support Services (Cont.)
Republic Services Inc.
4.875%, 04/01/2029	$	150,000	$	150,336
2.375%, 03/15/2033		100,000		80,957
Waste Connections Inc.
2.600%, 02/01/2030		200,000		176,776
				1,302,125
Containers & Packaging (0.01%)
Amcor Flexibles North America Inc.
4.000%, 05/17/2025		100,000		98,155
Berry Global Inc.
5.500%, 04/15/2028		100,000		100,806
Amcor Finance U.S.A. Inc.
5.625%, 05/26/2033		100,000		102,661
				301,622
Diversified Industrials (0.04%)
3M Co.
3.000%, 08/07/2025		250,000		242,881
Parker-Hannifin Corp.
4.250%, 09/15/2027		150,000		147,120
4.500%, 09/15/2029		150,000		147,659
Honeywell International Inc.
4.950%, 02/15/2028		150,000		151,777
4.250%, 01/15/2029		150,000		147,593
5.000%, 02/15/2033		125,000		126,270
				963,300
E-Commerce Discretionary (0.11%)
Amazon.com Inc.
3.000%, 04/13/2025		250,000		244,822
4.600%, 12/01/2025		150,000		149,435
3.300%, 04/13/2027		150,000		144,334
4.550%, 12/01/2027		250,000		250,016
3.450%, 04/13/2029		250,000		238,400
4.650%, 12/01/2029		150,000		150,916
2.100%, 05/12/2031		150,000		127,320
3.600%, 04/13/2032		250,000		232,892
4.700%, 12/01/2032		250,000		250,890
eBay Inc.
5.900%, 11/22/2025		250,000		251,867
5.950%, 11/22/2027		250,000		257,961
6.300%, 11/22/2032		250,000		268,187
				2,567,040
Electric Utilities (0.55%)
Sempra
3.300%, 04/01/2025		100,000		97,843
5.400%, 08/01/2026		100,000		100,346
3.700%, 04/01/2029		100,000		93,506
5.500%, 08/01/2033		200,000		200,710
Southern California Edison Co.
4.200%, 06/01/2025		150,000		147,995
4.900%, 06/01/2026		150,000		149,353
4.700%, 06/01/2027		150,000		148,383

	Principal amount		Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
5.850%, 11/01/2027	$	150,000	$	154,055
5.300%, 03/01/2028		150,000		151,735
5.950%, 11/01/2032		150,000		157,433
Pacific Gas and Electric Co.
4.950%, 06/08/2025		150,000		148,781
5.450%, 06/15/2027		150,000		150,493
4.400%, 03/01/2032		150,000		138,258
5.900%, 06/15/2032		150,000		152,680
6.400%, 06/15/2033		150,000		158,107
National Rural Utilities Cooperative Finance Corp.
3.450%, 06/15/2025		150,000		146,834
5.450%, 10/30/2025		150,000		150,532
4.450%, 03/13/2026		150,000		148,457
4.800%, 03/15/2028		150,000		149,947
NextEra Energy Capital Holdings Inc.
4.450%, 06/20/2025		150,000		148,124
5.749%, 09/01/2025		150,000		150,603
4.625%, 07/15/2027		150,000		147,971
4.900%, 02/28/2028		150,000		149,502
5.000%, 02/28/2030		150,000		150,184
5.000%, 07/15/2032		150,000		149,238
5.050%, 02/28/2033		150,000		148,650
Edison International
4.700%, 08/15/2025		150,000		148,183
WEC Energy Group Inc.
5.000%, 09/27/2025		150,000		149,156
4.750%, 01/09/2026		150,000		148,648
5.150%, 10/01/2027		150,000		150,317
4.750%, 01/15/2028		150,000		148,993
Southern Co., The
5.150%, 10/06/2025		150,000		149,778
5.113%, 08/01/2027		150,000		150,123
4.850%, 06/15/2028		150,000		149,272
5.700%, 10/15/2032		150,000		154,753
5.200%, 06/15/2033		150,000		149,973
Wisconsin Public Service Corp.
5.350%, 11/10/2025		150,000		150,574
Duke Energy Corp.
5.000%, 12/08/2025		150,000		149,569
5.000%, 12/08/2027		150,000		149,867
4.300%, 03/15/2028		150,000		146,587
Florida Power & Light Co.
4.450%, 05/15/2026		150,000		148,590
5.050%, 04/01/2028		150,000		151,694
4.400%, 05/15/2028		150,000		148,425
4.625%, 05/15/2030		150,000		148,670
5.100%, 04/01/2033		150,000		151,078
4.800%, 05/15/2033		150,000		147,843
Eversource Energy
4.750%, 05/15/2026		150,000		148,431
2.900%, 03/01/2027		150,000		141,076
4.600%, 07/01/2027		150,000		147,492
5.450%, 03/01/2028		150,000		151,885
5.125%, 05/15/2033		150,000		146,784

14 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
CenterPoint Energy Inc.
5.250%, 08/10/2026	$	150,000	$	150,296
Exelon Corp.
2.750%, 03/15/2027		150,000		140,497
5.150%, 03/15/2028		150,000		150,377
5.300%, 03/15/2033		150,000		150,529
Virginia Electric and Power Co.
3.750%, 05/15/2027		150,000		144,761
5.000%, 04/01/2033		150,000		147,979
5.300%, 08/15/2033		150,000		150,672
5.000%, 01/15/2034		100,000		98,260
Alabama Power Co.
3.750%, 09/01/2027		150,000		144,487
American Electric Power Co. Inc.
5.750%, 11/01/2027		150,000		153,514
5.950%, 11/01/2032		150,000		156,030
Public Service Enterprise Group Inc.
5.850%, 11/15/2027		150,000		153,710
Consumers Energy Co.
4.650%, 03/01/2028		150,000		149,131
4.625%, 05/15/2033		150,000		146,069
Constellation Energy Generation LLC
5.600%, 03/01/2028		150,000		152,880
Black Hills Corp.
5.950%, 03/15/2028		150,000		154,908
Georgia Power Co.
4.650%, 05/16/2028		150,000		148,616
4.700%, 05/15/2032		150,000		146,440
4.950%, 05/17/2033		150,000		148,046
DTE Energy Co.
4.875%, 06/01/2028		150,000		148,375
AES Corp., The
5.450%, 06/01/2028		150,000		149,767
National Grid PLC
5.602%, 06/12/2028		150,000		152,771
5.809%, 06/12/2033		150,000		153,307
San Diego Gas & Electric Co.
4.950%, 08/15/2028		150,000		150,609
Puget Energy Inc.
4.224%, 03/15/2032		150,000		136,023
AEP Texas Inc.
4.700%, 05/15/2032		150,000		143,268
Xcel Energy Inc.
4.600%, 06/01/2032		150,000		141,237
5.450%, 08/15/2033		150,000		149,203
Dominion Energy Inc.
5.375%, 11/15/2032		150,000		150,989
Duke Energy Carolinas LLC
4.950%, 01/15/2033		150,000		149,235
4.850%, 01/15/2034		100,000		98,193
CenterPoint Energy Houston Electric LLC
6.950%, 03/15/2033		100,000		114,095
Southwest Electric Power Co.
5.300%, 04/01/2033		100,000		98,876

	Principal amount		Value
Corporate Bonds (Cont.)
Electric Utilities (Cont.)
PPL Electric Utilities Corp.
5.000%, 05/15/2033	$	150,000	$	149,701
4.850%, 02/15/2034		100,000		98,356
Ameren Illinois Co.
4.950%, 06/01/2033		150,000		148,555
Public Service Electric and Gas Co.
5.200%, 08/01/2033		150,000		152,198
Arizona Public Service Co.
5.550%, 08/01/2033		150,000		151,794
Oncor Electric Delivery Co. LLC
5.650%, 11/15/2033		100,000		104,069
Duke Energy Florida LLC
5.875%, 11/15/2033		100,000		105,674
PacifiCorp
5.450%, 02/15/2034		100,000		100,420
				13,251,398
Electrical Equipment (0.05%)
Tyco Electronics Group SA
4.500%, 02/13/2026		150,000		148,488
Amphenol Corp.
4.750%, 03/30/2026		150,000		148,965
Vontier Corp.
1.800%, 04/01/2026		150,000		139,281
2.950%, 04/01/2031		150,000		125,448
Otis Worldwide Corp.
5.250%, 08/16/2028		150,000		152,086
Lennox International Inc.
5.500%, 09/15/2028		100,000		101,379
Allegion U.S. Holding Co. Inc.
5.411%, 07/01/2032		150,000		150,436
Trane Technologies Financing Ltd.
5.250%, 03/03/2033		100,000		101,580
				1,067,663
Engineering & Construction (0.01%)
Ste Transcore Holdings Inc.
4.125%, 05/23/2026		250,000		244,750
Jacobs Engineering Group Inc.
6.350%, 08/18/2028		100,000		103,402
				348,152
Entertainment Content (0.04%)
Warnermedia Holdings Inc.
6.412%, 03/15/2026		500,000		500,009
4.279%, 03/15/2032		500,000		446,655
				946,664
Food (0.13%)
General Mills Inc.
5.241%, 11/18/2025		200,000		199,418
4.950%, 03/29/2033		100,000		98,979
Conagra Brands Inc.
5.300%, 10/01/2026		250,000		250,472

See accompanying notes to financial statements. 15

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Food (Cont.)
JBS U.S.A. LUX SA/JBS U.S.A. Food Co./JBS U.S.A. Finance Inc.
2.500%, 01/15/2027	$	250,000	$	230,558
5.125%, 02/01/2028		250,000		246,261
3.000%, 02/02/2029		250,000		221,413
5.500%, 01/15/2030		250,000		246,369
3.625%, 01/15/2032		250,000		213,895
5.750%, 04/01/2033		100,000		98,547
Mondelez International Inc.
2.625%, 03/17/2027		250,000		234,176
Kraft Heinz Foods Co.
3.750%, 04/01/2030		250,000		234,673
Pilgrim’s Pride Corp.
4.250%, 04/15/2031		250,000		224,955
3.500%, 03/01/2032		250,000		212,363
6.250%, 07/01/2033		100,000		102,202
Kellanova
5.250%, 03/01/2033		100,000		100,431
McCormick & Co. Inc.
4.950%, 04/15/2033		100,000		99,050
Hershey Co., The
4.500%, 05/04/2033		100,000		98,727
				3,112,489
Gas & Water Utilities (0.04%)
National Fuel Gas Co.
5.500%, 10/01/2026		250,000		250,129
Southern California Gas Co.
2.950%, 04/15/2027		100,000		94,398
5.200%, 06/01/2033		100,000		100,202
CenterPoint Energy Resources Corp.
5.250%, 03/01/2028		100,000		101,071
5.400%, 03/01/2033		100,000		101,701
NiSource Inc.
5.250%, 03/30/2028		100,000		100,731
Southwest Gas Corp.
4.050%, 03/15/2032		100,000		91,700
American Water Capital Corp.
4.450%, 06/01/2032		100,000		96,401
				936,333
Health Care Facilities & Services (0.34%)
UnitedHealth Group Inc.
5.150%, 10/15/2025		250,000		250,302
3.700%, 05/15/2027		250,000		242,385
5.250%, 02/15/2028		250,000		254,758
4.000%, 05/15/2029		250,000		241,787
5.300%, 02/15/2030		250,000		256,129
4.200%, 05/15/2032		250,000		237,756
5.350%, 02/15/2033		100,000		102,936
4.500%, 04/15/2033		100,000		96,832
Elevance Health Inc.
5.350%, 10/15/2025		250,000		250,134
4.900%, 02/08/2026		500,000		496,909
5.500%, 10/15/2032		250,000		256,610

	Principal amount		Value
Corporate Bonds (Cont.)
Health Care Facilities & Services (Cont.)
4.750%, 02/15/2033	$	250,000	$	243,929
McKesson Corp.
5.250%, 02/15/2026		250,000		249,305
4.900%, 07/15/2028		150,000		150,535
5.100%, 07/15/2033		100,000		100,826
CVS Health Corp.
5.000%, 02/20/2026		250,000		249,170
5.000%, 01/30/2029		150,000		150,488
5.125%, 02/21/2030		250,000		250,998
5.250%, 01/30/2031		250,000		251,952
5.250%, 02/21/2033		100,000		100,093
5.300%, 06/01/2033		100,000		100,282
Cigna Group, The
5.685%, 03/15/2026		150,000		149,952
5.000%, 05/15/2029		300,000		300,287
5.125%, 05/15/2031		100,000		100,169
5.250%, 02/15/2034		100,000		99,853
Universal Health Services Inc.
1.650%, 09/01/2026		250,000		227,904
2.650%, 10/15/2030		250,000		212,021
HCA Inc.
3.125%, 03/15/2027		150,000		141,916
5.200%, 06/01/2028		150,000		150,459
3.375%, 03/15/2029		150,000		137,484
5.450%, 04/01/2031		100,000		100,609
3.625%, 03/15/2032		100,000		88,600
5.500%, 06/01/2033		100,000		100,473
CommonSpirit Health
6.073%, 11/01/2027		150,000		154,516
Humana Inc.
5.750%, 03/01/2028		250,000		255,569
3.700%, 03/23/2029		250,000		235,243
IQVIA Inc.
5.700%, 05/15/2028		200,000		202,774
6.250%, 02/01/2029		100,000		103,899
Centene Corp.
2.450%, 07/15/2028		250,000		221,637
2.500%, 03/01/2031		400,000		329,188
Adventist Health System
5.430%, 03/01/2032		150,000		151,515
Sutter Health
5.164%, 08/15/2033		100,000		100,953
Quest Diagnostics Inc.
6.400%, 11/30/2033		100,000		108,173
				8,207,310
Home & Office Products (0.00%)
Whirlpool Corp.
4.700%, 05/14/2032		100,000		95,898
				95,898
Home Construction (0.03%)
D.R. Horton Inc.
2.600%, 10/15/2025		100,000		95,837
1.300%, 10/15/2026		100,000		90,985

16 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Home Construction (Cont.)
1.400%, 10/15/2027	$	100,000	$	88,739
MDC Holdings Inc.
2.500%, 01/15/2031		100,000		86,097
Fortune Brands Innovations Inc.
4.000%, 03/25/2032		150,000		137,145
5.875%, 06/01/2033		100,000		102,083
				600,886
Household Products (0.09%)
Procter & Gamble Co., The
4.100%, 01/26/2026		100,000		99,064
1.900%, 02/01/2027		100,000		93,027
3.950%, 01/26/2028		100,000		98,633
2.300%, 02/01/2032		100,000		86,140
4.050%, 01/26/2033		100,000		96,983
Colgate-Palmolive Co.
4.800%, 03/02/2026		100,000		100,331
3.100%, 08/15/2027		100,000		95,729
4.600%, 03/01/2028		100,000		101,093
Kenvue Inc.
5.350%, 03/22/2026		100,000		100,745
5.050%, 03/22/2028		100,000		101,009
5.000%, 03/22/2030		100,000		101,045
4.900%, 03/22/2033		100,000		100,009
Haleon U.S. Capital LLC
3.375%, 03/24/2027		250,000		239,278
3.625%, 03/24/2032		250,000		225,602
Unilever Capital Corp.
1.375%, 09/14/2030		300,000		244,003
Clorox Co., The
4.600%, 05/01/2032		100,000		97,794
Church & Dwight Co. Inc.
5.600%, 11/15/2032		100,000		104,663
Estee Lauder Cos. Inc., The
4.650%, 05/15/2033		100,000		97,874
				2,183,022
Industrial Intermediate Products (0.01%)
Timken Co., The
4.125%, 04/01/2032		150,000		137,417
				137,417
Institutional Financial Services (0.55%)
Goldman Sachs Group Inc., The
3.500%, 04/01/2025		250,000		245,304
5.798%, 08/10/2026		150,000		150,517
4.387%, 06/15/2027		250,000		245,255
2.640%, 02/24/2028		250,000		232,798
3.615%, 03/15/2028		250,000		239,275
4.482%, 08/23/2028		250,000		244,506
4.223%, 05/01/2029		150,000		144,452
6.484%, 10/24/2029		150,000		157,940
2.615%, 04/22/2032		250,000		209,763
2.383%, 07/21/2032		250,000		205,133
3.102%, 02/24/2033		500,000		427,825

	Principal amount		Value
Corporate Bonds (Cont.)
Institutional Financial Services (Cont.)
6.561%, 10/24/2034	$	100,000	$	109,148
Intercontinental Exchange Inc.
3.650%, 05/23/2025		250,000		245,446
4.000%, 09/15/2027		250,000		242,720
4.350%, 06/15/2029		250,000		243,619
4.600%, 03/15/2033		250,000		242,466
Nomura Holdings Inc.
5.099%, 07/03/2025		250,000		248,412
5.709%, 01/09/2026		250,000		250,737
5.842%, 01/18/2028		500,000		509,007
6.181%, 01/18/2033		250,000		265,247
State Street Corp.
3.550%, 08/18/2025		250,000		244,983
5.104%, 05/18/2026		250,000		249,247
2.650%, 05/19/2026		250,000		238,222
5.272%, 08/03/2026		150,000		150,857
2.203%, 02/07/2028		150,000		139,090
5.159%, 05/18/2034		150,000		149,411
Bank of New York Mellon Corp., The
2.800%, 05/04/2026		250,000		238,905
2.450%, 08/17/2026		250,000		235,970
4.947%, 04/26/2027		100,000		99,559
3.400%, 01/29/2028		250,000		237,559
3.992%, 06/13/2028		150,000		145,602
5.834%, 10/25/2033		150,000		156,741
4.706%, 02/01/2034		150,000		144,881
6.474%, 10/25/2034		250,000		272,570
Morgan Stanley(Variable, U.S. SOFR + 1.67%)(b)
4.679%, 07/17/2026		250,000		247,283
6.138%, 10/16/2026		100,000		101,159
5.050%, 01/28/2027		250,000		249,102
1.512%, 07/20/2027		250,000		229,550
2.475%, 01/21/2028		250,000		232,507
4.210%, 04/20/2028		250,000		243,023
5.123%, 02/01/2029		250,000		249,594
5.164%, 04/20/2029		250,000		249,880
5.449%, 07/20/2029		250,000		252,175
6.407%, 11/01/2029		150,000		157,364
5.173%, 01/16/2030		150,000		150,200
4.431%, 01/23/2030		250,000		242,262
2.699%, 01/22/2031		250,000		218,569
2.239%, 07/21/2032		250,000		204,332
2.943%, 01/21/2033		250,000		212,466
4.889%, 07/20/2033		500,000		485,077
6.342%, 10/18/2033		500,000		536,080
5.250%, 04/21/2034		150,000		148,868
5.424%, 07/21/2034		150,000		150,593
6.627%, 11/01/2034		100,000		109,382
2.484%, 09/16/2036		250,000		197,553
5.297%, 04/20/2037		250,000		239,941
5.948%, 01/19/2038		250,000		249,441

See accompanying notes to financial statements. 17

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Institutional Financial Services (Cont.)
5.942%, 02/07/2039	$	250,000	$	249,074
CME Group Inc.
2.650%, 03/15/2032		100,000		86,374
				13,255,016
Insurance (0.17%)
Berkshire Hathaway Finance Corp.
2.300%, 03/15/2027		250,000		235,489
Progressive Corp., The
2.500%, 03/15/2027		250,000		234,529
Aon Corp./Aon Global Holdings PLC
2.850%, 05/28/2027		250,000		233,991
5.350%, 02/28/2033		250,000		251,327
Willis North America Inc.
4.650%, 06/15/2027		250,000		246,043
F&G Annuities & Life Inc.
7.400%, 01/13/2028		250,000		259,721
Corebridge Financial Inc.
3.850%, 04/05/2029		250,000		233,822
3.900%, 04/05/2032		250,000		225,066
6.875%, 12/15/2052		250,000		250,332
MetLife Inc.
4.550%, 03/23/2030		250,000		247,145
Aflac Inc.
3.600%, 04/01/2030		250,000		232,670
Marsh & Mclennan Cos. Inc.
2.250%, 11/15/2030		250,000		212,614
Lincoln National Corp.
3.400%, 01/15/2031		150,000		132,068
American International Group Inc.
5.125%, 03/27/2033		250,000		248,852
Allstate Corp., The
5.250%, 03/30/2033		250,000		251,177
Prudential Financial Inc.(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.16%)(b)
5.125%, 03/01/2052		250,000		234,472
6.000%, 09/01/2052		250,000		248,489
				3,977,807
Internet Media & Services (0.10%)
Alphabet Inc.
1.998%, 08/15/2026		150,000		141,184
Meta Platforms Inc.
3.500%, 08/15/2027		500,000		481,336
4.600%, 05/15/2028		500,000		500,029
4.800%, 05/15/2030		500,000		502,621
3.850%, 08/15/2032		500,000		468,884
4.950%, 05/15/2033		250,000		253,239
				2,347,293
Leisure Facilities & Services (0.06%)
Starbucks Corp.
4.750%, 02/15/2026		250,000		248,484
2.250%, 03/12/2030		100,000		86,271

	Principal amount		Value
Corporate Bonds (Cont.)
Leisure Facilities & Services (Cont.)
4.800%, 02/15/2033	$	100,000	$	99,066
Hyatt Hotels Corp.
5.750%, 01/30/2027		250,000		254,078
McDonald’s Corp.
4.800%, 08/14/2028		250,000		250,901
3.600%, 07/01/2030		150,000		139,961
4.950%, 08/14/2033		100,000		100,234
Marriott International Inc.
4.900%, 04/15/2029		250,000		248,157
				1,427,152
Machinery (0.15%)
John Deere Capital Corp.
4.950%, 06/06/2025		150,000		149,861
4.800%, 01/09/2026		100,000		99,730
5.050%, 03/03/2026		100,000		100,308
4.750%, 06/08/2026		100,000		99,704
5.150%, 09/08/2026		100,000		100,593
4.500%, 01/08/2027		100,000		99,242
4.150%, 09/15/2027		100,000		98,259
4.900%, 03/03/2028		100,000		100,743
4.950%, 07/14/2028		100,000		100,806
4.850%, 10/11/2029		150,000		151,043
4.700%, 06/10/2030		150,000		149,305
4.350%, 09/15/2032		100,000		96,954
Caterpillar Financial Services Corp.
5.150%, 08/11/2025		150,000		150,134
4.800%, 01/06/2026		100,000		99,838
4.350%, 05/15/2026		100,000		98,937
4.500%, 01/08/2027		100,000		99,387
3.600%, 08/12/2027		100,000		96,412
Regal Rexnord Corp.(c)
6.050%, 02/15/2026		150,000		150,831
6.050%, 04/15/2028		150,000		152,202
6.300%, 02/15/2030		150,000		153,624
6.400%, 04/15/2033		250,000		259,402
Veralto Corp.(c)
5.500%, 09/18/2026		100,000		100,433
5.350%, 09/18/2028		100,000		101,456
Stanley Black & Decker Inc.
6.000%, 03/06/2028		150,000		154,713
CNH Industrial Capital LLC
4.550%, 04/10/2028		100,000		98,025
Eaton Corp.
4.350%, 05/18/2028		150,000		147,934
4.150%, 03/15/2033		100,000		94,826
Ingersoll Rand Inc.
5.400%, 08/14/2028		150,000		152,038
5.700%, 08/14/2033		100,000		102,654
Pentair Finance S.a.r.l.
5.900%, 07/15/2032		100,000		103,349
				3,662,743

18 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Medical Equipment & Devices (0.12%)
GE HealthCare Technologies Inc.
5.600%, 11/15/2025	$	250,000	$	250,890
5.650%, 11/15/2027		150,000		152,816
5.857%, 03/15/2030		250,000		260,359
5.905%, 11/22/2032		250,000		262,710
Illumina Inc.
5.800%, 12/12/2025		250,000		250,385
5.750%, 12/13/2027		150,000		151,749
Thermo Fisher Scientific Inc.
4.953%, 08/10/2026		250,000		250,470
4.800%, 11/21/2027		150,000		150,167
4.977%, 08/10/2030		250,000		252,077
5.086%, 08/10/2033		100,000		101,193
Baxter International Inc.
1.915%, 02/01/2027		150,000		136,979
2.539%, 02/01/2032		100,000		82,914
Bio-Rad Laboratories Inc.
3.300%, 03/15/2027		150,000		142,136
Becton Dickinson & Co.
4.693%, 02/13/2028		150,000		148,500
Medtronic Global Holdings SCA
4.250%, 03/30/2028		150,000		147,418
4.500%, 03/30/2033		100,000		97,110
Solventum Corp.
5.450%, 03/13/2031(c)		100,000		99,822
				2,937,695
Metals & Mining (0.03%)
BHP Billiton Finance U.S.A. Ltd.
4.875%, 02/27/2026		150,000		149,524
4.750%, 02/28/2028		150,000		149,750
5.100%, 09/08/2028		100,000		101,175
4.900%, 02/28/2033		100,000		99,243
Yamana Gold Inc.
2.630%, 08/15/2031		150,000		125,017
Rio Tinto Finance U.S.A. PLC
5.000%, 03/09/2033		100,000		100,554
Vale Overseas Ltd.
6.125%, 06/12/2033		100,000		101,018
				826,281
Oil & Gas Producers (0.45%)
Shell International Finance B.V.
3.250%, 05/11/2025		150,000		147,060
2.875%, 05/10/2026		150,000		144,075
Ovintiv Inc.
5.650%, 05/15/2025		250,000		250,061
5.650%, 05/15/2028		250,000		254,226
6.250%, 07/15/2033		250,000		259,810
Chevron Corp.
3.326%, 11/17/2025		150,000		146,778
2.236%, 05/11/2030		250,000		218,547
Enterprise Products Operating LLC
5.050%, 01/10/2026		250,000		249,879
5.350%, 01/31/2033		100,000		102,129

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas Producers (Cont.)
TransCanada PipeLines Ltd.
4.875%, 01/15/2026	$	150,000	$	149,012
6.203%, 03/09/2026		250,000		250,048
4.250%, 05/15/2028		150,000		145,461
Williams Cos. Inc., The
5.400%, 03/02/2026		250,000		250,721
5.300%, 08/15/2028		250,000		252,289
2.600%, 03/15/2031		250,000		213,013
5.650%, 03/15/2033		100,000		102,683
Pioneer Natural Resources Co.
5.100%, 03/29/2026		250,000		249,745
Phillips 66 Co.
3.550%, 10/01/2026		250,000		241,521
4.950%, 12/01/2027		125,000		125,037
3.750%, 03/01/2028		100,000		95,632
3.150%, 12/15/2029		150,000		136,259
5.300%, 06/30/2033		150,000		150,959
ONEOK Inc.
5.550%, 11/01/2026		250,000		252,379
5.650%, 11/01/2028		250,000		255,703
5.800%, 11/01/2030		250,000		257,693
6.100%, 11/15/2032		150,000		157,286
Kinder Morgan Inc.
1.750%, 11/15/2026		250,000		229,391
5.200%, 06/01/2033		100,000		98,454
5.400%, 02/01/2034		100,000		99,583
Enbridge Inc.
5.900%, 11/15/2026		100,000		101,893
6.000%, 11/15/2028		100,000		104,017
5.700%, 03/08/2033		150,000		153,570
Energy Transfer L.P.
6.050%, 12/01/2026		100,000		102,045
5.550%, 02/15/2028		250,000		253,550
5.750%, 02/15/2033		100,000		101,711
6.550%, 12/01/2033		100,000		107,188
Exxon Mobil Corp.
3.294%, 03/19/2027		250,000		241,928
2.610%, 10/15/2030		250,000		221,603
Coterra Energy Inc.
3.900%, 05/15/2027		250,000		240,737
4.375%, 03/15/2029		250,000		240,614
Targa Resources Corp.
5.200%, 07/01/2027		250,000		249,742
6.150%, 03/01/2029		100,000		104,060
6.125%, 03/15/2033		100,000		104,380
Chevron U.S.A. Inc.
1.018%, 08/12/2027		250,000		222,099
3.850%, 01/15/2028		250,000		244,591
3.250%, 10/15/2029		250,000		234,136
EQT Corp.
5.700%, 04/01/2028		250,000		252,358
Cheniere Energy Inc.
4.625%, 10/15/2028		250,000		242,023

See accompanying notes to financial statements. 19

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Oil & Gas Producers (Cont.)
Eastern Gas Transmission & Storage Inc.
3.000%, 11/15/2029	$	150,000	$	134,102
Cheniere Corp.us Christi Holdings LLC
3.700%, 11/15/2029		250,000		232,656
BP Capital Markets America Inc.
2.721%, 01/12/2032		250,000		215,207
4.812%, 02/13/2033		250,000		246,862
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.
4.000%, 01/15/2032		250,000		224,951
MPLX L.P.
5.000%, 03/01/2033		100,000		97,115
Diamondback Energy Inc.
6.250%, 03/15/2033		250,000		266,731
Western Midstream Operating L.P.
6.150%, 04/01/2033		250,000		256,413
Cheniere Energy Partners L.P.
5.950%, 06/30/2033		100,000		102,425
				10,784,141
Oil, Gas Services & Equipment (0.02%)
Schlumberger Investment SA
4.500%, 05/15/2028		150,000		149,316
2.650%, 06/26/2030		100,000		88,574
4.850%, 05/15/2033		100,000		100,141
Helmerich & Payne Inc.
2.900%, 09/29/2031		100,000		84,058
				422,089
Real Estate Investment Trusts (0.43%)
VICI Properties L.P.
4.375%, 05/15/2025		250,000		245,752
4.750%, 02/15/2028		250,000		243,720
5.125%, 05/15/2032		250,000		238,984
Realty Income Corp.
4.625%, 11/01/2025		250,000		247,625
5.050%, 01/13/2026		250,000		249,173
4.875%, 06/01/2026		250,000		248,553
4.700%, 12/15/2028		250,000		246,395
4.850%, 03/15/2030		250,000		247,291
5.625%, 10/13/2032		250,000		255,456
Weyerhaeuser Co.
4.750%, 05/15/2026		150,000		148,658
3.375%, 03/09/2033		100,000		87,432
Prologis L.P.
3.250%, 06/30/2026		250,000		240,574
3.375%, 12/15/2027		250,000		237,360
4.000%, 09/15/2028		250,000		241,688
2.875%, 11/15/2029		250,000		225,920
1.750%, 07/01/2030		250,000		207,813
4.750%, 06/15/2033		250,000		245,292
Extra Space Storage L.P.
3.500%, 07/01/2026		250,000		239,909

	Principal amount		Value
Corporate Bonds (Cont.)
Real Estate Investment Trusts (Cont.)
5.700%, 04/01/2028	$	250,000	$	254,474
3.900%, 04/01/2029		250,000		235,770
4.000%, 06/15/2029		50,000		47,184
5.500%, 07/01/2030		250,000		252,715
2.200%, 10/15/2030		100,000		82,854
2.400%, 10/15/2031		100,000		82,336
Camden Property Trust
5.850%, 11/03/2026		50,000		50,961
Public Storage Operating Co.
1.500%, 11/09/2026		250,000		229,551
5.125%, 01/15/2029		50,000		50,830
Boston Properties L.P.
6.750%, 12/01/2027		250,000		259,590
Digital Realty Trust L.P.
5.550%, 01/15/2028		250,000		251,805
American Tower Corp.
5.500%, 03/15/2028		500,000		504,195
5.250%, 07/15/2028		500,000		500,184
5.650%, 03/15/2033		500,000		508,294
Rexford Industrial Realty L.P.
5.000%, 06/15/2028		250,000		248,256
Alexandria Real Estate Equities Inc.
4.900%, 12/15/2030		300,000		296,099
AvalonBay Communities Inc.
2.450%, 01/15/2031		250,000		215,016
CubeSmart L.P.
2.000%, 02/15/2031		150,000		120,742
Kimco Realty OP LLC
3.200%, 04/01/2032		250,000		215,724
American Homes 4 Rent L.P.
3.625%, 04/15/2032		250,000		220,001
Equinix Inc.
3.900%, 04/15/2032		150,000		135,724
Invitation Homes Operating Partnership L.P.
4.150%, 04/15/2032		250,000		228,914
Welltower OP LLC
3.850%, 06/15/2032		250,000		226,259
Healthpeak OP LLC
5.250%, 12/15/2032		250,000		248,199
Sun Communities Operating L.P.
5.700%, 01/15/2033		250,000		248,015
Simon Property Group L.P.
5.500%, 03/08/2033		250,000		254,718
Crown Castle Inc.
5.100%, 05/01/2033		250,000		243,471
				10,309,476
Retail - Consumer Staples (0.11%)
Walmart Inc.
3.900%, 09/09/2025		150,000		147,874
4.000%, 04/15/2026		250,000		246,786
3.950%, 09/09/2027		150,000		147,415
3.900%, 04/15/2028		250,000		245,068
4.000%, 04/15/2030		250,000		244,123

20 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Retail - Consumer Staples (Cont.)
4.150%, 09/09/2032	$	250,000	$	243,758
4.100%, 04/15/2033		250,000		241,026
Target Corp.
1.950%, 01/15/2027		250,000		232,356
6.350%, 11/01/2032		100,000		109,973
4.400%, 01/15/2033		250,000		243,669
Dollar General Corp.
5.200%, 07/05/2028		250,000		251,425
Kroger Co., The
1.700%, 01/15/2031		250,000		202,242
				2,555,715
Retail - Discretionary (0.11%)
Home Depot Inc., The
2.700%, 04/15/2025		150,000		146,264
4.000%, 09/15/2025		150,000		147,950
2.875%, 04/15/2027		150,000		142,382
4.900%, 04/15/2029		100,000		100,989
4.500%, 09/15/2032		250,000		245,663
Lowe’s Cos. Inc.
4.400%, 09/08/2025		150,000		148,197
4.800%, 04/01/2026		250,000		248,603
3.350%, 04/01/2027		150,000		143,370
1.300%, 04/15/2028		150,000		130,809
3.750%, 04/01/2032		150,000		137,906
5.150%, 07/01/2033		250,000		251,983
AutoZone Inc.
5.050%, 07/15/2026		150,000		150,272
4.500%, 02/01/2028		150,000		147,732
6.250%, 11/01/2028		100,000		104,918
Genuine Parts Co.
6.500%, 11/01/2028		50,000		52,839
AutoNation Inc.
3.850%, 03/01/2032		150,000		133,449
O’Reilly Automotive Inc.
4.700%, 06/15/2032		150,000		146,632
				2,579,958
Semiconductors (0.19%)
NXP B.V./NXP Funding LLC/NXP U.S.A. Inc.
2.700%, 05/01/2025		250,000		242,602
3.150%, 05/01/2027		150,000		141,822
3.400%, 05/01/2030		150,000		136,305
2.500%, 05/11/2031		100,000		83,803
Intel Corp.
3.700%, 07/29/2025		150,000		147,022
4.875%, 02/10/2026		250,000		249,246
3.750%, 08/05/2027		150,000		145,082
4.875%, 02/10/2028		100,000		100,296
1.600%, 08/12/2028		250,000		219,505
4.000%, 08/05/2029		150,000		145,105
5.125%, 02/10/2030		150,000		152,377
5.200%, 02/10/2033		250,000		253,728

	Principal amount		Value
Corporate Bonds (Cont.)
Semiconductors (Cont.)
NXP B.V./NXP Funding LLC
5.350%, 03/01/2026	$	100,000	$	100,042
Texas Instruments Inc.
1.125%, 09/15/2026		150,000		137,204
2.900%, 11/03/2027		150,000		141,350
4.900%, 03/14/2033		250,000		252,615
TSMC Arizona Corp.
1.750%, 10/25/2026		200,000		184,296
3.875%, 04/22/2027		200,000		194,260
QUALCOMM Inc.
3.250%, 05/20/2027		150,000		143,782
5.400%, 05/20/2033		250,000		262,416
Micron Technology Inc.
5.375%, 04/15/2028		250,000		252,589
6.750%, 11/01/2029		150,000		161,083
5.875%, 02/09/2033		250,000		258,685
Broadcom Inc.(c)
4.000%, 04/15/2029		150,000		142,954
2.450%, 02/15/2031		150,000		126,437
4.150%, 04/15/2032		150,000		139,251
				4,513,857
Software (0.13%)
Oracle Corp.
5.800%, 11/10/2025		250,000		252,108
1.650%, 03/25/2026		100,000		93,362
2.650%, 07/15/2026		150,000		141,999
3.250%, 11/15/2027		150,000		141,190
4.500%, 05/06/2028		250,000		246,394
6.150%, 11/09/2029		150,000		158,143
4.650%, 05/06/2030		150,000		147,122
2.875%, 03/25/2031		100,000		86,991
6.250%, 11/09/2032		250,000		267,553
4.900%, 02/06/2033		250,000		245,089
Concentrix Corp.
6.650%, 08/02/2026		150,000		151,221
Microsoft Corp.
2.400%, 08/08/2026		250,000		237,335
3.300%, 02/06/2027		250,000		242,363
Microsoft Corp.
3.400%, 09/15/2026(c)		100,000		96,886
VMware LLC
1.400%, 08/15/2026		150,000		137,038
Intuit Inc.
5.250%, 09/15/2026		100,000		100,965
Workday Inc.
3.500%, 04/01/2027		150,000		143,609
3.800%, 04/01/2032		150,000		136,685
				3,026,053
Specialty Finance (0.16%)
American Express Co.
3.950%, 08/01/2025		250,000		245,700
4.900%, 02/13/2026		250,000		248,930
4.990%, 05/01/2026		250,000		248,526

See accompanying notes to financial statements. 21

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Specialty Finance (Cont.)
2.550%, 03/04/2027	$	150,000	$	140,155
5.389%, 07/28/2027		250,000		250,969
5.850%, 11/05/2027		150,000		154,576
5.282%, 07/27/2029		150,000		150,921
5.043%, 05/01/2034		150,000		148,389
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.750%, 01/30/2026		250,000		233,458
2.450%, 10/29/2026		500,000		464,188
3.300%, 01/30/2032		500,000		428,999
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
6.450%, 04/15/2027(c)		150,000		154,065
Air Lease Corp.
5.300%, 02/01/2028		250,000		250,216
3.125%, 12/01/2030		200,000		175,360
Capital One Financial Corp.(Variable, U.S. SOFR + 2.06%)(b)
4.927%, 05/10/2028		150,000		147,703
5.247%, 07/26/2030		150,000		147,694
6.377%, 06/08/2034		150,000		155,830
GATX Corp.
5.450%, 09/15/2033		100,000		99,541
				3,845,220
Steel (0.03%)
Nucor Corp.
3.950%, 05/23/2025		150,000		147,676
4.300%, 05/23/2027		150,000		147,080
3.125%, 04/01/2032		150,000		131,993
ArcelorMittal SA
6.550%, 11/29/2027		150,000		155,723
6.800%, 11/29/2032		150,000		160,439
				742,911
Technology Hardware (0.20%)
Cisco Systems Inc.
3.500%, 06/15/2025		150,000		147,488
2.950%, 02/28/2026		150,000		144,800
Dell International LLC/EMC Corp.
5.850%, 07/15/2025		250,000		251,292
4.900%, 10/01/2026		150,000		149,119
5.250%, 02/01/2028		100,000		101,272
5.300%, 10/01/2029		150,000		151,929
6.200%, 07/15/2030		150,000		157,966
5.750%, 02/01/2033		250,000		258,964
Apple Inc.
0.700%, 02/08/2026		250,000		231,959
4.421%, 05/08/2026		250,000		249,008
1.200%, 02/08/2028		100,000		88,379
4.000%, 05/10/2028		250,000		246,160
1.400%, 08/05/2028		250,000		219,920
3.250%, 08/08/2029		150,000		140,940
4.150%, 05/10/2030		150,000		147,951
1.650%, 02/08/2031		150,000		124,567

	Principal amount		Value
Corporate Bonds (Cont.)
Technology Hardware (Cont.)
4.300%, 05/10/2033	$	250,000	$	249,401
Arrow Electronics Inc.
6.125%, 03/01/2026		250,000		249,825
Hewlett Packard Enterprise Co.
6.102%, 04/01/2026		250,000		250,003
TD SYNNEX Corp.
1.750%, 08/09/2026		150,000		137,170
CDW LLC/CDW Finance Corp.
2.670%, 12/01/2026		150,000		139,314
Jabil Inc.
4.250%, 05/15/2027		150,000		145,444
5.450%, 02/01/2029		250,000		251,463
Teledyne Technologies Inc.
2.750%, 04/01/2031		250,000		214,173
HP Inc.
2.650%, 06/17/2031		150,000		127,151
4.200%, 04/15/2032		150,000		140,471
Motorola Solutions Inc.
5.600%, 06/01/2032		150,000		152,177
				4,868,306
Technology Services (0.24%)
International Business Machines Corp.
4.000%, 07/27/2025		250,000		246,113
4.500%, 02/06/2026		250,000		248,276
2.200%, 02/09/2027		150,000		139,411
4.150%, 07/27/2027		150,000		146,850
4.500%, 02/06/2028		100,000		99,123
1.950%, 05/15/2030		200,000		168,985
4.750%, 02/06/2033		250,000		246,149
Automatic Data Processing Inc.
3.375%, 09/15/2025		150,000		146,753
Visa Inc.
3.150%, 12/14/2025		250,000		243,148
1.100%, 02/15/2031		250,000		199,483
CGI Inc.
1.450%, 09/14/2026		150,000		136,604
Kyndryl Holdings Inc.
2.050%, 10/15/2026		150,000		137,511
2.700%, 10/15/2028		250,000		221,612
3.150%, 10/15/2031		150,000		126,456
Mastercard Inc.
2.950%, 11/21/2026		150,000		143,258
4.875%, 03/09/2028		250,000		253,109
4.850%, 03/09/2033		250,000		252,093
Global Payments Inc.
2.150%, 01/15/2027		150,000		138,432
5.400%, 08/15/2032		150,000		148,821
S&P Global Inc.
2.450%, 03/01/2027		150,000		140,433
4.250%, 05/01/2029		150,000		146,188
2.500%, 12/01/2029		150,000		132,878
1.250%, 08/15/2030		250,000		202,080

22 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Corporate Bonds (Cont.)
Technology Services (Cont.)
FactSet Research Systems Inc.
2.900%, 03/01/2027	$	150,000	$	141,062
PayPal Holdings Inc.
3.900%, 06/01/2027		100,000		97,368
4.400%, 06/01/2032		150,000		145,518
Fiserv Inc.
5.450%, 03/02/2028		250,000		252,985
5.600%, 03/02/2033		250,000		255,080
Equifax Inc.
5.100%, 06/01/2028		250,000		250,515
RELX Capital Inc.
4.000%, 03/18/2029		150,000		143,833
3.000%, 05/22/2030		150,000		134,625
Fidelity National Information Services Inc.
5.100%, 07/15/2032		150,000		150,367
Booz Allen Hamilton Inc.
5.950%, 08/04/2033		100,000		103,505
				5,738,624
Telecommunications (0.23%)
T-Mobile U.S.A. Inc.
3.500%, 04/15/2025		250,000		245,151
4.950%, 03/15/2028		500,000		499,090
4.800%, 07/15/2028		500,000		495,962
2.400%, 03/15/2029		500,000		443,067
2.700%, 03/15/2032		500,000		420,840
5.050%, 07/15/2033		250,000		247,299
AT&T Inc.
1.650%, 02/01/2028		1,000,000		886,065
4.350%, 03/01/2029		500,000		487,145
Verizon Communications Inc.
4.329%, 09/21/2028		1,012,000		990,106
3.875%, 02/08/2029		500,000		478,896
5.050%, 05/09/2033		250,000		250,066
				5,443,687
Tobacco & Cannabis (0.10%)
Philip Morris International Inc.
5.000%, 11/17/2025		150,000		149,617
4.875%, 02/13/2026		200,000		199,243
4.750%, 02/12/2027		100,000		99,492
5.125%, 11/17/2027		150,000		150,889
4.875%, 02/15/2028		150,000		149,693
5.250%, 09/07/2028		100,000		101,252
5.625%, 11/17/2029		150,000		154,570
5.125%, 02/15/2030		150,000		150,158
5.125%, 02/13/2031		100,000		99,493
5.750%, 11/17/2032		150,000		154,987
5.375%, 02/15/2033		150,000		151,260
BAT International Finance PLC
4.448%, 03/16/2028		150,000		145,655
5.931%, 02/02/2029		150,000		154,058
Altria Group Inc.
6.200%, 11/01/2028		100,000		104,285

	Principal amount		Value
Corporate Bonds (Cont.)
Tobacco & Cannabis (Cont.)
BAT Capital Corp.
6.343%, 08/02/2030	$	150,000	$	156,446
5.834%, 02/20/2031		100,000		101,288
6.421%, 08/02/2033		150,000		157,255
				2,379,641
Transportation & Logistics (0.10%)
Union Pacific Corp.
3.250%, 08/15/2025		150,000		146,310
4.750%, 02/21/2026		250,000		249,696
3.700%, 03/01/2029		250,000		239,158
2.800%, 02/14/2032		100,000		86,766
4.500%, 01/20/2033		100,000		97,497
United Airlines Pass Through Trust, Series 2020-1, Class B
4.875%, 01/15/2026		83,400		82,062
Canadian Pacific Railway Co.
1.750%, 12/02/2026		150,000		137,811
2.875%, 11/15/2029		150,000		134,527
2.450%, 12/02/2031		100,000		89,926
Ryder System Inc.
2.850%, 03/01/2027		150,000		140,654
4.300%, 06/15/2027		150,000		146,203
5.250%, 06/01/2028		150,000		150,754
United Parcel Service Inc.
2.500%, 09/01/2029		150,000		134,892
4.875%, 03/03/2033		100,000		100,205
Norfolk Southern Corp.
5.050%, 08/01/2030		150,000		150,591
3.000%, 03/15/2032		100,000		86,893
Canadian National Railway Co.
3.850%, 08/05/2032		100,000		93,012
CSX Corp.
4.100%, 11/15/2032		100,000		94,286
				2,361,243
Wholesale - Consumer Staples (0.00%)
Archer-Daniels-Midland Co.
4.500%, 08/15/2033		100,000		96,840
				96,840
Total Corporate Bonds (cost $199,862,991)				202,184,043
Foreign Government Bonds (1.43%)
Austria (0.02%)
Oesterreichische Kontrollbank AG
4.625%, 11/03/2025		250,000		248,938
3.625%, 09/09/2027		250,000		243,104
				492,042
Canada (0.18%)
Province of Alberta Canada
1.000%, 05/20/2025		100,000		95,490
3.300%, 03/15/2028		250,000		238,544

See accompanying notes to financial statements. 23

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Foreign Government Bonds (Cont.)
Canada (Cont.)
1.300%, 07/22/2030	$	250,000	$	206,633
4.500%, 01/24/2034		100,000		98,849
Province of Quebec Canada
0.600%, 07/23/2025		150,000		141,652
2.500%, 04/20/2026		100,000		95,543
2.750%, 04/12/2027		100,000		94,775
3.625%, 04/13/2028		175,000		169,063
1.350%, 05/28/2030		250,000		208,089
4.500%, 09/08/2033		100,000		99,015
Export Development Canada
3.375%, 08/26/2025		250,000		244,810
3.875%, 02/14/2028		150,000		146,989
4.125%, 02/13/2029		200,000		198,146
Province of Ontario Canada
0.625%, 01/21/2026		250,000		231,912
1.050%, 04/14/2026		250,000		231,924
2.500%, 04/27/2026		50,000		47,740
2.300%, 06/15/2026		100,000		94,849
3.100%, 05/19/2027		250,000		239,007
1.050%, 05/21/2027		100,000		89,704
4.200%, 01/18/2029		100,000		98,771
1.125%, 10/07/2030		100,000		81,116
1.600%, 02/25/2031		100,000		83,016
1.800%, 10/14/2031		50,000		41,363
2.125%, 01/21/2032		50,000		42,244
Canada Government International Bond
0.750%, 05/19/2026		250,000		230,343
3.750%, 04/26/2028		175,000		170,669
Province of British Columbia Canada
0.900%, 07/20/2026		250,000		229,333
4.800%, 11/15/2028		100,000		100,914
4.200%, 07/06/2033		100,000		97,053
Province of Saskatchewan Canada
3.250%, 06/08/2027		100,000		95,840
Province of Manitoba Canada
1.500%, 10/25/2028		100,000		87,732
4.300%, 07/27/2033		50,000		48,837
				4,379,965
Chile (0.02%)
Chile Government International Bond
2.750%, 01/31/2027		250,000		234,165
3.240%, 02/06/2028		250,000		234,026
				468,191
Germany (0.23%)
Kreditanstalt fuer Wiederaufbau
3.125%, 06/10/2025		1,000,000		978,413
0.375%, 07/18/2025		1,000,000		943,335
0.625%, 01/22/2026		250,000		232,331
3.625%, 04/01/2026		200,000		195,977
4.625%, 08/07/2026		500,000		500,221
1.000%, 10/01/2026		250,000		229,395
3.000%, 05/20/2027		250,000		239,255

	Principal amount		Value
Foreign Government Bonds (Cont.)
Germany (Cont.)
3.750%, 02/15/2028	$	200,000	$	195,520
2.875%, 04/03/2028		500,000		472,416
3.875%, 06/15/2028		100,000		98,055
1.750%, 09/14/2029		250,000		219,336
0.750%, 09/30/2030		175,000		140,505
4.750%, 10/29/2030		200,000		205,087
4.125%, 07/15/2033		200,000		196,611
Landwirtschaftliche Rentenbank
0.875%, 03/30/2026		250,000		231,915
3.875%, 09/28/2027		250,000		245,159
0.875%, 09/03/2030		250,000		201,327
				5,524,858
Indonesia (0.04%)
Indonesia Government International Bond
4.550%, 01/11/2028		250,000		246,030
4.100%, 04/24/2028		250,000		241,645
4.750%, 02/11/2029		250,000		247,480
4.850%, 01/11/2033		250,000		247,269
				982,424
Israel (0.01%)
Israel Government International Bond
2.750%, 07/03/2030		250,000		215,023
				215,023
Italy (0.02%)
Republic of Italy Government International Bond
1.250%, 02/17/2026		250,000		231,887
2.875%, 10/17/2029		250,000		221,102
				452,989
Japan (0.03%)
Japan Bank for International Cooperation
4.250%, 04/27/2026		200,000		197,423
4.625%, 07/19/2028		250,000		250,145
3.250%, 07/20/2028		250,000		236,948
1.875%, 04/15/2031		200,000		167,818
				852,334
Mexico (0.08%)
Mexico Government International Bond
4.150%, 03/28/2027		250,000		243,544
5.400%, 02/09/2028		250,000		251,367
4.500%, 04/22/2029		250,000		241,609
2.659%, 05/24/2031		1,000,000		834,392
4.750%, 04/27/2032		200,000		189,529
4.875%, 05/19/2033		200,000		189,383
				1,949,824

24 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Foreign Government Bonds (Cont.)
Panama (0.01%)
Panama Government International Bond
3.298%, 01/19/2033	$	250,000	$	194,375
				194,375
Peru (0.01%)
Peruvian Government International Bond
2.783%, 01/23/2031		200,000		171,464
				171,464
Philippines (0.03%)
Philippine Government International Bond
5.170%, 10/13/2027		250,000		251,115
3.750%, 01/14/2029		250,000		237,400
5.609%, 04/13/2033		250,000		259,585
				748,100
Poland (0.02%)
Republic of Poland Government International Bond
5.750%, 11/16/2032		250,000		261,500
4.875%, 10/04/2033		200,000		196,886
				458,386
South Korea (0.03%)
Export-Import Bank of Korea
4.250%, 09/15/2027		250,000		245,025
5.000%, 01/11/2028		250,000		252,402
5.125%, 01/11/2033		250,000		254,979
				752,406
Supranational (0.69%)
International Bank for Reconstruction & Development
0.625%, 04/22/2025		1,000,000		955,867
0.375%, 07/28/2025		1,000,000		942,773
0.500%, 10/28/2025		250,000		233,880
3.125%, 11/20/2025		250,000		243,535
0.875%, 07/15/2026		250,000		229,936
3.125%, 06/15/2027		250,000		240,037
0.750%, 11/24/2027		250,000		219,090
1.750%, 10/23/2029		250,000		218,030
3.875%, 02/14/2030		250,000		243,893
0.875%, 05/14/2030		250,000		203,557
4.000%, 07/25/2030		250,000		245,344
1.250%, 02/10/2031		250,000		204,487
4.750%, 11/14/2033		100,000		103,126
Inter-American Investment Corp.
2.625%, 04/22/2025		250,000		243,223
Asian Development Bank
0.625%, 04/29/2025		250,000		238,753
2.875%, 05/06/2025		250,000		244,254
0.500%, 02/04/2026		250,000		231,435

	Principal amount		Value
Foreign Government Bonds (Cont.)
Supranational (Cont.)
1.000%, 04/14/2026	$	250,000	$	232,173
1.500%, 01/20/2027		250,000		230,295
1.250%, 06/09/2028		250,000		220,002
4.500%, 08/25/2028		250,000		251,424
3.125%, 09/26/2028		250,000		237,507
1.875%, 03/15/2029		250,000		222,735
1.750%, 09/19/2029		250,000		218,577
1.875%, 01/24/2030		250,000		218,123
3.125%, 04/27/2032		250,000		229,261
Council of Europe Development Bank
3.000%, 06/16/2025		250,000		243,840
0.875%, 09/22/2026		250,000		228,328
3.625%, 01/26/2028		250,000		242,652
Asian Infrastructure Investment Bank, The
3.375%, 06/29/2025		250,000		244,981
0.500%, 01/27/2026		250,000		231,590
African Development Bank
3.375%, 07/07/2025		250,000		245,106
0.875%, 03/23/2026		250,000		232,144
0.875%, 07/22/2026		250,000		229,523
4.375%, 11/03/2027		250,000		249,097
European Investment Bank
2.750%, 08/15/2025		250,000		242,961
0.375%, 12/15/2025		250,000		232,210
0.375%, 03/26/2026		250,000		229,547
2.125%, 04/13/2026		250,000		237,651
0.750%, 10/26/2026		250,000		227,239
0.625%, 10/21/2027		250,000		218,885
3.875%, 03/15/2028		225,000		220,719
4.500%, 10/16/2028		500,000		503,345
1.625%, 10/09/2029		250,000		217,074
3.625%, 07/15/2030		250,000		240,621
1.250%, 02/14/2031		250,000		205,527
3.750%, 02/14/2033		200,000		191,846
4.125%, 02/13/2034		150,000		147,563
International Finance Corp.
3.625%, 09/15/2025		250,000		245,620
0.750%, 10/08/2026		250,000		227,610
0.750%, 08/27/2030		250,000		200,359
Corp. Andina de Fomento
5.250%, 11/21/2025		250,000		248,323
European Bank for Reconstruction & Development
0.500%, 11/25/2025		250,000		233,109
Inter-American Development Bank
0.875%, 04/20/2026		250,000		231,521
4.500%, 05/15/2026		250,000		249,034
1.500%, 01/13/2027		250,000		230,413
2.375%, 07/07/2027		250,000		234,046
0.625%, 09/16/2027		250,000		219,428
4.000%, 01/12/2028		250,000		246,165
1.125%, 07/20/2028		250,000		218,516
2.250%, 06/18/2029		250,000		225,746
3.500%, 09/14/2029		250,000		239,829

See accompanying notes to financial statements. 25

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
Foreign Government Bonds (Cont.)
Supranational (Cont.)
1.125%, 01/13/2031	$	500,000	$	406,578
Nordic Investment Bank
3.375%, 09/08/2027		250,000		241,166
				16,461,229
Sweden (0.01%)
Svensk Exportkredit AB
4.000%, 07/15/2025		250,000		246,591
				246,591
Total Foreign Government Bonds (cost $34,138,083)				34,350,201
Agency Securities (d) (0.44%)
Federal Farm Credit Banks
4.500%, 08/14/2026		2,000,000		1,997,509
Federal Home Loan Banks
0.900%, 02/26/2027		250,000		225,340
0.500%, 04/14/2025		1,770,000		1,687,307
5.125%, 06/13/2025		250,000		250,468
4.000%, 06/30/2028		1,000,000		992,972
4.625%, 11/17/2026		500,000		501,439
4.125%, 01/15/2027		2,125,000		2,107,328
Federal Home Loan Mortgage Corp.
6.750%, 03/15/2031		250,000		286,487
6.250%, 07/15/2032		250,000		284,381
Federal National Mortgage Association
7.125%, 01/15/2030		250,000		286,018
6.625%, 11/15/2030		250,000		282,378
7.250%, 05/15/2030		250,000		289,459
0.500%, 06/17/2025		1,007,000		955,187
0.750%, 10/08/2027		500,000		441,008
Total Agency Securities (cost $10,519,558)				10,587,281
U.S. Treasury Obligations (17.20%)
U.S. Treasury Bill
5.253%, 04/11/2024(e),(f)		610,000		609,112
U.S. Treasury Notes
2.625%, 04/15/2025		5,000,000		4,880,176
0.375%, 04/30/2025		2,000,000		1,903,828
2.750%, 05/15/2025		5,000,000		4,879,687
2.125%, 05/15/2025		2,000,000		1,938,438
0.250%, 05/31/2025		5,000,000		4,735,937
2.875%, 06/15/2025		2,000,000		1,951,797
0.250%, 06/30/2025		2,000,000		1,888,359
3.000%, 07/15/2025		5,000,000		4,883,398
0.250%, 07/31/2025		2,000,000		1,881,641
2.875%, 07/31/2025		1,000,000		974,375
2.000%, 08/15/2025		3,000,000		2,887,734
3.125%, 08/15/2025		2,000,000		1,954,688

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
5.000%, 08/31/2025	$	3,000,000	$	3,006,445
0.250%, 08/31/2025		2,000,000		1,875,469
2.750%, 08/31/2025		1,000,000		971,523
3.500%, 09/15/2025		2,000,000		1,962,969
0.250%, 09/30/2025		3,000,000		2,803,945
0.250%, 10/31/2025		2,000,000		1,863,359
2.250%, 11/15/2025		2,000,000		1,921,563
4.875%, 11/30/2025		3,000,000		3,004,922
0.375%, 11/30/2025		2,000,000		1,861,016
0.375%, 12/31/2025		7,000,000		6,493,867
3.875%, 01/15/2026		2,000,000		1,971,797
4.250%, 01/31/2026		3,000,000		2,976,914
0.375%, 01/31/2026		2,000,000		1,849,375
4.000%, 02/15/2026		3,000,000		2,963,320
4.625%, 02/28/2026		10,000,000		9,994,141
0.500%, 02/28/2026		10,000,000		9,244,922
0.750%, 03/31/2026		10,000,000		9,267,969
4.500%, 03/31/2026		5,000,000		4,988,672
0.750%, 04/30/2026		10,000,000		9,241,016
0.750%, 05/31/2026		10,000,000		9,215,234
0.875%, 06/30/2026		10,000,000		9,223,047
0.625%, 07/31/2026		10,000,000		9,141,016
1.125%, 10/31/2026		5,000,000		4,593,750
1.250%, 11/30/2026		2,500,000		2,299,512
1.625%, 11/30/2026		1,000,000		929,375
1.250%, 12/31/2026		2,500,000		2,295,898
1.750%, 12/31/2026		1,000,000		931,016
4.000%, 01/15/2027		2,000,000		1,976,719
1.500%, 01/31/2027		2,000,000		1,844,922
1.125%, 02/28/2027		10,000,000		9,108,984
0.625%, 03/31/2027		10,000,000		8,950,000
0.500%, 04/30/2027		10,000,000		8,887,109
2.750%, 04/30/2027		2,000,000		1,905,313
2.625%, 05/31/2027		5,000,000		4,740,039
0.375%, 09/30/2027		10,000,000		8,725,391
4.125%, 09/30/2027		2,000,000		1,985,312
2.250%, 11/15/2027		2,000,000		1,861,250
0.625%, 11/30/2027		5,000,000		4,378,125
0.625%, 12/31/2027		5,000,000		4,365,820
3.500%, 01/31/2028		5,000,000		4,856,055
0.750%, 01/31/2028		5,000,000		4,376,562
2.750%, 02/15/2028		5,000,000		4,722,266
1.250%, 03/31/2028		5,000,000		4,444,727
3.500%, 04/30/2028		5,000,000		4,852,734
2.875%, 05/15/2028		5,000,000		4,733,984
1.250%, 06/30/2028		5,000,000		4,416,797
2.875%, 08/15/2028		5,000,000		4,724,023
4.375%, 08/31/2028		7,000,000		7,032,539
1.250%, 09/30/2028		3,000,000		2,633,672
4.625%, 09/30/2028		2,000,000		2,029,922
4.875%, 10/31/2028		2,000,000		2,051,328
3.125%, 11/15/2028		5,000,000		4,765,039
4.375%, 11/30/2028		3,000,000		3,017,461
1.375%, 12/31/2028		4,000,000		3,511,250
4.000%, 01/31/2029		4,000,000		3,960,938
2.625%, 02/15/2029		4,000,000		3,717,969

26 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM BALANCED FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
4.250%, 02/28/2029	$	5,000,000	$	5,009,375
4.125%, 03/31/2029		3,400,000		3,387,516
2.875%, 04/30/2029		10,000,000		9,385,547
2.375%, 05/15/2029		5,000,000		4,576,953
2.750%, 05/31/2029		5,000,000		4,660,352
2.625%, 07/31/2029		8,000,000		7,395,938
1.625%, 08/15/2029		5,000,000		4,391,211
1.750%, 11/15/2029		6,000,000		5,286,797
1.500%, 02/15/2030		15,000,000		12,904,687
4.875%, 10/31/2030		3,000,000		3,111,211
0.875%, 11/15/2030		20,000,000		16,201,562
4.000%, 01/31/2031		2,000,000		1,975,312
4.250%, 02/28/2031		2,000,000		2,005,000
1.625%, 05/15/2031		12,000,000		10,121,250
1.250%, 08/15/2031		8,000,000		6,521,562
1.375%, 11/15/2031		7,000,000		5,722,500
1.875%, 02/15/2032		12,000,000		10,143,750
3.500%, 02/15/2033		2,000,000		1,895,781
3.375%, 05/15/2033		2,000,000		1,875,313
3.875%, 08/15/2033		9,000,000		8,769,375
4.500%, 11/15/2033		5,000,000		5,115,625
4.000%, 02/15/2034		1,000,000		984,375
Total U.S. Treasury Obligations (cost $410,266,880)				412,278,464
Long-term Municipal Bonds (0.03%)
California (0.02%)
State of California Taxable Various Purpose, General Obligation Bonds
6.000%, 03/01/2033		250,000		272,621
University of California Regents Medical Center Pooled Taxable Revenue Bonds
4.132%, 05/15/2032		250,000		239,545
				512,166
Louisiana (0.01%)
Louisiana State Local Government Environmental Facilities & Community Development Authority Taxable Revenue Bonds
4.145%, 02/01/2033		250,000		242,482
				242,482
Total Long-term Municipal Bonds (cost $730,020)				754,648

	Shares		Value
Short-term Investments (1.21%)
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(g)		29,097,130	$	29,097,130
Total Short-term Investments (cost $29,097,130)				29,097,130
TOTAL INVESTMENTS (100.05%) (cost $1,067,726,520)				2,398,429,667
CASH AND OTHER LIABILITIES, NET OF ASSETS ((0.05)%)				(1,312,730	)
NET ASSETS (100.00%)			$	2,397,116,937

(a) Non-income producing security.

(b) Floating rate security. The rate presented is the rate in effect at March 31, 2024, and the related index and spread are shown parenthetically for each security.

(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 March 31, 2024, the value of these securities amounted to $1,677,363 or 0.07% of net assets.

(d) 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.

(e) Security pledged as collateral to cover margin requirements for open futures contracts.

(f) Discount rate at the time of purchase.

(g) Rate shown is the 7-day yield as of March 31, 2024.

PLC  Public Limited Company

ADR  American Depositary Receipt

LLC  Limited Liability Company

At March 31, 2024, 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	51	6/21/2024	USD	13,536,675		$6,269

*Includes cumulative appreciation/depreciation on futures contracts. Only the current day’s variation margin is reported within the Statements of Assets and Liabilities.

See accompanying notes to financial statements. 27

ADVISERS INVESTMENT TRUST

STATE FARM INTERIM FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Principal amount		Value
U.S. Treasury Obligations (98.98%)
U.S. Treasury Notes
2.625%, 04/15/2025	$	2,249,000	$	2,195,103
3.875%, 04/30/2025		3,500,000		3,458,711
2.125%, 05/15/2025		3,157,000		3,059,824
2.750%, 05/15/2025		2,000,000		1,951,875
4.250%, 05/31/2025		3,000,000		2,975,742
2.875%, 06/15/2025		3,079,000		3,004,791
4.625%, 06/30/2025		3,250,000		3,238,574
2.750%, 06/30/2025		1,159,000		1,129,164
3.000%, 07/15/2025		4,550,000		4,443,893
4.750%, 07/31/2025		1,500,000		1,497,539
3.125%, 08/15/2025		5,440,000		5,316,750
2.000%, 08/15/2025		4,699,000		4,523,155
5.000%, 08/31/2025		2,000,000		2,004,297
0.250%, 09/30/2025		4,500,000		4,205,918
5.000%, 09/30/2025		4,000,000		4,010,469
4.250%, 10/15/2025		4,000,000		3,967,656
5.000%, 10/31/2025		3,350,000		3,359,945
0.250%, 10/31/2025		1,000,000		931,679
2.250%, 11/15/2025		4,500,000		4,323,516
4.500%, 11/15/2025		3,500,000		3,484,824
4.875%, 11/30/2025		4,000,000		4,006,563
4.000%, 12/15/2025		1,500,000		1,481,836
4.250%, 12/31/2025		2,000,000		1,983,906
2.625%, 12/31/2025		1,409,000		1,360,015
0.375%, 12/31/2025		1,000,000		927,695
3.875%, 01/15/2026		1,000,000		985,898
4.250%, 01/31/2026		3,000,000		2,976,914
2.625%, 01/31/2026		2,000,000		1,928,281
1.625%, 02/15/2026		6,000,000		5,674,688
4.000%, 02/15/2026		1,000,000		987,773
4.625%, 02/28/2026		3,000,000		2,998,242
0.500%, 02/28/2026		700,000		647,145
4.625%, 03/15/2026		2,000,000		1,998,750
2.250%, 03/31/2026		3,700,000		3,534,223
3.750%, 04/15/2026		2,000,000		1,965,938
2.375%, 04/30/2026		1,000,000		955,977
1.625%, 05/15/2026		5,000,000		4,700,781
3.625%, 05/15/2026		3,500,000		3,431,504
4.125%, 06/15/2026		2,000,000		1,980,859
1.875%, 06/30/2026		4,500,000		4,247,227
4.500%, 07/15/2026		4,000,000		3,995,156
1.875%, 07/31/2026		4,638,000		4,366,423
4.375%, 08/15/2026		1,000,000		996,445
0.750%, 08/31/2026		3,712,000		3,394,305
1.375%, 08/31/2026		2,000,000		1,857,266
4.625%, 09/15/2026		2,300,000		2,305,750
0.875%, 09/30/2026		3,500,000		3,204,141
1.625%, 09/30/2026		1,314,000		1,226,024
4.625%, 10/15/2026		4,500,000		4,514,238
1.625%, 10/31/2026		3,775,000		3,515,026
1.125%, 10/31/2026		3,357,000		3,084,244
4.625%, 11/15/2026		4,000,000		4,014,219
1.250%, 11/30/2026		5,485,000		5,045,129
4.375%, 12/15/2026		750,000		748,418
1.250%, 12/31/2026		3,580,000		3,287,727
4.000%, 01/15/2027		2,000,000		1,976,719

	Principal amount		Value
U.S. Treasury Obligations (Cont.)
U.S. Treasury Notes (Cont.)
1.500%, 01/31/2027	$	4,596,000	$	4,239,632
4.125%, 02/15/2027		1,000,000		991,953
1.875%, 02/28/2027		3,222,000		2,999,103
2.500%, 03/31/2027		3,611,000		3,420,153
2.750%, 04/30/2027		3,426,000		3,263,800
2.625%, 05/31/2027		3,792,000		3,594,846
3.250%, 06/30/2027		3,500,000		3,381,328
2.750%, 07/31/2027		3,500,000		3,325,273
3.125%, 08/31/2027		4,250,000		4,084,482
4.125%, 09/30/2027		4,212,000		4,181,068
4.125%, 10/31/2027		5,000,000		4,962,500
3.875%, 11/30/2027		6,000,000		5,905,781
3.875%, 12/31/2027		4,650,000		4,577,162
3.500%, 01/31/2028		6,600,000		6,409,992
4.000%, 02/29/2028		6,250,000		6,180,176
3.625%, 03/31/2028		5,000,000		4,876,758
3.500%, 04/30/2028		5,000,000		4,852,734
2.875%, 05/15/2028		5,000,000		4,733,984
3.625%, 05/31/2028		6,000,000		5,850,938
4.000%, 06/30/2028		4,750,000		4,699,717
4.125%, 07/31/2028		4,500,000		4,474,336
2.875%, 08/15/2028		3,500,000		3,306,816
4.375%, 08/31/2028		6,000,000		6,027,891
4.625%, 09/30/2028		5,000,000		5,074,805
4.875%, 10/31/2028		6,000,000		6,153,984
1.375%, 10/31/2028		3,250,000		2,864,570
4.375%, 11/30/2028		4,000,000		4,023,281
1.500%, 11/30/2028		2,750,000		2,433,750
3.750%, 12/31/2028		4,000,000		3,916,875
4.000%, 01/31/2029		3,500,000		3,465,820
4.250%, 02/28/2029		7,000,000		7,013,125
4.125%, 03/31/2029		2,500,000		2,490,820
Total U.S. Treasury Obligations (cost $305,478,093)				297,166,323
	Shares		Value
Short-term Investments (0.43%)
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(a)		1,297,453		1,297,453
Total Short-term Investments (cost $1,297,453)				1,297,453
TOTAL INVESTMENTS (99.41%) (cost $306,775,546)				298,463,776
OTHER ASSETS, NET OF LIABILITIES (0.59%)				1,759,426
NET ASSETS (100.00%)			$	300,223,202

(a) Rate shown is the 7-day yield as of March 31, 2024.

28 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (98.79%)
Alabama (2.65%)
Alabama Federal Aid Highway Finance Authority Revenue Bonds (Prerefunded to 09-01- 2024 @ 100)(a)	4.000%		09/01/2024	$	1,000,000	$	1,000,941
City of Athens, Alabama, Electric Revenue Warrants	3.250%		06/01/2025		600,000		594,923
City of Athens, Alabama, Electric Revenue Warrants	3.500%		06/01/2026		220,000		216,330
City of Athens, Alabama, Electric Revenue Warrants	3.750%		06/01/2027		645,000		632,313
City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants	3.000%		05/01/2028		980,000		952,838
City of Athens, Alabama, Electric Revenue Warrants	4.000%		06/01/2028		665,000		665,003
Madison Water & Wastewater Board Revenue Refunding Bonds	4.000%		12/01/2028		2,165,000		2,181,469
City of Athens, Alabama, Water & Sewer Revenue Refunding Warrants	3.125%		05/01/2029		1,010,000		982,626
Black Belt Energy Gas District Revenue Bonds, Series C-1(b)	5.250%		06/01/2029		1,000,000		1,057,076
Black Belt Energy Gas District Revenue Bonds, Series B(c)	5.250%		12/01/2030		2,000,000		2,158,522
Madison Water & Wastewater Board Revenue Refunding Bonds	4.000%		12/01/2035		215,000		222,158
Madison Water & Wastewater Board Revenue Refunding Bonds	4.000%		12/01/2036		310,000		317,580
Mobile County Board of School Commissioners Special Tax Warrants, Series B	5.000%		03/01/2037		1,000,000		1,120,930
Madison Water & Wastewater Board Revenue Refunding Bonds	4.000%		12/01/2037		270,000		274,961
County of Jefferson, Alabama, Revenue Refunding Warrants	5.000%		10/01/2038		1,000,000		1,106,435
City of Huntsville, Alabama, Electric System Revenue Warrants	5.000%		12/01/2042		1,000,000		1,127,811
							14,611,916
Alaska (1.54%)
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A	3.250%		09/01/2028		1,095,000		1,096,779
Municipality of Anchorage, Alaska, General Obligation Bonds, Series B	3.250%		09/01/2028		1,050,000		1,051,705
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A	3.500%		09/01/2029		1,390,000		1,402,468
Municipality of Anchorage, Alaska, General Obligation Bonds, Series B	3.500%		09/01/2029		1,090,000		1,099,777
Municipality of Anchorage, Alaska, General Obligation Bonds, Series A	3.500%		09/01/2030		1,440,000		1,454,180
Municipality of Anchorage, Alaska, General Obligation Bonds, Series B	3.500%		09/01/2030		1,125,000		1,136,078
Borough of Matanuska-Susitna, Alaska, General Obligation Bonds, Series A	5.000%		08/01/2031		1,225,000		1,225,466
							8,466,453
Arizona (1.64%)
Maricopa County Union High School District No. 210 Phoenix, General Obligation Bonds, Series A	4.000%		07/01/2024		1,165,000		1,165,130
County of Pima, Arizona, General Obligation Bonds, Series A	4.000%		07/01/2026		2,000,000		1,961,325
Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, Series D	5.000%		07/01/2026		555,000		555,447
Maricopa County Unified School District No. 93 Cave Creek, Arizona, General Obligation Bonds, Series A	4.000%		07/01/2027		1,100,000		1,109,724
Pima County Unified School District No. 10 Amphitheater, Arizona, General Obligation Bonds, Series D	5.000%		07/01/2027		400,000		400,322
Salt River Project Agricultural Improvement & Power District Revenue Refunding Bonds, Series A	4.000%		12/01/2033		2,000,000		2,012,370
Kyrene Elementary School District No. 28, General Obligation Bonds, Series C	5.000%		07/01/2034		710,000		811,242
Salt River Project Agricultural Improvement & Power District Electric System Revenue Refunding Bonds, Series A	4.000%		01/01/2038		1,000,000		1,007,748
							9,023,308
Arkansas (1.53%)
University of Arkansas Revenue Bonds (Prerefunded to 11-01-2024 @ 100)(a)	5.000%		11/01/2024		365,000		368,094
University of Arkansas Revenue Bonds (Prerefunded to 11-01-2024 @ 100)(a)	5.000%		11/01/2024		785,000		791,654
State of Arkansas, General Obligation Refunding Bonds	4.000%		06/01/2027		3,000,000		3,002,379
Rogers School District No. 30, General Obligation Refunding Bonds	3.125%		02/01/2030		2,880,000		2,843,940
Rogers School District No. 30, General Obligation Refunding Bonds	3.000%		02/01/2033		1,500,000		1,443,769
							8,449,836

See accompanying notes to financial statements. 29

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
California (4.59%)
Atascadero Unified School District, General Obligation Bonds, Election of 2010, Series B	5.000%		08/01/2025	$	225,000	$	226,196
Atascadero Unified School District, General Obligation Bonds, Election of 2010, Series B	5.000%		08/01/2027		1,080,000		1,085,388
East Side Union High School District, General Obligation Refunding Bonds	3.500%		08/01/2027		1,000,000		1,004,655
Newark Unified School District, General Obligation Bonds, Election of 2011, Series C	3.000%		08/01/2028		750,000		747,606
Santee School District, General Obligation Refunding Bonds	3.500%		08/01/2028		1,565,000		1,573,485
Campbell Union High School District, General Obligation Refunding Bonds	3.250%		08/01/2029		1,965,000		1,961,094
City of La Mesa, California, General Obligation Refunding Bonds	3.500%		08/01/2029		1,190,000		1,200,311
Santee School District, General Obligation Refunding Bonds	3.500%		08/01/2029		1,725,000		1,733,643
Sonoma County Junior College District, General Obligation Refunding Bonds	3.250%		08/01/2029		2,835,000		2,843,121
City of La Mesa, California, General Obligation Refunding Bonds	4.000%		08/01/2030		540,000		552,923
Sonoma County Junior College District, General Obligation Bonds, Election of 2014, Series A	4.000%		08/01/2030		1,600,000		1,647,407
Sequoia Union High School District, General Obligation Bonds, Election of 2014	3.000%		07/01/2031		2,000,000		1,983,730
City of La Mesa, California, General Obligation Refunding Bonds	4.000%		08/01/2031		400,000		409,404
Redondo Beach Unified School District, General Obligation Refunding Bonds, Election of 2008, Series D	3.000%		08/01/2031		750,000		745,216
City of La Mesa, California, General Obligation Refunding Bonds	4.000%		08/01/2032		500,000		511,338
Tustin Unified School District, General Obligation Refunding Bonds	4.000%		08/01/2032		510,000		530,296
Kentfield School District, General Obligation Bonds, Election of 2014, Series B	5.000%		08/01/2034		200,000		206,736
Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E	3.000%		08/01/2035		1,150,000		1,080,977
Central Unified School District, General Obligation Bonds, Election of 2016, Series C	3.000%		08/01/2035		300,000		286,944
Gavilan Joint Community College District, General Obligation Bonds, Series B	3.000%		08/01/2035		1,000,000		956,481
Kentfield School District, General Obligation Bonds, Election of 2014, Series B	5.000%		08/01/2035		355,000		365,783
Antioch Unified School District, General Obligation Bonds, Election of 2008, Series E	3.000%		08/01/2036		600,000		553,943
Gavilan Joint Community College District, General Obligation Bonds, Series B	3.000%		08/01/2036		1,000,000		939,101
Kentfield School District, General Obligation Bonds, Election of 2014, Series B	5.000%		08/01/2036		400,000		411,648
Central Unified School District, General Obligation Bonds, Election of 2016, Series C	3.000%		08/01/2037		755,000		695,123
Kentfield School District, General Obligation Bonds, Election of 2014, Series B	5.000%		08/01/2037		500,000		513,623
Mountain View-Whisman School District, General Obligation Bonds, Series B	4.000%		09/01/2038		500,000		522,875
							25,289,047
Colorado (2.46%)
Gunnison Watershed School District No. RE-1J, General Obligation Refunding Bonds, Series A (Prerefunded to 12-01-2024 @ 100)(a)	4.000%		12/01/2024		1,000,000		1,003,100
El Paso County School District No. 20 Academy, General Obligation Refunding Bonds	4.000%		12/15/2025		1,000,000		1,004,923
Garfield Pitkin & Eagle Counties School District No. RE-1 Roaring Fork, General Obligation Refunding Bonds, Series B	2.500%		12/15/2027		3,000,000		2,937,539
Eagle River Water & Sanitation District, General Obligation Bonds	4.000%		12/01/2030		465,000		476,145
Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, Series A	4.000%		11/01/2034		1,805,000		1,886,062
Adams 12 Five Star Schools, General Obligation Refunding Bonds, Series B	5.000%		12/15/2034		3,500,000		3,645,100
Town of Estes Park Colorado Power & Communications Enterprise Revenue Refunding Bonds, Series A	4.000%		11/01/2035		980,000		1,017,933
Rangeview Library District, Certificate of Participation, Series A	5.000%		12/15/2037		650,000		712,555
Fremont County School District RE-1 Canon City, General Obligation Bonds	5.000%		12/01/2041		790,000		883,131
							13,566,488
Connecticut (1.23%)
Connecticut State Health & Educational Facilities Authority Revenue Refunding Bonds,
Series A(d)	2.000%		07/01/2026		5,700,000		5,491,835
State of Connecticut Special Tax Obligation Revenue Bonds, Series A	4.000%		09/01/2035		1,300,000		1,308,041
							6,799,876
District of Columbia (0.81%)
District of Columbia, General Obligation Bonds, Series A	5.000%		06/01/2034		1,500,000		1,531,042

30 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
District of Columbia (Cont.)
District of Columbia General Obligation Bonds, Series C		5.000%		06/01/2038	$	1,500,000	$	1,502,671
District of Columbia Revenue Bonds, Series A		5.000%		07/01/2039		1,250,000		1,417,366
								4,451,079
Florida (2.66%)
City of Pembroke Pines, Florida, General Obligation Refunding Bonds		5.000%		09/01/2031		2,100,000		2,149,200
Florida Municipal Loan Council Revenue Bonds, Series A		3.000%		08/01/2032		520,000		501,488
City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds		4.000%		09/01/2032		540,000		557,578
Collier County Water-Sewer District Revenue Bonds		3.000%		07/01/2033		5,080,000		5,036,723
Florida Municipal Loan Council Revenue Bonds, Series A		3.250%		08/01/2033		535,000		528,945
City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds		5.000%		09/01/2033		750,000		807,888
Florida Municipal Loan Council Revenue Bonds, Series A		4.000%		08/01/2034		555,000		576,250
City of Miami Beach, Florida, Water & Sewer Revenue Refunding Bonds		5.000%		09/01/2034		750,000		805,636
Florida Department of Management Services, Certificate of Participation, Series A		3.000%		11/01/2035		1,000,000		957,709
County of Sarasota Utility System Revenue Bonds		5.250%		10/01/2039		1,000,000		1,147,899
Saint Johns County School Board COPS, Series A		5.000%		07/01/2041		1,425,000		1,589,916
								14,659,232
Georgia (0.58%)
Bartow County Development Authority Revenue Refunding Bonds		1.800%		09/01/2029		1,000,000		854,950
Harris County School District, General Obligation Bonds		3.000%		03/01/2035		250,000		235,523
Coweta County Public Facilities Authority Revenue Bonds		5.000%		09/01/2035		550,000		643,343
Georgia Ports Authority Revenue Bonds		5.250%		07/01/2039		1,250,000		1,441,036
								3,174,852
Idaho (1.14%)
Nez Perce County Independent School District No 1., General Obligation Bonds		4.000%		09/15/2031		2,880,000		2,953,551
Boise State University Revenue Bonds, Series A		4.000%		04/01/2032		445,000		459,454
Boise State University Revenue Refunding Bonds, Series A		3.000%		04/01/2033		545,000		525,624
Idaho State University Revenue Bonds		4.000%		04/01/2033		180,000		184,645
Idaho Health Facilities Authority Revenue Refunding Bonds		4.000%		03/01/2034		400,000		411,184
Boise State University Revenue Bonds, Series A		5.000%		04/01/2034		240,000		257,736
Idaho State University Revenue Bonds		4.000%		04/01/2034		255,000		261,698
Boise State University Revenue Bonds, Series A		5.000%		04/01/2035		250,000		267,880
Boise State University Revenue Refunding Bonds, Series A		3.000%		04/01/2035		300,000		282,744
Idaho State University Revenue Bonds		4.000%		04/01/2035		175,000		178,861
Idaho State University Revenue Bonds		4.000%		04/01/2036		200,000		203,748
Boise State University Revenue Refunding Bonds, Series A		3.000%		04/01/2037		310,000		279,964
								6,267,089
Illinois (4.00%)
DeWitt Ford & Livingston Etc. Counties Community College District No. 540 Heartland, General Obligation Refunding Bonds		3.000%		12/01/2032		1,500,000		1,438,983
City of Chicago, Illinois, Wastewater Transmission Second Lien Revenue Bonds		5.000%		01/01/2033		1,000,000		1,002,483
County of Sangamon, Illinois, General Obligation Refunding Bonds		3.000%		12/15/2033		800,000		757,791
Cook County Community Consolidated School District No. 64 Park Ridge-Niles, General Obligation Bonds		3.000%		12/01/2034		1,000,000		975,693
Village of Schaumburg, Illinois, General Obligation Refunding Bonds		4.000%		12/01/2034		2,500,000		2,705,074
Sangamon County School District No. 186 Springfield, General Obligation Bonds		3.000%		02/01/2035		1,000,000		940,876
Chicago O’Hare International Airport Senior Lien Revenue Refunding Bonds, Series C		5.000%		01/01/2038		1,050,000		1,072,718
Illinois State Toll Highway Authority Senior Revenue Bonds, Series B		5.000%		01/01/2038		1,000,000		1,000,000
Illinois Finance Authority Revenue Refunding Bonds		4.000%		08/01/2038		1,000,000		1,000,099
Illinois State Finance Authority Revenue Refunding Bonds, Series A, Rush University Medical Center		5.000%		11/15/2038		2,645,000		2,666,648
Illinois State Toll Highway Authority Senior Revenue Bonds, Series B(a)		5.000%		01/01/2039		1,000,000		1,000,000
Cook County Community Consolidated School District No. 65 Evanston Revenue Bonds		5.000%		12/01/2039		1,000,000		1,098,681

See accompanying notes to financial statements. 31

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Illinois (Cont.)
Village of Mundelein, Illinois, General Obligation Bonds		4.000%		12/15/2039	$	1,355,000	$	1,342,468
Illinois State Toll Highway Authority Revenue Bonds, Series B		5.000%		01/01/2040		3,000,000		3,064,286
Lake County Township High School District No. 113 Highland Park, General Obligation Bonds, Series A		4.000%		01/01/2041		2,000,000		2,021,003
								22,086,803
Indiana (2.79%)
East Noble School Building Corporation Revenue Bonds		2.000%		01/15/2027		1,205,000		1,143,527
Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G		4.000%		07/15/2027		1,190,000		1,202,366
Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds, Series G		4.500%		07/15/2028		500,000		508,893
City of West Lafayette, Indiana, Sewer Revenue Bonds		3.750%		07/01/2029		220,000		222,658
Valparaiso Multi-Schools Building Corporation Revenue Bonds		5.000%		07/15/2029		3,000,000		3,088,538
City of West Lafayette, Indiana, Sewer Revenue Bonds		4.000%		07/01/2030		750,000		759,324
Munster School Building Corporation Revenue Bonds		3.375%		01/15/2031		1,095,000		1,108,765
City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A		3.000%		12/01/2033		650,000		619,626
City of Lebanon, Indiana, Sewage Works Revenue Bonds		4.000%		07/01/2034		865,000		879,764
Borden-Henryville Multi-School Building Corporation Revenue Bonds		5.000%		07/15/2034		1,270,000		1,410,049
Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds		5.000%		07/15/2034		335,000		360,313
City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A		3.000%		12/01/2034		675,000		639,813
City of Lebanon, Indiana, Sewage Works Revenue Bonds		4.000%		07/01/2035		895,000		909,614
City of Fort Wayne, Indiana, Waterworks Utility Revenue Bonds, Series A		3.000%		12/01/2035		700,000		654,591
Hamilton Southeastern Consolidated School Building Corporation Revenue Bonds		5.000%		07/15/2036		700,000		746,178
Indiana State Finance Authority Revolving Revenue Refunding Bonds, Green Bonds		5.000%		02/01/2039		1,000,000		1,137,293
								15,391,312
Iowa (1.32%)
Des Moines Metropolitan Wastewater Reclamation Authority Revenue Refunding Bonds, Series E		3.000%		06/01/2027		1,610,000		1,597,619
Waukee Community School District, General Obligation Refunding Bonds, Series B		2.000%		06/01/2027		2,100,000		1,970,360
City of Cedar Rapids, Iowa, Water Revenue Refunding Bonds, Series D		3.000%		06/01/2029		950,000		924,564
City of Council Bluffs, Iowa, General Obligation Refunding Bonds, Series A		3.000%		06/01/2029		1,050,000		1,039,067
City of West Des Moines, Iowa, General Obligation Bonds, Series D		3.000%		06/01/2031		1,770,000		1,720,407
								7,252,017
Kansas (2.35%)
Johnson County Unified School District No. 233 Olathe, General Obligation Bonds, Series A (Prerefunded to 09-01-2024 @ 100)(a)		3.000%		09/01/2024		2,740,000		2,732,230
Johnson County Unified School District No. 233 Olathe, General Obligation Bonds, Series A (Prerefunded to 09-01-2024 @ 100)(a)		3.000%		09/01/2024		1,490,000		1,485,774
Johnson County Unified School District No. 512 Shawnee Mission, General Obligation Refunding Bonds, Series A		3.000%		10/01/2027		1,000,000		986,664
Johnson County Water District No. 1 Revenue Refunding Bonds, Series A		3.000%		01/01/2032		2,500,000		2,477,304
State of Kansas Department of Transportation Revenue Bonds, Series A		5.000%		09/01/2033		5,000,000		5,304,406
								12,986,378
Kentucky (3.47%)
Northern Kentucky Water District Revenue Bonds, Series A		4.000%		02/01/2028		1,110,000		1,110,412
City of Owensboro, Kentucky, Water Revenue Refunding Bonds		3.250%		09/15/2029		1,735,000		1,731,484
Lexington-Fayette Urban County Government, General Obligation Bonds, Series A		3.000%		10/01/2029		1,060,000		1,024,981
City of Owensboro, Kentucky, Water Revenue Refunding Bonds		3.375%		09/15/2030		1,800,000		1,810,502
Lexington-Fayette Urban County Government, General Obligation Bonds, Series A		3.125%		10/01/2030		1,095,000		1,076,518
Northern Kentucky Water District Revenue Refunding Bonds		3.000%		02/01/2031		3,660,000		3,546,123
City of Owensboro, Kentucky, Water Revenue Refunding Bonds		3.500%		09/15/2031		1,860,000		1,873,398
Kenton County School District Finance Corporation Revenue Bonds		2.000%		12/01/2031		1,565,000		1,372,645
Kenton County School District Finance Corporation Revenue Bonds		2.000%		02/01/2032		1,770,000		1,548,550

32 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Kentucky (Cont.)
City of Bowling Green, Kentucky, Water & Sewer System Revenue Bonds		3.000%		06/01/2033	$	3,115,000	$	2,959,326
Woodford County School District Finance Corporation Revenue Bonds, Series A		5.000%		08/01/2039		1,000,000		1,090,622
								19,144,561
Louisiana (0.65%)
St. John the Baptist Parish School District No. 1, General Obligation Bonds		5.250%		03/01/2037		1,500,000		1,661,520
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds		5.000%		08/15/2037		1,000,000		1,040,802
City of West Monroe, Louisiana, Sales & Use Tax Revenue Bonds, Series A		5.000%		12/01/2039		830,000		907,064
								3,609,386
Maryland (0.92%)
County of Caroline, Maryland, General Obligation Refunding Bonds		3.000%		01/15/2032		1,150,000		1,118,264
City of Baltimore, Massachusetts, Revenue Bonds, Series A		5.000%		07/01/2035		1,000,000		1,155,801
County of Montgomery, General Obligation Bonds, Series A		4.000%		12/01/2036		1,000,000		998,053
County of Baltimore, General Obligation Bonds		4.000%		03/01/2038		1,750,000		1,791,984
								5,064,102
Massachusetts (0.76%)
Massachusetts State Development Finance Agency Revenue Refunding Bonds, Partners Healthcare System		5.000%		07/01/2035		1,400,000		1,448,303
Commonwealth of Massachusetts, General Obligation Bonds, Series J		5.000%		12/01/2038		1,000,000		1,041,509
Commonwealth of Massachusetts General Obligation Refunding Bonds, Series B		5.000%		05/01/2039		1,480,000		1,696,976
								4,186,788
Michigan (4.82%)
East Grand Rapids Public School District, General Obligation Refunding Bonds, Series A (Prerefunded to 05-01-2024 @ 100)(a)		5.000%		05/01/2024		1,000,000		1,000,875
East Grand Rapids Public School District, General Obligation Refunding Bonds, Series A (Prerefunded to 05-01-2024 @ 100)(a)		5.000%		05/01/2024		765,000		765,670
Mattawan Consolidated School District, General Obligation Bonds, Series I (Prerefunded to 05-01-2025 @ 100)(a)		5.000%		05/01/2025		1,005,000		1,023,276
Mattawan Consolidated School District, General Obligation Bonds, Series I (Prerefunded to 05-01-2025 @ 100)(a)		5.000%		05/01/2025		600,000		610,911
Hamilton Community School District, General Obligation Refunding Bonds		4.000%		05/01/2027		500,000		505,323
Michigan State Finance Authority Senior Lien Revenue Bonds, Great Lakes Water		5.000%		07/01/2027		1,650,000		1,655,057
Hamilton Community School District, General Obligation Refunding Bonds		4.000%		05/01/2028		300,000		303,409
Zeeland Public Schools, General Obligation Bonds, Series A		5.000%		05/01/2029		700,000		710,382
Zeeland Public Schools, General Obligation Bonds, Series A		5.000%		05/01/2030		1,100,000		1,116,080
City of Grosse Pointe, Michigan, General Obligation Bonds		4.000%		10/01/2032		595,000		621,102
City of Grosse Pointe, Michigan, General Obligation Bonds		4.000%		10/01/2033		630,000		654,230
City of Grosse Pointe, Michigan, General Obligation Bonds		4.000%		10/01/2034		670,000		695,757
Rockford Public Schools, General Obligation Bonds, Series I		4.000%		05/01/2035		1,755,000		1,818,809
Great Lakes Water Authority Water Supply Senior Lien System Revenue Bonds, Series A		5.000%		07/01/2035		750,000		871,987
Van Buren Public Schools, General Obligation Refunding Bonds		4.000%		11/01/2035		1,000,000		1,022,873
Grosse Pointe Public School System, General Obligation Refunding Bonds		5.000%		05/01/2036		1,635,000		1,774,139
Lowell Area Schools, General Obligation Bonds		4.000%		05/01/2036		865,000		888,831
West Bloomfield School District, General Obligation Bonds		3.000%		05/01/2036		3,825,000		3,534,991
Dundee Community Schools, General Obligation Bonds		5.000%		05/01/2037		1,000,000		1,126,471
Fowlerville Community Schools, General Obligation Refunding Bonds		4.000%		05/01/2038		1,470,000		1,506,041
Portage Public Schools, General Obligation Bonds		3.000%		11/01/2038		1,000,000		883,606
Lake Orion Community School District, General Obligation Bonds		4.000%		05/01/2039		1,000,000		1,019,669
Michigan State Building Authority Revenue Bonds, Series I		5.000%		10/15/2039		1,000,000		1,121,034
Grand Rapids Public Schools, General Obligation Bonds		5.000%		05/01/2041		1,220,000		1,363,500
								26,594,023

See accompanying notes to financial statements. 33

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Minnesota (3.11%)
City of Eagan, Minnesota, General Obligation Bonds, Series A		3.250%		02/01/2032	$	1,245,000	$	1,248,909
Metropolitan Council, General Obligation Bonds, Series C		3.750%		03/01/2032		5,500,000		5,511,328
University of Minnesota Revenue Bonds, Series B		4.000%		01/01/2033		2,230,000		2,230,595
Big Lake Independent School District No. 727, General Obligation Bonds, Series A		3.000%		02/01/2033		570,000		561,054
North St. Paul-Maplewood-Oakdale Independent School District No. 622, General Obligation Bonds, Series B		3.000%		02/01/2034		3,300,000		3,224,443
Red Rock Central Independent School District No. 2884, General Obligation Bonds, Series A		3.000%		02/01/2034		1,000,000		977,104
City of Minneapolis, Minnesota, General Obligation Bonds		3.000%		12/01/2035		2,000,000		1,898,498
Jordan Independent School District No. 717 General Obligation Bonds, Series A		4.000%		02/01/2041		1,500,000		1,521,036
								17,172,967
Mississippi (0.96%)
Mississippi Development Bank Revenue Bonds (Prerefunded to 12-01-2025 @ 100)(a)		4.250%		12/01/2025		2,305,000		2,344,943
State of Mississippi, General Obligation Bonds, Series F		3.000%		11/01/2026		3,000,000		2,954,312
								5,299,255
Missouri (3.67%)
Missouri State Highway & Transportation Commission Road Revenue Bonds		5.000%		05/01/2025		5,400,000		5,496,469
Fort Zumwalt School District, General Obligation Refunding Bonds		4.000%		03/01/2027		465,000		465,283
Fort Zumwalt School District, General Obligation Refunding Bonds		4.000%		03/01/2028		400,000		400,251
Fort Zumwalt School District, General Obligation Refunding Bonds		4.000%		03/01/2029		425,000		425,211
Liberty Public School District No. 53, General Obligation Bonds		4.000%		03/01/2033		1,000,000		1,011,376
Liberty Public School District No. 53, General Obligation Bonds		4.000%		03/01/2034		2,500,000		2,525,200
St. Charles County School District No. R-IV Wentzville, General Obligation Refunding Bonds		4.000%		03/01/2034		3,000,000		3,074,682
Jackson County School District No. R-5 Grain Valley, General Obligation Bonds, Series A		5.000%		03/01/2035		2,000,000		2,126,859
City of Columbia, Montana, Water & Electric System Revenue Refunding Bonds, Series B		3.000%		10/01/2035		2,520,000		2,451,481
Platte County School District Park Hill, General Obligation Bonds		3.350%		03/01/2036		1,000,000		960,914
Nixa Public Schools General Obligation Bonds		5.000%		03/01/2039		1,170,000		1,290,522
								20,228,248
Montana (2.91%)
Hellgate School District No. 4, General Obligation Bonds		3.500%		06/15/2025		860,000		860,083
Hellgate School District No. 4, General Obligation Bonds		5.000%		06/15/2032		945,000		994,626
Missoula High School District No. 1, General Obligation Bonds		4.000%		07/01/2032		1,010,000		1,040,430
Hellgate School District No. 4, General Obligation Bonds		5.000%		06/15/2033		1,005,000		1,057,464
Flathead County School District No. 44 Whitefish, General Obligation Bonds		4.000%		07/01/2033		520,000		538,974
Hellgate School District No. 4, General Obligation Bonds		5.000%		06/15/2034		505,000		530,734
Cascade County High School District A Great Falls, General Obligation Bonds		5.000%		07/01/2034		725,000		792,112
Flathead County School District No. 6 Columbia Falls, General Obligation Bonds		4.000%		07/01/2034		1,000,000		1,054,426
Hellgate School District No. 4, General Obligation Bonds		5.250%		06/15/2035		880,000		930,926
Flathead County School District No. 44 Whitefish, General Obligation Bonds		4.000%		07/01/2035		845,000		875,178
Flathead County School District No. 6 Columbia Falls, General Obligation Bonds		4.000%		07/01/2035		750,000		787,815
Lewis & Clark County K-12 School District No. 9 East Helena, General Obligation Bonds		5.000%		07/01/2035		1,925,000		2,112,814
Montana State Board of Regents Revenue Refunding Bonds		3.000%		11/15/2035		3,660,000		3,425,416
Flathead County School District No. 44 Whitefish, General Obligation Bonds		4.000%		07/01/2036		585,000		603,737
Broadwater County K-12 School District No. 1 Townsend, General Obligation Bonds		3.000%		07/01/2037		465,000		421,823
								16,026,558
Nebraska (1.50%)
Grand Island Public Schools, General Obligation Bonds (Prerefunded to 12-15-2024 @ 100)(a)		5.000%		12/15/2024		700,000		707,105
Grand Island Public Schools, General Obligation Bonds (Prerefunded to 12-15-2024 @ 100)(a)		5.000%		12/15/2024		565,000		570,735
Gretna Public Schools, General Obligation Refunding Bonds		3.000%		12/15/2024		145,000		143,944
Gretna Public Schools, General Obligation Refunding Bonds		4.000%		12/15/2025		180,000		181,646

34 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Nebraska (Cont.)
Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ 100)(a)		5.000%		12/15/2025	$	250,000	$	257,513
Gretna Public Schools, General Obligation Refunding Bonds (Prerefunded to 12-15-2025 @ 100)(a)		5.000%		12/15/2025		260,000		267,813
City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds		4.000%		12/15/2028		150,000		153,422
City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds		4.000%		12/15/2029		250,000		255,428
City of Columbus, Nebraska, Combined Utilities System Revenue Refunding Bonds		4.000%		12/15/2030		325,000		331,609
City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds		3.000%		06/15/2034		1,105,000		1,086,771
City of Kearney, Nebraska, General Obligation Bonds		4.000%		05/15/2035		500,000		506,729
City of Lincoln, Nebraska, Sanitary Sewer Revenue Bonds		3.000%		06/15/2035		1,140,000		1,111,277
Omaha Public Power District Revenue Bonds, Series A		5.000%		02/01/2036		750,000		862,840
County of Sarpy, Nebraska, General Obligation Bonds		3.500%		06/01/2037		1,000,000		1,001,266
City of La Vista, Nebraska, General Obligation Bonds		3.000%		09/15/2041		1,000,000		855,217
								8,293,315
Nevada (1.33%)
Nevada System of Higher Education Revenue Refunding Bonds		4.000%		07/01/2030		3,045,000		3,084,431
Clark County School District, General Obligation Refunding Bonds, Series C		4.000%		06/15/2037		2,000,000		2,025,040
Clark County School District, General Obligation Bonds, Series A		5.000%		06/15/2039		2,000,000		2,218,880
								7,328,351
New Jersey (1.79%)
Union Township Union County, General Obligation BANS		4.500%		01/21/2025		3,500,000		3,530,606
Hopewell Valley Regional School District, General Obligation Bonds		3.500%		01/15/2027		3,330,000		3,329,205
Livingston Township School District, General Obligation Refunding Bonds		4.000%		07/15/2029		1,000,000		1,009,998
Hopewell Valley Regional School District, General Obligation Bonds		4.000%		01/15/2032		2,000,000		2,027,860
								9,897,669
New Mexico (3.54%)
County of Bernalillo, New Mexico, General Obligation Refunding Bonds, Series A		2.250%		08/15/2024		1,050,000		1,040,460
County of Bernalillo, New Mexico, General Obligation Bonds		3.000%		08/15/2025		1,235,000		1,224,078
City of Santa Fe, New Mexico, General Obligation Bonds		4.000%		08/01/2026		225,000		225,084
City of Santa Fe, New Mexico, General Obligation Bonds		4.000%		08/01/2027		700,000		700,347
Las Cruces School District No. 2, General Obligation Bonds, Series C		3.250%		08/01/2027		900,000		902,098
Rio Rancho Public School District No. 94, General Obligation Bonds, Series A		3.000%		08/01/2027		1,515,000		1,504,621
City of Santa Fe, New Mexico, General Obligation Bonds		4.000%		08/01/2028		725,000		725,415
Las Cruces School District No. 2, General Obligation Bonds, Series C		3.500%		08/01/2028		900,000		903,944
Rio Rancho Public School District No. 94, General Obligation Bonds, Series A		3.125%		08/01/2028		1,515,000		1,510,477
City of Santa Fe, New Mexico, General Obligation Bonds		4.000%		08/01/2029		750,000		750,471
Santa Fe Public School District, General Obligation Bonds		3.625%		08/01/2029		3,075,000		3,108,834
Santa Fe Public School District, General Obligation Bonds		4.000%		08/01/2030		1,000,000		1,020,985
Albuquerque Municipal School District No. 12, General Obligation Bonds		5.000%		08/01/2034		1,800,000		1,946,610
City of Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds, Series B		5.000%		07/01/2035		1,000,000		1,168,601
Albuquerque Municipal School District No. 12, General Obligation Bonds		5.000%		08/01/2035		2,600,000		2,805,745
								19,537,770
New York (3.04%)
New York State Housing Finance Agency Variable Revenue Bonds, Series J(e)		1.100%		05/01/2027		2,000,000		1,802,568
New York State Housing Finance Agency Variable Revenue Bonds(f)		3.800%		05/01/2029		1,000,000		1,000,865
State of New York Mortgage Agency Revenue Refunding Bonds, Series 220		2.400%		10/01/2034		1,000,000		853,583
New York State Urban Development Corporation Revenue Refunding Bonds, Series A		5.000%		03/15/2035		2,000,000		2,030,796
New York City Water & Sewer System Revenue Bonds, Series DD		5.000%		06/15/2035		2,500,000		2,505,746
New York City Municipal Water Finance Authority Water & Sewer System Revenue Refunding Bonds, Series BB, Subseries BB-2		5.000%		06/15/2036		3,500,000		4,268,528

See accompanying notes to financial statements. 35

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate		Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
New York (Cont.)
New York City Transitional Finance Authority Future Tax Secured Revenue Refunding Bonds, Series B-1		5.250%		11/01/2036	$	1,500,000	$	1,766,314
New York City Transitional Finance Authority Future Tax Secured Subordinate Revenue Bonds, Series B1		5.000%		11/01/2036		1,500,000		1,499,948
New York City Transitional Finance Authority Future Tax Secured Revenue Bonds		5.000%		02/01/2039		1,060,000		1,060,000
								16,788,348
North Carolina (1.13%)
Buncombe County Metropolitan Sewerage District Revenue Refunding Bonds		4.000%		07/01/2027		1,210,000		1,210,280
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds		5.000%		05/01/2028		700,000		713,027
City of Gastonia, North Carolina, Combined Utilities System Revenue Bonds		5.000%		05/01/2029		265,000		270,152
County of Forsyth, North Carolina, General Obligation Bonds, Series B		3.000%		03/01/2032		1,000,000		986,215
City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds		5.000%		02/01/2033		750,000		836,349
City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds		5.000%		02/01/2035		1,000,000		1,112,592
City of Salisbury, North Carolina, Combined Enterprise System Revenue Refunding Bonds		5.000%		02/01/2037		1,000,000		1,101,017
								6,229,632
North Dakota (1.50%)
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L		3.125%		05/01/2028		845,000		843,508
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series L		3.250%		05/01/2029		835,000		835,068
Bismarck Public School District No. 1, General Obligation Bonds		3.125%		05/01/2030		1,695,000		1,697,975
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M		3.125%		05/01/2031		1,015,000		1,011,711
City of Bismarck, North Dakota, General Obligation Refunding Bonds, Series M		3.125%		05/01/2032		1,060,000		1,051,224
City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A		3.000%		05/01/2033		1,350,000		1,325,754
City of Fargo, North Dakota, General Obligation Refunding Bonds, Series A		3.000%		05/01/2034		1,550,000		1,511,640
								8,276,880
Ohio (2.81%)
Perrysburg Exempted Village School District, General Obligation Bonds (Prerefunded to 12-01-2024 @ 100)(a)		4.000%		12/01/2024		1,250,000		1,253,467
Lake Local School District/Stark County, General Obligation Bonds		3.000%		12/01/2025		190,000		188,321
Lake County Community College District, General Obligation Bonds, Series A		3.000%		12/01/2026		355,000		352,684
Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds		5.000%		12/01/2027		175,000		175,141
Northwest Local School District/Hamilton & Butler Counties, General Obligation Bonds		4.000%		12/01/2030		365,000		365,214
Lakewood City School District, General Obligation Refunding Bonds, Series B		4.000%		11/01/2031		220,000		227,613
Hudson City School District, Ohio, General Obligation Bonds		4.000%		12/01/2031		350,000		356,434
Lakewood City School District, General Obligation Refunding Bonds, Series B		4.000%		11/01/2032		220,000		227,191
City of Marysville, Ohio, Water System Revenue Bonds		4.000%		12/01/2032		315,000		318,318
Cuyahoga Community College District, General Obligation Bonds		4.000%		12/01/2032		1,750,000		1,783,072
Hudson City School District, Ohio, General Obligation Bonds		4.000%		12/01/2032		375,000		381,063
Lakewood City School District, General Obligation Refunding Bonds, Series B		4.000%		11/01/2033		370,000		380,910
City of Marysville, Ohio, Water System Revenue Bonds		4.000%		12/01/2033		235,000		237,177
Dublin City School District, General Obligation Bonds, Series A		4.000%		12/01/2033		500,000		520,632
Hudson City School District, Ohio, General Obligation Bonds		4.000%		12/01/2033		400,000		405,369
Worthington City School District, General Obligation Bonds		4.000%		12/01/2033		790,000		824,935
City of Toledo, Ohio, General Obligation Bonds		5.250%		12/01/2034		1,000,000		1,159,713
Cuyahoga Community College District, General Obligation Bonds		4.000%		12/01/2034		1,000,000		1,015,920
Dublin City School District, General Obligation Bonds, Series A		4.000%		12/01/2034		500,000		518,781
Hudson City School District, Ohio, General Obligation Bonds		4.000%		12/01/2034		875,000		884,360
City of Marysville, Ohio, Water System Revenue Bonds		4.000%		12/01/2035		1,870,000		1,885,414
Dublin City School District, General Obligation Bonds, Series A		4.000%		12/01/2035		500,000		517,201
Worthington City School District, General Obligation Bonds		4.000%		12/01/2035		475,000		491,341
Dublin City School District, General Obligation Bonds, Series A		4.000%		12/01/2036		1,000,000		1,026,962
								15,497,233

36 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Oklahoma (1.68%)
City of Tulsa, Oklahoma, General Obligation Bonds	3.000%		04/01/2028	$	3,000,000	$	2,980,145
Grand River Dam Authority Revenue Bonds, Series A	5.000%		06/01/2031		1,835,000		1,836,261
Edmond Public Works Authority Revenue Bonds	5.000%		07/01/2032		1,500,000		1,608,192
Oklahoma County Finance Authority Revenue Bonds	5.000%		09/01/2036		2,500,000		2,835,707
							9,260,305
Oregon (0.98%)
Clackamas County School District No. 12 North Clackamas, General Obligation Refunding Bonds (Prerefunded to 06-15-2024 @ 100)(a)	5.000%		06/15/2024		2,500,000		2,505,794
State of Oregon, General Obligation Refunding Bonds, Series J	2.800%		06/01/2025		155,000		151,733
Deschutes County Administrative School District No. 1 Bend-La Pine, General Obligation Bonds	3.000%		06/15/2035		2,865,000		2,732,930
							5,390,457
Pennsylvania (1.51%)
West View Municipal Authority Water Revenue Bonds (Prerefunded to 11-15-2024 @ 100)(a)	5.000%		11/15/2024		1,365,000		1,376,071
Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A	4.000%		06/01/2028		340,000		346,328
Township of Upper St. Clair, Pennsylvania, General Obligation Refunding Bonds, Series A	4.000%		06/01/2029		305,000		310,475
Pennsylvania Housing Finance Agency Revenue Bonds, Series 137	2.200%		04/01/2033		2,785,000		2,409,436
County of Jefferson, Pennsylvania, General Obligation Refunding Bonds	3.000%		12/15/2033		400,000		382,241
Delaware River Port Authority Revenue Bonds	5.000%		01/01/2037		1,000,000		1,002,416
County of Jefferson, Pennsylvania, General Obligation Refunding Bonds	3.000%		12/15/2037		770,000		693,875
Southeastern Pennsylvania Transportation Authority Revenue Bonds	5.000%		06/01/2038		1,000,000		1,129,801
University Area Joint Authority Sewer Sustainable Revenue Bonds	5.000%		11/01/2039		625,000		667,977
							8,318,620
Rhode Island (0.47%)
Rhode Island Housing & Mortgage Finance Corporation Revenue Bonds, Series 76-A	2.200%		10/01/2033		780,000		670,160
Rhode Island State Health & Educational Building Corp. Revenue Bonds	5.000%		05/15/2041		1,735,000		1,938,196
							2,608,356
South Carolina (0.57%)
Town of Fort Mill Water & Sewer System Revenue Bonds	3.500%		12/01/2027		380,000		369,630
Town of Fort Mill Water & Sewer System Revenue Bonds	4.000%		12/01/2028		520,000		520,003
Town of Fort Mill Water & Sewer System Revenue Bonds	4.000%		12/01/2030		535,000		535,040
City of Columbia, South Carolina, Waterworks & Sewer System Revenue Bonds, Series A	3.000%		02/01/2035		1,750,000		1,698,492
							3,123,165
Tennessee (0.93%)
City of Knoxville, Tennessee, Water System Revenue Refunding Bonds, Series BB	3.000%		03/01/2025		1,170,000		1,160,123
County of Washington, Tennessee, General Obligation Bonds, Series B	3.000%		06/01/2030		850,000		837,173
Harpeth Valley Utilities District of Davidson and Williamson Counties Revenue Bonds	5.000%		09/01/2031		1,065,000		1,072,400
County of Knox, Tennessee, General Obligation Refunding Bonds, Series B	3.000%		06/01/2032		1,105,000		1,082,994
City of Memphis, Tennessee, Electric System Revenue Bonds, Series A	3.000%		12/01/2035		1,000,000		962,474
							5,115,164
Texas (6.52%)
Tarrant County Cultural Education Facilities Finance Corporation Revenue Bonds(g)	5.000%		05/15/2026		1,000,000		1,028,902
Eanes Independent School District, General Obligation Bonds, Series A	3.500%		08/01/2026		1,670,000		1,671,300
Lake Travis Independent School District, General Obligation Refunding Bonds (Prerefunded to 02-15-2027 @ 100)(a)	4.000%		02/15/2027		235,000		240,903
University of North Texas Revenue Refunding Bonds, Series A	5.000%		04/15/2027		1,000,000		1,013,558
Upper Brushy Creek Water Control and Improvement District, General Obligation Bonds	3.000%		08/15/2031		1,000,000		961,961
State of Texas, General Obligation Refunding Bonds, Series B	2.250%		08/01/2032		750,000		663,711
Aldine Independent School District, General Obligation Refunding Bonds	4.000%		02/15/2033		1,000,000		1,023,230

See accompanying notes to financial statements. 37

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Texas (Cont.)
Lake Travis Independent School District, General Obligation Refunding Bonds, Unrefunded Balance	4.000%		02/15/2033	$	765,000	$	782,839
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds	5.000%		03/01/2033		200,000		215,803
North Texas Tollway Authority Revenue Refunding Bonds, Series B	5.000%		01/01/2034		1,220,000		1,232,453
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds	4.000%		03/01/2034		280,000		287,144
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds	4.000%		03/01/2035		200,000		204,586
Klein Independent School District, General Obligation Bonds	5.000%		08/01/2035		1,000,000		1,158,258
Texas State Technical College Revenue Bonds	5.250%		08/01/2035		1,000,000		1,164,586
State of Texas Transportation Commission Mobility Fund, General Obligation Refunding Bonds	4.000%		10/01/2035		2,655,000		2,672,833
Pecos Barstow Toyah Independent School District, General Obligation Bonds	5.000%		02/15/2036		1,745,000		1,849,780
Richardson Independent School District, General Obligation Bonds, Series A	5.000%		02/15/2036		1,000,000		1,147,819
City of Laredo, Texas, Waterworks & Sewer System Revenue Bonds	4.000%		03/01/2036		325,000		331,039
Texas A&M University Revenue Bonds	5.250%		05/15/2036		1,000,000		1,166,211
Trinity River Authority Central Regional Wastewater System Revenue Bonds	3.500%		08/01/2036		1,000,000		1,001,634
Texas Water Development Board Revenue Bonds	4.450%		10/15/2036		1,000,000		1,099,909
Texas Water Development Board Revenue Bonds	4.000%		10/15/2036		1,000,000		1,021,747
City of Cedar Park, Texas, General Obligation Bonds	5.000%		02/15/2037		1,000,000		1,117,457
Waller Consolidated Independent School District, General Obligation Bonds	5.000%		02/15/2037		1,000,000		1,138,944
Sanger Independent School District, General Obligation Bonds	4.000%		08/15/2038		1,250,000		1,277,028
Aubrey Independent School District, General Obligation Bonds	5.000%		02/15/2039		1,000,000		1,108,585
City of Pflugerville, Texas, General Obligation Bonds	4.000%		08/01/2039		1,580,000		1,620,607
County of Smith, General Obligation Bonds	5.000%		08/15/2039		1,000,000		1,125,135
Harlandale Independent School District, General Obligation Bonds, Series A	5.250%		08/15/2039		1,000,000		1,148,337
City of Houston, Texas, Combined Utility System First Lien Revenue Refunding Bonds, Series D	5.000%		11/15/2039		1,725,000		1,733,854
Permanent University Fund - University of Texas System Revenue Refunding Bonds, Series A	5.000%		07/01/2040		1,750,000		1,984,560
Lower Colorado River Authority Transmission Contract Revenue Refunding Bonds	5.000%		05/15/2041		1,600,000		1,780,940
							35,975,653
Utah (1.26%)
Snyderville Basin Special Recreation District, General Obligation Bonds, Series A	3.000%		12/15/2025		1,260,000		1,249,412
Central Utah Water Conservancy District Revenue Refunding Bonds, Series B	4.000%		10/01/2033		2,500,000		2,561,641
Wasatch County School District Local Building Authority Revenue Bonds	5.000%		06/01/2034		750,000		862,558
Jordan Valley Water Conservancy District Revenue Refunding Bonds, Series B	4.000%		10/01/2034		1,000,000		1,027,479
Duchesne County School District Revenue Bonds	5.000%		06/01/2036		1,150,000		1,244,345
							6,945,435
Vermont (0.61%)
City of Burlington, Vermont, General Obligation Bonds, Series A	5.000%		11/01/2032		175,000		192,203
City of Burlington, Vermont, General Obligation Bonds, Series A	5.000%		11/01/2033		190,000		208,270
City of Burlington, Vermont, General Obligation Bonds, Series A	5.000%		11/01/2034		255,000		279,036
City of Burlington, Vermont, General Obligation Bonds, Series B	5.000%		11/01/2034		410,000		448,646
City of Burlington, Vermont, General Obligation Bonds, Series A	5.000%		11/01/2035		265,000		289,082
City of Burlington, Vermont, General Obligation Bonds, Series B	5.000%		11/01/2035		435,000		474,531
City of Burlington, Vermont, General Obligation Bonds, Series B	5.000%		11/01/2036		910,000		987,826
City of Burlington, Vermont, General Obligation Bonds, Series A	5.000%		11/01/2037		440,000		475,350
							3,354,944
Virginia (1.53%)
Virginia State Housing Development Authority Commonwealth Mortgage Variable Revenue Bonds, Series E-2(h)	3.900%		07/01/2025		5,575,000		5,566,817
County of Stafford, Virginia, General Obligation Bonds	4.000%		07/01/2030		1,205,000		1,205,531
City of Danville, Virginia, General Obligation Bonds	4.000%		09/01/2039		1,625,000		1,667,505
							8,439,853

38 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Washington (5.94%)
City of Spokane, Washington, General Obligation Bonds	3.000%		12/01/2025	$	1,295,000	$	1,283,839
King County School District No 414 Lake Washington, General Obligation Refunding Bonds	3.500%		12/01/2025		1,000,000		1,002,049
Clark County School District No. 98 Hockinson, General Obligation Bonds	4.000%		12/01/2027		1,090,000		1,099,709
City of Camas, Washington, Water & Sewer Revenue Refunding Bonds	4.000%		12/01/2028		1,050,000		1,065,135
City of Tacoma, Washington, Sewer Revenue Refunding Bonds, Series A	3.250%		12/01/2028		350,000		350,360
Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds	5.000%		09/01/2029		1,000,000		1,000,321
City of Camas, Washington, Water & Sewer Revenue Refunding Bonds	3.125%		12/01/2029		2,000,000		2,003,188
Energy Northwest Revenue Refunding Bonds	5.000%		07/01/2030		5,000,000		5,096,897
Public Utility District No. 1 of Cowlitz County, Washington, Revenue Refunding Bonds	5.000%		09/01/2030		2,100,000		2,100,655
King County School District No 414 Lake Washington, General Obligation Bonds	4.000%		12/01/2033		5,000,000		5,124,817
King County School District No. 405 Bellevue, General Obligation Bonds	3.000%		12/01/2033		5,095,000		5,010,644
Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A	4.000%		12/01/2033		840,000		861,479
Clark County Public Utility District No. 1 Revenue Refunding Bonds	5.000%		01/01/2034		1,010,000		1,053,510
City of Shoreline, Washington, General Obligation Refunding Bonds	4.000%		12/01/2034		1,000,000		1,070,114
Kitsap County School District No. 303 Bainbridge Island, General Obligation Bonds, Series A	4.000%		12/01/2034		510,000		522,670
Yakima & Kittitas Counties School District No. 119 Selah, General Obligation Bonds	4.375%		12/01/2034		1,040,000		1,091,495
Lakehaven Water & Sewer District Revenue Bonds	3.000%		10/01/2035		700,000		666,694
Okanogan County Public Utility District No. 1 Revenue Bonds, Series A	4.000%		12/01/2035		500,000		529,073
City of Seattle, Washington, Drainage & Wastewater Improvement Revenue Refunding Bonds	4.000%		05/01/2036		1,000,000		988,789
Okanogan County Public Utility District No. 1 Revenue Bonds, Series A	4.000%		12/01/2037		800,000		826,723
							32,748,161
West Virginia (0.42%)
Braxton County Board of Education, General Obligation Refunding Bonds	4.000%		05/01/2026		250,000		253,792
Braxton County Board of Education, General Obligation Refunding Bonds	2.250%		05/01/2026		125,000		121,236
West Virginia State Housing Development Fund Sustainable Revenue Bonds, Series A	3.850%		05/01/2035		1,000,000		986,145
West Virginia State Housing Development Fund Sustainable Revenue Bonds, Series A	3.800%		11/01/2037		1,000,000		980,001
							2,341,174
Wisconsin (7.17%)
Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(a)	4.000%		04/01/2024		340,000		340,000
Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(a)	4.000%		04/01/2024		275,000		275,000
Ellsworth Community School District, Wisconsin, General Obligation Bonds (Prerefunded to 04-01-2024 @ 100)(a)	4.000%		04/01/2024		400,000		400,000
Milwaukee Metropolitan Sewerage District, General Obligation Refunding Bonds, Series C	2.500%		10/01/2024		2,000,000		1,980,055
Central Brown County Water Authority Revenue Refunding Bonds, Series A	5.000%		11/01/2029		1,000,000		1,005,040
Wisconsin-Dells School District, General Obligation Bonds	3.125%		03/01/2030		1,595,000		1,582,918
Central Brown County Water Authority Revenue Refunding Bonds, Series A	5.000%		11/01/2030		2,000,000		2,011,339
City of Fond Du Lac, Wisconsin, General Obligation Refunding Bonds, Series A	2.000%		03/01/2031		895,000		795,175
County of Waupaca, Wisconsin, General Obligation Bonds, Series A	3.250%		03/01/2031		1,160,000		1,160,261
Wisconsin-Dells School District, General Obligation Bonds	3.250%		03/01/2031		1,395,000		1,397,627
Burlington Area School District, General Obligation Bonds	3.125%		04/01/2031		1,000,000		993,085
D. C. Everest Area School District, General Obligation Bonds	3.375%		04/01/2031		3,900,000		3,912,016
Poynette School District, General Obligation Bonds	3.000%		04/01/2031		850,000		832,816
City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A	4.000%		06/01/2031		300,000		308,047
Central Brown County Water Authority Revenue Refunding Bonds, Series A	5.000%		11/01/2031		2,200,000		2,212,472
Burlington Area School District, General Obligation Bonds	3.250%		04/01/2032		1,120,000		1,105,684
Hamilton School District, Wisconsin, General Obligation Bonds	3.250%		04/01/2032		3,390,000		3,406,709
Poynette School District, General Obligation Bonds	3.125%		04/01/2032		1,520,000		1,488,425
Western Technical College District, General Obligation Refunding Bonds, Series F	3.000%		04/01/2032		2,240,000		2,217,364
City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A	4.000%		06/01/2032		675,000		692,339
City of Muskego, Wisconsin, General Obligation Refunding Bonds, Series A	4.000%		06/01/2034		1,390,000		1,416,539
Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds	3.000%		03/01/2035		1,405,000		1,328,417
Sun Prairie Area School District, Wisconsin, General Obligation Refunding Bonds	3.000%		03/01/2036		1,535,000		1,433,307

See accompanying notes to financial statements. 39

ADVISERS INVESTMENT TRUST

STATE FARM MUNICIPAL BOND FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2024 (Unaudited)

 

	Coupon rate	Maturity date		Principal amount		Value
Long-term Municipal Bond (Cont.)
Wisconsin (Cont.)
Platteville School District, General Obligation Refunding Bonds	4.000%		03/01/2038	$	775,000	$	789,036
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds	5.000%		07/01/2038		1,000,000		1,030,660
Two Rivers Public School District, General Obligation Refunding Bonds	4.000%		03/01/2039		1,000,000		1,010,547
Wisconsin Health & Educational Facilities Authority Revenue Refunding Bonds	5.000%		11/15/2039		3,025,000		3,085,456
State of Wisconsin, General Obligation Bonds, Series B	5.000%		05/01/2040		1,275,000		1,338,179
							39,548,513
Total Long-term Municipal Bond (cost $551,134,231)							544,820,572
				Shares		Value
Short-term Investments (0.30%)
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(i)					1,679,258		1,679,258
Total Short-term Investments (cost $1,679,258)							1,679,258
TOTAL INVESTMENTS (99.09%) (cost $552,813,489)							546,499,830
OTHER ASSETS, NET OF LIABILITIES (0.91%)							5,004,136
NET ASSETS (100.00%)						$	551,503,966

(a) 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.

(b) Rate shown is fixed until mandatory tender date of June 1, 2029.

(c) Rate shown is fixed until mandatory tender date of December 1, 2030.

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

(e) Rate shown is fixed until mandatory tender date of May 1, 2027.

(f) Rate shown is fixed until mandatory tender date of May 1, 2029.

(g) Rate shown is fixed until mandatory tender date of May 15, 2026.

(h) Rate shown is fixed until mandatory tender date of July 1, 2025.

(i) Rate shown is the 7-day yield as of March 31, 2024.

40 See accompanying notes to financial statements.

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ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2024 (Unaudited)

	State Farm Growth Fund		State Farm Balanced Fund		State Farm Interim Fund			State Farm Municipal Bond Fund
Assets
Investments in securities at identified cost	$	1,990,254,028		1,067,726,520		306,775,546			552,813,489
Investments in securities at market value	$	7,546,796,354		2,398,429,667		298,463,776			546,499,830
Cash		1,038,634		415,546		—			—
Foreign currency (Cost: $0, $1,328, $0, and $0, respectively)		—		1,327		—			—
Receivables:
Dividends and interest		7,987,764		6,760,851		2,833,857			5,594,494
Reclaims		253,889		154,009		—			—
Securities sold		—		5,389,060		1,434,806			1,015,189
Shares of the Fund sold		740,641		168,020		309,507			—
Variation margin on futures contracts		2,263		—		—			—
Due from broker		282,126		—		—			—
Prepaid expenses		106,140		46,882		29,014			19,194
Total assets		7,557,207,811		2,411,365,362		303,070,960			553,128,707
Liabilities and Net Assets
Payables:
Securities purchased		—		12,373,068		2,491,883			1,000,000
Shares of the Fund redeemed		2,533,252		667,258		115,454			318,496
Investment advisory fees		419,969		149,857		8,113			37,534
Accounting and Administration fees		2,281,302		883,994		204,583			239,791
Trustees’ fees and expenses		893		—		—			—
Regulatory and Compliance fees		50,949		15,978		1,770			3,517
Registration fees		1,652		460		—			—
Due to broker		—		104,019		—			—
Other accrued expenses and payables		102,830		53,791		25,955			25,403
Total liabilities		5,390,847		14,248,425		2,847,758			1,624,741
Net assets applicable to shares outstanding of common stock	$	7,551,816,964		2,397,116,937		300,223,202			551,503,966
Fund shares outstanding (no par value, unlimited number of shares authorized)		64,876,999		26,671,203		31,592,939			67,539,011
Net asset value, offering price and redemption price per share	$	116.40		89.88		9.50			8.17
Analysis of Net Assets
Paid-in-capital	$	1,948,401,905		1,029,986,469		324,858,901			570,503,114
Total distributable earnings (loss)		5,603,415,059		1,367,130,468		(24,635,699	)		(18,999,148	)
Net assets applicable to shares outstanding	$	7,551,816,964		2,397,116,937		300,223,202			551,503,966

42 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

STATEMENTS OF OPERATIONS

6-month period ended March 31, 2024 (Unaudited)

	State Farm Growth Fund			State Farm Balanced Fund			State Farm Interim Fund			State Farm Municipal Bond Fund
Investment Income:
Dividends	$	64,646,464			14,701,466			29,707			507,972
Interest		49,167			15,409,226			4,681,758			8,536,752
		64,695,631			30,110,692			4,711,465			9,044,724
Less: foreign withholding taxes		(200,770	)		—			—			—
Total investment income		64,494,861			30,110,692			4,711,465			9,044,724
Expenses:
Investment advisory fees		3,463,923			1,246,440			185,942			306,973
Accounting and Administration fees		1,504,953			583,189			134,065			157,474
Trustees’ fees and expenses		44,165			14,723			2,229			3,850
Insurance fees		33,211			11,416			1,927			3,129
Regulatory and Compliance fees		145,217			47,760			6,713			11,963
Registration fees		34,104			26,681			14,955			17,166
Other		105,353			52,273			25,396			28,599
Total expenses		5,330,926			1,982,482			371,227			529,154
Less: expense reductions by Adviser		(1,174,168	)		(396,114	)		(123,306	)		(82,651	)
Net expenses		4,156,758			1,586,368			247,921			446,503
Net investment income		60,338,103			28,524,324			4,463,544			8,598,221
Realized and unrealized gain (loss):
Net realized gain (loss) on sales of investments		341,180,771			119,251,012			(4,047,299	)		(534,119	)
Net realized gain (loss) on futures contracts		6,191,592			1,975,888			—			—
Net realized gain (loss) on foreign currency transactions		—			(763	)		—			—
Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions		867,216,534			167,920,475			9,040,327			24,886,296
Change in net unrealized appreciation (depreciation) on futures contracts		1,830,039			644,891			—			—
Net realized and unrealized gain (loss) on investments		1,216,418,936			289,791,503			4,993,028			24,352,177
Net change in net assets resulting from operations	$	1,276,757,039			318,315,827			9,456,572			32,950,398

See accompanying notes to financial statements. 43

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	State Farm Growth Fund
6-month period ended March 31, 2024 (Unaudited) and year ended September 30, 2023	2024			2023
From operations:
Net investment income	$	60,338,103			111,824,880
Net realized gain (loss)		347,372,363			(7,300,266	)
Change in net unrealized appreciation or depreciation		869,046,573			946,406,001
Net change in net assets resulting from operations		1,276,757,039			1,050,930,615
Distributions to shareholders from:
Distributable earnings (net investment income and net realized gain)		(371,502,159	)		(111,552,599	)
Total distributions to shareholders		(371,502,159	)		(111,552,599	)
From Fund share transactions:
Proceeds from shares sold		110,347,609			190,715,078
Reinvestment of distributions		344,729,158			102,728,019
Less payments for shares redeemed		(257,097,707	)		(492,194,611	)
Net increase (decrease) in net assets from Fund share transactions		197,979,060			(198,751,514	)
Total increase (decrease) in net assets		1,103,233,940			740,626,502
Net assets:
Beginning of period		6,448,583,024			5,707,956,522
End of period	$	7,551,816,964			6,448,583,024
Share Information
Sold		1,023,381			1,893,455
Issued in reinvestment of distributions		3,291,602			1,025,466
Redeemed		(2,382,340	)		(4,900,431	)
Net increase (decrease)		1,932,643			(1,981,510	)

44 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (continued)

 

State Farm Balanced Fund								State Farm Interim Fund								State Farm Municipal Bond Fund
2024				2023				2024				2023				2024				2023
	28,524,324				49,284,212				4,463,544				6,842,574				8,598,221				17,424,856
	121,226,137				19,961,020				(4,047,299	)			(8,232,646	)			(534,119	)			(4,287,871	)
	168,565,366				205,976,227				9,040,327				8,164,675				24,886,296				3,772,585
	318,315,827				275,221,459				9,456,572				6,774,603				32,950,398				16,909,570
	(131,531,788	)			(46,060,194	)			(4,462,649	)			(6,842,453	)			(8,605,015	)			(17,424,600	)
	(131,531,788	)			(46,060,194	)			(4,462,649	)			(6,842,453	)			(8,605,015	)			(17,424,600	)
	40,587,269				85,554,058				26,281,394				33,167,368				6,172,517				20,689,465
	124,984,977				43,403,536				4,423,128				6,791,042				6,877,149				13,976,756
	(118,643,731	)			(202,578,102	)			(50,311,935	)			(93,247,882	)			(33,734,502	)			(66,615,266	)
	46,928,515				(73,620,508	)			(19,607,413	)			(53,289,472	)			(20,684,836	)			(31,949,045	)
	233,712,554				155,540,757				(14,613,490	)			(53,357,322	)			3,660,547				(32,464,075	)
	2,163,404,383				2,007,863,626				314,836,692				368,194,014				547,843,419				580,307,494
	2,397,116,937				2,163,404,383				300,223,202				314,836,692				551,503,966				547,843,419
	474,107				1,037,103				2,774,275				3,514,463				761,799				2,549,329
	1,499,880				532,309				465,705				719,768				849,314				1,728,311
	(1,387,899	)			(2,470,945	)			(5,300,434	)			(9,873,776	)			(4,177,450	)			(8,205,775	)
	586,088				(901,533	)			(2,060,454	)			(5,639,545	)			(2,566,337	)			(3,928,135	)

See accompanying notes to financial statements. 45

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

FINANCIAL HIGHLIGHTS

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

STATE FARM GROWTH FUND

(For a share outstanding throughout each period)

	6-month period ended March 31, 2024			Year ended September 30,						10-month period ended September 30,			Year ended November 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	102.45			87.92			112.02			97.62			89.37			81.06
Income from Investment Operations
Net investment income(a)		0.94			1.75			1.70			1.67			1.99			2.13
Net gain (loss) on investments (both realized and unrealized)		18.96			14.53			(9.06	)		15.56			9.22			9.30
Total from invesment operations		19.90			16.28			(7.36	)		17.23			11.21			11.43
Less Distributions
Net investment income		(1.02	)		(1.75	)		(1.83	)		(1.97	)		(2.11	)		(2.09	)
Net realized gain		(4.93	)		—			(14.91	)		(0.86	)		(0.85	)		(1.03	)
Total distributions		(5.95	)		(1.75	)		(16.74	)		(2.83	)		(2.96	)		(3.12	)
Net asset value, end of period	$	116.40			102.45			87.92			112.02			97.62			89.37
Total Return		20.08	%(b)		18.58	%		(8.99	)%		17.89	%(b)		12.96	%		14.91	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	7,551.8			6,448.6			5,708.0			6,589.0			5,819.8			5,502.5
Average net asset ratios
Expenses, net of waivers and reimbursements		0.12	%(c)		0.12	%		0.12	%		0.12	%(c)		0.12	%		0.12	%
Expenses, gross of waivers and reimburements		0.15	%(c)		0.16	%		0.16	%		0.13	%(c)		0.12	%		0.12	%
Net investment income, net of waivers and reimbursements		1.74	%(c)		1.74	%		1.63	%		1.81	%(c)		2.29	%		2.62	%
Portfolio turnover rate		12	%(b)		22	%		28	%		23	%(b),(d),(e)		0	%(f)		1	%

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

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

(c) Determined on an annualized basis.

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

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

(f) Portfolio turnover rate rounds to less than 1% for the year ended November 30, 2018 and 2020.

46 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

FINANCIAL HIGHLIGHTS (continued)

STATE FARM BALANCED FUND

(For a share outstanding throughout each period)

	6-month period ended March 31, 2024			Year ended September 30,						10-month period ended September 30,			Year ended November 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	82.94			74.40			89.79			81.66			75.35			68.52
Income from Investment Operations
Net investment income(a)		1.08			1.86			1.39			1.41			1.69			1.81
Net gain (loss) on investments (both realized and unrealized)		10.97			8.43			(8.53	)		9.03			6.62			7.30
Total from invesment operations		12.05			10.29			(7.14	)		10.44			8.31			9.11
Less Distributions
Net investment income		(1.12	)		(1.75	)		(1.50	)		(1.68	)		(1.78	)		(1.79	)
Net realized gain		(3.99	)		—			(6.75	)		(0.63	)		(0.22	)		(0.49	)
Total distributions		(5.11	)		(1.75	)		(8.25	)		(2.31	)		(2.00	)		(2.28	)
Net asset value, end of period	$	89.88			82.94			74.40			89.79			81.66			75.35
Total Return		15.02	%(b)		13.87	%		(9.20	)%		12.95	%(b)		11.31	%		13.82	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	2,397.1			2,163.4			2,007.9			2,360.2			2,251.1			2,121.8
Average net asset ratios
Expenses, net of waivers and reimbursements		0.14	%(c)		0.14	%		0.14	%		0.13	%(c)		0.14	%		0.13	%
Expenses, gross of waivers and reimburements		0.17	%(c)		0.18	%		0.18	%		0.14	%(c)		0.14	%		0.13	%
Net investment income, net of waivers and reimbursements		2.52	%(c)		2.27	%		1.63	%		1.90	%(c)		2.27	%		2.59	%
Portfolio turnover rate		12	%(b)		38	%		40	%		22	%(b),(d),(e)		3	%		4	%

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

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

(c) Determined on an annualized basis.

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

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

See accompanying notes to financial statements. 47

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

FINANCIAL HIGHLIGHTS (continued)

STATE FARM INTERIM FUND

(For a share outstanding throughout each period)

	6-month period ended March 31, 2024			Year ended September 30,						10-month period ended September 30,			Year ended November 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	9.36			9.37			10.20			10.36			10.10			9.76
Income from Investment Operations
Net investment income		0.14			0.19			0.10			0.09			0.14			0.17
Net gain (loss) on investments (both realized and unrealized)		0.14			(0.01	)		(0.83	)		(0.16	)		0.26			0.34
Total from invesment operations		0.28			0.18			(0.73	)		(0.07	)		0.40			0.51
Less Distributions
Net investment income		(0.14	)		(0.19	)		(0.10	)		(0.09	)		(0.14	)		(0.17	)
Net realized gain		—			—			—			—			—			—
Total distributions		(0.14	)		(0.19	)		(0.10	)		(0.09	)		(0.14	)		(0.17	)
Net asset value, end of period	$	9.50			9.36			9.37			10.20			10.36			10.10
Total Return		2.97	%(a)		1.92	%		(7.17	)%		(0.71	)%(a)		4.02	%		5.26	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	300.2			314.8			368.2			447.0			495.2			350.7
Average net asset ratios
Expenses, net of waivers and reimbursements		0.16	%(b)		0.16	%		0.16	%		0.16	%(b)		0.16	%		0.17	%
Expenses, gross of waivers and reimburements		0.24	%(b)		0.23	%		0.22	%		0.18	%(b)		0.16	%		0.17	%
Net investment income, net of waivers and reimbursements		2.89	%(b)		2.00	%		0.99	%		1.02	%(b)		1.38	%		1.71	%
Portfolio turnover rate		22	%(a)		39	%		45	%		36	%(a)		20	%		20	%

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

(b) Determined on an annualized basis.

48 See accompanying notes to financial statements.

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

FINANCIAL HIGHLIGHTS (continued)

STATE FARM MUNICIPAL BOND FUND

(For a share outstanding throughout each period)

	6-month period ended March 31, 2024			Year ended September 30,						10-month period ended September 30,			Year ended November 30,
	(Unaudited)			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	7.81			7.84			8.89			9.04			8.80			8.44
Income from Investment Operations
Net investment income		0.12			0.24			0.21			0.18			0.23			0.24
Net gain (loss) on investments (both realized and unrealized)		0.36			(0.03	)		(1.04	)		(0.14	)		0.24			0.36
Total from invesment operations		0.48			0.21			(0.83	)		0.04			0.47			0.60
Less Distributions
Net investment income		(0.12	)		(0.24	)		(0.21	)		(0.18	)		(0.23	)		(0.24	)
Net realized gain(a)		—			—			(0.01	)		(0.01	)		—			—
Total distributions		(0.12	)		(0.24	)		(0.22	)		(0.19	)		(0.23	)		(0.24	)
Net asset value, end of period	$	8.17			7.81			7.84			8.89			9.04			8.80
Total Return		6.23	%(b)		2.64	%		(9.51	)%		0.37	%(b)		5.40	%		7.19	%
Ratios/Supplemental Data
Net assets, end of period (millions)	$	551.5			547.8			580.3			703.1			741.0			710.9
Average net asset ratios
Expenses, net of waivers and reimbursements		0.16	%(c)		0.16	%		0.16	%		0.17	%(c)		0.16	%		0.16	%
Expenses, gross of waivers and reimburements		0.19	%(c)		0.19	%		0.18	%		0.18	%(c)		0.16	%		0.16	%
Net investment income, net of waivers and reimbursements		3.09	%(c)		2.99	%		2.47	%		2.34	%(c)		2.53	%		2.74	%
Portfolio turnover rate		8	%(b)		16	%		31	%		11	%(b)		10	%		14	%

(a) Net realized gain distributions represent less than $0.01 per share for the years ended November 30, 2020 and 2019.

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

(c) Determined on an annualized basis.

See accompanying notes to financial statements. 49

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

 

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

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

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

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

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

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

1. Investment Objective

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

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

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

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

2. Significant Accounting Policies

Investment Valuation

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

When-Issued Securities

The Municipal Bond Fund may purchase municipal bonds on a “when-issued” basis. Delivery and payment for these securities may be a month or more after the purchase date, during which time such securities are subject to market fluctuations. The Municipal Bond Fund identifies and holds specific liquid assets with a market value at least equal to the amount of the when-issued purchase commitments in order to ensure that it can meet

50

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

those commitments. It is possible that the securities will never be issued and the commitment cancelled. At March 31, 2024, the Municipal Bond Fund had no commitments for when-issued securities.

Futures Contracts

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

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

Currency Transactions

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

Investment Transactions and Income

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

Expense Allocations

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

Dividends and Distributions

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

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

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

Federal Income Tax Information

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

51

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

The Funds analyzed all open tax years, as defined by the Statute of Limitations, for all major jurisdictions that remain subject to examination. The Funds’ Federal tax returns for the tax years ended November 30, 2020 and September 30, 2021, 2022 and 2023, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

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

Use of Estimates

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

3. Investment Valuation

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

● Level 1 - quoted prices in active markets for identical assets

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

● Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

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

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

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

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

52

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

The following is a summary of the valuation inputs used as of March 31, 2024 in valuing each Fund’s investments based upon the three fair value levels defined above:

Fund	Level 1		Level 2		Level 3			Total
State Farm Growth Fund
Investments in Securities:
Common Stocks (a)	$	7,476,324,246	$	—		$—		$	7,476,324,246
U.S. Treasury Obligations		—		2,151,864		—			2,151,864
Short-term Investments		68,320,244		—		—			68,320,244
Total Investments in Securities		7,544,644,490		2,151,864		—			7,546,796,354
Other Financial Instruments
Assets:
Futures Contracts		673,539		—		—			673,539
State Farm Balanced Fund
Investments in Securities:
Common Stocks (a)		1,709,177,900		—		—			1,709,177,900
Corporate Bonds (a)		—		202,184,043		—			202,184,043
Foreign Government Bonds		—		34,350,201		—			34,350,201
Agency Securities		—		10,587,281		—			10,587,281
Long-term Municipal Bonds		—		754,648		—			754,648
U.S. Treasury Obligations		—		412,278,464		—			412,278,464
Short-term Investments		29,097,130		—		—			29,097,130
Total Investments in Securities		1,738,275,030		660,154,637		—			2,398,429,667
Other Financial Instruments
Assets:
Futures Contracts		6,269		—		—			6,269
State Farm Interim Fund
Investments in Securities:
U.S. Treasury Obligations		—		297,166,323		—			297,166,323
Short-term Investments		1,297,453		—		—			1,297,453
Total Investments in Securities		1,297,453		297,166,323		—			298,463,776
State Farm Municipal Bond Fund
Investments in Securities:
Long-term Municipal Bonds		—		544,820,572		—			544,820,572
Short-term Investments		1,679,258		—		—			1,679,258
Total Investments in Securities		1,679,258		544,820,572		—			546,499,830

   (a) Industry classification is disclosed in the Schedules of Investments.

As of March 31, 2024, there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the 6-month period ended March 31, 2024.

53

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

4. Federal Income Tax

As of March 31, 2024, each Fund’s aggregate unrealized gains and losses for all investments based on cost for federal income tax purposes were as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
State Farm Growth Fund		$1,990,976,944		$5,556,603,078		$ (110,129)		$5,556,492,949
State Farm Balanced Fund		1,067,712,649		1,333,390,165		(2,666,878)		1,330,723,287
State Farm Interim Fund		306,775,546		440,848		(8,752,617)		(8,311,769)
State Farm Municipal Bond Fund		552,813,489		2,581,569		(8,895,228)		(6,313,659)

As of the latest tax period ended September 30, 2023, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains realized after September 30, 2023, if any. Future capital loss carryforward utilization in any given year may be subject to Internal Revenue Code limitations. If not applied, the capital losses will carryforward indefinitely as follows:

		Unused Non Expiring Capital Loss  Carryforwards
Fund	Loss Carryforwards Utilized in 2023	Short-term		Long-term		Total
State Farm Growth Fund	$—		$24,268,163		$    —		$24,268,163
State Farm Interim Fund	—		2,675,178		9,600,008		12,275,186
State Farm Municipal Bond Fund	—		7,124,051		5,020,648		12,144,699

As of the latest tax period ended September 30, 2023, in accordance with federal tax regulations, the components of distributable earnings on a tax basis were as follows:

Fund	Undistributed Tax Exempt Income		Undistributed Ordinary Income		Undistributed Long-term Gain	Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
State Farm Growth Fund		$    —		$33,115,240	$    —		$4,689,313,102		$	(24,268,163	)	$	4,698,160,179
State Farm Balanced Fund		—		14,654,870	2,913,803		1,162,777,756			—			1,180,346,429
State Farm Interim Fund		—		642,389	—		(17,354,547	)		(12,917,464	)		(29,629,622	)
State Farm Municipal Bond Fund		1,591,176		—	—		(31,199,956	)		(13,735,751	)		(43,344,531	)

The tax character of distributions was designated as follows for the latest tax periods ended September 30, 2023 and September 30, 2022:

2023	Tax-Exempt Income		Ordinary Income		Long-term Capital Gain	Total
State Farm Growth Fund		$     —		$111,552,599	$   —	$	111,552,599
State Farm Balanced Fund		—		46,037,202	22,992		46,060,194
State Farm Interim Fund		—		6,202,900	—		6,202,900
State Farm Municipal Bond Fund		14,719,378		1,377,496	—		16,096,874

2022	Tax-Exempt Income		Ordinary Income		Long-term Capital Gain	Total
State Farm Growth Fund		$    —		$112,654,247	$ 864,718,392	$	977,372,639
State Farm Balanced Fund		—		42,657,973	171,634,708		214,292,681
State Farm Interim Fund		—		3,981,466	221,545		4,203,011
State Farm Municipal Bond Fund		15,860,525		197,664	648,565		16,706,754

54

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

5. Fees and Transactions with Affiliates and Other Parties

Investment Adviser

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

Fund	Management Fee (as percentage of average daily net assets)
State Farm Growth Fund		0.10%
State Farm Balanced Fund		0.11%
State Farm Interim Fund		0.12%
State Farm Municipal Bond Fund		0.11%

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

Expense Limitation Agreement

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

Fund	Expense Limitation
State Farm Growth Fund		0.12%
State Farm Balanced Fund		0.14%
State Farm Interim Fund		0.16%
State Farm Municipal Bond Fund		0.16%

The expense limitation agreement is effective until January 28, 2025 for the Funds at which time it will be subject to automatic renewal upon the effective date of the Funds’ registration statement. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends and other expenses in connection with the short sale of securities, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the lesser of the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Advisory Agreement.

55

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

The balances of recoverable expenses to State Farm by the Funds at March 31, 2024 were as follows:

	Expiring
Fund	2024		2025		2026		2027
State Farm Growth Fund	$	267,169	$	2,447,711	$	2,385,389	$	1,174,168
State Farm Balanced Fund		99,813		837,229		816,185		396,114
State Farm Interim Fund		41,335		241,310		249,606		123,306
State Farm Municipal Bond Fund		28,333		127,994		157,992		82,651

Investment Sub-Adviser

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

Fund	Management Fee (as percentage of average daily net assets)
State Farm Growth Fund		0.085%
State Farm Balanced Fund		0.080%
State Farm Interim Fund		0.075%
State Farm Municipal Bond Fund		0.080%

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

Distribution Agreement

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

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

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

Services Agreement with Foreside Fund Officer Services, LLC

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

Trustee Compensation

Officers of the Trust receive no compensation directly from the Funds for serving in their respective roles. The Trust has no retirement or pension plans. Through March 31, 2023, the Trust paid an annual retainer of $125,000 and reimbursement for certain expenses to each Trustee who is not an “interested person,” as that term is defined in the 1940 Act (each, an “Independent Trustee” and, collectively, the “Independent Trustees”). Effective April 1, 2023, the Trust pays an annual retainer of $132,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the 6-month period ended March 31, 2024, the aggregate Independent Trustee compensation paid by the Trust

56

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

was $198,000. The amount of total Trustee compensation and reimbursement of out-of pocket expenses allocated from the Trust to the Funds are reflected as “Trustees’ fees and expenses” on the Statements of Operations.

6. Investment Transactions

For the 6-month period ended March 31, 2024, investment transactions (exclusive of futures contracts and short-term instruments) were as follows:

Fund	Purchases (excluding U.S. Government Obligations)	Sales/Maturities (excluding U.S. Government Obligations)	Purchases of U.S. Government Obligations	Sales/Maturities of U.S. Government Obligations
State Farm Growth Fund	$846,083,719	$968,533,480	$      —	$      —
State Farm Balanced Fund	195,813,570	259,760,187	68,261,438	61,747,207
State Farm Interim Fund	—	—	67,914,861	88,211,351
State Farm Municipal Bond Fund	46,884,869	42,029,709	—	—

7. Derivative Instruments

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

Below are the types of derivatives by primary risk exposure as presented in the Statements of Assets and Liabilities as of March 31, 2024:

		Assets			Liabilities
Fund	Contract Type	Statements of Assets Location	Value		Statements of Liabilities Location	Value
State Farm Growth Fund	Equity risk	Net Assets - Net unrealized appreciation		$673,539*	Net Assets - Net unrealized depreciation	$—
State Farm Balanced Fund	Equity risk	Net Assets - Net unrealized appreciation		6,269*	Net Assets - Net unrealized depreciation	—

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

The following tables set forth, by primary risk exposure, the Funds’ realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the 6-month period ended March 31, 2024:

		Amount of Realized Gain (Loss) on Derivative Contracts
Fund	Contract Type	Statements of Operations Location	Value
State Farm Growth Fund	Equity risk	Net realized gain (loss) on futures contracts	$	6,191,592
State Farm Balanced Fund	Equity risk	Net realized gain (loss) on futures contracts		1,975,888

		Change in Unrealized Appreciation (Depreciation) on Derivative Contracts
Fund	Contract Type	Statements of Operations Location	Value
State Farm Growth Fund	Equity risk	Change in net unrealized appreciation (depreciation) on futures contracts		$1,830,039
State Farm Balanced Fund	Equity risk	Change in net unrealized appreciation (depreciation) on futures contracts		644,891

Volume of derivative activity for the 6-month period ended March 31, 2024:*

	Equity Contracts
Fund	Number of Trades	Average Notional Amount
StateFarmGrowthFund	12	$15,021,652
State Farm Balanced Fund	11	6,213,126

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

57

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

8. Principal Investment Risks

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

Management Risk

The assessment by the Sub-Adviser of the securities to be purchased or sold by the Funds may prove incorrect, resulting in losses or poor performance, even in a rising market. This may be as a result of the factors used by the Sub-Adviser in building a multifactor quantitative model. Whenever a model is used, there is also a risk that the model will not work as planned. In addition, there may be periods when quality investing is out of favor and during which time the Funds’ performance may suffer.

Market Risk

The risk that the value of the Funds’ investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. Securities in the Funds’ portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics (such as COVID-19), epidemics, climate change and climate-related events, terrorism, regulatory events and governmental or quasi-governmental actions.

Tracking Risk

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

Liquidity Risk

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

High Yield Risk

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

Long-term Ownership Strategy Risk

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

Tax Risk

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

Large Cap Risk

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

Mid Cap Stock Risk

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

58

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

Interest Rate Risk

The risk that during periods of rising interest rates, the Funds’ yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, the Funds’ yield (and the market value of its securities) will tend to be higher. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities.

Prepayment (or Call) Risk

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

U.S. Government Securities Risk

The risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Certain U.S. government securities purchased by the Funds are neither issued nor guaranteed by the U.S. Treasury and, therefore, may not be backed by the full faith and credit of the United States.

Municipal Securities Risks

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

Credit (or Default) Risk

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

Debt Extension Risk

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

Inflation Risk

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

Income Risk

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

Valuation Risk

The risk that the sale price the Funds could receive for a portfolio security may differ from the Funds’ valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Fair valuation of the Funds’ investments involves subjective judgment. The Funds’ ability to value their investments may be impacted by technological issues and/or errors by pricing services

59

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

March 31, 2024 (Unaudited)

 

or other third-party service providers. In addition, the value of the securities in the Funds’ portfolios may change on days when shareholders will not be able to purchase or sell the Funds’ shares.

Stock Index Futures Risk

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

Geographic and Sector Risk

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

60

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

PORTFOLIO SUMMARY

March 31, 2024 (Unaudited)

State Farm Growth Fund

Fund Composition*

* Illustrated by Sector and based on total net assets as of March 31, 2024. Please refer to the Schedule of Investments in this report for details concerning Fund holdings.

State Farm Balanced Fund

Fund Composition*

* Illustrated by Type of Security and based on total net assets as of March 31, 2024. Please refer to the Schedule of Investments in this report for details concerning Fund holdings.

61

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

PORTFOLIO SUMMARY (continued)

March 31, 2024 (Unaudited)

 

State Farm Interim Fund

Fund Composition*

* Illustrated by Maturity and based on total net assets as of March 31, 2024. Please refer to the Schedule of Investments in this report for details concerning Fund holdings.

** Includes a 0.59% allocation for net other assets/liabilities.

State Farm Municipal Bond Fund

Fund Composition*

* Illustrated by Maturity and based on total net assets as of March 31, 2024. Please refer to the Schedule of Investments in this report for details concerning Fund holdings.

** Includes a 0.91% allocation for net other assets/liabilities

62

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

EXPENSE EXAMPLES

March 31, 2024 (Unaudited)

 

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2023 and held for the entire period through March 31, 2024.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Beginning Account Value October 1, 2023		Ending Account Value March 31, 2024		Annualized Expense Ratio Based on the Period October 1, 2023 to March 31, 2024		Expenses Paid During Period October 1, 2023 to March 31, 2024*
State Farm Growth Fund
Actual		$1,000.00		$1,200.80		0.12%		$0.66
Hypothetical (5% return before expenses)		$1,000.00		$1,024.40		0.12%		$0.61
State Farm Balanced Fund
Actual		$1,000.00		$1,150.20		0.14%		$0.75
Hypothetical (5% return before expenses)		$1,000.00		$1,024.30		0.14%		$0.71
State Farm Interim Fund
Actual		$1,000.00		$1,029.70		0.16%		$0.81
Hypothetical (5% return before expenses)		$1,000.00		$1,024.20		0.16%		$0.81
State Farm Municipal Bond Fund
Actual		$1,000.00		$1,062.30		0.16%		$0.82
Hypothetical (5% return before expenses)		$1,000.00		$1,024.20		0.16%		$0.81

* Expenses are calculated using the applicable Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

63

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

LIQUIDITY RISK MANAGEMENT PROGRAM

March 31, 2024 (Unaudited)

 

Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the SEC adopted Rule 22e-4 under the 1940 Act. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the SEC adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the SEC when certain liquidity-related events occur.

The Board approved the appointment of the Adviser’s Liquidity Risk Management Committee as the administrator of the LRMP for the Funds on June 10, 2021. The Board approved the LRMP at its regular board meeting on March 11, 2021. At the Board’s regular meeting on March 6-7, 2024, the Trust’s Chief Compliance Officer and the Adviser each provided a report to the Board on the operation and effectiveness of the LRMP. The Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, the Adviser has contracted with a third party provider of liquidity monitoring services. The Adviser supplies portfolio-level data and certain assumptions to this provider, which the provider uses to determine preliminary classifications. Once these preliminary classifications are received by the Adviser, the Adviser’s personnel review the information.

The LRMP effectively managed the Funds’ liquidity risks for the twelve-month period ended December 31, 2023. During this period, each Fund held no less than 50% of its total net assets in highly liquid investments. Because the Funds consisted primarily of highly liquid investments, no highly liquid investment minimum was required to be established for the Funds, and the Funds were well under their illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

64

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

March 31, 2024 (Unaudited)

 

Board Approval of Investment Advisory Agreement

Section 15 of the 1940 Act requires that the Investment Advisory Agreement (the “Agreement”) between the Trust and the Adviser with respect to the Funds be approved by a majority of the Board, including a majority of the Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to the Funds and their shareholders. The Board considered and approved the Agreement for the Funds at an in-person meeting held on December 14, 2023.

The Board requested, and the Adviser provided, both written and oral reports containing information and data (the “Section 15(c) Investment Adviser Response”) related to the following: (i) the nature, extent, and quality of the services expected to be provided by the Adviser to the Funds; (ii) the expected investment performance of the Funds and the Adviser (iii) the costs of the services to be provided and the profits to be realized by the Adviser from its relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; and (v) whether the fee levels reflect these economies of scale to the benefit of the Funds’ shareholders.

The Board examined the nature, extent, and quality of the advisory services expected to be provided by the Adviser. The Board considered the terms of the Agreement, information and reports provided in the Section 15(c) Investment Adviser Response regarding its business, personnel and operations, and advisory services to be provided to the Funds. The Board reviewed the Adviser’s investment philosophy and portfolio construction processes, the Adviser’s compliance program, pending material litigation (if any), insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the Section 15(c) Investment Adviser Response, there had been no material compliance issues or concerns raised or encountered since the last approval of the Agreement with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. Taking into account the personnel providing services to the Funds, as well as the Section 15(c) Investment Adviser Response, the Board expressed satisfaction with the quality, extent, and nature of the services to be received from the Adviser.

The Board reviewed the cost of services provided and the profits realized by the Adviser, including assertions related to compensation and profitability. The Board discussed the advisory fee to be paid by the Funds and the total operating expenses of each Fund. The Board noted that the Adviser would receive an advisory fee of 0.10% of the State Farm Growth Fund’s average daily net assets, 0.11% of the State Farm Balanced Fund’s average daily net assets, 0.12% of the State Farm Interim Fund’s daily net assets, and 0.11% of the State Farm Municipal Bond Fund’s average daily net assets. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the “FUSE Report”). The FUSE Report consisted of comparisons of the performance of each Fund to the performance of (i) its selected benchmark; (ii) the relevant Fund and other funds selected by FUSE with similar pricing characteristics (each, a “Peer Group”); and (iii) the relevant Peer Group and all other funds with similar pricing features (each, a “Peer Universe”). The Board reviewed the methodology used to select the Peer Group and the Peer Universe. The Board compared the investment advisory fees and estimated total annual operating expenses of each Fund to the average investment advisory fees and annual total operating expenses paid by the corresponding Peer Group and Peer Universe. The Board noted that both the investment advisory fees and estimated total annual operating expenses for each Fund were below the average investment advisory fees and annual total operating expenses for the Peer Group and the Peer Universe as set forth in the State Farm Section 15(c) Response. The Board then considered the expense cap in place for the Funds, noting that the Adviser had contractually agreed to waive fees and/or reimburse expenses to limit total annual fund operating expenses to 0.12%, 0.14%, 0.16%, and 0.16% annually for the State Farm Growth Fund, the State Farm Balanced Fund, the State Farm Interim Fund, the State Farm Municipal Bond Fund, respectively. After considering the comparative data provided by the Adviser, the Board concluded that the advisory fees and expense ratios were reasonable.

The Board considered the profitability of the Adviser’s relationship with the Funds. Referring to Section 15(c) Investment Adviser Response, they noted that each Fund is expected to remain at scale for the foreseeable future, and therefore, above its breakeven point.

In considering the economies of scale for the Funds, the Board noted that no marketing or distribution of the State Farm Funds was expected to occur because the State Farm Funds are offered to only State Farm employees and their families. The Board also considered capacity and breakeven points for each of the State Farm Funds. The Board noted that other than the investment advisory fee, the Adviser derived no other fees or monetary benefits from the Funds.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to various factors considered.

65

ADVISERS INVESTMENT TRUST

STATE FARM FUNDS

BOARD APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (continued)

March 31, 2024 (Unaudited)

 

Board Approval of Investment Sub-Advisory Agreement

Section 15 of the 1940 Act requires that the Investment Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Adviser and the Sub-Adviser with respect to the Funds be approved by a majority of the Board, including a majority of the Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Sub-Advisory Agreement to determine whether the Sub-Advisory Agreement is fair to the Funds and their shareholders. The Board considered and approved the Sub-Advisory Agreement for the Funds at an in-person meeting held on December 14, 2023.

The Board requested, and the Sub-Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services expected to be provided by the Sub-Adviser to the Funds; (ii) the investment performance of the Funds and the Sub-Adviser (iii) the costs of the services to be provided and the profits to be realized by the Adviser from its relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; and (v) whether the fee levels reflect these economies of scale to the benefit of the Funds’ shareholders.

The Board examined the nature, extent, and quality of the sub-advisory services provided by the Sub-Adviser. The Board considered the terms of the Sub-Advisory Agreement, information and reports provided by the Sub-Adviser (the “Section 15(c) Investment Sub-Adviser Response”) regarding its business, personnel and operations, and advisory services to be provided to the Funds. The Board reviewed the Sub-Adviser’s investment philosophy and portfolio construction processes, the Sub-Adviser’s compliance program, pending material litigation (if any), insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the Section 15(c) Investment Sub-Adviser Response, there had been no material compliance issues or concerns raised or encountered since the last renewal of the Sub-Advisory Agreement with respect to the Funds or any other fund managed by the Sub-Adviser. The Board then considered key risks associated with the Funds and ways in which those risks would be mitigated. Taking into account the personnel providing services to the Funds, as well as the materials provided by the Sub-Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services from the Sub-Adviser.

The Board next considered the performance of each State Farm Fund, both in absolute terms and as compared to (i) their selected benchmarks, (ii) other mutual funds with a similar investment strategy as the State Farm Funds (“Similar Sub-Adviser Accounts”), (iii) rank, percentile, and median within each State Farm Fund Peer Group, and (iv) rank, percentile, and median within each State Farm Fund Peer Universe for the three-month, one-year, three-year, five-year, and ten-year periods through September 30, 2023, for each State Farm Fund and noted periods of under- and out-performance. After considering the information presented, the Board expressed satisfaction with the performance of each State Farm Fund.

The Board reviewed the cost of services provided and the profits realized by the Sub-Adviser, including assertions related to compensation and profitability. The Board discussed the sub-advisory fees to be paid by the Funds and the total operating expenses of the Funds. The Board noted that the Sub-Adviser would receive a sub-advisory fee of 0.085% of the State Farm Growth Fund’s average daily net assets, 0.08% of the State Farm Balanced Fund’s average daily net assets, 0.075% of the State Farm Interim Fund’s average daily net assets, and 0.08% of the State Farm Municipal Bond Fund’s average daily net assets. The Board reviewed the investment sub-advisory fee and total net expenses to the average investment advisory fee and annual total operating expenses paid by each Peer Group and each Peer Universe and noted that the fees were below the average advisory fee for each Peer Group and each Peer Universe and within the range of fees of Similar Sub-Adviser Accounts. After considering the comparative data provided by the Sub-Adviser, the Board concluded that the advisory fees and expense ratios were reasonable.

The Board considered the profitability of the Sub-Adviser’s relationship with the Funds. Referring to the Section 15(c) Investment Sub-Adviser Response, the Board noted that the State Farm Funds are at scale and are expected to remain at similar scale for the foreseeable future, and, therefore, above their respective breakeven points.

In considering the economies of scale for the Funds, the Board considered no marketing or distribution of the State Farm Funds was expected to occur because the State Farm Funds are offered to only State Farm employees and their families. The Board noted that the Sub-Adviser was affiliated with the Funds’ administrator, transfer agent, fund accountant and custodian.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to various factors considered.

66

STATE FARM FUNDS

(Series of the Advisers Investment Trust)

NOTICE OF PRIVACY POLICY & PRACTICES

 

SAFEGUARDING PRIVACY

The Funds recognizes and respects the privacy concerns and expectations of our customers1. We are committed to maintaining the privacy and security of the personal confidential information we collect about you. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We collect nonpublic personal information about our customers from the following sources:

● Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

● Account History, including information about the transactions and balances in a customer’s account(s); and

● Correspondences including written, telephonic or electronic between a customer and the Funds or service providers to the Funds.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

The Funds may disclose all non-public personal information we collect, as described above, to companies that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services, provided they use the information solely for these purposes and they enter into a confidentiality agreement regarding the information. The Funds also may disclose non-public personal information as otherwise permitted by law.

SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We require service providers to the Funds:

● to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Funds; and

● to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the Funds.

¹ For purposes of this notice, the term “customer” or “customers” include individuals who provide nonpublic personal information to the Funds, but do not invest in Fund shares.

67

Investment Adviser

State Farm Investment Management Corp.

One State Farm Plaza, B-2

Bloomington, IL 61710

Investment Sub-Adviser

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, IL 60603

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

Independent Registered Public

Accounting Firm

PricewaterhouseCoopersLLP

One North Wacker

Chicago, IL 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, OH 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

For Additional Information, call

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

SF 3/24

                            

RIVER CANYON TOTAL RETURN

BOND FUND

SEMI-ANNUAL REPORT

March 31, 2024

                            

The Securities and Exchange Commission (“SEC”) recently adopted a rule requiring mutual funds to produce “concise and visually engaging” annual and semi-annual reports to shareholders. This streamlined format is intended to highlight key information for retail shareholders to permit them to assess and monitor their fund investments. More detailed information that has historically been part of shareholder reports, such as the shareholder letter, financial statements, and financial highlights, will not appear in the new streamlined shareholder reports, but will be available free of charge upon request to the Fund or via the Fund’s Form N-CSR filed with the SEC on its EDGAR database. The compliance date for funds to implement streamlined shareholder reports is July 24, 2024; therefore, the Fund will issue its first streamlined shareholder reports beginning with its September 30, 2024 annual report. The new rule requires that a hard copy of the Fund’s streamlined shareholder report be mailed to each shareholder, unless the shareholder elects to receive such reports electronically. If you wish to `opt-in’ for electronic delivery of the Fund’s annual and semi-annual shareholder reports, please contact your financial advisor (or, for direct shareholders, please contact the Fund at 800-245-0371 (toll free) or 312-557-0164) for assistance in enrolling your account in paperless (i.e., electronic) delivery of shareholder materials.

This report is submitted for the general information of the shareholders of River Canyon Total Return Bond Fund (the “Fund”). It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

TABLE OF CONTENTS

March 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS	1
STATEMENT OF ASSETS & LIABILITIES	9
STATEMENT OF OPERATIONS	10
STATEMENTS OF CHANGES IN NET ASSETS	11
FINANCIAL HIGHLIGHTS	12
NOTES TO FINANCIAL STATEMENTS	13
ADDITIONAL INFORMATION	22

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
ASSET-BACKED SECURITIES		40.1	%
ACC Auto Trust Series 2022-A(a) 4.58%, 07/15/26				$	1,400,979	$	1,395,363
ACM Auto Trust Series 2023-1A(a) 8.59%, 01/22/30					3,000,000		3,030,879
Avant Loans Funding Trust Series 2022-REV1(a) 8.57%, 09/15/31					9,000,000		8,979,142
Bayview Opportunity Master Fund VII Series 2024-CAR1 (Floating, U.S. 30-Day Average SOFR + 3.60%)(a)(b)(c) 8.92%, 12/26/31					1,500,000		1,500,000
BHG Securitization Trust Series 2023-B(a) 12.40%, 12/17/36					2,000,000		2,073,272
Business Jet Securities LLC Series 2021-1A(a) 5.07%, 04/15/36					1,090,723		1,048,801
Capital Four CLO VII DAC Series 7A (Floating, Euribor 3M + 6.79%, 6.79% Floor)(a)(b) 10.72%, 04/25/37					1,000,000		1,068,062
Chase Auto Owner Trust Series 2024-1A(a)(c)(d) 0.00%, 06/25/31					8,850		1,770,000
Clsec Holdings 22t LLC Series 2021-1(a) 6.17%, 05/11/37					13,618,840		11,807,534
CP EF Asset Securitization I LLC Series 2022-1A(a) 5.96%, 04/15/30					1,663,816		1,652,008
FAT Brands Fazoli’s Native I LLC Series 2021-1(a) 7.00%, 07/25/51					15,741,000		14,414,517
FAT Brands GFG Royalty I LLC Series 2021-1A(a) 7.00%, 07/25/51					15,543,000		14,197,516
FAT Brands Twin Peaks I LLC Series 2021-1A(a) 8.00%, 07/25/51					9,900,000		9,701,066
FHF Issuer Trust Series 2024-1A(a) 7.42%, 05/15/31					2,500,000		2,512,296
Foundation Finance Trust Series 2023-2A(a) 9.10%, 06/15/49					2,944,000		3,051,887
Foundation Finance Trust Series 2024-1A(a)(c) 8.13%, 12/15/49					8,000,000		7,998,424
Goldman Home Improvement Issuer Trust Series 2022-GRN1(a)(d)(e)(f) 0.00%, 06/25/52					50,000		4,144,004
HOA Funding LLC Series 2021-1A(a) 4.72%, 08/20/51					14,137,500		11,010,154
Horizon Aircraft Finance I Ltd. Series 2018-1(a) 4.46%, 12/15/38					3,874,514		3,390,130
ICG U.S. CLO Ltd. Series 2020-1A (Floating, CME Term SOFR 3M + 3.86%, 3.60% Floor)(a)(b) 9.18%, 01/20/35					3,000,000		2,796,187
L.P. LMS Asset Securitization Trust Series 2023-1A(a) 7.48%, 10/17/33					3,000,000		2,895,999
Lendingpoint Asset Securitization Trust Series 2022-C(a) 13.09%, 02/15/30					6,400,000		3,200,000

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets	Principal Amount		Value
Lendmark Funding Trust Series 2021-2A(a) 3.09%, 04/20/32		$	3,160,000	$	2,689,762
MAPS Ltd. Series 2019-1A(a) 4.46%, 03/15/44			669,884		607,933
Mariner Finance Issuance Trust Series 2021-BA(a) 3.42%, 11/20/36			1,980,000		1,712,511
Marlette Funding Trust Series 2023-3A(a) 8.04%, 09/15/33			3,000,000		3,077,124
ME Funding LLC Series 2024-1A(a)(c) 8.10%, 04/30/54			5,000,000		4,810,113
Mercury Financial Credit Card Master Trust Series 2022-3A(a) 13.44%, 06/21/27			3,550,000		3,572,920
Mercury Financial Credit Card Master Trust Series 2023-1A(a) 17.07%, 09/20/27			7,525,000		7,628,431
Mission Lane Credit Card Master Trust Series 2022-A(a) 6.92%, 09/15/27			3,000,000		3,001,439
Mission Lane Credit Card Master Trust Series 2023-A(a) 10.03%, 07/17/28			3,500,000		3,520,973
Momnt Technologies Trust Series 2023-1A(a) 8.29%, 03/20/45			3,000,000		3,042,916
Momnt Technologies Trust Series 2023-1A(a) 11.24%, 03/20/45			9,180,000		8,936,558
NRZ Excess Spread-Collateralized Notes Series 2021-GTN1(a) 3.47%, 11/25/26			4,457,708		4,147,300
OnDeck Asset Securitization Trust IV LLC Series 2023-1A(a) 9.93%, 08/19/30			6,000,000		5,951,926
Oportun Issuance Trust Series 2021-B(a) 5.41%, 05/08/31			4,910,000		4,473,931
Oportun Issuance Trust Series 2021-C(a) 3.61%, 10/08/31			2,659,000		2,494,097
PAGAYA AI Debt Trust Series 2022-2(a) 4.97%, 01/15/30			2,150,328		2,142,916
Pagaya AI Debt Trust Series 2023-6(a) 9.00%, 06/16/31			2,749,295		2,634,881
Pagaya AI Debt Trust Series 2023-8(a) 9.00%, 06/16/31			4,996,791		4,802,901
Pagaya AI Debt Trust Series 2024-1(a) 8.34%, 07/15/31			2,500,000		2,533,859
PMT Issuer Trust - FMSR Series 2022-FT1 (Floating, U.S. 30-Day Average SOFR + 4.19%, 4.19% Floor)(a)(b) 9.51%, 06/25/27			8,000,000		8,102,082
PNMAC GMSR ISSUER TRUST Series 2022-GT1 (Floating, U.S. 30-Day Average SOFR + 4.25%)(a)(b) 9.57%, 05/25/27			12,000,000		12,168,268
Project Silver Series 2019-1(a) 3.97%, 07/15/44			2,769,535		2,437,274
RRE 18 Loan Management DAC Series 18A (Floating, Euribor 3M + 6.42%)(a)(b)(c) 0.00%, 04/15/39			1,280,000		1,353,309

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
SAFCO Auto Receivables Trust Series 2022-1A(a) 8.62%, 11/19/29				$	3,000,000	$	3,028,350
Santander Bank Auto Credit-Linked Notes Series 2022-A(a) 12.66%, 05/15/32					8,250,000		8,239,993
Santander Bank Auto Credit-Linked Notes Series 2023-A(a) 7.08%, 06/15/33					1,581,386		1,585,363
Santander Bank Auto Credit-Linked Notes Series 2023-B(a) 12.24%, 12/15/33					4,250,000		4,242,898
SEB Funding LLC Series 2024-1A(a)(c) 7.39%, 04/30/54					7,500,000		7,576,758
Service Experts Issuer LLC Series 2021-1A(a) 5.37%, 02/02/32					3,000,000		2,353,119
Skyline Aircraft Series 2006-S3(f) 6.17%, 08/17/33					4,315,359		3,848,761
Sound Point CLO XXX Ltd. Series 2021-2A (Floating, CME Term SOFR 3M + 3.61%, 3.35% Floor)(a)(b) 8.94%, 07/25/34					4,000,000		3,893,451
Sound Point CLO XXXI Ltd. Series 2021-3A (Floating, CME Term SOFR 3M + 3.51%, 3.25% Floor)(a)(b) 8.84%, 10/25/34					2,750,000		2,663,063
Sound Point Euro CLO X Funding DAC Series 10A (Floating, Euribor 3M + 6.52%, 6.52% Floor)(a)(b) 10.35%, 04/20/38					2,000,000		2,168,489
Towd Point Mortgage Trust Series 2024-CES1(a) 6.86%, 01/25/64					1,000,000		1,001,779
Trinitas Euro CLO VI DAC Series 6A (Floating, Euribor 3M + 6.38%, 6.38% Floor)(a)(b) 10.31%, 04/15/37					2,000,000		2,165,528
U.S. Auto Funding Trust Series 2022-1A(a) 3.98%, 04/15/25					1,077,717		1,053,306
U.S. Auto Funding Trust Series 2022-1A(a)(f) 11.79%, 06/15/29					5,000,000		0
U.S. Bank N.A. Series 2023-1(a) 9.79%, 08/25/32					2,131,256		2,151,094
U.S. Bank N.A. Series 2023-1(a) 13.60%, 08/25/32					3,410,009		3,430,841
Upstart Securitization Trust Series 2022-2(a) 4.37%, 05/20/32					908,044		906,459
Upstart Securitization Trust Series 2022-3(a)(d)(e)(f) 0.00%, 06/20/32					5,575		119,145
TOTAL ASSET-BACKED SECURITIES (Cost $273,996,716)							259,909,062
BANK DEBTS		12.8	%
Amentum Government Services Holdings LLC 13.33%, 12/07/29					9,284,131		9,330,552
Amentum Government Services Holdings LLC(g) 12/07/29					971,757		976,616
Champ Acquisition Corp. 10.83%, 12/17/25					9,570,767		9,582,731

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
Crosby U.S. Acquisition Corp. 9.33%, 08/12/29				$	4,987,500	$	5,011,390
CT Technologies Intermediate Holdings, Inc. 9.57%, 12/16/25					19,448,577		19,375,644
CT Technologies Intermediate Holdings, Inc.(g) 12/16/25					1,898,017		1,890,900
Electro Rent Corp. 10.64%, 01/31/24					5,601,960		5,433,901
PREIT Associates L.P. 11.20%, 12/10/24					2,397,380		2,385,393
Project Boost(c)(g) 06/01/26					2,992,167		2,999,647
Project Boost(c)(g) 05/30/26					1,994,872		1,999,859
Staples, Inc. 10.06%, 09/12/24					2,381,032		2,378,056
Verscend Holding Corp. 9.32%, 08/27/25					21,200,234		21,200,235
TOTAL BANK DEBTS (Cost $81,845,113)							82,564,924
CORPORATE BONDS		18.3	%
Ahead DB Holdings LLC(a) 6.63%, 05/01/28					1,000,000		908,750
Alteryx, Inc.(a) 8.75%, 03/15/28					10,000,000		10,296,080
Ardagh Metal Packaging Finance U.S.A. LLC(a) 4.00%, 09/01/29					2,000,000		1,613,385
Arrow Bidco LLC(a) 10.75%, 06/15/25					2,070,000		2,137,275
Azul Secured Finance LLP(a) 11.93%, 08/28/28					10,000,000		10,238,380
Callon Petroleum Co.(a) 7.50%, 06/15/30					1,000,000		1,057,500
Centene Corp. 4.25%, 12/15/27					5,000,000		4,770,015
Charter Communications Operating LLC 4.91%, 07/23/25					5,000,000		4,939,845
CHS/Community Health Systems, Inc.(a) 8.00%, 03/15/26					7,025,000		7,013,982
LABL, Inc.(a) 10.50%, 07/15/27					24,129,000		23,926,150
Mauser Packaging Solutions Holding Co.(a) 9.25%, 04/15/27					553,000		548,315
Prime Healthcare Services, Inc.(a) 7.25%, 11/01/25					10,000,000		9,975,000
Spectrum Brands, Inc.(a) 5.00%, 10/01/29					9,124,000		8,945,499
Spectrum Brands, Inc.(a) 5.50%, 07/15/30					2,000,000		1,956,911

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
Spectrum Brands, Inc.(a) 3.88%, 03/15/31				$	4,318,000	$	4,159,898
Surgery Center Holdings, Inc.(a) 10.00%, 04/15/27					7,638,000		7,651,382
VICI Properties L.P./VICI Note Co., Inc.(a) 4.25%, 12/01/26					10,000,000		9,615,695
VICI Properties L.P./VICI Note Co., Inc.(a) 3.50%, 02/15/25					2,000,000		1,956,113
VICI Properties L.P./VICI Note Co., Inc.(a) 4.63%, 06/15/25					7,089,000		6,980,281
TOTAL CORPORATE BONDS (Cost $117,960,915)							118,690,456
FOREIGN ISSUER BONDS		2.1	%
Latam Airlines Group S.A.(a)(c) 13.38%, 10/15/27					10,000,000		11,212,290
Rakuten Group, Inc.(a) 11.25%, 02/15/27					2,000,000		2,119,145
TOTAL FOREIGN ISSUER BONDS (Cost $13,183,418)							13,331,435
MORTGAGE-BACKED SECURITIES		18.3	%
PRIVATE		9.4	%
Home Equity		7.0	%
Angel Oak Mortgage Trust Series 2022-3(a)(h) 4.13%, 01/10/67					5,905,475		5,386,332
Barclays Mortgage Loan Trust Series 2022-INV1(a)(h) 4.55%, 02/25/62					8,472,800		6,529,690
CFMT LLC Series 2023-H12(a) 4.25%, 04/25/33					5,000,000		4,261,326
CWHEQ Home Equity Loan Trust Series 2006-S2(f) 5.60%, 07/25/27					272,073		230,337
CWHEQ Home Equity Loan Trust Series 2006-S3 (Step to 6.21% on 05/25/24)(c)(i)(j) 5.54%, 06/25/21					2		552,000
CWHEQ Home Equity Loan Trust Series 2006-S5(c)(j) 5.75%, 06/25/35					6		1,625,260
FIGRE Trust Series 2024-HE1(a)(h) 10.03%, 03/25/54					1,000,000		1,005,732
Home Equity Mortgage Trust Series 2006-3 (Floating, CME Term SOFR 1M + 0.57%, 0.46% Floor)(b)(f) 5.90%, 09/25/36					2,708,000		1,550
Home Equity Mortgage Trust Series 2006-3 (Step to 5.67% on 04/25/24)(f)(i) 6.09%, 09/25/36					2,646,676		102,691
Home Equity Mortgage Trust Series 2006-4 (Floating, CME Term SOFR 1M + 0.61%, 0.46% Floor)(b)(c)(f) 3.99%, 11/25/36					4,391,000		128
Home Equity Mortgage Trust Series 2006-4 (Floating, CME Term SOFR 1M + 0.61%, 0.46% Floor)(b)(f) 5.94%, 11/25/36					1,354,000		448

See Notes to Financial Statements.

5

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
Home Equity Mortgage Trust Series 2006-4(f) 6.23%, 11/25/36				$	1,666,325	$	79,150
Home Equity Mortgage Trust Series 2006-5 (Floating, CME Term SOFR 1M + 0.51%, 0.46% Floor)(b)(f) 5.84%, 01/25/37					262,403		13,120
Imperial Fund Mortgage Trust Series 2022-NQM4 (Step to 5.02% on 05/25/24)(a)(i) 5.04%, 06/25/67					4,000,000		3,200,050
Imperial Fund Mortgage Trust Series 2022-NQM5 (Step to 6.31% on 08/25/26)(a)(i) 6.25%, 08/25/67					4,125,000		3,951,699
Indymac Residential Mortgage-Backed Trust Series 2005-L3 (Floating, CME Term SOFR 1M + 0.55%, 0.44% Floor)(b)(c) 5.88%, 12/16/35					1,020,149		816,119
JP Morgan Resecuritization Trust Series 2009-7(a)(h) 7.00%, 09/27/37					9,586,710		4,156,245
PRPM Trust Series 2022-INV1(a)(h) 4.44%, 04/25/67					2,600,000		2,098,718
Residential Asset Securitization Trust Series 2006-A6 (Floating, 5.79% - CME Term SOFR 1M, 5.90% Floor)(b)(c)(k) 0.46%, 07/25/36					11,965,592		866,099
Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3(a)(h) 10.25%, 06/01/53					10,502,250		10,595,002
Total Home Equity (Cost $49,528,206)							45,471,696
Commercial Mortgage-Backed Securities		2.4	%
CSMC Trust Series 2022-NQM4 (Step to 5.25% on 07/25/26)(a)(i) 4.82%, 06/25/67					4,372,787		4,255,304
Med Trust Series 2021-MDLN (Floating, CME Term SOFR 1M + 4.11%, 5.25% Floor)(a)(b) 9.44%, 11/15/38					7,961,790		7,946,867
Med Trust Series 2021-MDLN (Floating, CME Term SOFR 1M + 5.36%, 5.25% Floor)(a)(b) 10.69%, 11/15/38					2,985,671		2,980,075
Total Commercial Mortgage-Backed Securities (Cost $15,114,633)							15,182,246
U.S. GOVERNMENT AGENCIES		8.9	%
Fannie Mae REMICS Series 2013-67 (Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)(b)(c)(k) 0.66%, 07/25/43					8,262,241		926,941
Fannie Mae REMICS Series 2020-27 (Floating, 5.84% - U.S. 30-Day Average SOFR, 5.95% Cap)(b)(c)(k) 0.51%, 07/25/43					17,631,848		1,669,748
Fannie Mae REMICS Series 2022-19 (Floating, 5.60% - U.S. 30-Day Average SOFR, 5.60% Cap)(b)(c)(k) 0.28%, 07/25/43					32,793,980		3,017,063
Freddie Mac REMICS Series 4833 (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)(b)(c)(k) 0.56%, 10/15/44					17,618,022		1,545,578

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount		Value
Freddie Mac REMICS Series 5240 (Floating, 5.89% - U.S. 30-Day Average SOFR, 9999.00% Cap)(b)(c)(k) 0.54%, 03/25/50				$	16,712,912	$	1,819,799
FREMF Mortgage Trust Series 2019-KF59 (Floating, U.S. 30-Day Average SOFR + 6.11%, 6.00% Floor)(a)(b) 11.43%, 02/25/29					19,291,011		19,095,995
Government National Mortgage Association Series 2016-116 (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)(b)(c)(k) 0.67%, 09/20/46					11,167,533		1,229,750
Government National Mortgage Association Series 2019-110 (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)(b)(c)(k) 0.62%, 09/20/49					9,468,580		1,016,787
Government National Mortgage Association Series 2021-160 (Floating, 6.19% - CME Term SOFR 1M, 6.30% Floor)(b)(c)(k) 0.87%, 09/20/51					13,837,066		1,721,774
Government National Mortgage Association Series 2021-205 (Floating, 3.20% - U.S. 30-Day Average SOFR, 3.20% Cap)(b)(c)(k) 0.00%, 11/20/51					164,531,779		2,244,855
Government National Mortgage Association Series 2021-70(h)(k) 0.71%, 04/16/63					280,083,535		15,199,993
Government National Mortgage Association Series 2022-190 (Floating, 5.99% - CME Term SOFR 1M, 6.10% Floor)(b)(c)(k) 0.67%, 08/20/49					32,555,327		3,044,971
Government National Mortgage Association Series 2023-135 (Floating, 28.17% - U.S. 30-Day Average SOFR, 28.17% Cap)(b) 5.12%, 09/20/53					4,915,321		5,237,841
TOTAL U.S. GOVERNMENT AGENCIES (Cost $71,007,539)							57,771,095
TOTAL MORTGAGE-BACKED SECURITIES (Cost $135,650,378)							118,425,037
MUNICIPAL BONDS		3.6	%
GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue Bond 7.50%, 08/20/40					18,660,394		17,867,327
Puerto Rico Commonwealth Notes, Subseries CW(l) 0.00%, 11/01/43					8,877,387		5,131,130
TOTAL MUNICIPAL BONDS (Cost $21,316,175)							22,998,457
	Percentage of Net Assets			Shares		Value
SHORT-TERM INVESTMENTS		10.3	%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(m)					66,919,108		66,919,108
TOTAL SHORT-TERM INVESTMENTS (Cost $66,919,108)							66,919,108
TOTAL INVESTMENTS (Cost $710,871,823)		105.5	%				682,838,479
NET OTHER ASSETS (LIABILITIES)		(5.5	)%				(35,536,674	)
NET ASSETS		100.0	%			$	647,301,805

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

^(a)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(b)Floating rate security. The rate presented is the rate in effect at March 31, 2024, and the related index and spread are shown parenthetically for each security.

^(c)Non-income producing security.

^(d)Zero coupon bond.

^(e)Equity tranche security.

^(f)Security valued pursuant to Level 3 unobservable inputs.

^(g)Position is unfunded. Contract rate was not determined at March 31, 2024 and does not take effect until drawn.

^(h)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

⁽ⁱ⁾Step coupon bond. Rate as of March 31, 2024 is disclosed.

^(j)FGIC insured bond in which the current value primarily relates to pending insurance payments.

^(k)Interest only security.

^(l)These securities are remarketed by an agent, and the interest rate is determined by general market conditions and supply and demand.

^(m)7-day current yield as of March 31, 2024 is disclosed.

Abbreviations:

CLO – Collateralized Loan Obligation

Forward foreign currency exchange contracts at March 31, 2024: 

Counterparty	Settlement Date		Currency Purchased	Currency Purchased Amount		Currency Sold	Currency Sold Amount		Unrealized Appreciation (Depreciation)
Goldman Sachs International		05/28/24	USD		2,160,543	EUR		1,990,000	$	8,608

Swap Agreements outstanding at March 31, 2024: 

Counterparty

Fund Pays

Fund Receives

Maturity Date

Currency

Notional Amount

Market Value

Unrealized Appreciation (Depreciation)

Goldman Sachs International

SPDR S&P 500 ETF

1-Day SOFR-0.25

%

08/12/2024

USD

19,997,836

$

(3,282,477

)

$

(3,282,477

)

See Notes to Financial Statements.

8

ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

March 31, 2024 (Unaudited)

	River Canyon Total Return Bond Fund
Assets:
Investments, at value (Cost:$710,871,823)	$	682,838,479
Foreign currencies (Cost:$174)		173
Cash collateral for derivatives		5,900,914
Receivable for interest		5,826,606
Receivable for dividends		221,601
Receivable for investments sold		26,540
Receivables for capital shares sold		1,419,685
Unrealized appreciation on forward foreign currency exchange contracts		8,608
Prepaid expenses		40,189
Total Assets		696,282,795
Liabilities:
Cash overdraft		59,631
Unrealized depreciation on total return swaps		3,282,477
Securities purchased payable		23,043,814
Payable for when-issued securities		21,694,518
Capital shares redeemed payable		62,177
Investment advisory fees payable		248,557
Accounting and Administration fees payable		473,069
Regulatory and Compliance fees payable		46,636
Trustee fees payable		74
Other accrued expenses and payables		70,037
Total Liabilities		48,980,990
Net Assets	$	647,301,805
Institutional Shares:
Net assets	$	647,301,805
Shares of common stock outstanding		64,413,707
Net asset value per share	$	10.05
Net Assets:
Paid in capital	$	723,583,858
Distributable earnings (loss)		(76,282,053	)
Net Assets	$	647,301,805

See Notes to Financial Statements.

9

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the six months ended March 31, 2024 (Unaudited)

	River Canyon Total Return Bond Fund
Investment Income:
Dividend income	$	1,279,290
Interest income		24,102,265
Total investment income		25,381,555
Operating expenses:
Investment advisory		1,877,732
Accounting and Administration		270,350
Regulatory and Compliance		136,734
Trustees		31,966
Legal		28,193
Other		91,564
Total expenses before reductions		2,436,539
Expenses reduced by Adviser		(558,808	)
Net expenses		1,877,731
Net investment income		23,503,824
Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gain (loss) from:
Investments		932,713
Forward foreign currency exchange contracts		(495,890	)
Foreign currency		11,270
Net realized gain (loss)		448,093
Net change in unrealized appreciation (depreciation) on:
Investments		14,083,198
Foreign currency translations		17,666
Forward foreign currency exchange contracts		22,375
Swap agreements		(3,912,130	)
Net change in unrealized appreciation (depreciation)		10,211,109
Net realized and unrealized gains from investment activities		10,659,202
Change in Net Assets Resulting from Operations	$	34,163,026

See Notes to Financial Statements.

10

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2024 (Unaudited) and the year ended September 30, 2023

	River Canyon Total Return Bond Fund
	2024			2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	23,503,824		$	36,019,142
Net realized gains (losses) from investment transactions		448,093			270,249
Change in unrealized appreciation (depreciation) on investments		10,211,109			(8,463,869	)
Change in net assets resulting from operations		34,163,026			27,825,522
Dividends paid to shareholders:
From distributable earnings		(24,766,939	)		(37,841,846	)
Total dividends paid to shareholders		(24,766,939	)		(37,841,846	)
Capital Transactions:
Proceeds from sale of shares		171,100,596			330,916,265
Value of shares issued to shareholders in reinvestment of dividends		22,891,207			34,625,289
Value of shares redeemed		(89,140,601	)		(323,047,552	)
Change in net assets from capital transactions		104,851,202			42,494,002
Change in net assets		114,247,289			32,477,678
Net assets:
Beginning of year		533,054,516			500,576,838
End of year	$	647,301,805		$	533,054,516
Share Transactions:
Sold		17,097,859			32,914,124
Reinvested		2,293,738			3,468,184
Redeemed		(8,916,477	)		(32,158,774	)
Change		10,475,120			4,223,534

See Notes to Financial Statements.

11

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

	River Canyon Total Return Bond Fund
	Six Months Ended March 31, 2024			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019
	(Unaudited)
Net asset value, beginning of period	$	9.88		$	10.07		$	11.14		$	10.92		$	11.17		$	10.41
Income (loss) from operations:
Net investment income		0.41			0.80			0.49			0.40			0.33			0.24
Net realized and unrealized gains (losses) from investments		0.19			(0.16	)		(1.09	)		0.46			0.02			0.79
Total from investment operations		0.60			0.64			(0.60	)		0.86			0.35			1.03
Less distributions paid:
From net investment income		(0.43	)		(0.83	)		(0.47	)		(0.40	)		(0.35	)		(0.27	)
From net realized gains on investments		—			—			—			(0.24	)		(0.25	)		—
Total distributions paid		(0.43	)		(0.83	)		(0.47	)		(0.64	)		(0.60	)		(0.27	)
Change in net asset value		0.17			(0.19	)		(1.07	)		0.22			(0.25	)		0.76
Net asset value, end of period	$	10.05		$	9.88		$	10.07		$	11.14		$	10.92		$	11.17
Total return(a)		5.93	%		6.70	%(b)		(5.60	%)		8.10	%		3.20	%		10.16	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	647,302		$	533,055		$	500,577		$	868,654		$	166,302		$	115,186
Ratio of net expenses to average net assets(c)		0.65	%		0.67	%(d)		0.65	%		0.66	%(d)		0.65	%		0.65	%
Ratio of net investment income to average net assets(c)		8.15	%		7.99	%		4.41	%		3.51	%		3.02	%		2.60	%
Ratio of gross expenses to average net assets(c), (e)		0.84	%		0.89	%		0.82	%		0.88	%		1.06	%		1.48	%
Portfolio turnover rate(a)		18.23	%		71.33	%		122.12	%(f)		55.64	%		44.82	%		30.46	%

(a) Not annualized for periods less than one year.

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

(c) Annualized for periods less than one year.

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

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

(f) The portfolio turnover rate increased during the year in connection with increased shareholder activity in the Fund.

See Notes to Financial Statements.

12

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

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

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

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

A. Significant accounting policies are as follows:

INVESTMENT VALUATION

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

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

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

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

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

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

13

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

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

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

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

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

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

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

The following is a summary of the valuation inputs used as of March 31, 2024 in valuing the Fund’s investments based upon the three fair value levels defined above:

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
Investments in Securities:
Asset-Backed Securities	$	—	$	251,797,152		$	8,111,910	$	259,909,062
Bank Debts		—		82,564,924			—		82,564,924
Corporate Bonds		—		118,690,456			—		118,690,456
Foreign Issuer Bonds		—		13,331,435			—		13,331,435
Mortgage-Backed Securities		—		117,997,613			427,424		118,425,037
Municipal Bonds		—		22,998,457			—		22,998,457
Short-Term Investments		66,919,108		—			—		66,919,108
Total Investments in Securities	$	66,919,108	$	607,380,037		$	8,539,334	$	682,838,479
Other Financial Instruments:
Forward Foreign Currency Contracts*		—		8,608			—		8,608
Total Return Swaps*		—		(3,282,477	)		—		(3,282,477	)
Total Other Financial Instruments	$	—	$	(3,273,869	)	$	—	$	(3,273,869	)
Total Investments	$	66,919,108	$	604,106,168		$	8,539,334	$	679,564,610

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

14

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The Level 3 securities noted above were held at the prior year end or transferred into Level 3 during the current period ended March 31, 2024. The value of these securities compared to the total Fund net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

FORWARD COMMITMENTS

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

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

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

REVERSE REPURCHASE AGREEMENTS

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund delivers securities in exchange for cash to a counterparty, with a simultaneous agreement to repurchase the same or substantially same securities at an agreed upon price and date. The Fund is entitled to receive principal and interest payments, if any, made on the securities delivered to the counterparty during the term of the agreement. Cash received in exchange for the securities delivered will accrue interest to be paid by the Fund to the counterparty and is recorded as a component of interest expense on the Statement of Operations. The Fund will earmark and reserve Fund assets, in cash or liquid securities, in an amount at least equal to its purchase obligations under the agreements. As of March 31, 2024, there were no reverse repurchase agreements held by the Fund.

DERIVATIVE FINANCIAL INSTRUMENTS

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

FASB “Derivatives and Hedging” includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB “Guarantees” requires additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Schedule of Investments and in the Notes to Financial Statements.

Forward Foreign Currency Contracts—The Fund may enter into forward foreign currency contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These

15

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statement of Assets and Liabilities. The Fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

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

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

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

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

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

INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date.

EXPENSE ALLOCATIONS

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

DIVIDENDS AND DISTRIBUTIONS

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

16

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

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

FEDERAL INCOME TAX INFORMATION

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

As of March 31, 2024, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s tax return for the tax years ended September 30, 2023, 2022, 2021 and 2020 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown, uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

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

USE OF ESTIMATES

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

B. Fees and Transactions with Affiliates and Other Parties

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

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

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

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

17

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2024, the Trust paid each Trustee who is not an “interested person,” as that term is defined in the 1940 Act (each, an “Independent Trustee” and, collectively, the “Independent Trustees”) compensation for their services based on an annual retainer of $132,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the six months ended March 31, 2024, the aggregate Trustee compensation paid by the Trust was $198,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” fees on the Statement of Operations.

The Adviser has contractually agreed to waive fees or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to 0.65% of the average daily net assets of the Fund until January 28, 2025. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date in which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage costs, interest, taxes, dividend expense on short positions, litigation and indemnification expenses, expenses associated with investments in underlying investment companies and extraordinary expenses) to exceed the applicable expense limitation in effect at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

For the six months ended March 31, 2024, the Fund incurred advisory fees payable to River Canyon, expense waivers/reimbursements from River Canyon, and paid expense recoupments to River Canyon as follows:

Fund	Advisory Fee to River Canyon		Expenses Reduced by River Canyon		Advisory Waivers Recouped by River Canyon
River Canyon Total Return Bond Fund	$	1,877,732	$	558,808	$	—

The balances of recoverable expenses to River Canyon by the Fund at March 31, 2024 were as follows: 

For the:	Expiring		River Canyon Total Return Bond Fund
Year Ended September 30, 2021		September 30, 2024	$	932,666
Year Ended September 30, 2022		September 30, 2025		1,483,301
Year Ended September 30, 2023		September 30, 2026		973,234
Six months ended March 31, 2024		September 30, 2027		558,808
Balances of Recoverable Expenses to the Adviser			$	3,948,009

C. Investment Transactions

For the six months ended March 31, 2024, the aggregate costs of purchases and proceeds from sales of securities (excluding short-term investments) for the Fund were as follows:

Fund	Cost of Purchases		Proceeds from sales
River Canyon Total Return Bond Fund	$	228,560,202	$	95,073,070

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ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

D. Derivative Instruments

Below are the types of derivatives by primary risk exposure as presented in the Statement of Assets & Liabilities as of March 31, 2024:

		Assets			Liabilities
Fund	Contract Type	Statement of Assets Location	Value		Statement of Liabilities Location	Value
River Canyon Total Return Bond Fund	Foreign exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	8,608	Unrealized depreciation on forward foreign currency exchange contracts	$	—
	Equity contracts	Unrealized appreciation on swap agreements		—	Unrealized depreciation on swap agreements		3,282,477

The following table, set forth by primary risk exposure, displays the Fund’s realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the period ended March 31, 2024:

Fund	Contract Type	Statement of Operations Location	Amount of Realized Gain (Loss) on Derivative Contracts
River Canyon Total Return Bond Fund	Foreign exchange contracts	Net realized gain (loss) from forward foreign currency exchange contracts	$	(495,890	)
	Equity contracts	Net realized gain (loss) from swap agreements		—
Fund	Contract Type	Statement of Operations Location	Change in Unrealized Appreciation (Depreciation) on Derivative Contracts
River Canyon Total Return Bond Fund	Foreign exchange contracts	Change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts	$	22,375
	Equity contracts	Change in unrealized appreciation (depreciation) on swap agreements		(3,912,130	)

Volume of derivative activity for the period ended March 31, 2024: 

	Foreign Exchange Contracts			Equity Contracts
Fund	Number Of Trades	Average Notional Amount		Number Of Trades	Average Notional Amount
River Canyon Total Return Bond Fund	2	$	8,658,443	5	$	3,999,567

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ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

At March 31, 2024, derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA Master Agreement and net of the related collateral (received)/pledged by the Trust are as follows:

	Derivative Assets						Derivative Liabilities
Counterparty	Foreign exchange contracts		Swaps		Total		Foreign exchange contracts		Swaps			Total			Net Derivatives Assets (Liabilities)			Collateral (Received)/ Pledged		Net Exposure
Goldman Sachs International	$	8,608	$	—	$	8,608	$	—	$	(3,282,477	)	$	(3,282,477	)	$	(3,273,869	)	$	5,900,914	$	2,627,045

E. Federal Income Tax

As of March 31, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
River Canyon Total Return Bond Fund	$	709,217,092	$	11,054,555	$	(40,085,993	)	$	(29,031,438	)

The tax character of distributions paid to shareholders during the latest tax years ended September 30, 2023 and September 30, 2022 for the Fund was as follows:

River Canyon Total Return Bond Fund	Ordinary Income		Net Long Term Gains		Total Taxable Distributions		Tax Return of Capital		Total Distributions Paid
2023	$	37,841,846	$	—	$	37,841,846	$	—	$	37,841,846
2022		35,831,722		—		35,831,722		—		35,831,722

As of the tax year ended September 30, 2023, the components of accumulated earnings on a tax basis were as follows: 

Fund	Undistributed Ordinary Income		Undistributed Long Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses			Unrealized (Depreciation)			Total Accumulated (Deficit)
River Canyon Total Return Bond Fund	$	1,700,739	$	—	$	1,700,739	$	—	$	(43,525,484	)	$	(43,853,395	)	$	(85,678,140	)

As of the tax year ended September 30, 2023, capital losses incurred by the Fund are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

Fund	Short-Term Capital Loss Carry-Forward		Long-Term Capital Loss Carry-Forward
River Canyon Total Return Bond Fund	$	36,119,452	$	7,406,032

F. Concentration of Ownership

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

20

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

G. Other Risks

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

21

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

A. Security Allocation as of March 31, 2024

Market Exposure
Securities	% of Net Assets
Asset-Backed Securities		40.1	%
Corporate Bonds		18.3
Mortgage-Backed Securities		18.3
Bank Debts		12.8
Municipal Bonds		3.6
Foreign Issuer Bonds		2.1
Total Securities		95.2	%
Total Return Swaps		(0.5	)
Forward Foreign Currency Contracts		0.0	(a)
Total Investments		94.7	%

^(a) Amount rounds to less than 0.05%. 

5 Largest Fixed Income Security Positions
Issuer	% of Net Assets
LABL, Inc. 10.50%, 7/15/27		3.7	%
Verscend Holding Corp. 9.32%, 8/27/25		3.3
CT Technologies Intermediate Holdings, Inc. 9.57%, 12/16/25		3.0
FREMF Mortgage Trust Series 2019-KF59 11.43%, 2/25/29		2.9
GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue Bond 7.50%, 8/20/40		2.8
Total		15.7	%

B. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2023 and held for the entire period through March 31, 2024.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense Ratio	Beginning Account Value 10/1/2023		Ending Account Value 3/31/2024		Expenses Paid 10/1/23-3/31/24*
Actual	0.65%	$	1,000.00	$	1,059.30	$	3.35
Hypothetical	0.65%	$	1,000.00	$	1,021.75	$	3.29

* Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

22

ADVISERS INVESTMENT TRUST

RIVER CANYON TOTAL RETURN BOND FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

C. Board Review of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the SEC adopted Rule 22e-4 under the 1940 Act. This Rule requires every registered open-end management company to establish a liquidity risk management program (the “LRMP”) that, among other things, provides for the assessment, management and review of liquidity risk, the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, the establishment of a highly liquid investment minimum where required, and the establishment of a 15% limitation on illiquid investments. Additionally, the SEC adopted Rule 30b1-10 and Form N-LIQUID, which generally requires a fund to notify the SEC when certain liquidity-related events occur.

The Board approved the appointment of the Adviser’s Liquidity Risk Management Committee as the administrator of the LRMP for the Fund on March 6, 2019. The Board approved the LRMP at its regular board meeting on September 11, 2019. At the Board’s regular meeting on March 6-7, 2024, the Trust’s Chief Compliance Officer and the Adviser each provided a report to the Board on the operation and effectiveness of the LRMP. The Adviser manages liquidity risks associated with the Fund’s investments by monitoring cash and cash equivalents, the use of derivatives, the concentration of investments and the appropriateness of portfolio strategies for open-end funds, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, the Adviser has contracted with a third party provider of liquidity monitoring services. The Adviser supplies portfolio-level data and certain assumptions to this provider, which the provider uses to determine preliminary classifications. Once these preliminary classifications are received by the Adviser, the Adviser’s personnel review the information.

The LRMP effectively managed the Fund’s liquidity risks for the twelve-month period ended December 31, 2023. During this period, the Fund held no less than 50% of its total net assets in highly liquid investments. Because the Fund consisted primarily of highly liquid investments, no highly liquid investment minimum was required to be established for the Fund, and the Fund was well under its illiquid investment limitations. Additionally, no events that would require the filing of Form N-LIQUID occurred.

D. Other Information

Investors may obtain a copy of the proxy voting policies and procedures of the Fund by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 800-245-0371 (toll free) or 312-557-0164. Information about how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available without charge, upon request, by calling the Trust at 800-245-0371 (toll free) or 312-557-0164 and on the SEC website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is also available to shareholders upon written request or by calling the Fund at 800-245-0371 (toll free).

23

Investment Adviser

River Canyon Fund Management LLC

2728 North Harwood Street, 2nd Floor

Dallas, Texas 75201

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Distributor

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

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

RC 03/24

NTAM TREASURY ASSETS FUND

SEMI-ANNUAL REPORT

MARCH 31, 2024

The Securities and Exchange Commission (“SEC”) recently adopted a rule requiring mutual funds to produce “concise and visually engaging” annual and semi-annual reports to shareholders. This streamlined format is intended to highlight key information for retail shareholders to permit them to assess and monitor their fund investments. More detailed information that has historically been part of shareholder reports, such as the shareholder letter, financial statements, and financial highlights, will not appear in the new streamlined shareholder reports, but will be available free of charge upon request to the Fund or via the Fund’s Form N-CSR filed with the SEC on its EDGAR database. The compliance date for funds to implement streamlined shareholder reports is July 24, 2024; therefore, the Fund will issue its first streamlined shareholder reports beginning with its September 30, 2024 annual report. The new rule requires that a hard copy of the Fund’s streamlined shareholder report be mailed to each shareholder, unless the shareholder elects to receive such reports electronically. If you wish to ‘opt-in’ for electronic delivery of the Fund’s annual and semi-annual shareholder reports, please contact your financial advisor (or, for direct shareholders, please contact the Fund at 855-351-4583 (toll free)) for assistance in enrolling your account in paperless (i.e., electronic) delivery of shareholder materials.

This report is submitted for the general information of the shareholders of the NTAM Treasury Assets Fund (the “Fund”). It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

TABLE OF CONTENTS

March 31, 2024 (Unaudited)

SCHEDULE OF INVESTMENTS	1
STATEMENT OF ASSETS & LIABILITIES	4
STATEMENT OF OPERATIONS	5
STATEMENTS OF CHANGES IN NET ASSETS	6
FINANCIAL HIGHLIGHTS	7
NOTES TO FINANCIAL STATEMENTS	8
ADDITIONAL INFORMATION	13

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets		Principal Amount (000s)		Value (000s)
U.S. TREASURY OBLIGATIONS		55.9%
U.S. Treasury Bills		45.4%
5.14%, 4/2/24(a)			$	5,000	$	4,999
5.37%, 4/18/24(a)				45,000		44,887
5.12%, 4/25/24(a)				50,000		49,823
5.31%, 4/25/24(a)				100,000		99,646
5.14%, 5/9/24(a)				35,000		34,806
5.25%, 5/9/24(a)				45,000		44,751
5.13%, 5/16/24(a)				35,000		34,770
5.25%, 5/16/24(a)				35,000		34,770
5.26%, 5/16/24(a)				85,000		84,441
4.91%, 5/21/24(a)				250,000		248,170
4.97%, 6/4/24(a)				75,000		74,313
5.17%, 6/6/24(a)				20,000		19,809
5.18%, 6/6/24(a)				45,000		44,569
5.24%, 6/6/24(a)				65,000		64,378
5.15%, 6/13/24(a)				80,000		79,151
5.18%, 6/13/24(a)				35,000		34,629
5.16%, 6/20/24(a)				10,000		9,883
5.04%, 7/2/24(a)				20,000		19,733
5.05%, 7/11/24(a)				40,000		39,435
5.08%, 7/11/24(a)				175,000		172,529
5.03%, 7/16/24(a)				30,000		29,540
5.05%, 7/18/24(a)				148,000		145,776
5.09%, 7/18/24(a)				35,000		34,474
5.01%, 7/25/24(a)				75,000		73,798
5.06%, 7/25/24(a)				100,000		98,397
5.07%, 7/30/24(a)				180,000		176,900
5.02%, 8/1/24(a)				100,000		98,304
5.04%, 8/1/24(a)				40,000		39,322
5.06%, 8/8/24(a)				50,000		49,096
5.12%, 8/15/24(a)				100,000		98,071
5.12%, 8/22/24(a)				100,000		97,971
5.17%, 8/22/24(a)				35,000		34,290
5.12%, 8/29/24(a)				100,000		97,863
5.09%, 9/26/24(a)				180,000		175,456
5.11%, 4/4/24(a)				65,000		64,971
4.91%, 4/9/24(a)				89,400		89,295
4.91%, 4/16/24(a)				110,000		109,758
5.32%, 4/18/24(a)				45,000		44,887
4.91%, 4/23/24(a)				62,250		62,049
5.11%, 4/25/24(a)				50,000		49,823
5.19%, 5/23/24(a)				47,400		47,042
5.16%, 5/30/24(a)				140,000		138,794
5.14%, 6/6/24(a)				80,000		79,234

See Notes to Financial Statements.

1

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

	Percentage of Net Assets			Principal Amount (000s)		Value (000s)
5.14%, 6/13/24(a)				$	40,000	$	39,576
5.15%, 6/20/24(a)					55,000		54,359
5.13%, 6/27/24(a)					270,000		266,589
5.01%, 7/11/24(a)					150,000		147,882
5.03%, 8/8/24(a)					50,000		49,096
							3,732,105
U.S. Treasury Floating Rate Notes		10.5%
(Floating, U.S. Treasury 3M Bill MMY - 0.08%) 5.23%, 4/1/24(b)					190,000		189,992
(Floating, U.S. Treasury 3M Bill MMY + 0.04%) 5.34%, 4/1/24(b)					25,000		24,999
(Floating, U.S. Treasury 3M Bill MMY + 0.13%) 5.43%, 4/1/24(b)					80,000		79,978
(Floating, U.S. Treasury 3M Bill MMY + 0.14%) 5.44%, 4/1/24(b)					295,000		295,106
(Floating, U.S. Treasury 3M Bill MMY + 0.17%) 5.47%, 4/1/24(b)					110,000		110,073
(Floating, U.S. Treasury 3M Bill MMY + 0.17%) 5.49%, 4/1/24(b)					100,000		99,982
(Floating, U.S. Treasury 3M Bill MMY + 0.25%) 5.55%, 4/1/24(b)					65,905		65,961
							866,091
TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,598,196)							4,598,196
REPURCHASE AGREEMENTS		47.2%
Citigroup Global Markets, Inc., dated 3/28/24, repurchase price $1,000,591, 5.32%, 4/1/24(c)					1,000,000		1,000,000
Citigroup Global Markets, Inc., dated 3/28/24, repurchase price $1,001, 5.32%, 4/1/24(c)					1,000		1,000
Federal Reserve Bank of New York, dated 3/28/24, repurchase price $1,890,112, 5.30%, 4/1/24(d)					1,889,000		1,889,000
JPMorgan Securities LLC, dated 3/28/24, repurchase price $1,000,591, 5.32%, 4/1/24(e)					1,000,000		1,000,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,890,000)							3,890,000
TOTAL INVESTMENTS (Cost $8,488,196)		103.1%					8,488,196
NET OTHER ASSETS (LIABILITIES)		(3.1%	)				(253,819	)
NET ASSETS		100.0%				$	8,234,377
(a) Discount rate at the time of purchase. (b) Variable rate security. Rate as of March 31, 2024 is disclosed. Maturity date represents the next interest reset date. The security’s legal final maturity date is longer than the reset date. Securities with longer maturity dates have a greater sensitivity to changes in liquidity, interest rate risk and/or credit risk. (c) The nature and terms of the collateral received for the repurchase agreements are as follows:

Citigroup Global Markets Inc.	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Floating Rate Notes	$	1,021,020		0.25% — 5.00%	9/30/25 — 2/15/34
(d) The nature and terms of the collateral received for the repurchase agreements are as follows:
Federal Reserve Bank of New York	Value (000s)		Coupon Rates		Maturity Dates
U.S. Treasury Bonds	$	25,003		2.25% — 4.38%	4/15/29 — 8/15/42
U.S. Treasury Notes	$	1,864,275		0.38% — 3.13%	8/15/24 — 2/15/32
Total	$	1,889,278
(e) The nature and terms of the collateral received for the repurchase agreements are as follows:

See Notes to Financial Statements.

2

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2024 (Unaudited)

JP Morgan	Value (000s)		Coupon Rates	Maturity Dates
U.S. Treasury Bonds	$	279,446	1.75%	1/15/28
U.S. Treasury Notes	$	740,554	0.13%	10/15/24
Total	$	1,020,000

At March 31, 2024 the asset allocations for the NTAM Treasury Assets Fund were:

Asset Allocation (Unaudited)	% of Net Assets
U.S. Treasury Bills		45.4	%
U.S. Treasury Floating Rate Notes		10.5
Repurchase Agreements		47.2
Total		103.1	%

See Notes to Financial Statements.

3

ADVISERS INVESTMENT TRUST

STATEMENT OF ASSETS & LIABILITIES

March 31, 2024 (Unaudited)

Amounts in thousands	NTAM Treasury  Assets Fund
Assets:
Investments, at value (Cost: $4,598,196)	$	4,598,196
Repurchase agreements, cost equals fair value		3,890,000
Cash		41
Receivable for interest		10,234
Prepaid expenses		58
Total Assets		8,498,529
Liabilities:
Securities purchased payable		227,415
Distributions payable to shareholders		35,444
Investment advisory fees payable		538
Accounting and Administration fees payable		653
Regulatory and Compliance fees payable		60
Other accrued expenses and payables		42
Total Liabilities		264,152
Net Assets	$	8,234,377
Net Assets	$	8,234,377
Shares of common stock outstanding		8,234,430
Net asset value per share	$	1.00
Net Assets:
Paid in capital	$	8,234,376
Distributable earnings		1
Net Assets	$	8,234,377

See Notes to Financial Statements.

4

ADVISERS INVESTMENT TRUST

STATEMENT OF OPERATIONS

For the six months ended March 31, 2024 (Unaudited)

Amounts in thousands	NTAM  Treasury  Assets Fund
Investment Income:
Interest income	$	197,128
Operating expenses:
Investment advisory		4,014
Accounting and Administration		486
Regulatory and Compliance		179
Trustees		32
Other		97
Total expenses		4,808
Expenses reduced by Service Providers		(1,113	)
Net expenses		3,695
Net investment income		193,433
Realized Gains from Investment Activities:
Net realized gains from investment transactions		41
Net realized gains from investment activities		41
Change in Net Assets Resulting from Operations	$	193,474

See Notes to Financial Statements.

5

ADVISERS INVESTMENT TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2024 (Unaudited) and the year ended September 30, 2023

	NTAM Treasury Assets Fund
Amounts in thousands	March 31, 2024			September 30, 2023
Increase (decrease) in net assets:
Operations:
Net investment income	$	193,433		$	340,544
Net realized gains from investment transactions		41			18
Change in net assets resulting from operations		193,474			340,562
Dividends paid to shareholders:
From distributable earnings		(193,433	)		(340,545	)
Total dividends paid to shareholders		(193,433	)		(340,545	)
Capital Transactions:
Proceeds from sale of shares		6,814,000			11,275,000
Value of shares issued to shareholders in reinvestment of dividends		196,216			316,678
Value of shares redeemed		(7,538,459	)		(10,514,955	)
Change in net assets from capital transactions		(528,243	)		1,076,723
Change in net assets		(528,202	)		1,076,740
Net assets:
Beginning of period		8,762,579			7,685,839
End of period	$	8,234,377		$	8,762,579
Share Transactions
Sold		6,814,000			11,275,000
Reinvested		196,216			316,678
Redeemed		(7,538,459	)		(10,514,955	)
Change		(528,243	)		1,076,723

See Notes to Financial Statements.

6

ADVISERS INVESTMENT TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated

	NTAM Treasury Assets Fund
	Six Months Ended March 31, 2024, (Unaudited)			Year Ended September 30, 2023			Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from operations:
Net investment income		0.03			0.04			0.01			—	(a)		0.01			0.02
Net realized gains from investments(a)		—			—			—			—			—			—
Total from investment operations		0.03			0.04			0.01			—			0.01			0.02
Less distributions paid:
From net investment income		(0.03	)		(0.04	)		(0.01	)		(—	)(a)		(0.01	)		(0.02	)
From net realized gains on investments		—			—			—	(a)		(—	)(a)		(—	)(a)		(—	)(a)
Total distributions paid		(0.03	)		(0.04	)		(0.01	)		—			(0.01	)		(0.02	)
Change in net asset value		—			—			—			—			—			—
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		2.68	%		4.47	%		0.66	%		0.03	%		1.06	%		2.28	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	8,234,377		$	8,762,579		$	7,685,839		$	7,729,359		$	7,012,840		$	8,037,595
Ratio of net expenses to average net assets(c)		0.10	%		0.10	%		0.09	%		0.07	%		0.10	%		0.10	%
Ratio of net investment income to average net assets(c)		5.31	%		4.46	%		0.68	%		0.02	%		0.93	%		2.25	%
Ratio of gross expenses to average net assets(c), (d)		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%

(a) Amount is less than $0.005 per share.

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

(c) Annualized for periods less than one year.

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

See Notes to Financial Statements.

7

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

Advisers Investment Trust (the “Trust”) is a Delaware statutory trust operating under a Fifth Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated March 9, 2023. The Trust was formerly an Ohio business trust, which commenced operations on December 20, 2011. On March 31, 2017, the Trust was converted to a Delaware statutory trust. As an open-end registered investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08, the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Trust Agreement permits the Board of Trustees (the “Trustees” or “Board”) to authorize and issue an unlimited number of shares of beneficial interest, at no par value, in separate series of the Trust. The Fund is a series of the Trust, and commenced operations on April 4, 2018. Shares of the Fund are not registered under the Securities Act of 1933, as amended (the “1933 Act”). Investments in the Fund may be made only by individuals or entities that are “accredited investors” within the meaning of Regulation D under the 1933 Act.

The Fund is a diversified fund. The investment objective of the Fund is to seek to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing its net assets, under normal market conditions, exclusively in United States (“U.S.”) Treasury securities and related repurchase agreements and other securities that limit their investments to, or are backed by, U.S. Treasury securities.

The Fund operates as a “government money market fund” under Rule 2a-7 of the Investment Company Act of 1940, as amended (the “1940 Act”).

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

A. Significant accounting policies are as follows:

INVESTMENT VALUATION

Investments are recorded at amortized cost, which approximates fair value. Under this method, investments purchased at a discount or premium are valued by accruing or amortizing the difference between the original purchase price and maturity value of the issue over the period to effective maturity. The Trustees have designated Northern Trust Investments, Inc., as investment adviser to the Fund, as the Fund’s Valuation Designee with responsibility for establishing fair value when amortized cost does not approximate fair value.

The following is a summary of the valuation inputs used as of March 31, 2024 in valuing the Fund’s investments based upon the three fair value levels as follows:

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

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

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

			Level 2 -		Level 3 -
	Level 1 -		Other Significant		Significant
Amounts in thousands	Quoted Prices		Observable Inputs		Unobservable Inputs		Total
Investments held by the NTAM Treasury Assets Fund*	$	—	$	8,488,196	$	—	$	8,488,196

* See additional categories in the Schedule of Investments.

8

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

As of March 31, 2024, there were no Level 1 or Level 3 securities held by the Fund. There were no transfers to or from Level 3 during the period ended March 31, 2024.

REPURCHASE AGREEMENTS

The Fund may enter into repurchase agreements under the terms of a master repurchase agreement by which it purchases securities for cash from a seller and agrees to resell those securities to the same seller at a specific price within a specified time or with an indefinite life and a liquidity feature which allows the Fund to resell the security quarterly. The interest rate on such repurchase agreements resets daily. During the term of a repurchase agreement, the fair value of the underlying collateral, including accrued interest, is required to equal or exceed the fair value of the repurchase agreement. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Fund may be delayed or limited. The Fund has entered into such repurchase agreements at March 31, 2024, as reflected in the accompanying Schedule of Investments.

	Gross Amounts not Offset in the
Amounts in thousands	Statement of Assets and Liabilities
	Gross Amounts of Assets
Counterparty	Presented in Statements of Assets and Liabilities		Financial Instruments*			Net Amount
Citigroup Global Markets, Inc	$	1,001,000	$	(1,001,000	)	$	—
Federal Reserve Bank of New York		1,889,000		(1,889,000	)		—
JPMorgan Securities LLC		1,000,000		(1,000,000	)		—
	$	3,890,000	$	3,890,000		$	—

* Collateral received is reflected up to the fair market value of the repurchase agreement.

INVESTMENT TRANSACTIONS AND INCOME

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Fund determines the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount.

EXPENSE ALLOCATIONS

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

DIVIDENDS AND DISTRIBUTIONS

Dividends from net income are declared daily and paid monthly by the Fund to its shareholders. Net income includes the interest accrued on the Fund’s assets less estimated expenses. The Fund’s net realized short-term capital gains, if any, are distributed at least annually.

Distributions from net investment income and from net realized capital gain are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America (“GAAP”). These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment

 

9

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

FEDERAL INCOME TAX INFORMATION

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

As of March 31, 2024, the Fund did not have uncertain tax positions that would require financial statement recognition or disclosure based on an evaluation of all open tax years for all major tax jurisdictions. The Fund’s Federal tax returns for the tax years ended September 30, 2023, 2022, 2021, and 2020 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Fund will be recorded as interest expense on the Statement of Operations.

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

USE OF ESTIMATES

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

B. Fees and Transactions with Affiliates and Other Parties

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement (the “Agreement”) with Northern Trust Investments, Inc. (the “Adviser” or “NTI”) to provide investment management services to the Fund. Total fees incurred pursuant to the Agreement are reflected as “Investment advisory” fees on the Statement of Operations. Under the terms of the Agreement, the Fund pays the Adviser a monthly fee based on the Fund’s daily net assets at the annualized rate of 0.11%.

Foreside Financial Services, LLC (the “Placement Agent”) provides private placement services to the Fund pursuant to a placement agent agreement with the Trust, on behalf of the Fund. Under its agreement with the Trust, the Placement Agent acts as an agent of the Trust in connection with the offering of the shares of the Fund on a private placement basis to eligible investors only. The Adviser, at its own expense, pays the Placement Agent an asset-based fee, which is calculated and billed monthly, for these services and reimbursement for certain expenses incurred on behalf of the Fund.

The Northern Trust Company (“Northern Trust”), an affiliate to NTI, serves as the administrator, transfer agent, custodian, and fund accounting agent for the Fund pursuant to written agreements between the Trust, on behalf of the Fund, and Northern Trust. The Fund pays Northern Trust certain annual and transaction-based fees, a tiered basis-point fee based on the Fund’s daily net assets, and reimburse for certain expenses incurred on behalf of the Fund. Total fees paid to Northern Trust pursuant to these agreements are reflected as “Accounting and Administration” fees on the Statement of Operations.

Foreside Fund Officer Services, LLC (“Foreside”) provides compliance and financial control services for the Fund pursuant to a written agreement with the Trust, on behalf of the Fund, including providing certain officers to the Fund. The Fund pays Foreside an annual base fee, a basis-point fee based on the Fund’s daily net assets and reimburses for certain expenses incurred on behalf of the Fund. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and Compliance” fees on the Statement of Operations.

The officers of the Trust are affiliated with Foreside, Northern Trust, or the Placement Agent and receive no compensation directly from the Fund for serving in their respective roles. Through March 31, 2024, the Trust paid each Trustee who is not an “interested person,” as that term is defined in the 1940 Act (each, an “Independent Trustee” and, collectively, the “Independent Trustees”) compensation for their

10

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

services based on an annual retainer of $132,000 and reimbursement for certain expenses. If there are more than six meetings in a year, additional meeting fees may apply. For the six months ended March 31, 2024, the aggregate Trustee compensation paid by the Trust was $198,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Fund is reflected as “Trustees” fees on the Statement of Operations.

The Adviser has contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit total annual fund operating expenses (exclusive of the compensation paid to each Independent Trustee, expenses associated with an Independent Trustee’s attendance at Board meetings and other Trust related travel, expenses of third party consultants engaged by the Board, any membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to 0.10% of the average daily net assets of the Fund until January 28, 2025. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the total annual fund operating expenses (exclusive of the compensation paid to each Independent Trustee, expenses associated with an Independent Trustee’s attendance at Board meetings and other Trust related travel, expenses of third party consultants engaged by the Board, any membership dues paid to the Investment Company Institute and Mutual Fund Directors Forum, brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the applicable expense limitation in effect at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and/or reimburse expenses automatically renews annually from year to year on the effective date of each subsequent annual update to the Fund’s registration statement, until such time as the Adviser provide written notice of non-renewal.

The Adviser may reimburse additional expenses or waive all or a portion of the management fee of the Fund from time to time, including to avoid a negative yield, and such amounts are not subject to recoupment in future periods. Any such additional expense reimbursement or waiver would be voluntary and could be implemented, increased or decreased or discontinued at any time. During the six months ended March 31, 2024, the Adviser did not voluntarily waive or reimburse any additional expenses.

For the six months ended March 31, 2024, the Fund incurred advisory fees payable to NTI, contractual expense waivers and/or reimbursements from NTI, and paid expense recoupments to NTI, as follows:

Amounts in thousands	Advisory Fee to NTI		Expenses Reduced by NTI		Advisory Fees  Recouped by NTI
NTAM Treasury Assets Fund	$	4,014	$	1,113	$	—

The balances of recoverable expenses to NTI by the Fund at March 31, 2024 were as follows (in thousands):

For the:	Expiring				NTAM Treasury Assets Fund
Period ended September 30, 2021		September 30, 2024			$2,217
Year ended September 30, 2022		September 30, 2025			2,305
Year ended September 30, 2023		September 30, 2026			2,297
Six months March 31, 2024		September 30, 2027			1,113
Balances of Recoverable Expenses to the Adviser					$7,932

C. Other Risks

General market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets, disruptions to business operations and supply chains, staffing shortages, or adverse investor sentiment could cause the value of your investment in the Fund, or its yield, to decline. The market value of the securities in which the Fund invests may

11

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2024 (Unaudited)

be impacted in response to the prospects of particular sectors or governments, general economic conditions, and/or other events (such as pandemics, terrorism, etc.) throughout the world due to increasingly interconnected global economies and financial markets. Political events, including armed conflict, tariffs and economic sanctions also contribute to market volatility. These events can have a significant impact on the Fund’s operations and performance.

D. Federal Income Tax

As of March 31, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:

Amounts in thousands	Cost		Gross Unrealized  Appreciation		Gross Unrealized  (Depreciation)		Net Unrealized  Appreciation  (Depreciation)
NTAM Treasury Assets Fund	$	8,488,196	$	—	$	—	$	—

The tax character of distributions paid to shareholders during the latest tax periods ended September 30, 2023 and September 30, 2022 for the Fund were as follows:

Amounts in thousands	Ordinary Income		Net Long  Term Gains		Total Taxable  Distributions Paid		Tax Return  of Capital		Total Distributions  Paid
2023	$	316,676	$	—	$	316,676	$	—	$	316,676
2022		38,953		—		38,953		—		38,953

As of the latest tax year ended September 30, 2023, the components of accumulated earnings on a tax basis were as follows:

Amounts in thousands	Undistributed Ordinary Income		Undistributed Long- Term Capital Gains		Accumulated Earnings		Distributions Payable		Accumulated Capital and Other Losses		Unrealized Depreciation		Total Accumulated Earnings
NTAM Treasury Assets Fund		$38,228		$ —		$38,228		$(38,227)		$(40)		$ —		$(39)

At September 30, 2023, non-expiring capital losses incurred by the Fund are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 are as follows:

Fund	Short-Term Capital Loss  Carry-Forward			Long-Term Capital Loss Carry-Forward
NTAM Treasury Assets Fund	$	(40	)	$	—

12

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

A. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2023 and held for the entire period through March 31, 2024.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Expense Ratio	Beginning Account  Value 10/1/2023		Ending Account  Value 3/31/2024		Expenses Paid  10/1/23-3/31/24*
Actual	0.10%	$	1,000.00	$	1,026.80	$	0.51
Hypothetical	0.10%	$	1,000.00	$	1,024.50	$	0.51

* Expenses are calculated using the annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the most recent half fiscal year (183), and divided by the number of days in the current year (366).

B. Board Approval of Investment Advisory Agreement

Section 15 of the 1940 Act requires that the Investment Advisory Agreement (the “Agreement”) between the Trust and the Adviser with respect to the Fund be approved by a majority of the Board, including a majority of the Trustees who are not Independent Trustees. It is the duty of the Board to request as much information as is reasonably necessary to evaluate the terms of the Agreement to determine whether the Agreement is fair to the Fund and its shareholders. The Board considered and approved the Agreement for the Fund at an in-person meeting held on December 14, 2023.

The Board requested, and the Adviser provided, both written and oral reports containing information and data related to the following: (i) the nature, extent, and quality of the services provided by the Adviser to the Fund; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services to be provided and the profits to be realized by the Adviser from its relationship with the Fund; (iv) the extent to which economies of scale will be realized as the Fund grows; and (v) whether the fee levels reflect these economies of scale to the benefit of the Fund’s shareholders.

The Board examined the nature, extent and quality of the advisory services provided by the Adviser. The Board considered the terms of the Agreement, information and reports provided by the Adviser on its personnel and operations, and the Adviser’s experience in managing the investment strategy of the Fund. The Board reviewed the Adviser’s investment philosophy and portfolio construction process and the Adviser’s compliance program, pending litigation, insurance coverage, business continuity program, and information security practices.

13

ADVISERS INVESTMENT TRUST

NTAM TREASURY ASSETS FUND

ADDITIONAL INFORMATION

March 31, 2024 (Unaudited)

The Board noted that the Adviser was affiliated with the Trust’s fund administrator, transfer agent, and fund accountant as those services are provided by The Northern Trust Company. Taking into account the personnel involved in servicing the Fund as well as the materials and services provided by the Adviser, the Board expressed satisfaction with the quality, extent, and nature of the services received from the Adviser.

The Board reviewed the investment performance of the Fund and the overall performance of the Adviser to the Fund. As part of this analysis, the Board reviewed an independent report prepared by FUSE Research Network, LLC (the “FUSE Report”). The FUSE Report consisted of comparisons of the performance of the Fund to the performance of (i) its selected benchmark, (ii) another mutual fund with a similar investment strategy as the Fund (the “Similar NTI Money Market Fund”), (iii) the NTAM Fund and 14 other taxable money market funds selected by FUSE with similar pricing characteristics (the “Peer Group”), and (iv) the Peer Group and all other taxable money market funds with similar pricing features (the “Peer Universe”). The Board noted the performance for the three-month, one-year, three-year, five-year, and since inception periods through September 30, 2023 for the benchmark, Peer Group and Peer Universe and the one-year, three-year, five-year, and since inception periods through September 30, 2023 for the Similar NTI Money Market Fund. After considering the information presented, the Board expressed satisfaction with the performance of the Fund and the Advise

The Board considered the cost of services provided and the profits realized by the Adviser and, among other things, discussed the Adviser’s assertions related to profitability. The Board then reviewed the advisory fee paid by the Fund and the total operating expenses of the Fund. The Board noted that the Adviser received a management fee of 0.11% of the average daily net assets of the Fund. Turning to total annual operating expenses, the Board noted that under the Expense Limitation Agreement, the Adviser had contractually agreed to waive fees and/or reimburse expenses to the extent necessary to limit the total annual operating expenses to 0.10% annually. The Board noted that both the investment advisory fee and estimated total annual operating expenses for the Fund was in-line with the investment advisory fees and annual total operating expenses for the Peer Group and the Peer Universe as set forth in the FUSE Report. Among other factors considered when reviewing the advisory fee and the expense limitation was the fact that the Fund was not publicly marketed, but rather was privately placed. The Board concluded that the advisory fee and expense ratios were reasonable.

The Board considered the profitability of the Adviser’s relationship with the Fund. Referring to information provided by the Adviser, the Board determined that the profit earned by the Adviser for management of the Fund was not excessive.

In considering the economies of scale for the Fund, the Board considered that the Fund was a private placement and the size and scale had remained similar to its launch size. The Board determined the investment advisory fee to be appropriate and reasonable for the Fund at its size and scale and that no additional economies of scale were anticipated.

The Board considered that the Adviser may derive ancillary benefits from its management of the Fund and again considered that the Adviser was affiliated with the Fund’s administrator, transfer agent, and fund accountant.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling; and each Trustee assigned different weights to the various factors considered.

C. Other Information

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by writing to the Fund at NTAM Treasury Assets Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Fund at 855-351-4583 (toll free); and (ii) on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, by calling the Fund at 855-351-4583 (toll free); and (ii) on the SEC’s website at www.sec.gov.

The Fund files its complete Schedule of Portfolio Holdings with the SEC each month on Form N-MFP, which is available without charge on the SEC’s website at www.sec.gov. The Fund makes portfolio holdings information available to shareholders at https://www.northerntrust.com/united-states/what-we-do/investment-management/northern-funds/ntam-treasury-assets-fund.

14

Investment Adviser

Northern Trust Investments, Inc.

50 South LaSalle Street

Chicago, Illinois 60603

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered

Public Accounting Firm

Deloitte & Touche LLP

111 S. Wacker Drive

Chicago, Illinois 60606

Legal Counsel

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215-6101

Placement Agent

Foreside Financial Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

855-351-4583 (toll free)

NT 03/24

(b) Not applicable

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	Not applicable – only for annual reports.
(a)(2)	Certifications pursuant to Rule 30a-2(a) are filed herewith.
(a)(3)	Not applicable.
(a)(4)	Not applicable.
(b)	Certification pursuant to Rule 30a-2(b) is filed herewith.

SIGNATURES

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

Advisers Investment Trust

By:	/s/ Troy A. Sheets
	Troy A. Sheets
	Treasurer and Principal Financial Officer
Date:	June 3, 2024

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

By:	/s/ Barbara J. Nelligan
	Barbara J. Nelligan
	President and Principal Executive Officer
Date:	June 3, 2024
By:	/s/ Troy A. Sheets
	Troy A. Sheets
	Treasurer and Principal Financial Officer
Date:	June 3, 2024