# EDGAR Filing Document

**Accession Number:** 0001516523
**File Stem:** 0002066578-26-000815
**Filing Date:** 2026-2
**Character Count:** 214167
**Document Hash:** 0f954b0db7f4c5f179fd85c6656648ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000815.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0002066578-26-000815

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22538
- **FILM NUMBER:** 26685950

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 45.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2024-NQM5<sup>(a)(b)</sup> <br>7.71%, 11/25/69<br>|  | $6308000 | &nbsp;&nbsp; $6345716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A&D Mortgage Trust Series 2025-NQM4<sup>(a)</sup> <br>7.15%, 10/25/70<br>|  | 4000000 | &nbsp;&nbsp; 4018642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACHM Trust Series 2025-HE1<sup>(a)</sup> <br>6.80%, 03/25/55<br>|  | 8457810 | &nbsp;&nbsp; 8656398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACHM Trust Series 2025-HE3<sup>(a)(b)</sup> <br>7.48%, 11/25/55<br>|  | 1406000 | &nbsp;&nbsp; 1405959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACHM Trust Series 2025-HE3<sup>(a)(b)</sup> <br>8.46%, 11/25/55<br>|  | 1125000 | &nbsp;&nbsp; 1124986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMT Series 2024-NQM6<sup>(a)(b)</sup> <br>7.30%, 01/25/70<br>|  | 4000000 | &nbsp;&nbsp; 4079006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes Series 2024-A<sup>(a)</sup> <br>9.89%, 05/17/32<br>|  | 481021 | &nbsp;&nbsp; 497820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>8.04%, 09/15/32<br>|  | 697210 | &nbsp;&nbsp; 708679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes Series 2024-B<sup>(a)</sup> <br>11.40%, 09/15/32<br>|  | 4067059 | &nbsp;&nbsp; 4177492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Bank Auto Credit-Linked Notes Series 2025-A<sup>(a)</sup> <br>10.22%, 06/15/33<br>|  | 4151607 | &nbsp;&nbsp; 4181678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Issuer Trust Series 2025-A<sup>(a)</sup> <br>6.77%, 12/19/50<br>|  | 1873384 | &nbsp;&nbsp; 1917325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2024-A<sup>(a)</sup> <br>6.53%, 04/18/50<br>|  | 4000000 | &nbsp;&nbsp; 4035088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.80%, 04/15/30<br>|  | 20280000 | &nbsp;&nbsp; 20665058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>13.15%, 04/15/30<br>|  | 17000000 | &nbsp;&nbsp; 17640132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust Series 2024-1A<sup>(a)</sup> <br>8.98%, 05/15/29<br>|  | 7000000 | &nbsp;&nbsp; 7069016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust Series 2025-1A<sup>(a)</sup> <br>7.67%, 04/15/31<br>|  | 15619000 | &nbsp;&nbsp; 15623761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Credit Card Master Trust Series 2025-1A<sup>(a)</sup> <br>10.79%, 04/15/31<br>|  | 6056000 | &nbsp;&nbsp; 6055956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2023-REV1<br> (Step to 12.31% on 1/15/26)<sup>(a)(c)</sup> <br>12.12%, 09/15/32<br>|  | 4200000 | &nbsp;&nbsp; 4321202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2023-REV1<sup>(a)(d)</sup> <br>12.75%, 07/15/34<br>|  | 11420000 | &nbsp;&nbsp; 11418994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>8.00%, 10/15/33<br>|  | 12445000 | &nbsp;&nbsp; 12731107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2024-REV1<sup>(a)</sup> <br>9.00%, 10/15/33<br>|  | 4070000 | &nbsp;&nbsp; 3848623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avant Loans Funding Trust Series 2025-REV1<sup>(a)</sup> <br>12.81%, 05/15/34<br>|  | 4988000 | &nbsp;&nbsp; 5183735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayview Opportunity Master Fund VII LLC Series 2024-CAR1<br> (Floating, U.S. 30-Day Average SOFR + 3.60%)<sup>(a)(b)</sup> <br>7.47%, 12/26/31<br>|  | 590191 | &nbsp;&nbsp; 596787 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust Series 2025-1CON<sup>(a)</sup> <br>8.62%, 04/17/36<br>|  | $2000000 | &nbsp;&nbsp; $2082667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust Series 2025-2CON<sup>(a)</sup> <br>5.95%, 09/17/36<br>|  | 4250000 | &nbsp;&nbsp; 4247869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BHG Securitization Trust Series 2025-2CON<sup>(a)</sup> <br>7.76%, 09/17/36<br>|  | 3000000 | &nbsp;&nbsp; 3041784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders Capital Loan Acquisition Trust Series 2024-NPL1<sup>(a)(e)</sup> <br>9.00%, 09/25/29<br>|  | 20000000 | &nbsp;&nbsp; 20025362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Four CLO VII DAC Series 7A<br> (Floating, Euribor 3M + 6.79%, 6.79% Floor)<sup>(a)(b)</sup> <br>8.86%, 04/25/37<br>|  | 1000000 | &nbsp;&nbsp; 1177363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carmax Select Receivables Trust Series 2025-B<sup>(a)(f)(g)</sup> <br>0.00%, 09/15/32<br>|  | 9899 | &nbsp;&nbsp; 7228489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust Series 2024-RM5<sup>(a)(b)</sup> <br>4.00%, 10/25/54<br>|  | 18000000 | &nbsp;&nbsp; 16296923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade Funding Mortgage Trust Series 2025-HB16<sup>(a)</sup> <br>3.00%, 03/25/35<br>|  | 3000000 | &nbsp;&nbsp; 2862829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2024-MH1<sup>(a)(b)(d)</sup> <br>8.22%, 11/25/56<br>|  | 8936000 | &nbsp;&nbsp; 7966971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cascade MH Asset Trust Series 2024-MH1<sup>(a)(d)(g)(h)</sup> <br>0.00%, 11/25/56<br>|  | 132358539 | &nbsp;&nbsp; 3240535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-HB15<sup>(a)</sup> <br>4.00%, 08/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3860518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFMT LLC Series 2024-NR1<sup>(a)(e)</sup> <br>9.32%, 11/25/29<br>|  | 10000000 | &nbsp;&nbsp; 10143284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust Series 2024-1A<sup>(a)(f)</sup> <br>0.00%, 06/25/31<br>|  | 8850 | &nbsp;&nbsp; 1345016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chase Auto Owner Trust Series 2024-2A<sup>(a)(f)</sup> <br>0.00%, 08/25/31<br>|  | 6875 | &nbsp;&nbsp; 1534483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clsec Holdings 22t LLC Series 2021-1<sup>(a)</sup> <br>6.17%, 05/11/37<br>|  | 12444702 | &nbsp;&nbsp; 12361540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cross Mortgage Trust Series 2023-H1<sup>(a)(b)</sup> <br>8.29%, 03/25/68<br>|  | 2618000 | &nbsp;&nbsp; 2640947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG<br> (Floating, U.S. SOFR + 7.25%)<sup>(a)(b)(d)</sup> <br>11.23%, 01/21/35<br>|  | 8000000 | &nbsp;&nbsp; 8060000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2024-RM3<sup>(a)</sup> <br>5.00%, 12/25/54<br>|  | 3261715 | &nbsp;&nbsp; 3127474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-CES2<sup>(a)</sup> <br>7.53%, 03/25/50<br>|  | 6477000 | &nbsp;&nbsp; 6561494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-CES2<sup>(a)(b)</sup> <br>8.52%, 03/25/50<br>|  | 3445000 | &nbsp;&nbsp; 3488243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-RM1<sup>(a)</sup> <br>5.00%, 05/25/55<br>|  | 8413257 | &nbsp;&nbsp; 7298402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-RM2<sup>(a)</sup> <br>4.75%, 08/25/55<br>|  | 2800000 | &nbsp;&nbsp; 2561413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-RM2<sup>(a)</sup> <br>4.75%, 08/25/55<br>|  | 2800000 | &nbsp;&nbsp; 2458170 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-RM3<sup>(a)(b)</sup> <br>4.75%, 09/25/55<br>|  | $2200000 | &nbsp;&nbsp; $2023931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFMT Series 2025-RM3<sup>(a)</sup> <br>4.75%, 09/25/55<br>|  | 4700000 | &nbsp;&nbsp; 4085160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAT Brands Fazoli's Native I LLC Series 2021-1<sup>(a)(d)</sup> <br>7.00%, 07/25/51<br>|  | 15340324 | &nbsp;&nbsp; 14338082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAT Brands GFG Royalty I LLC Series 2021-1A<sup>(a)(d)(e)</sup> <br>7.00%, 07/25/51<br>|  | 15072000 | &nbsp;&nbsp; 14125213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2024-HE2<sup>(a)</sup> <br>8.20%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2104337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2024-HE3<sup>(a)</sup> <br>7.55%, 07/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2071961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2024-HE5<sup>(a)</sup> <br>7.01%, 10/25/54<br>|  | 4109000 | &nbsp;&nbsp; 4162437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE2<sup>(a)(b)(i)</sup> <br>8.73%, 04/25/30<br>|  | 5000000 | &nbsp;&nbsp; 5275704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE3<sup>(a)</sup> <br>6.77%, 05/25/55<br>|  | 1750000 | &nbsp;&nbsp; 1821492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE3<sup>(a)(b)</sup> <br>8.10%, 05/25/55<br>|  | 1750000 | &nbsp;&nbsp; 1863788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2025-HE3<sup>(a)(b)</sup> <br>9.08%, 05/25/55<br>|  | 1600000 | &nbsp;&nbsp; 1708034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2023-2A<sup>(a)</sup> <br>9.10%, 06/15/49<br>|  | 2512386 | &nbsp;&nbsp; 2686429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foundation Finance Trust Series 2025-1A<sup>(a)</sup> <br>8.37%, 04/15/50<br>|  | 4874083 | &nbsp;&nbsp; 4934492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Home Improvement Issuer Trust Series 2022-GRN1<sup>(a)(d)(f)</sup> <br>0.00%, 06/25/52<br>|  | 50000 | &nbsp;&nbsp; 1754322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GoodLeap Home Improvement Solutions Trust Series 2024-1<sup>(a)</sup> <br>8.94%, 10/20/46<br>|  | 841147 | &nbsp;&nbsp; 874027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GreenSky Home Improvement Issuer Trust Series 2025-1A<sup>(a)</sup> <br>8.65%, 03/25/60<br>|  | 2000000 | &nbsp;&nbsp; 2061849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest CLO Series 6A<br> (Floating, Euribor 3M + 8.24%)<sup>(a)(b)</sup> <br>10.32%, 07/15/38<br>|  | 1500000 | &nbsp;&nbsp; 1773055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harvest SBA Loan Trust Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 3.75%)<sup>(a)(b)</sup> <br>7.75%, 12/25/51<br>|  | 2823739 | &nbsp;&nbsp; 2871165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Vehicle Financing III LLC Series 2024-2A<sup>(a)</sup> <br>9.41%, 01/27/31<br>|  | 6250000 | &nbsp;&nbsp; 6608481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Aircraft Finance I Ltd. Series 2018-1<sup>(a)</sup> <br>4.46%, 12/15/38<br>|  | 1854921 | &nbsp;&nbsp; 1836981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HTAP Issuer Trust Series 2024-2<sup>(a)</sup> <br>6.50%, 04/25/42<br>|  | 10643044 | &nbsp;&nbsp; 10632988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2024-1<br> (Floating, U.S. 30-Day Average SOFR + 5.25%)<sup>(a)(b)</sup> <br>9.17%, 05/20/32<br>|  | 879363 | &nbsp;&nbsp; 902635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Huntington Bank Auto Credit-Linked Notes Series 2025-1<br> (Floating, U.S. 30-Day Average SOFR + 3.50%)<sup>(a)(b)</sup> <br>7.42%, 03/21/33<br>|  | 3451142 | &nbsp;&nbsp; 3474665 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICG U.S. CLO Ltd. Series 2020-1A<br> (Floating, CME Term SOFR 3M + 3.86%, 3.60% Floor)<sup>(a)(b)</sup> <br>7.75%, 01/20/35<br>|  | $3000000 | &nbsp;&nbsp; $2997573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legato Euro CLO II DAC Series 2A<br> (Floating, Euribor 3M + 3.15%)<sup>(a)(b)(g)</sup> <br>5.19%, 07/15/40<br>|  | 8500000 | &nbsp;&nbsp; 9989201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendingpoint Asset Securitization Trust Series 2022-C<sup>(a)(d)(g)(j)</sup> <br>13.09%, 02/15/30<br>|  | 6400000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lendmark Funding Trust Series 2021-2A<sup>(a)</sup> <br>3.09%, 04/20/32<br>|  | 3160000 | &nbsp;&nbsp; 2995775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 3.75%, 3.75% Floor)<sup>(a)(b)(d)</sup> <br>7.63%, 05/21/34<br>|  | 1840000 | &nbsp;&nbsp; 1840000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LOFT Series 2024-1A<br> (Floating, U.S. SOFR + 10.50%, 10.50% Floor)<sup>(a)(b)(d)</sup> <br>14.38%, 05/21/34<br>|  | 2400000 | &nbsp;&nbsp; 2328000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mariner Finance Issuance Trust Series 2021-BA<sup>(a)</sup> <br>3.42%, 11/20/36<br>|  | 1980000 | &nbsp;&nbsp; 1889906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momnt Technologies Trust Series 2023-1A<sup>(a)(g)</sup> <br>8.29%, 03/20/45<br>|  | 3000000 | &nbsp;&nbsp; 3091807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Momnt Technologies Trust Series 2023-1A<sup>(a)(g)</sup> <br>11.24%, 03/20/45<br>|  | 9180000 | &nbsp;&nbsp; 8415461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>8.35%, 07/22/41<br>|  | 4360757 | &nbsp;&nbsp; 4474941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPOWER Education Trust Series 2024-A<sup>(a)</sup> <br>11.25%, 07/22/41<br>|  | 5965000 | &nbsp;&nbsp; 6088786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPOWER Education Trust Series 2025-A<sup>(a)</sup> <br>8.47%, 07/21/42<br>|  | 8000000 | &nbsp;&nbsp; 8223442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRZ Excess Spread-Collateralized Notes Series 2021-GTN1<sup>(a)</sup> <br>3.47%, 11/25/26<br>|  | 3159779 | &nbsp;&nbsp; 3107620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2024-RVM1<sup>(a)</sup> <br>8.42%, 01/22/46<br>|  | 2000000 | &nbsp;&nbsp; 2078686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC Series 2023-1A<sup>(a)</sup> <br>9.93%, 08/19/30<br>|  | 6000000 | &nbsp;&nbsp; 6058720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC Series 2024-1A<sup>(a)</sup> <br>8.99%, 06/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3068544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>7.03%, 10/17/31<br>|  | 2250000 | &nbsp;&nbsp; 2276348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OnDeck Asset Securitization Trust IV LLC Series 2024-2A<sup>(a)</sup> <br>9.49%, 10/17/31<br>|  | 3000000 | &nbsp;&nbsp; 3023495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Onity Loan Investment Trust Series 2024-HB2<sup>(a)</sup> <br>5.00%, 08/25/37<br>|  | 2000000 | &nbsp;&nbsp; 1961115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Funding Trust Series 2024-3<sup>(a)</sup> <br>9.60%, 08/15/29<br>|  | 4000000 | &nbsp;&nbsp; 4045791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2021-C<sup>(a)</sup> <br>3.61%, 10/08/31<br>|  | 904753 | &nbsp;&nbsp; 894542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>7.25%, 02/08/33<br>|  | 8500000 | &nbsp;&nbsp; 8482004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-A<sup>(a)</sup> <br>10.00%, 02/08/33<br>|  | 6500000 | &nbsp;&nbsp; 6495615 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-B<sup>(a)</sup> <br>9.40%, 05/09/33<br>|  | $3000000 | &nbsp;&nbsp; $3023824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-C<sup>(a)</sup> <br>5.91%, 07/08/33<br>|  | 13000000 | &nbsp;&nbsp; 12858880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oportun Issuance Trust Series 2025-C<sup>(a)</sup> <br>9.20%, 07/08/33<br>|  | 12500000 | &nbsp;&nbsp; 12445649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust Series 2025-1<sup>(a)</sup> <br>10.08%, 07/15/32<br>|  | 1111240 | &nbsp;&nbsp; 1140263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya AI Debt Grantor Trust Series 2025-5<sup>(a)</sup> <br>5.87%, 03/15/33<br>|  | 2499903 | &nbsp;&nbsp; 2505669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PenFed Auto Receivables Owner Trust Series 2024-A<sup>(a)(f)</sup> <br>0.00%, 09/15/32<br>|  | 37500 | &nbsp;&nbsp; 4131524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PenFed Auto Receivables Owner Trust Series 2025-A<sup>(a)(f)</sup> <br>0.00%, 10/17/33<br>|  | 40000 | &nbsp;&nbsp; 5778426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penta CLO 19 DAC Series 2025-19A<br> (Floating, Euribor 3M + 8.57%)<sup>(a)(b)</sup> <br>10.70%, 07/15/38<br>|  | 1300000 | &nbsp;&nbsp; 1543729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Point Securitization Trust Series 2025-1<sup>(a)</sup> <br>6.25%, 06/25/55<br>|  | 946107 | &nbsp;&nbsp; 949869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.46% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 2000000 | &nbsp;&nbsp; 1900319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.46% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 8000000 | &nbsp;&nbsp; 7474161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL1<br> (Step to 4.46% on 2/25/29)<sup>(a)(c)</sup> <br>4.00%, 07/25/69<br>|  | 3000000 | &nbsp;&nbsp; 2771567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL2<br> (Step to 4.25% on 4/25/29)<sup>(a)(c)</sup> <br>4.00%, 08/25/64<br>|  | 7000000 | &nbsp;&nbsp; 6420302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL4<br> (Step to 4.47% on 1/25/30)<sup>(a)(c)</sup> <br>4.00%, 03/25/65<br>|  | 3000000 | &nbsp;&nbsp; 2779583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL5<br> (Step to 4.49% on 11/25/29)<sup>(a)(c)</sup> <br>4.15%, 01/25/70<br>|  | 1000000 | &nbsp;&nbsp; 908866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRET Trust Series 2025-RPL5<br> (Step to 4.49% on 11/25/29)<sup>(a)(c)</sup> <br>4.15%, 01/25/70<br>|  | 3000000 | &nbsp;&nbsp; 2638604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRKCM Trust Series 2025-AFC1<sup>(a)(b)</sup> <br>6.81%, 10/25/60<br>|  | 4206000 | &nbsp;&nbsp; 4114639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Silver Series 2019-1<sup>(a)</sup> <br>3.97%, 07/15/44<br>|  | 2375141 | &nbsp;&nbsp; 2351508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providus CLO XII DAC Series 12A<br> (Floating, Euribor 3M + 8.57%)<sup>(a)(b)</sup> <br>10.59%, 08/18/38<br>|  | 1000000 | &nbsp;&nbsp; 1193072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRPM LLC Series 2024-7<br> (Step to 11.84% on 12/25/27)<sup>(a)(c)</sup> <br>8.84%, 11/25/29<br>|  | 5000000 | &nbsp;&nbsp; 5002950 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRPM LLC Series 2025-RCF2<br> (Step to 5.00% on 5/25/29)<sup>(a)(c)</sup> <br>4.00%, 10/25/64<br>|  | $5000000 | &nbsp;&nbsp; $4765430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RRE 18 Loan Management DAC Series 18A<br> (Floating, Euribor 3M + 6.42%, 6.42% Floor)<sup>(a)(b)</sup> <br>8.43%, 04/15/39<br>|  | 1280000 | &nbsp;&nbsp; 1505027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAFCO Auto Receivables Trust Series 2022-1A<sup>(a)</sup> <br>8.62%, 11/19/29<br>|  | 2229108 | &nbsp;&nbsp; 2219511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAIF Securitization Trust Series 2025-CES1<sup>(a)</sup> <br>7.23%, 06/25/65<br>|  | 3990500 | &nbsp;&nbsp; 4001991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-FIG6<sup>(a)(b)</sup> <br>8.90%, 01/25/56<br>|  | 8000000 | &nbsp;&nbsp; 8003066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 2.95%)<sup>(a)(b)</sup> <br>6.90%, 06/25/55<br>|  | 1500000 | &nbsp;&nbsp; 1501324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 4.00%)<sup>(a)(b)</sup> <br>7.95%, 06/25/55<br>|  | 4000000 | &nbsp;&nbsp; 4018798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-LOC4<br> (Floating, U.S. 30-Day Average SOFR + 5.00%)<sup>(a)(b)</sup> <br>8.95%, 06/25/55<br>|  | 1000000 | &nbsp;&nbsp; 1004637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-NPL1<br> (Step to 12.05% on 1/25/28)<sup>(a)(c)</sup> <br>9.05%, 01/25/30<br>|  | 6000000 | &nbsp;&nbsp; 6041514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2025-NPL2<sup>(a)(e)</sup> <br>7.77%, 05/25/30<br>|  | 6337330 | &nbsp;&nbsp; 6388713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2023-A<sup>(a)</sup> <br>7.08%, 06/15/33<br>|  | 30304 | &nbsp;&nbsp; 30331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2023-B<sup>(a)</sup> <br>12.24%, 12/15/33<br>|  | 4789495 | &nbsp;&nbsp; 5037430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Bank Auto Credit-Linked Notes Series 2025-A<sup>(a)</sup> <br>7.34%, 01/16/34<br>|  | 9000000 | &nbsp;&nbsp; 9020036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander Mortgage Asset Receivable Trust Series 2025-NQM2<sup>(a)(b)</sup> <br>7.15%, 02/25/65<br>|  | 3214800 | &nbsp;&nbsp; 3163471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBNA Auto Receivables Trust Series 2025-SF1<sup>(a)</sup> <br>8.71%, 06/15/33<br>|  | 3500000 | &nbsp;&nbsp; 3552512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEB Funding LLC Series 2024-1A<sup>(a)</sup> <br>7.39%, 04/30/54<br>|  | 7500000 | &nbsp;&nbsp; 7672554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Experts Issuer LLC Series 2021-1A<sup>(a)</sup> <br>5.37%, 02/02/32<br>|  | 3000000 | &nbsp;&nbsp; 2819368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Experts Issuer LLC Series 2024-1A<sup>(a)</sup> <br>8.08%, 11/20/35<br>|  | 4000000 | &nbsp;&nbsp; 4163454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Experts Issuer LLC Series 2025-1A<sup>(a)</sup> <br>7.62%, 01/20/37<br>|  | 5000000 | &nbsp;&nbsp; 5020649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Euro CLO 1 DAC Series 1A<br> (Floating, Euribor 3M + 3.00%)<sup>(a)(b)</sup> <br>5.10%, 01/15/39<br>|  | 9500000 | &nbsp;&nbsp; 11164401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Point Euro CLO 1 DAC Series 1A<br> (Floating, Euribor 3M + 5.65%)<sup>(a)(b)</sup> <br>7.75%, 01/15/39<br>|  | 10500000 | &nbsp;&nbsp; 12339601 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline Aircraft Series 2006-S3<sup>(d)</sup> <br>6.17%, 08/17/33<br>|  | $3592301 | &nbsp;&nbsp; $3498003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXX Ltd. Series 2021-2A<br> (Floating, CME Term SOFR 3M + 3.61%, 3.35% Floor)<sup>(a)(b)</sup> <br>7.47%, 07/25/34<br>|  | 4000000 | &nbsp;&nbsp; 3992705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO XXXI Ltd. Series 2021-3A<br> (Floating, CME Term SOFR 3M + 3.51%, 3.25% Floor)<sup>(a)(b)</sup> <br>7.37%, 10/25/34<br>|  | 2750000 | &nbsp;&nbsp; 2657928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point Euro CLO X Funding DAC Series 10A<br> (Floating, Euribor 3M + 6.52%, 6.52% Floor)<sup>(a)(b)</sup> <br>8.52%, 04/20/38<br>|  | 2000000 | &nbsp;&nbsp; 2351962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stream Innovations Issuer Trust Series 2024-1A<sup>(a)</sup> <br>7.89%, 07/15/44<br>|  | 1194198 | &nbsp;&nbsp; 1276802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1<sup>(a)</sup> <br>6.86%, 01/25/64<br>|  | 1000000 | &nbsp;&nbsp; 1005783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinitas Euro CLO IX DAC Series 9A<br> (Floating, Euribor 3M + 8.32%)<sup>(a)(b)</sup> <br>10.38%, 05/15/39<br>|  | 1500000 | &nbsp;&nbsp; 1771036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Hospitality I LLC Series 2024-1A<sup>(a)(d)</sup> <br>9.00%, 10/26/54<br>|  | 7396875 | &nbsp;&nbsp; 7396875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Hospitality I LLC Series 2024-1A<sup>(a)</sup> <br>9.00%, 10/26/54<br>|  | 21697500 | &nbsp;&nbsp; 21474001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Auto Funding Trust Series 2022-1A<sup>(a)(d)(g)(j)</sup> <br>11.79%, 06/15/29<br>|  | 5000000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bank N.A. Series 2023-1<sup>(a)</sup> <br>13.60%, 08/25/32<br>|  | 863088 | &nbsp;&nbsp; 880278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 2.70%)<sup>(a)(b)</sup> <br>6.57%, 02/25/32<br>|  | 2583652 | &nbsp;&nbsp; 2587294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bank N.A. Series 2025-SUP1<br> (Floating, U.S. 30-Day Average SOFR + 7.50%)<sup>(a)(b)(d)</sup> <br>11.37%, 02/25/32<br>|  | 8073911 | &nbsp;&nbsp; 8073911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlock HEA Trust Series 2024-2<sup>(a)</sup> <br>6.00%, 10/25/39<br>|  | 6485000 | &nbsp;&nbsp; 5083372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlock HEA Trust Series 2025-1<sup>(a)</sup> <br>6.75%, 07/25/41<br>|  | 16553078 | &nbsp;&nbsp; 16619295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlock HEA Trust Series 2025-2<sup>(a)</sup> <br>6.00%, 11/25/41<br>|  | 5882643 | &nbsp;&nbsp; 5867657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlock HEA Trust Series 2025-2<sup>(a)</sup> <br>7.25%, 11/25/41<br>|  | 5250000 | &nbsp;&nbsp; 5148370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlock HEA Trust Series 2025-2<sup>(a)</sup> <br>6.00%, 11/25/41<br>|  | 7000000 | &nbsp;&nbsp; 5432962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UPG HI Issuer Trust Series 2025-2<sup>(a)</sup> <br>8.80%, 09/25/47<br>|  | 10993000 | &nbsp;&nbsp; 10972073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upgrade Auto Receivables Trust Series 2025-1A<sup>(a)(d)(f)(g)</sup> <br>0.00%, 11/15/33<br>|  | 36100 | &nbsp;&nbsp; 2646848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upstart Securitization Trust Series 2022-3<sup>(a)(d)(f)</sup> <br>0.00%, 06/20/32<br>|  | 5575 | &nbsp;&nbsp; 141978 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 2.20%)<sup>(a)(b)</sup> <br>6.07%, 08/31/32<br>|  | $7350071 | &nbsp;&nbsp; $7338931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 3.70%)<sup>(a)(b)</sup> <br>7.57%, 08/31/32<br>|  | 6431312 | &nbsp;&nbsp; 6430148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Bank C&I Credit-Linked Notes Series 2025-SUP2<br> (Floating, U.S. 30-Day Average SOFR + 6.50%)<sup>(a)(b)</sup> <br>10.37%, 08/31/32<br>|  | 9417279 | &nbsp;&nbsp; 9417180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USB Auto Owner Trust Series 2025-1<sup>(a)(f)</sup> <br>0.00%, 12/15/32<br>|  | 22500 | &nbsp;&nbsp; 6303272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2024-CES1<sup>(a)(b)</sup> <br>10.35%, 05/25/54<br>|  | 2000000 | &nbsp;&nbsp; 2079370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2024-CES2<sup>(a)</sup> <br>7.50%, 10/25/54<br>|  | 1483000 | &nbsp;&nbsp; 1495706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2024-CES3<sup>(a)(b)</sup> <br>9.49%, 01/25/55<br>|  | 3077000 | &nbsp;&nbsp; 3154363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES1<br> (Step to 7.53% on 4/25/29)<sup>(a)(c)</sup> <br>6.53%, 04/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2024965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES1<sup>(a)</sup> <br>7.62%, 04/25/55<br>|  | 3179000 | &nbsp;&nbsp; 3204228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES1<sup>(a)(b)</sup> <br>8.96%, 04/25/55<br>|  | 2696000 | &nbsp;&nbsp; 2742167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES2<br> (Step to 7.37% on 8/25/29)<sup>(a)(c)</sup> <br>6.37%, 08/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2016530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES2<sup>(a)(b)</sup> <br>8.15%, 08/25/55<br>|  | 3125000 | &nbsp;&nbsp; 3138029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES3<br> (Step to 6.95% on 11/25/29)<sup>(a)(c)</sup> <br>5.95%, 11/25/55<br>|  | 4000000 | &nbsp;&nbsp; 3998732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Point Securitization Trust Series 2025-CES3<sup>(a)</sup> <br>7.88%, 11/25/55<br>|  | 5155000 | &nbsp;&nbsp; 5152914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wilton Park CLO DAC Series 1A<br> (Floating, Euribor 3M + 5.70%)<sup>(a)(b)</sup> <br>7.71%, 07/15/38<br>|  | 3000000 | &nbsp;&nbsp; 3598670 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSET-BACKED SECURITIES<br> (Cost $831,642,533)<br>|  |  | &nbsp;&nbsp; 824075096 |
| BANK DEBTS<sup>(b)</sup> | 10.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Greetings Corp.<br> (1M USD CME Term SOFR + 5.75%)<br> 9.47%, 10/23/29<br>|  | 4967742 | &nbsp;&nbsp; 4898293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anchor Glass Container Corp.<br> (3M USD CME Term SOFR + 5.25%)<br> 8.92%, 10/08/30<br>|  | 6000000 | &nbsp;&nbsp; 5919000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brock Holdings III LLC<br> (3M USD CME Term SOFR + 5.75%, 0.50% Floor)<br> 9.42%, 04/09/30<br>|  | 3979849 | &nbsp;&nbsp; 3986495 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clover Holdings LLC<br> (1M USD CME Term SOFR + 4.00%)<br> 7.77%, 12/09/31<br>|  | $6139150 | &nbsp;&nbsp; $6133379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMG Media Corp.<br> (3M USD CME Term SOFR + 3.50%)<br> 7.27%, 06/18/29<br>|  | 22455219 | &nbsp;&nbsp; 20895030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cobham Ultra SeniorCo S.a r.l.<br> (6M USD CME Term SOFR + 3.75%)<br> 8.37%, 08/03/29<br>|  | 20504798 | &nbsp;&nbsp; 20556060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Confluence Technology<br> (3M USD CME Term SOFR + 5.00%, 0.50% Floor)<br> 8.85%, 07/30/28<br>|  | 3213515 | &nbsp;&nbsp; 3189413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSC Holdings LLC<br> (3M USD PRIME + 1.50%, 1.00% Floor)<br> 8.25%, 04/15/27<br>|  | 24841966 | &nbsp;&nbsp; 21665673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electro Rent LLC<br> (3M USD CME Term SOFR + 7.50%)<sup>(d)</sup> <br>11.48%, 12/15/28<br>|  | 4614908 | &nbsp;&nbsp; 4476460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form Technologies LLC<br> (3M USD CME Term SOFR + 5.75%, 0.50% Floor)<br> 9.62%, 07/19/30<br>|  | 5077485 | &nbsp;&nbsp; 4550696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galaxy US Opco, Inc.<br> (3M USD CME Term SOFR + 1.50%, 0.50% Floor)<br> 5.34%, 07/31/30<br>|  | 6800330 | &nbsp;&nbsp; 6516144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway Casinos & Entertainment Ltd.<br> (3M USD CME Term SOFR + 6.25%, 0.75% Floor)<br> 9.95%, 12/18/30<br>|  | 994987 | &nbsp;&nbsp; 994162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway Casinos & Entertainment Ltd.<sup>(k)</sup> <br>12/18/30<br>|  | 3989950 | &nbsp;&nbsp; 3986638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Tel Link Corp.<br> (1M USD CME Term SOFR + 7.50%, 3.00% Floor)<br> 11.22%, 07/31/29<br>|  | 12368832 | &nbsp;&nbsp; 12279901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Co.<br> (1M USD CME Term SOFR + 8.00%, 1.00% Floor)<br> 11.82%, 04/07/28<br>|  | 11969309 | &nbsp;&nbsp; 11348462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houghton Mifflin Harcourt Co.<sup>(k)</sup> <br>04/07/28<br>|  | 1994898 | &nbsp;&nbsp; 1891423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEP Group, Inc.<sup>(k)</sup> <br>08/19/26<br>|  | 2178666 | &nbsp;&nbsp; 2167772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEP Group, Inc.<sup>(k)</sup> <br>08/19/26<br>|  | 2178666 | &nbsp;&nbsp; 2167772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northeast Grocery, Inc.<br> (3M USD CME Term SOFR + 7.50%, 1.00% Floor)<br> 11.38%, 12/13/28<br>|  | 5386739 | &nbsp;&nbsp; 5400206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Optiv Parent, Inc.<br> (3M USD CME Term SOFR + 5.25%, 1.00% Floor)<br> 9.11%, 07/31/26<br>|  | 5894472 | &nbsp;&nbsp; 4157430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oscar AcquisitionCo. LLC<br> (3M USD CME Term SOFR + 4.25%, 0.50% Floor)<br> 7.92%, 04/29/29<br>|  | 10000000 | &nbsp;&nbsp; 7123200 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pluto Acquisition I, Inc.<br> (3M USD CME Term SOFR + 5.50%, 1.00% Floor)<br> 9.19%, 06/20/28<br>|  | $10350775 | &nbsp;&nbsp; $10454282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pluto Acquisition I, Inc.<br> (3M USD CME Term SOFR + 4.00%)<br> 7.87%, 09/20/28<br>|  | 17081755 | &nbsp;&nbsp; 14160775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 7.00%)<br> 10.77%, 04/01/29<br>|  | 1404588 | &nbsp;&nbsp; 1421275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 5.50%)<br> 9.25%, 12/31/28<br>|  | 453333 | &nbsp;&nbsp; 442000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREIT Associates, L.P.<sup>(l)</sup> <br>12/31/28<br>|  | 911303 | &nbsp;&nbsp; 888521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PREIT Associates, L.P.<br> (1M USD CME Term SOFR + 5.50%)<br> 9.22%, 12/31/28<br>|  | 635363 | &nbsp;&nbsp; 619479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pretium PKG Holdings, Inc.<br> (3M USD CME Term SOFR + 5.00%, 1.00% Floor)<br> 8.90%, 10/02/28<br>|  | 8777855 | &nbsp;&nbsp; 8764161 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL BANK DEBTS<br> (Cost $198,523,212)<br>|  |  | &nbsp;&nbsp; 191054102 |
| CORPORATE BONDS | 17.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ahead DB Holdings LLC<sup>(a)</sup> <br>6.63%, 05/01/28<br>|  | 17059000 | &nbsp;&nbsp; 17170003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc.<sup>(a)</sup> <br>10.25%, 01/15/29<br>|  | 3446000 | &nbsp;&nbsp; 3613906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC<sup>(a)</sup> <br>5.25%, 04/15/30<br>|  | 1625000 | &nbsp;&nbsp; 1513763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance U.S.A. LLC<sup>(a)</sup> <br>4.00%, 09/01/29<br>|  | 2000000 | &nbsp;&nbsp; 1882986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc.<sup>(a)</sup> <br>10.38%, 08/01/30<br>|  | 9325000 | &nbsp;&nbsp; 9144490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Property REIT, Inc.<sup>(a)</sup> <br>5.75%, 05/15/26<br>|  | 20454000 | &nbsp;&nbsp; 20354332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Champ Acquisition Corp.<sup>(a)</sup> <br>8.38%, 12/01/31<br>|  | 5000000 | &nbsp;&nbsp; 5401315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CTR Partnership L.P.<sup>(a)</sup> <br>3.88%, 06/30/28<br>|  | 8904000 | &nbsp;&nbsp; 8766105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DISH DBS Corp.<br> 7.75%, 07/01/26<br>|  | 83000000 | &nbsp;&nbsp; 81989742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.<br> 4.50%, 10/01/49<br>|  | 1525000 | &nbsp;&nbsp; 972168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.<br> 6.38%, 05/18/53<br>|  | 4460000 | &nbsp;&nbsp; 3323944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMC Corp.<br> 5.65%, 05/18/33<br>|  | 1882000 | &nbsp;&nbsp; 1652483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freedom Funding Center LLC<sup>(a)(m)</sup> <br>12.00%, 10/01/32<br>|  | 2460000 | &nbsp;&nbsp; 2583000 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Holdings LLC<sup>(a)</sup> <br>8.75%, 05/15/30<br>|  | $5000000 | &nbsp;&nbsp; $5221755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HAH Group Holding Co. LLC<sup>(a)</sup> <br>9.75%, 10/01/31<br>|  | 16766000 | &nbsp;&nbsp; 15765974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.<br> 4.85%, 10/15/31<br>|  | 5000000 | &nbsp;&nbsp; 5057075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HOA Royalty Co. LLC<sup>(a)(d)</sup> <br>4.72%, 11/22/55<br>|  | 14131592 | &nbsp;&nbsp; 10147156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LABL, Inc.<sup>(a)</sup> <br>10.50%, 07/15/27<br>|  | 27749000 | &nbsp;&nbsp; 17149656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Midstream Partners L.P.<sup>(a)</sup> <br>11.50%, 02/15/28<br>|  | 17168000 | &nbsp;&nbsp; 17725960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPT Operating Partnership L.P.<br> 0.99%, 10/15/26<br>|  | 14720000 | &nbsp;&nbsp; 16536349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagaya US Holdings Co. LLC<sup>(a)</sup> <br>8.88%, 08/01/30<br>|  | 3500000 | &nbsp;&nbsp; 3053769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp.<sup>(a)</sup> <br>7.25%, 02/15/31<br>|  | 4805000 | &nbsp;&nbsp; 5004398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp.<sup>(a)</sup> <br>6.50%, 07/15/32<br>|  | 6245000 | &nbsp;&nbsp; 6478363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shutterfly Finance LLC<sup>(a)(m)</sup> <br>8.50%, 10/01/27<br>|  | 2000000 | &nbsp;&nbsp; 1922500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TKC Holdings, Inc.<sup>(a)</sup> <br>10.50%, 05/15/29<br>|  | 16447000 | &nbsp;&nbsp; 16900296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties L.P.<sup>(a)</sup> <br>4.25%, 12/01/26<br>|  | 5000000 | &nbsp;&nbsp; 4999553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp.<br> 3.13%, 11/02/26<br>|  | 5000000 | &nbsp;&nbsp; 4915005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp.<sup>(a)</sup> <br>6.88%, 07/15/33<br>|  | 12500000 | &nbsp;&nbsp; 13165174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Staples, Inc.<sup>(a)</sup> <br>10.75%, 09/01/29<br>|  | 9000000 | &nbsp;&nbsp; 8947626 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE BONDS<br> (Cost $321,543,847)<br>|  |  | &nbsp;&nbsp; 311358846 |
| FOREIGN ISSUER BONDS | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC<sup>(a)</sup> <br>9.00%, 12/01/28<br>|  | 5600000 | &nbsp;&nbsp; 5637296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avianca Midco 2 PLC<sup>(a)</sup> <br>9.63%, 02/14/30<br>|  | 15000000 | &nbsp;&nbsp; 15051000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A.<sup>(a)</sup> <br>7.88%, 04/15/30<br>|  | 2839000 | &nbsp;&nbsp; 2985975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latam Airlines Group S.A.<sup>(a)</sup> <br>7.63%, 01/07/31<br>|  | 5000000 | &nbsp;&nbsp; 5249663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pembroke Olive Downs Pty Ltd.<br> 11.50%, 02/18/30<br>|  | 5000000 | &nbsp;&nbsp; 4855718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte Ltd.<sup>(a)</sup> <br>8.25%, 12/15/29<br>|  | 3490000 | &nbsp;&nbsp; 3700925 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 PLC<sup>(a)</sup> <br>10.75%, 07/31/29<br>|  | $13958000 | &nbsp;&nbsp; $18667440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonegate Pub Co. Financing 2019 PLC<br> 10.75%, 07/31/29<br>|  | 1665000 | &nbsp;&nbsp; 2226772 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL FOREIGN ISSUER BONDS<br> (Cost $57,134,313)<br>|  |  | &nbsp;&nbsp; 58374789 |
| MORTGAGE-BACKED SECURITIES | 12.7<br> %<br>|  |  |
| PRIVATE | 6.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Equity | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust Series 2022-3<sup>(a)(b)</sup> <br>4.13%, 01/10/67<br>|  | 5076669 | &nbsp;&nbsp; 4816975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4021920 | &nbsp;&nbsp; 3431279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Mortgage Loan Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.51%, 02/25/62<br>|  | 4450880 | &nbsp;&nbsp; 3483250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CFMT LLC Series 2023-H12<sup>(a)</sup> <br>4.25%, 04/25/33<br>|  | 5000000 | &nbsp;&nbsp; 4919587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S2<sup>(d)</sup> <br>5.60%, 07/25/27<br>|  | 272073 | &nbsp;&nbsp; 257112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S3<br> (Step to 6.02% on 2/25/26)<sup>(c)(n)</sup> <br>5.45%, 06/25/21<br>|  | 1 | &nbsp;&nbsp; 527820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CWHEQ Home Equity Loan Trust Series 2006-S5<sup>(n)</sup> <br>5.75%, 06/25/35<br>|  | 2 | &nbsp;&nbsp; 1543915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FIGRE Trust Series 2024-HE1<sup>(a)(b)</sup> <br>10.03%, 03/25/54<br>|  | 1000000 | &nbsp;&nbsp; 1079593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-HE1<br> (Floating, U.S. 30-Day Average SOFR + 2.45%)<sup>(a)(b)</sup> <br>6.32%, 10/25/55<br>|  | 2000000 | &nbsp;&nbsp; 2006663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-HE1<br> (Floating, U.S. 30-Day Average SOFR + 3.30%)<sup>(a)(b)</sup> <br>7.17%, 10/25/55<br>|  | 2500000 | &nbsp;&nbsp; 2527797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-HE2<br> (Floating, U.S. 30-Day Average SOFR + 3.10%)<sup>(a)(b)</sup> <br>6.97%, 12/25/65<br>|  | 5500000 | &nbsp;&nbsp; 5537398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust Series 2025-HE2<br> (Floating, U.S. 30-Day Average SOFR + 4.10%)<sup>(a)(b)</sup> <br>7.97%, 12/25/65<br>|  | 3500000 | &nbsp;&nbsp; 3527167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-3<br> (Floating, CME Term SOFR 1M + 0.57%, 0.46% Floor)<sup>(b)(g)</sup> <br>4.31%, 09/25/36<br>|  | 2708000 | &nbsp;&nbsp; 643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-3<br> (Step to 5.80% on 1/25/26)<sup>(c)(g)</sup> <br>6.09%, 09/25/36<br>|  | 2598591 | &nbsp;&nbsp; 138908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-4<br> (Floating, ICE LIBOR USD 1M + 0.61%, 0.61% Floor)<sup>(b)(d)(g)</sup> <br>3.99%, 11/25/36<br>|  | 4391000 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-4<br> (Floating, CME Term SOFR 1M + 0.61%, 0.50% Floor)<sup>(b)(g)</sup> <br>4.35%, 11/25/36<br>|  | 1354000 | &nbsp;&nbsp; 785 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-4<sup>(e)</sup> <br>6.23%, 11/25/36<br>|  | $1607435 | &nbsp;&nbsp; $99059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity Mortgage Trust Series 2006-5<br> (Floating, CME Term SOFR 1M + 0.51%, 0.40% Floor)<sup>(b)(d)</sup> <br>4.25%, 01/25/37<br>|  | 253895 | &nbsp;&nbsp; 12695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM4<br> (Step to 4.96% on 2/25/26)<sup>(a)(c)</sup> <br>5.04%, 06/25/67<br>|  | 4000000 | &nbsp;&nbsp; 3244337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.24% on 7/25/26)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 3000000 | &nbsp;&nbsp; 2994070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Imperial Fund Mortgage Trust Series 2022-NQM5<br> (Step to 6.24% on 7/25/26)<sup>(a)(c)</sup> <br>6.25%, 08/25/67<br>|  | 1125000 | &nbsp;&nbsp; 1122162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indymac Residential Mortgage-Backed Trust Series 2005-L3<br> (Floating, CME Term SOFR 1M + 0.55%, 0.44% Floor)<sup>(b)(d)</sup> <br>4.29%, 12/16/35<br>|  | 941782 | &nbsp;&nbsp; 753426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRPM Trust Series 2022-INV1<sup>(a)(b)</sup> <br>4.16%, 04/25/67<br>|  | 2600000 | &nbsp;&nbsp; 2315538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential Asset Securitization Trust Series 2006-A6<br> (Floating, 5.79% - CME Term SOFR 1M, 5.90% Cap)<sup>(b)(g)(h)</sup> <br>1.47%, 07/25/36<br>|  | 11997679 | &nbsp;&nbsp; 863083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saluda Grade Alternative Mortgage Trust Series 2023-SEQ3<sup>(a)(b)</sup> <br>10.25%, 06/01/53<br>|  | 10502250 | &nbsp;&nbsp; 10551037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Home Equity<br> (Cost $55,962,434)<br>|  |  | &nbsp;&nbsp; 55754427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust Series 2019-KF59<br> (Floating, U.S. 30-Day Average SOFR + 6.11%, 6.00% Floor)<sup>(a)(b)</sup> <br>10.12%, 02/25/29<br>|  | 19291011 | &nbsp;&nbsp; 19098750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2025-1<sup>(a)(b)</sup> <br>10.15%, 02/25/55<br>|  | 8489131 | &nbsp;&nbsp; 8600133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2025-3<sup>(a)(b)</sup> <br>7.38%, 06/25/55<br>|  | 2146759 | &nbsp;&nbsp; 2187591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2025-4<sup>(a)(b)</sup> <br>6.31%, 09/25/55<br>|  | 13949179 | &nbsp;&nbsp; 13912054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velocity Commercial Capital Loan Trust Series 2025-4<sup>(a)(b)</sup> <br>9.35%, 09/25/55<br>|  | 12952809 | &nbsp;&nbsp; 12908750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Mortgage-Backed Securities<br> (Cost $56,956,176)<br>|  |  | &nbsp;&nbsp; 56707278 |
| U.S. GOVERNMENT AGENCIES | 6.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae REMICS Series 2013-67<br> (Floating, 5.99% - U.S. 30-Day Average SOFR, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.68%, 07/25/43<br>|  | 6429016 | &nbsp;&nbsp; 703852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae REMICS Series 2020-27<br> (Floating, 5.84% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(g)(h)</sup> <br>1.53%, 05/25/50<br>|  | 14021657 | &nbsp;&nbsp; 1499967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae REMICS Series 2022-19<br> (Floating, 5.60% - U.S. 30-Day Average SOFR, 5.60% Cap)<sup>(b)(g)(h)</sup> <br>1.29%, 04/25/52<br>|  | 27224324 | &nbsp;&nbsp; 2503391 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae REMICS Series 2024-9<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 03/25/50<br>|  | $44666830 | &nbsp;&nbsp; $4956991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Credit Risk Series 2021-MN3<br> (Floating, U.S. 30-Day Average SOFR + 6.85%)<sup>(a)(b)</sup> <br>10.72%, 11/25/51<br>|  | 5000000 | &nbsp;&nbsp; 5294867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Credit Risk Series 2024-MN9<br> (Floating, U.S. 30-Day Average SOFR + 6.00%)<sup>(a)(b)</sup> <br>9.87%, 10/25/44<br>|  | 3000000 | &nbsp;&nbsp; 3100349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Credit Risk Series 2025-MN11<br> (Floating, U.S. 30-Day Average SOFR + 4.40%)<sup>(a)(b)</sup> <br>8.27%, 07/25/45<br>|  | 12000000 | &nbsp;&nbsp; 12271447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Credit Risk Series 2025-MN12<br> (Floating, U.S. 30-Day Average SOFR + 4.50%)<sup>(a)(b)</sup> <br>8.37%, 11/25/45<br>|  | 8000000 | &nbsp;&nbsp; 8001302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS Series 4833<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 10/15/44<br>|  | 14615447 | &nbsp;&nbsp; 1548285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS Series 5240<br> (Floating, 5.89% - U.S. 30-Day Average SOFR)<sup>(b)(g)(h)</sup> <br>1.58%, 03/25/50<br>|  | 14179719 | &nbsp;&nbsp; 1538855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS Series 5370<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 05/15/48<br>|  | 43515576 | &nbsp;&nbsp; 4833027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS Series 5386<br> (Floating, 5.89% - U.S. 30-Day Average SOFR, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.55%, 03/15/48<br>|  | 47533845 | &nbsp;&nbsp; 5435952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS Series 5564<br> (Floating, 5.80% - U.S. 30-Day Average SOFR)<sup>(b)(g)(h)</sup> <br>1.93%, 08/25/55<br>|  | 60838234 | &nbsp;&nbsp; 4325897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2013-9<br> (Floating, 6.64% - CME Term SOFR 1M, 6.75% Cap)<sup>(b)(g)(h)</sup> <br>2.28%, 01/20/43<br>|  | 14579882 | &nbsp;&nbsp; 1925391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2016-116<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.63%, 09/20/46<br>|  | 9304044 | &nbsp;&nbsp; 1127667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 09/20/49<br>|  | 39065762 | &nbsp;&nbsp; 4751522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2019-110<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 09/20/49<br>|  | 8422185 | &nbsp;&nbsp; 1000077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2019-115<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.63%, 09/20/49<br>|  | 16536662 | &nbsp;&nbsp; 2042370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2020-47<br> (Floating, 5.89% - CME Term SOFR 1M, 6.00% Cap)<sup>(b)(g)(h)</sup> <br>1.53%, 02/20/49<br>|  | 32071648 | &nbsp;&nbsp; 3086434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2020-7<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 01/20/50<br>|  | 15025193 | &nbsp;&nbsp; 1859277 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2021-160<br> (Floating, 6.19% - CME Term SOFR 1M, 6.30% Cap)<sup>(b)(g)(h)</sup> <br>1.83%, 09/20/51<br>|  | $11634878 | &nbsp;&nbsp; $1625420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2021-205<br> (Floating, 3.20% - U.S. 30-Day Average SOFR, 3.20% Cap)<sup>(b)(g)(h)</sup> <br>0.00%, 11/20/51<br>|  | 138264740 | &nbsp;&nbsp; 1858403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2021-41<br> (Floating, 5.94% - CME Term SOFR 1M, 6.05% Cap)<sup>(b)(g)(h)</sup> <br>1.58%, 02/20/49<br>|  | 20924176 | &nbsp;&nbsp; 2418088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2022-190<br> (Floating, 5.99% - CME Term SOFR 1M, 6.10% Cap)<sup>(b)(g)(h)</sup> <br>1.63%, 08/20/49<br>|  | 27387699 | &nbsp;&nbsp; 3106187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2023-135<br> (Floating, 28.17% - U.S. 30-Day Average SOFR \* 4.33, 28.17% Cap)<sup>(b)</sup> <br>11.19%, 09/20/53<br>|  | 2187829 | &nbsp;&nbsp; 2439056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2023-147<br> (Floating, 6.25% - U.S. 30-Day Average SOFR, 6.25% Cap)<sup>(b)(g)(h)</sup> <br>1.90%, 04/20/51<br>|  | 27613399 | &nbsp;&nbsp; 3889311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2023-75<br> (Floating, 6.09% - CME Term SOFR 1M, 6.20% Cap)<sup>(b)(g)(h)</sup> <br>1.73%, 04/20/48<br>|  | 77678994 | &nbsp;&nbsp; 9956956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2024-128<br> (Floating, 18.29% - U.S. 30-Day Average SOFR \* 2.75, 18.29% Cap)<sup>(b)</sup> <br>7.51%, 08/20/54<br>|  | 4239974 | &nbsp;&nbsp; 4500967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2024-171<br> (Floating, 5.95% - U.S. 30-Day Average SOFR, 5.95% Cap)<sup>(b)(g)(h)</sup> <br>1.60%, 09/20/52<br>|  | 49888311 | &nbsp;&nbsp; 4566507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2024-173<br> (Floating, 6.59% - CME Term SOFR 1M, 6.70% Cap)<sup>(b)(g)(h)</sup> <br>2.23%, 11/20/43<br>|  | 24662532 | &nbsp;&nbsp; 3159029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2024-23<br> (Floating, 6.20% - U.S. 30-Day Average SOFR, 6.20% Cap)<sup>(b)(g)(h)</sup> <br>1.85%, 05/20/51<br>|  | 33203076 | &nbsp;&nbsp; 4617598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association Series 2025-173<br> (Floating, 3.95% - U.S. 30-Day Average SOFR)<sup>(b)(h)</sup> <br>0.03%, 10/20/55<br>|  | 497568902 | &nbsp;&nbsp; 5039527 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. GOVERNMENT AGENCIES<br> (Cost $119,411,219)<br>|  |  | &nbsp;&nbsp; 118983969 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MORTGAGE-BACKED SECURITIES<br> (Cost $232,329,829)<br>|  |  | &nbsp;&nbsp; 231445674 |
| OTHER | 0.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Escrow HOA<sup>(d)(g)(o)</sup> <br>|  | 14500000 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL OTHER<br> (Cost $—)<br>|  |  | &nbsp;&nbsp; — |
| U.S. GOVERNMENT OBLIGATIONS | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note<br> 4.25%, 08/15/35<br>|  | 10000000 | &nbsp;&nbsp; 10093750 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. GOVERNMENT OBLIGATIONS<br> (Cost $10,093,664)<br>|  |  | &nbsp;&nbsp; 10093750 |

---

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| MUNICIPAL BONDS | 4.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDB Debt Recovery Authority of Commonwealth Puerto Rico Taxable Revenue <br> Bond<br> 7.50%, 08/20/40<br>|  | $34294946 | &nbsp;&nbsp; $33357988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico<sup>(p)</sup> <br>0.00%, 11/01/43<br>|  | 30857143 | &nbsp;&nbsp; 19748571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PR Custodial Trust<sup>(g)(p)</sup> <br>0.00%, 03/15/49<br>|  | 521000 | &nbsp;&nbsp; 71197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRCCDA Custodial Trust<sup>(p)</sup> <br>0.00%, 03/15/49<br>|  | 1415000 | &nbsp;&nbsp; 322250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(p)</sup> <br>0.00%, 12/06/49<br>|  | 2545000 | &nbsp;&nbsp; 737950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(p)</sup> <br>0.00%, 12/06/49<br>|  | 1855000 | &nbsp;&nbsp; 434546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRHTA Custodial Trust<sup>(p)</sup> <br>0.00%, 12/06/49<br>|  | 2490000 | &nbsp;&nbsp; 567188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(p)</sup> <br>0.00%, 03/15/49<br>|  | 36764000 | &nbsp;&nbsp; 8861462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(g)(p)</sup> <br>0.00%, 03/15/49<br>|  | 73420000 | &nbsp;&nbsp; 14354748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(p)</sup> <br>0.00%, 03/15/49<br>|  | 4128000 | &nbsp;&nbsp; 1108314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(p)</sup> <br>0.00%, 03/15/49<br>|  | 1325000 | &nbsp;&nbsp; 322806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(p)</sup> <br>0.00%, 03/15/49<br>|  | 1029000 | &nbsp;&nbsp; 318208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRIFA Custodial Trust<sup>(p)</sup> <br>0.00%, 03/15/49<br>|  | 1345000 | &nbsp;&nbsp; 374486 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL MUNICIPAL BONDS<br> (Cost $81,720,612)<br>|  |  | &nbsp;&nbsp; 80579714 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| WARRANTS | 0.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twin Hospitality Group, Inc., Expires on 01/30/30, Strike Price USD 0.00<sup>(d)(g)</sup> <br>|  | 160755 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL WARRANTS<br> (Cost $—)<br>|  |  | &nbsp;&nbsp; — |
| SHORT-TERM INVESTMENTS | 5.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(q)</sup> <br>|  | 99851496 | &nbsp;&nbsp; 99851496 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS<br> (Cost $99,851,496)<br>|  |  | &nbsp;&nbsp; 99851496 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $1,832,839,506)<br>| 99.5<br> %<br>|  | &nbsp;&nbsp; 1806833467 |
| NET OTHER ASSETS (LIABILITIES) | 0.5<br> %<br>|  | &nbsp;&nbsp; 8496167 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1815329634 |

---

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

------

**ADVISERS INVESTMENT TRUST**

**RIVER CANYON TOTAL RETURN BOND FUND** 

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| |
|:---|
| <sup>(a)</sup>Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without <br> registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. As of December 31, <br> 2025, these securities had a total market value of $1,205,713,568 or 66% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each <br> security, when applicable.<br>|
| <sup>(c)</sup>Step coupon bond. Rate as of December 31, 2025 is disclosed. |
| <sup>(d)</sup>Security valued pursuant to Level 3 unobservable inputs. As of December 31, 2025, these securities had a total market value of $102,476,709 or 5% of net assets. |
| <sup>(e)</sup>The interest rate on this certificate may increase 0.50% per annum after the first possible optional termination date. |
| <sup>(f)</sup>Equity tranche security. |
| <sup>(g)</sup>Non-income producing security. |
| <sup>(h)</sup>Interest only security. |
| <sup>(i)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(j)</sup>Issuer has defaulted on terms of debt obligation. Income is not being accrued. |
| <sup>(k)</sup>Position is unsettled. Contract rate was not determined at December 31, 2025 and does not take effect until settlement date. |
| <sup>(l)</sup>Position is unfunded. Contract rate was not determined at December 31, 2025 and does not take effect until drawn. |
| <sup>(m)</sup>Security is a payment in-kind bond, and unless otherwise noted in the description of the security, pays its entire coupon on an in-kind basis. |
| <sup>(n)</sup>FGIC insured bond in which the current value primarily relates to pending insurance payments. |
| <sup>(o)</sup>Represents litigation trust units received when HOA, LLC emerged from bankruptcy. |
| <sup>(p)</sup>Zero coupon bond. |
| <sup>(q)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

---

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

---

Forward foreign currency exchange contracts at December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp; **Settlement**<br> **Date**<br>| **Currency**<br> **Purchased**<br>| &nbsp;&nbsp; **Currency**<br> **Purchased**<br> **Amount**<br>| **Currency**<br> **Sold**<br>| &nbsp;&nbsp; **Currency**<br> **Sold**<br> **Amount**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Goldman Sachs International | 01/12/26 | &nbsp;&nbsp; USD | 16275509 | &nbsp;&nbsp; EUR | 13965000 | &nbsp;&nbsp; $(145807)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; (145807)<br>|
| Total |  |  |  |  |  | &nbsp;&nbsp; $(145807)<br>|

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60603

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

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

- **a. Name of Series:** River Canyon Total Return Bond Fund

- **b. EDGAR series identifier (if any):** S000048359

- **c. LEI of Series:** 549300KPJ4MWUB2SY635

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1837558234.71

**Total Liabilities:** $23728194.77

**Net Assets:** $1813830039.94

**Delayed Delivery Securities:** $21031718.00

**Cash Not Reported:** $4820145.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 194.781401428248 | **1-Year:** 6905.657182834463 | **5-Year:** 17331.996905030454 | **10-Year:** 19160.249086158483 | **30-Year:** 4057.494103794873

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

- **3-Month:** 22846.104304432892 | **1-Year:** 48935.087949886107 | **5-Year:** 63632.382864046054 | **10-Year:** 59276.725020614035 | **30-Year:** 21949.421123407520

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000152732 | -0.22%               | 0.74%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1068079.02              | $-15693175.52                              |
| Month 2  | $-1267124.77             | $4188056.61                                |
| Month 3  | $398155.18               | $265512.24                                 |

### Schedule of Portfolio Investments

| Name                                                                        | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Government National Mortgage Association                                    | GNR 2024-128 SB                                                  | CUSIP: 38384UNE5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   4239974 | PA      | $4500967.05   | 0.25%             | 2054-08-20      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                     | LTMCI 7.875 04/15/30 144A                                        | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   2839000 | PA      | $2985975.03   | 0.16%             | 2030-04-15      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| ONITY LN INVT TR 2024-HB2                                                   | OLIT 2024-HB2 M3                                                 | CUSIP: 68278DAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1961115.00   | 0.11%             | 2037-08-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-1A D                                                  | CUSIP: 05351KAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20280000 | PA      | $20665058.39  | 1.14%             | 2030-04-15      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                            | LOFT 2024-1A B                                                   | CUSIP: 25162AAC2<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   2400000 | PA      | $2328000.00   | 0.13%             | 2034-05-21      | Floating      | 14.42%                | Yes           |                  3 | On Loan: No      |
| AQUA FINANCE TRUST 2024-A                                                   | AQFIT 2024-A D                                                   | CUSIP: 03837DAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4035088.00   | 0.22%             | 2050-04-18      | Fixed         | 6.53%                 | Yes           |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-1A E                                                  | CUSIP: 05351KAJ8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  17000000 | PA      | $17640131.60  | 0.97%             | 2030-04-15      | Fixed         | 13.15%                | Yes           |                  2 | On Loan: No      |
| HAH Group Holding Co. LLC                                                   | HAHGRO 9.75 10/01/31 144A                                        | CUSIP: 40518JAA7<br>LEI: 254900FFJQHW9R90FL74 | Long             | DBT              | CORP              | US        |  16766000 | PA      | $15765974.49  | 0.87%             | 2031-10-01      | Fixed         | 9.75%                 | Yes           |                  2 | On Loan: No      |
| HTAP 2024-2                                                                 | HTAP 2024-2 A                                                    | CUSIP: 40444WAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10643044 | PA      | $10632987.52  | 0.59%             | 2042-04-25      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2024-REV                                          | AVNT 2024-REV1 E                                                 | CUSIP: 05352UAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4070000 | PA      | $3848623.34   | 0.21%             | 2033-10-15      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2024-HE5 E                                                 | CUSIP: 31684FAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4109000 | PA      | $4162437.13   | 0.23%             | 2054-10-25      | Variable      | 7.01%                 | Yes           |                  2 | On Loan: No      |
| Hewlett Packard Enterprise Co.                                              | HPE 4.85 10/15/31                                                | CUSIP: 42824CBU2<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5057074.45   | 0.28%             | 2031-10-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2024-2                                                     | UNLOK 2024-2 C                                                   | CUSIP: 91528AAC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6485000 | PA      | $5083371.66   | 0.28%             | 2039-10-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2020-7 LS                                                    | CUSIP: 38382DCC1<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  15025193 | PA      | $1859277.49   | 0.10%             | 2050-01-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2024-2A D                                                  | CUSIP: 05351KAN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $7069016.50   | 0.39%             | 2029-05-15      | Fixed         | 8.98%                 | Yes           |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-2A C                                                   | CUSIP: 67108SAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2276347.95   | 0.13%             | 2031-10-17      | Fixed         | 7.03%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                            | LOFT 2024-1A A                                                   | CUSIP: 25162AAB4<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   1840000 | PA      | $1840000.00   | 0.10%             | 2034-05-21      | Floating      | 7.67%                 | Yes           |                  3 | On Loan: No      |
| PRHTA SR LIEN SER J (2019)                                                  | PR PRHGEN 0 12/06/2049                                           | CUSIP: 69379GAA0<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2490000 | PA      | $567188.39    | 0.03%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                | Northern Institutional Funds TREAS PRT PRMR                      | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  99851496 | NS      | $99851496.49  | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PRHTA SUB LIEN SER A1 (2018) CUSTODIAL TR                                   | PR PRHGEN 0 12/06/2049                                           | CUSIP: 69378DAA8<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   2545000 | PA      | $737949.98    | 0.04%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Stonegate Pub Company Financing 2019 PLC                                    | STONPB 10.75 07/31/29 144A                                       | CUSIP: YW7336186<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |  13958000 | PA      | $18667440.33  | 1.03%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| FORM TECH LLC TL                                                            | FORM TECH LLC TL                                                 | CUSIP: LX2497597<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5090242 | PA      | $4562129.84   | 0.25%             | 2030-05-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Champ Acquisition Corp                                                      | VISANT 8.375 12/01/31 144A                                       | CUSIP: 15807XAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5401315.00   | 0.30%             | 2031-12-01      | Fixed         | 8.38%                 | Yes           |                  2 | On Loan: No      |
| USB Auto Owner Trust 2025-1                                                 | USCAR 2025-1A R                                                  | CUSIP: 90367VAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     22500 | PA      | $6303271.52   | 0.35%             | 2032-12-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-RM3                                                               | EFMT 2025-RM3 A3                                                 | CUSIP: 26845NAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4700000 | PA      | $4085160.10   | 0.23%             | 2055-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Freedom Funding Century LLC                                                 | FREFUN 12 10/01/32                                               | CUSIP: 356380AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2583000.00   | 0.14%             | 2032-10-01      | Fixed         | 12.00%                | Yes           |                  2 | On Loan: No      |
| Nep Group Inc                                                               | NEPBRO L 08/19/26 8                                              | CUSIP: 62908HAP0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2178666 | PA      | $2167772.30   | 0.12%             | 2026-08-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PENFED AUTO REC OW TR 2024-A                                                | PNFED 2024-A R1                                                  | CUSIP: 70687FAH2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37500 | PA      | $4131524.40   | 0.23%             | 2032-09-15      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| CFMT 2024-HB15 LLC                                                          | CFMT 2024-HB15 M3                                                | CUSIP: 15723AAD3<br>LEI: 98450050957GF5E1CD92 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3860518.00   | 0.21%             | 2034-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| CASCADE FDG MTG TR 2024-RM5                                                 | CFMT 2024-RM5 M3                                                 | CUSIP: 147275AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  18000000 | PA      | $16296922.80  | 0.90%             | 2054-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Deutsche Bank AG                                                            | CRFT 2025-2A CLN                                                 | CUSIP: 251937AD0<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |   8000000 | PA      | $8060000.00   | 0.44%             | 2035-01-21      | Floating      | 11.28%                | Yes           |                  3 | On Loan: No      |
| EFMT 2025-RM3                                                               | EFMT 2025-RM3 A2                                                 | CUSIP: 26845NAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2200000 | PA      | $2023931.36   | 0.11%             | 2055-09-25      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-B F                                                   | CUSIP: 02007G4G5<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    697210 | PA      | $708679.30    | 0.04%             | 2032-09-15      | Fixed         | 8.04%                 | Yes           |                  2 | On Loan: No      |
| Cohesity                                                                    | Cohesity Term Loan B 400 2031-10-17                              | CUSIP: 18914DAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6139150 | PA      | $6133379.20   | 0.34%             | 2031-11-01      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Sbna Auto Receivables Trust 2025-SF1                                        | SBAT 2025-SF1 F                                                  | CUSIP: 78437XAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3552511.90   | 0.20%             | 2033-06-15      | Fixed         | 8.71%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2023-NQM2                                                | ADMT 2024-NQM5 B1B                                               | CUSIP: 00039KAH3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6308000 | PA      | $6345715.53   | 0.35%             | 2069-11-25      | Variable      | 7.69%                 | Yes           |                  2 | On Loan: No      |
| TWIN HOSPITALITY I 9.00%                                                    | TWIN HOSPITALITY I 9.00%                                         | CUSIP: 90164DAD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7396875 | PA      | $7396874.98   | 0.41%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| A&D MORTGAGE TRUST 2025-NQM4                                                | ADMT 2025-NQM4 B1                                                | CUSIP: 002941AG7<br>LEI: 9845006Y6D399D9E8O78 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4018642.00   | 0.22%             | 2070-10-25      | Variable      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| PRKCM 2025-AFC1 TRUST                                                       | PRKCM 2025-AFC1 B2                                               | CUSIP: 69392YAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4206000 | PA      | $4114638.95   | 0.23%             | 2060-10-25      | Variable      | 6.81%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2013-9 S                                                     | CUSIP: 38378FEC0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  14579882 | PA      | $1925391.45   | 0.11%             | 2043-01-20      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-115 SW                                                  | CUSIP: 38381YVS0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  16536662 | PA      | $2042370.32   | 0.11%             | 2049-09-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| OPORTUN FUNDING TR 2024-3                                                   | OPTN 2024-3 D                                                    | CUSIP: 68377NAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4045791.20   | 0.22%             | 2029-08-15      | Fixed         | 9.60%                 | Yes           |                  2 | On Loan: No      |
| BUILDERS CAP LN ACQ TR 2024-NPL1                                            | BLDRS 2024-NPL1 A1B                                              | CUSIP: 12007KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  20000000 | PA      | $20025362.00  | 1.10%             | 2029-11-29      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-B G                                                   | CUSIP: 02007G4H3<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |   4067059 | PA      | $4177491.57   | 0.23%             | 2032-09-15      | Fixed         | 11.39%                | Yes           |                  2 | On Loan: No      |
| PRPM 2024-7 LLC                                                             | PRPM 2024-7 A2                                                   | CUSIP: 74448LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5002950.50   | 0.28%             | 2029-11-25      | Variable      | 8.84%                 | Yes           |                  2 | On Loan: No      |
| UPGRADE AUTO RECEIVABLES TRUST 2025-1                                       | UPGA 2025-1A R                                                   | CUSIP: 91531AAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     36100 | PA      | $2646847.67   | 0.15%             | 2033-11-15      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PREIT ASSOC LP RC TL                                                        | PREIT ASSOC LP RC TL                                             | CUSIP: 74044UAX4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1950000.00   | 0.11%             | 2028-12-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CARMAX SELECT RECEI 0.00%                                                   | CARMAX SELECT RECEI 0.00%                                        | CUSIP: 14320BAH2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      9899 | PA      | $7228488.75   | 0.40%             | 2032-09-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Brock Group                                                                 | Brock Group Term Loan B 600 2030-04-08                           | CUSIP: 11163AAB3<br>LEI: 5493000L6QAVHKOAM302 | Long             | LON              | CORP              | US        |   3989924 | PA      | $3996587.60   | 0.22%             | 2030-05-02      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| EFMT 2025-RM2                                                               | EFMT 2025-RM2 A2                                                 | CUSIP: 26790AAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2561413.40   | 0.14%             | 2055-08-25      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| GOODLEAP HOME IMPT 2024-1                                                   | GDLP 2024-1A C                                                   | CUSIP: 381935AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    841147 | PA      | $874026.94    | 0.05%             | 2046-10-20      | Fixed         | 8.94%                 | Yes           |                  2 | On Loan: No      |
| Houghton Mifflin Harcourt Co.                                               | HMHC L 04/07/28 1                                                | CUSIP: 44157YAG9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  13994898 | PA      | $13268982.60  | 0.73%             | 2028-04-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| EFMT 2025-RM2                                                               | EFMT 2025-RM2 A3                                                 | CUSIP: 26790AAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2800000 | PA      | $2458170.12   | 0.14%             | 2055-08-25      | Variable      | 4.75%                 | Yes           |                  2 | On Loan: No      |
| HARVEST SBA LOAN TRUST 2024-1                                               | HSLT 2024-1 B                                                    | CUSIP: 41756NAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2823739 | PA      | $2871165.20   | 0.16%             | 2051-12-25      | Variable      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT STZ 2024-CES3                                                   | VSTA 2024-CES3 B2                                                | CUSIP: 92841WAF6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3077000 | PA      | $3154363.47   | 0.17%             | 2055-01-25      | Variable      | 9.45%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2024-RM3                                                               | EFMT 2024-RM3 A1B                                                | CUSIP: 26845EAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3261715 | PA      | $3127473.86   | 0.17%             | 2054-12-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 M2                                                | CUSIP: 69392FAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2771567.40   | 0.15%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-171 S                                                   | CUSIP: 38384XQL0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  49888311 | PA      | $4566506.61   | 0.25%             | 2052-09-20      | Floating      | 2.03%                 | No            |                  2 | On Loan: No      |
| TWIN HOSPITALITY I 9.00%                                                    | TWIN HOSPITALITY I 9.00%                                         | CUSIP: 90164DAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  21697500 | PA      | $21474000.56  | 1.18%             | 2054-10-26      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                         | AVIAGP 9 12/01/28 144@                                           | CUSIP: 05369YAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   5600000 | PA      | $5637296.00   | 0.31%             | 2028-12-01      | Fixed         | 9.00%                 | Yes           |                  2 | On Loan: No      |
| Frontier Communications Holdings Llc                                        | FYBR 8.75 05/15/30 144A                                          | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5221755.00   | 0.29%             | 2030-05-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Trinitas Euro CLO IX DAC                                                    | TRNTE 9A F                                                       | CUSIP: BCC3LJKL1<br>LEI: 6354007JC9AHJHESO672 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1771036.44   | 0.10%             | 2039-05-15      | Floating      | 10.38%                | Yes           |                  2 | On Loan: No      |
| CFMT 2024-NR1                                                               | CFMT 2024-NR1 A2                                                 | CUSIP: 12531DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10000000 | PA      | $10143284.00  | 0.56%             | 2029-11-25      | Variable      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| U.S. AUTO FD TR 2022-1                                                      | USAUT 2022-1A E                                                  | CUSIP: 90355FAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $0.00         | 0.00%             | 2029-06-15      | Fixed         | 11.79%                | Yes           |                  3 | On Loan: No      |
| LENDINGPOINT 2022-C ASSET SECURITIZ                                         | LDPT 2022-C E                                                    | CUSIP: 525919AE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6400000 | PA      | $0.00         | 0.00%             | 2030-02-15      | Fixed         | 13.09%                | Yes           |                  3 | On Loan: No      |
| Shutterfly Finance LLC                                                      | SFLY 8.5 10/01/27 144A                                           | CUSIP: 82568NAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1922500.00   | 0.11%             | 2027-10-01      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 B2                                               | CUSIP: 79589VAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1004637.20   | 0.06%             | 2055-06-25      | Variable      | 8.95%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 B1                                               | CUSIP: 79589VAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4018798.40   | 0.22%             | 2055-06-25      | Variable      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| ANCHOR GLASS TL                                                             | ANCHOR GLASS TL                                                  | CUSIP: LX2728603<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5919000.00   | 0.33%             | 2030-10-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Angel Oak Mortgage Trust 2022-3                                             | AOMT 2022-3 A2                                                   | CUSIP: 03464TAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5076669 | PA      | $4816974.92   | 0.27%             | 2067-01-10      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT GRANTOR TRUST 2025-5                                         | PAID 2025-5 D                                                    | CUSIP: 69548WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2499903 | PA      | $2505668.68   | 0.14%             | 2033-03-15      | Fixed         | 5.87%                 | Yes           |                  2 | On Loan: No      |
| Pagaya US Holding Co. LLC                                                   | PGY 8.875 08/01/30                                               | CUSIP: 69549FAC3<br>LEI: 254900M9VGE3HM0OYH17 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3053768.94   | 0.17%             | 2030-08-01      | Fixed         | 8.88%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-23 SY                                                   | CUSIP: 38384J5M2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  33203076 | PA      | $4617598.23   | 0.25%             | 2051-05-20      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| UPG HI ISSUER TRUST 2025-2                                                  | UPGHI 2025-2 C                                                   | CUSIP: 90321EAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10993000 | PA      | $10972072.63  | 0.60%             | 2047-09-25      | Fixed         | 8.80%                 | Yes           |                  2 | On Loan: No      |
| SOUND POINT CLO LTD 2021-31                                                 | SNDPT 2021-3A D                                                  | CUSIP: 83615PAG2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2657928.35   | 0.15%             | 2034-10-25      | Floating      | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Newrez LLC / Newres Gmsr Excess Owner LLC                                   | NZES 2021-GNT1 A                                                 | CUSIP: 65246QAA7<br>LEI: 549300FNXYY540N23N64 | Long             | ABS-O            | CORP              | US        |   3159779 | PA      | $3107619.77   | 0.17%             | 2026-11-25      | Fixed         | 3.47%                 | Yes           |                  2 | On Loan: No      |
| GALAXY US OPCO INC TL                                                       | GALAXY US OPCO INC TL                                            | CUSIP: LX2040538<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   6800330 | PA      | $6516144.28   | 0.36%             | 2029-04-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-LOC4 M3                                               | CUSIP: 79589VAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1500000 | PA      | $1501324.20   | 0.08%             | 2055-06-25      | Variable      | 6.90%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SEC TR 2020-2                                                   | VSTA 2025-CES2 B2                                                | CUSIP: 92842UAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3125000 | PA      | $3138029.06   | 0.17%             | 2055-08-25      | Variable      | 8.15%                 | Yes           |                  2 | On Loan: No      |
| Silver Point Euro CLO 1 Designated Activity Co.                             | SPCEU 1A E                                                       | CUSIP: BCC3Q9D02<br>LEI: 254900E59SU5T0V8CI79 | Long             | ABS-O            | CORP              | IE        |  10500000 | PA      | $12339601.34  | 0.68%             | 2039-01-15      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-2                                                     | UNLOK 2025-2 B                                                   | CUSIP: 914917AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5250000 | PA      | $5148369.98   | 0.28%             | 2041-11-25      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| ICG US CLO 2020-1 Ltd.                                                      | ICG 2020-1A DR                                                   | CUSIP: 449251AS6<br>LEI: 254900UXTGDH0QOBDH07 | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2997573.30   | 0.17%             | 2035-01-20      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2025-SUP1 R                                                | CUSIP: 90357PBJ2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   8073911 | PA      | $8073911.14   | 0.45%             | 2032-02-25      | Floating      | 11.37%                | Yes           |                  3 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5370 SE                                                      | CUSIP: 3137HBF41<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  43515576 | PA      | $4833026.98   | 0.27%             | 2048-05-15      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-2                                                     | UNLOK 2025-2 C                                                   | CUSIP: 914917AC3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $5432962.50   | 0.30%             | 2041-11-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| SKYLINE AIRCRAFT 6.171%                                                     | SKYLINE AIRCRAFT 6.171%                                          | CUSIP: 830848AC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3592300 | PA      | $3498002.61   | 0.19%             | 2033-08-17      | Fixed         | 6.17%                 | No            |                  3 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 A3                                                   | CUSIP: 43709JAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1354000 | PA      | $784.64       | 0.00%             | 2036-11-25      | Floating      | 4.35%                 | No            |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2021-C                                               | OPTN 2021-C C                                                    | CUSIP: 68377WAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    904753 | PA      | $894542.38    | 0.05%             | 2031-10-08      | Fixed         | 3.61%                 | Yes           |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp.                     | HOUS 5.25 04/15/30 144A                                          | CUSIP: 75606DAQ4<br>LEI: LF6PBYTYG3BDVEF4FI12 | Long             | DBT              | CORP              | US        |   1625000 | PA      | $1513763.55   | 0.08%             | 2030-04-15      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-205 NS                                                  | CUSIP: 38383C3U2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        | 138264740 | PA      | $1858402.54   | 0.10%             | 2051-11-20      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| OLDCASTLE BUILDINGENVE TL                                                   | OLDCASTLE BUILDINGENVE TL                                        | CUSIP: LX2038979<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  10000000 | PA      | $7123200.00   | 0.39%             | 2029-04-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS MORTGAGE LOAN TRUST 2021-N                                         | BARC 2022-INV1 B2                                                | CUSIP: 06744YAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4450880 | PA      | $3483250.23   | 0.19%             | 2062-02-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| Confluence Technologies Inc                                                 | Confluence Technologies Inc                                      | CUSIP: 20716HAB1<br>LEI: 5493008IHJS5SCG0EC08 | Long             | LON              | CORP              | US        |   3213515 | PA      | $3189413.34   | 0.18%             | 2028-07-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2024-9 SD                                                    | CUSIP: 3136BRHA8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  44666830 | PA      | $4956990.84   | 0.27%             | 2050-03-25      | Floating      | 1.81%                 | No            |                  2 | On Loan: No      |
| Silver Point Euro CLO 1 Designated Activity Co.                             | SPCEU 1A D                                                       | CUSIP: BCC3Q9CZ6<br>LEI: 254900E59SU5T0V8CI79 | Long             | ABS-O            | CORP              | IE        |   9500000 | PA      | $11164401.21  | 0.62%             | 2039-01-15      | Floating      | 5.10%                 | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL5 TRUST                                                        | PRET 2025-RPL5 M2                                                | CUSIP: 69393AAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2638604.10   | 0.15%             | 2070-01-25      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES3                                  | VSTA 2025-CES3 B2                                                | CUSIP: 92842MAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5155000 | PA      | $5152913.77   | 0.28%             | 2055-11-25      | Variable      | 7.88%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS MORTGAGE LOAN TRUST 2021-N                                         | BARC 2022-INV1 B1                                                | CUSIP: 06744YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4021920 | PA      | $3431278.53   | 0.19%             | 2062-02-25      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5386 SA                                                      | CUSIP: 3137HBYA6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  47533845 | PA      | $5435951.54   | 0.30%             | 2048-03-15      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| PRET 2025-RPL5 TRUST                                                        | PRET 2025-RPL5 M1                                                | CUSIP: 69393AAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $908866.30    | 0.05%             | 2070-01-25      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES TRUST 2025-HE2                                | GSMBS 2025-HE2 B1                                                | CUSIP: 362934AE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5500000 | PA      | $5537397.80   | 0.31%             | 2065-12-25      | Variable      | 6.97%                 | Yes           |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-2                                                     | UNLOK 2025-2 A                                                   | CUSIP: 914917AA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5882643 | PA      | $5867656.64   | 0.32%             | 2041-11-25      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 M6                                                   | CUSIP: 43709JAK8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4391000 | PA      | $128.17       | 0.00%             | 2036-11-25      | Floating      | 3.99%                 | No            |                  3 | On Loan: No      |
| SLM Corp.                                                                   | SLM 3.125 11/02/26                                               | CUSIP: 78442PGE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4915005.00   | 0.27%             | 2026-11-02      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MORTGAGE TRUST 2022-NQM4                                      | IMPRL 2022-NQM4 B1                                               | CUSIP: 45276NAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3244337.20   | 0.18%             | 2067-06-25      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2025-MN11 B1                                                | CUSIP: 35563YAC4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  12000000 | PA      | $12271447.20  | 0.68%             | 2045-07-25      | Floating      | 8.27%                 | Yes           |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte. Ltd.                                   | STX 8.25 12/15/29 144a                                           | CUSIP: 81180LAM7<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |   3490000 | PA      | $3700925.13   | 0.20%             | 2029-12-15      | Fixed         | 8.25%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SEC TR 2020-2                                                   | VSTA 2025-CES2 M1                                                | CUSIP: 92842UAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2016530.40   | 0.11%             | 2055-08-25      | Variable      | 6.37%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2                                | GSMBS 2025-HE1 M3                                                | CUSIP: 36272NAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2006663.00   | 0.11%             | 2055-10-25      | Variable      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| Hoa Royaltyco LLC                                                           | HOAROY 4.723 11/22/55 144A                                       | CUSIP: 403962AB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14131592 | PA      | $10147155.72  | 0.56%             | 2055-11-22      | Fixed         | 4.72%                 | Yes           |                  3 | On Loan: No      |
| GS MORTGAGE BACKED SECURITIES TRUST 2025-HE2                                | GSMBS 2025-HE2 B2                                                | CUSIP: 362934AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3500000 | PA      | $3527167.35   | 0.19%             | 2065-12-25      | Variable      | 7.97%                 | Yes           |                  2 | On Loan: No      |
| CLSEC HOLDINGS 22T LLC                                                      | CLAF 2021-1 C                                                    | CUSIP: 12567UAC7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12444702 | PA      | $12361540.16  | 0.68%             | 2037-05-11      | None          | 6.17%                 | No            |                  2 | On Loan: No      |
| Cobham Ultra SeniorCo S.a.r.l.                                              | Cobham Ultra SeniorCo S.a.r.l.                                   | CUSIP: L1802PAC3<br>LEI: 254900L6IKLPZKIC4F32 | Long             | LON              | CORP              | LU        |  20556189 | PA      | $20607579.04  | 1.14%             | 2028-11-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UPSTART SEC TR 2022-3                                                       | UPST 2022-3 R                                                    | CUSIP: 91683TAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      5575 | PA      | $141978.20    | 0.01%             | 2032-06-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| PRPM TR 2022-INV1                                                           | PRPM 2022-INV1 B1                                                | CUSIP: 69377EAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2600000 | PA      | $2315537.64   | 0.13%             | 2067-04-25      | Variable      | 4.41%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN HOME IMPROVEMENT TRUST 2022                                         | GHIT 2022-GRN1 R                                                 | CUSIP: 38150YAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     50000 | PA      | $1754322.27   | 0.10%             | 2052-06-25      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES3                                  | VSTA 2025-CES3 M1                                                | CUSIP: 92842MAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $3998732.00   | 0.22%             | 2055-11-25      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| RRE 17 Loan Management Designated Activity Co.                              | RRME 18A D                                                       | CUSIP: BCC3DYZH0<br>LEI: 254900JL258DPQ497O62 | Long             | ABS-O            | CORP              | IE        |   1280000 | PA      | $1505026.57   | 0.08%             | 2039-04-15      | Floating      | 8.43%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2024-HE1 F                                                 | CUSIP: 31684HAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1079592.60   | 0.06%             | 2054-03-25      | Variable      | 10.03%                | Yes           |                  2 | On Loan: No      |
| SEB FUNDING LLC                                                             | SEB4P 2024-1A A2                                                 | CUSIP: 78433DAC8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7500000 | PA      | $7672554.00   | 0.42%             | 2054-04-30      | Fixed         | 7.39%                 | Yes           |                  2 | On Loan: No      |
| CWHEQ Home Equity Loan Trust Series 2006-S3                                 | CWL 2006-S3 A5                                                   | CUSIP: 23242MAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         1 | PA      | $527820.00    | 0.03%             | 2021-06-25      | Variable      | 5.28%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO OWNER TRUST 2024-1                                               | CHAOT 2024-1A R1                                                 | CUSIP: 16144BAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      8850 | PA      | $1345016.00   | 0.07%             | 2031-06-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Silver Aircraft Lease Investment Ltd/Silver Aircraft Leasing Inc            | SLVRR 2019-1 A                                                   | CUSIP: 827304AA4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   2375065 | PA      | $2351433.40   | 0.13%             | 2044-07-15      | Fixed         | 3.97%                 | Yes           |                  2 | On Loan: No      |
| Ardagh Metal Packaging Finance PLC / Ardagh Metal Packaging Finance USA LLC | AMPBEV 4 09/01/29 144A                                           | CUSIP: 03969YAB4<br>LEI: 635400FSFRHBFVPTP424 | Long             | DBT              | CORP              | IE        |   2000000 | PA      | $1882985.80   | 0.10%             | 2029-09-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AHEAD DB Holdings LLC                                                       | AHEDBB 6.625 05/01/28 144A                                       | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |  17059000 | PA      | $17170002.91  | 0.95%             | 2028-05-01      | Fixed         | 6.62%                 | Yes           |                  2 | On Loan: No      |
| Sound Point Clo I Ltd/Inc                                                   | SNDPT 2021-2A D                                                  | CUSIP: 83614UAL1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $3992704.80   | 0.22%             | 2034-07-25      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2023-1A C                                                   | CUSIP: 67108SAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6058720.20   | 0.33%             | 2030-08-19      | Fixed         | 9.93%                 | Yes           |                  2 | On Loan: No      |
| Pretium Pkg Holdings Inc                                                    | PRETPK L 10/02/28 2                                              | CUSIP: 74142KAJ8<br>LEI: 254900S6SXME9YWLU075 | Long             | LON              | CORP              | US        |   8777855 | PA      | $8764161.20   | 0.48%             | 2028-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                            | HACLN 2025-1 D                                                   | CUSIP: 446438TA1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |   3451142 | PA      | $3474664.62   | 0.19%             | 2033-03-21      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-C D                                                    | CUSIP: 68378RAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13000000 | PA      | $12858879.80  | 0.71%             | 2033-07-08      | Fixed         | 5.91%                 | Yes           |                  2 | On Loan: No      |
| FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD                      | FHR 5564 PS                                                      | CUSIP: 3137HMDZ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  60838234 | PA      | $4325896.55   | 0.24%             | 2055-08-25      | Floating      | 1.73%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TRUST 2025-3                               | VCC 2025-3 M3                                                    | CUSIP: 92262RAK6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2146759 | PA      | $2187591.59   | 0.12%             | 2055-06-25      | Variable      | 7.38%                 | Yes           |                  2 | On Loan: No      |
| GDB DEBT RECOVERY AUTH OF COMWLTH PUERTO RICO                               | PR PRCDEV 7.5 08/20/2040                                         | CUSIP: 36829QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  34294946 | PA      | $33357987.50  | 1.84%             | 2040-08-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                   | FMC 4.5 10/01/49                                                 | CUSIP: 302491AV7<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1525000 | PA      | $972168.01    | 0.05%             | 2049-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings (Cablevision/Altice USA)                                       | CSC Holdings (Cablevision/Altice USA) Term Loan B 250 2027-04-01 | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |  24841966 | PA      | $21665672.42  | 1.19%             | 2027-04-15      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| Indymac ABS, Inc.                                                           | INDYL 2005-L3 A                                                  | CUSIP: 456606JY9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    941782 | PA      | $753425.50    | 0.04%             | 2038-12-25      | Floating      | 4.29%                 | No            |                  3 | On Loan: No      |
| SERVICE EXP ISSUER LLC 2021-1                                               | SE 2021-1A C                                                     | CUSIP: 81758VAC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2819367.90   | 0.16%             | 2032-02-02      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| FAT BRANDS GFG ROYAL I LLC                                                  | FGFG 2021-1A A2                                                  | CUSIP: 31189WAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15072000 | PA      | $14125213.13  | 0.78%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| FMC Corp.                                                                   | FMC 6.375 05/18/53                                               | CUSIP: 302491AY1<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $3323943.67   | 0.18%             | 2053-05-18      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2022-19 SA                                                   | CUSIP: 3136BMLZ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  27224324 | PA      | $2503390.93   | 0.14%             | 2052-04-25      | Floating      | 1.53%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2022-190 DS                                                  | CUSIP: 38383LAV2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  27387699 | PA      | $3106186.79   | 0.17%             | 2049-08-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | FHR 5240 SB                                                      | CUSIP: 3137H8EW7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  14179719 | PA      | $1538855.41   | 0.08%             | 2050-03-25      | Variable      | 1.70%                 | No            |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 20                                         | VSTA 2024-CES2 B1                                                | CUSIP: 92841YAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1483000 | PA      | $1495705.90   | 0.08%             | 2054-10-25      | Variable      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2025-1                                             | FFIN 2025-1A E                                                   | CUSIP: 35040WAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4874083 | PA      | $4934491.96   | 0.27%             | 2050-04-15      | Fixed         | 8.37%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-C E                                                    | CUSIP: 68378RAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12500000 | PA      | $12445648.75  | 0.69%             | 2033-07-08      | Fixed         | 9.20%                 | Yes           |                  2 | On Loan: No      |
| CTR Partnership LP/ Caretrust Cap Corp                                      | CTREV 3.875 06/30/28 144A                                        | CUSIP: 126458AE8<br>LEI: 254900L7G64R08G6RJ22 | Long             | DBT              | CORP              | US        |   8904000 | PA      | $8766104.64   | 0.48%             | 2028-06-30      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| Mariner Finance Issuance Trust 2021-B                                       | MFIT 2021-BA D                                                   | CUSIP: 56847JAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1980000 | PA      | $1889905.84   | 0.10%             | 2036-11-20      | Fixed         | 3.42%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-41 SE                                                   | CUSIP: 38382PEE8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  20924176 | PA      | $2418087.74   | 0.13%             | 2049-02-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| SAIF SECURITIZATION TRUST 2025-CES1                                         | SAIF 2025-CES1 B1                                                | CUSIP: 78438CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3990500 | PA      | $4001991.04   | 0.22%             | 2065-06-25      | Variable      | 7.23%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 E                                                | CUSIP: 90355PAF3<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   6431312 | PA      | $6430147.59   | 0.35%             | 2032-08-31      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-110 PS                                                  | CUSIP: 38381YWG5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  39065762 | PA      | $4751521.80   | 0.26%             | 2049-09-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| LENDMARK FDG TRUST 2021-2                                                   | LFT 2021-2A C                                                    | CUSIP: 52604DAC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3160000 | PA      | $2995774.80   | 0.17%             | 2032-04-20      | Fixed         | 3.09%                 | Yes           |                  2 | On Loan: No      |
| PRIFA CABS (2042) CUSTODIAL TR                                              | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69361RAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  36764000 | PA      | $8861462.21   | 0.49%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2021-1                       | SBCLN 2023-A D                                                   | CUSIP: 80290CBW3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     30304 | PA      | $30331.22     | 0.00%             | 2033-06-15      | Fixed         | 7.08%                 | Yes           |                  2 | On Loan: No      |
| Cwheq Home Equity Loan Trust Series 2006-S5                                 | CWL 2006-S5 A6                                                   | CUSIP: 126683AF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |         2 | PA      | $1543915.00   | 0.09%             | 2035-06-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| LABL Escrow Issuer LLC                                                      | LABL 10.5 07/15/27 144A                                          | CUSIP: 50168AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  27749000 | PA      | $17149656.20  | 0.95%             | 2027-07-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| FAT BRANDS FAZOLI'S NATIVE I LLC                                            | FATFZ 2021-1 A2                                                  | CUSIP: 31200BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15340324 | PA      | $14338082.07  | 0.79%             | 2051-07-25      | Fixed         | 7.00%                 | Yes           |                  3 | On Loan: No      |
| CFMT 2023-HB12 LLC                                                          | CFMT 2023-HB12 M3                                                | CUSIP: 12530QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4919587.50   | 0.27%             | 2033-04-25      | Variable      | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Brand Industrial Services Inc.                                              | BRANDI 10.375 08/01/30 144A                                      | CUSIP: 104931AA8<br>LEI: 549300B658W2BPDQMW42 | Long             | DBT              | CORP              | US        |   9325000 | PA      | $9144490.19   | 0.50%             | 2030-08-01      | Fixed         | 10.38%                | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2023-SEQ3 B1                                               | CUSIP: 79582GAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  10502250 | PA      | $10551037.15  | 0.58%             | 2053-06-01      | Variable      | 10.25%                | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2025-A G                                                   | CUSIP: 02007G5K5<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |   4151607 | PA      | $4181678.10   | 0.23%             | 2033-06-15      | Fixed         | 10.22%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-75 SD                                                   | CUSIP: 38384AXB4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  77678995 | PA      | $9956955.66   | 0.55%             | 2048-04-20      | Floating      | 2.35%                 | No            |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-4 M3                                                    | CUSIP: 92262JAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  13949179 | PA      | $13912054.26  | 0.77%             | 2055-09-25      | Variable      | 6.31%                 | Yes           |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2013-67 KS                                                   | CUSIP: 3136AFFD1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |   6429016 | PA      | $703851.89    | 0.04%             | 2043-07-25      | Floating      | 1.91%                 | No            |                  2 | On Loan: No      |
| Vici Properties Inc                                                         | VICI 4.25 12/01/26 144A                                          | CUSIP: 92564RAA3<br>LEI: 254900RKH6RY9KCJQH63 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4999552.60   | 0.28%             | 2026-12-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Fremf 2012 Kf01 Mortgage Trust                                              | FREMF 2019-KF59 C                                                | CUSIP: 30297XAJ5<br>LEI: N/A                  | Long             | ABS-O            | USGSE             | US        |  19291012 | PA      | $19098749.63  | 1.05%             | 2029-02-25      | Variable      | 10.12%                | Yes           |                  2 | On Loan: No      |
| TKC Holdings Inc.                                                           | TKCHOL 10.5 05/15/29 144A                                        | CUSIP: 87256YAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16447000 | PA      | $16900295.77  | 0.93%             | 2029-05-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| PUERTO RICO COMWLTH                                                         | PR PRC 11/01/2043                                                | CUSIP: 74514L3T2<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |  30857143 | PA      | $19748571.44  | 1.09%             | 2043-11-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                                       | FNR 2020-27 SA                                                   | CUSIP: 3136B9TQ0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-O            | USGSE             | US        |  14021657 | PA      | $1499966.74   | 0.08%             | 2050-05-25      | Floating      | 1.76%                 | No            |                  2 | On Loan: No      |
| Stonegate Pub Company Financing 2019 PLC                                    | STONPB 10.75 07/31/29 REGS                                       | CUSIP: G8506MAF3<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |   1665000 | PA      | $2226772.33   | 0.12%             | 2029-07-31      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-4 M4                                                    | CUSIP: 92262JAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12952809 | PA      | $12908749.74  | 0.71%             | 2055-09-25      | Variable      | 9.35%                 | Yes           |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2025-1A E                                                  | CUSIP: 05351KAU3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  15619000 | PA      | $15623760.67  | 0.86%             | 2031-04-15      | Fixed         | 7.67%                 | Yes           |                  2 | On Loan: No      |
| Horizon Aircraft Finance I Ltd.                                             | HORZN 2018-1 A                                                   | CUSIP: 440405AE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | KY        |   1854921 | PA      | $1836980.87   | 0.10%             | 2038-12-15      | Fixed         | 4.46%                 | Yes           |                  2 | On Loan: No      |
| Resid Asset Secur                                                           | RAST 2006-A6 1A3                                                 | CUSIP: 76113FAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11997679 | PA      | $863083.03    | 0.05%             | 2036-07-25      | Floating      | 1.83%                 | No            |                  2 | On Loan: No      |
| MPT Operating Partnership, L.P.                                             | MPW 0.993 10/15/26                                               | CUSIP: U6203BAC8<br>LEI: WUQXXXF7PXTUPGROE843 | Long             | DBT              | CORP              | US        |  14720000 | PA      | $16536348.67  | 0.91%             | 2026-10-15      | Fixed         | 0.99%                 | No            |                  2 | On Loan: No      |
| Optiv Security                                                              | Optiv Security First-lien Term Loan 525 2026-08-01               | CUSIP: 68405PAB8<br>LEI: 549300EMRBO1UNORKL53 | Long             | LON              | CORP              | US        |   5909548 | PA      | $4168063.10   | 0.23%             | 2026-07-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-2CON                                          | BHG 2025-2CON E                                                  | CUSIP: 05494LAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3041783.70   | 0.17%             | 2036-09-17      | Fixed         | 7.76%                 | Yes           |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2025-1 LLC                                           | SE 2025-1A B                                                     | CUSIP: 81758JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5020649.00   | 0.28%             | 2037-01-20      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 D                                                | CUSIP: 90355PAE6<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   7350071 | PA      | $7338930.70   | 0.40%             | 2032-08-31      | Floating      | 6.07%                 | Yes           |                  2 | On Loan: No      |
| PRIFA SER 2005A (2016) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69362JAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $322805.51    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| FMC Corp.                                                                   | FMC 5.65 05/18/33                                                | CUSIP: 302491AX3<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1882000 | PA      | $1652482.91   | 0.09%             | 2033-05-18      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2021-160 SG                                                  | CUSIP: 38383AVJ0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  11634878 | PA      | $1625420.40   | 0.09%             | 2051-09-20      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| CROSS 2023-H1 MTG TR                                                        | CROSS 2023-H1 B1                                                 | CUSIP: 22758CAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2618000 | PA      | $2640946.51   | 0.15%             | 2068-03-25      | Variable      | 8.28%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities Trust 2020-Pj2                                | GSMBS 2025-HE1 B1                                                | CUSIP: 36272NAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2500000 | PA      | $2527797.00   | 0.14%             | 2055-10-25      | Variable      | 7.17%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-2CON                                          | BHG 2025-2CON D                                                  | CUSIP: 05494LAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4250000 | PA      | $4247869.48   | 0.23%             | 2036-09-17      | Fixed         | 5.95%                 | Yes           |                  2 | On Loan: No      |
| U.S. Bank National Association                                              | USCLN 2025-SUP2 R                                                | CUSIP: 90355PAG1<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   9417279 | PA      | $9417179.85   | 0.52%             | 2032-08-31      | Floating      | 10.37%                | Yes           |                  2 | On Loan: No      |
| PR GO SER A-2 (2021) CUSTODIAL TR                                           | PR PRGGEN 0 03/15/2049                                           | CUSIP: 69374SAA9<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |    521000 | PA      | $71197.10     | 0.00%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA SER 2005A (2023) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69363BAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1029000 | PA      | $318207.45    | 0.02%             | 2049-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FOUNDATION FINANCE TRUST 2023-2                                             | FFIN 2023-2A D                                                   | CUSIP: 35042RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2512386 | PA      | $2686429.48   | 0.15%             | 2049-06-15      | Fixed         | 9.10%                 | Yes           |                  2 | On Loan: No      |
| GATEWAY CAS & ENT LTD TL                                                    | GATEWAY CAS & ENT LTD TL                                         | CUSIP: LX2565617<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4997494 | PA      | $4993345.81   | 0.28%             | 2030-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CFMT 2025-HB16 LLC                                                          | CFMT 2025-HB16 M3                                                | CUSIP: 12531BAD0<br>LEI: 9845009142A6KE49BF08 | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2862829.50   | 0.16%             | 2035-03-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE2 F                                                 | CUSIP: 31684KAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $5275704.00   | 0.29%             | 2049-12-31      | Variable      | 8.73%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 B2                                                | CUSIP: 92842DAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2696000 | PA      | $2742166.57   | 0.15%             | 2055-04-25      | Variable      | 8.96%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL2 M2                                                | CUSIP: 69392LAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   7000000 | PA      | $6420302.00   | 0.35%             | 2064-08-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| PRPM 2025-RCF2 LLC                                                          | PRPM 2025-RCF2 M1                                                | CUSIP: 74448VAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5000000 | PA      | $4765430.50   | 0.26%             | 2064-10-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| LATAM Airlines Group SA                                                     | LTMCI 7.625 01/07/31 144A                                        | CUSIP: 51817RAE6<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   5000000 | PA      | $5249662.40   | 0.29%             | 2031-01-07      | Fixed         | 7.62%                 | Yes           |                  2 | On Loan: No      |
| GREENSKY HOME IMPRT TR 2025-1                                               | GSKY 2025-1A E                                                   | CUSIP: 39571NAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2061848.60   | 0.11%             | 2060-03-25      | Fixed         | 8.65%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 B1                                                | CUSIP: 92842DAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3179000 | PA      | $3204227.91   | 0.18%             | 2055-04-25      | Variable      | 7.62%                 | Yes           |                  2 | On Loan: No      |
| DISH DBS Corporation                                                        | DISH 7.75 07/01/26                                               | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  83000000 | PA      | $81989742.26  | 4.52%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PRIFA SER 2005C (2019) CUSTODIAL TR                                         | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69362SAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4128000 | PA      | $1108313.92   | 0.06%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| PRIFA CABS (2045) CUSTODIAL TR                                              | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69361SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  73420000 | PA      | $14354748.01  | 0.79%             | 2049-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PRHTA SR LIEN SER I (2023) CUSTODIAL TR                                     | PR PRHGEN 0 12/06/2049                                           | CUSIP: 69379CAA9<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | US        |   1855000 | PA      | $434545.81    | 0.02%             | 2049-12-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2024-MN9 B1                                                 | CUSIP: 355917AC9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   3000000 | PA      | $3100349.10   | 0.17%             | 2044-10-25      | Floating      | 9.87%                 | Yes           |                  2 | On Loan: No      |
| VISTA POINT SECURITIZATION TRUST 2025-CES1                                  | VSTA 2025-CES1 M1                                                | CUSIP: 92842DAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2024965.20   | 0.11%             | 2055-04-25      | Variable      | 6.53%                 | Yes           |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST 2024-MH1                                             | CMHAT 2024-MH1 X                                                 | CUSIP: 14731VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        | 132358539 | PA      | $3240535.44   | 0.18%             | 2056-11-25      | Variable      | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Sealed Air Corp.                                                            | SEE 6.875 07/15/33 144A                                          | CUSIP: 81211KAK6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $13165173.63  | 0.73%             | 2033-07-15      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| PRCCDA SER A (2024) CUSTODIAL TR                                            | PR PRDGEN 0 03/15/2049                                           | CUSIP: 69368SAA7<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $322250.12    | 0.02%             | 2049-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PENFED AUTO RECEIVA 0.00%                                                   | PENFED AUTO RECEIVA 0.00%                                        | CUSIP: 706917AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     40000 | PA      | $5778425.56   | 0.32%             | 2033-10-17      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HOA ESCROW                                                                  | HOA ESCROW                                                       | CUSIP: 403ESCAA4<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  14500000 | NS      | $0.15         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Brookfield Property Reit Inc/Bpr Cumulus Llc/Bpr Nimbus Llc/Ggsi Sellco Llc | BPYU 5.75 05/15/26 144A                                          | CUSIP: 11284DAA3<br>LEI: 549300K1JD1LDRNBET48 | Long             | DBT              | CORP              | US        |  20454000 | PA      | $20354331.75  | 1.12%             | 2026-05-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2019-110 AS                                                  | CUSIP: 38381YYL2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   8422185 | PA      | $1000077.25   | 0.06%             | 2049-09-20      | Floating      | 2.20%                 | No            |                  2 | On Loan: No      |
| AVANT CREDIT CARD MASTER TRUST                                              | AVCCT 2025-1A F                                                  | CUSIP: 05351KAV1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6056000 | PA      | $6055955.79   | 0.33%             | 2031-04-15      | Fixed         | 10.79%                | Yes           |                  2 | On Loan: No      |
| PRIFA SER 2005 (2020) CUSTODIAL TR                                          | PR PRIGEN 0 03/15/2049                                           | CUSIP: 69362VAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $374486.20    | 0.02%             | 2049-03-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-135 SP                                                  | CUSIP: 38384EHY4<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   2187829 | PA      | $2439056.12   | 0.13%             | 2053-09-20      | Floating      | 11.19%                | No            |                  2 | On Loan: No      |
| EFMT 2025-CES2                                                              | EFMT 2025-CES2 B1                                                | CUSIP: 28225GAG9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6477000 | PA      | $6561494.41   | 0.36%             | 2050-03-25      | Variable      | 7.53%                 | Yes           |                  2 | On Loan: No      |
| UNLOCK HEA TRUST 2025-1                                                     | UNLOK 2025-1 A                                                   | CUSIP: 91528BAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  16553078 | PA      | $16619295.15  | 0.92%             | 2041-07-25      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| BHG SECURITIZATION TRUST 2025-1CON                                          | BHG 2025-1CON E                                                  | CUSIP: 08860AAE9<br>LEI: 549300IEWA7GZ3ECTT90 | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2082666.60   | 0.11%             | 2036-04-17      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| United States Treasury Notes                                                | T 4.25 08/15/35                                                  | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $10093750.00  | 0.56%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Cwheq Inc                                                                   | CWL 2006-S2 A3                                                   | CUSIP: 126685DX1<br>LEI: 549300X21P41B4WETI38 | Long             | ABS-O            | CORP              | US        |    272073 | PA      | $257111.63    | 0.01%             | 2027-07-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| EFMT 2025-CES2                                                              | EFMT 2025-CES2 B2                                                | CUSIP: 28225GAH7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3445000 | PA      | $3488243.02   | 0.19%             | 2050-03-25      | Variable      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| PAGAYA AI DEBT TRUST 2025-1                                                 | PAID 2025-1 E                                                    | CUSIP: 69548VAA3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1111240 | PA      | $1140263.24   | 0.06%             | 2032-07-15      | Fixed         | 10.08%                | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2016-116 BS                                                  | CUSIP: 38380AMY0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |   9304044 | PA      | $1127666.88   | 0.06%             | 2046-09-20      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE1                                                         | ACHM 2025-HE1 C                                                  | CUSIP: 00449SAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8457810 | PA      | $8656397.68   | 0.48%             | 2055-03-25      | Variable      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Penta Clo 19 Designated Activity Co.                                        | PENTA 2025-19A F                                                 | CUSIP: BCC3LQ2G6<br>LEI: 6354002XCASIOZDCP242 | Long             | ABS-O            | CORP              | IE        |   1300000 | PA      | $1543729.38   | 0.09%             | 2038-07-15      | Floating      | 10.70%                | Yes           |                  2 | On Loan: No      |
| PRET 2025-RPL4 TRUST                                                        | PRET 2025-RPL4 A2                                                | CUSIP: 740943AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2779582.50   | 0.15%             | 2065-03-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | FHR 4833 SA                                                      | CUSIP: 3137FJBK4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |  14615448 | PA      | $1548284.51   | 0.09%             | 2044-10-15      | Floating      | 1.90%                 | No            |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2021-1                       | SBCLN 2023-B F                                                   | CUSIP: 80290CCF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4789495 | PA      | $5037430.19   | 0.28%             | 2033-12-15      | Fixed         | 12.24%                | Yes           |                  2 | On Loan: No      |
| Pluto Acquisition I Inc                                                     | ACCARE L 06/20/28 6                                              | CUSIP: 72941DAH5<br>LEI: 254900MOXD90LKQ6AY47 | Long             | LON              | CORP              | US        |  10350775 | PA      | $10454282.29  | 0.58%             | 2028-06-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CHASE AUTO OWNER TRUST 2024-2                                               | CHAOT 2024-2A R1                                                 | CUSIP: 16144CAH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |      6875 | PA      | $1534483.44   | 0.08%             | 2031-08-25      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                      | SEE 6.5 07/15/32 144A                                            | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   6245000 | PA      | $6478363.16   | 0.36%             | 2032-07-15      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 M1                                                | CUSIP: 69392FAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $7474160.80   | 0.41%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-FIG6 B2                                               | CUSIP: 79582CAF0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8003066.40   | 0.44%             | 2056-01-25      | Variable      | 8.90%                 | Yes           |                  2 | On Loan: No      |
| Octane Receivables Trust 2024-RVM1                                          | OCTL 2024-RVM1 E                                                 | CUSIP: 67579FAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2078686.00   | 0.11%             | 2046-01-22      | Fixed         | 8.42%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-A D                                                    | CUSIP: 68377TAD0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8500000 | PA      | $8482003.80   | 0.47%             | 2033-02-08      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2023-1 D                                                   | CUSIP: 90357PAX2<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |    863088 | PA      | $880277.59    | 0.05%             | 2032-08-25      | Fixed         | 13.60%                | Yes           |                  2 | On Loan: No      |
| Sound Point Euro CLO X Funding DAC                                          | SNDPE 10A E                                                      | CUSIP: BCC3D9NR6<br>LEI: 635400YEKGN7SV65BD82 | Long             | ABS-O            | CORP              | IE        |   2000000 | PA      | $2351961.86   | 0.13%             | 2038-04-20      | Floating      | 8.52%                 | Yes           |                  2 | On Loan: No      |
| American Greetings                                                          | American Greetings Term Loan B 575 2029-10-07                    | CUSIP: 02639DAN6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | LON              | CORP              | US        |   4967742 | PA      | $4898292.91   | 0.27%             | 2029-10-23      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| SERVICE EXPERTS ISSUER 2024-1 LLC                                           | SE 2024-1A B                                                     | CUSIP: 81758FAB6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4163453.60   | 0.23%             | 2035-11-20      | Fixed         | 8.08%                 | Yes           |                  2 | On Loan: No      |
| Staples, Inc.                                                               | SPLS 10.75 09/01/29 144A                                         | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8947626.39   | 0.49%             | 2029-09-01      | Fixed         | 10.75%                | Yes           |                  2 | On Loan: No      |
| Stream Innovations 2024-1 Issuer Trust                                      | STRE 2024-1A B                                                   | CUSIP: 86324CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1194198 | PA      | $1276801.59   | 0.07%             | 2044-07-15      | Fixed         | 7.89%                 | Yes           |                  2 | On Loan: No      |
| A&D MORTGAGE TRUST 2024-NQM6                                                | ADMT 2024-NQM6 B1A                                               | CUSIP: 00249YAG1<br>LEI: 984500ZC5CFCDPFA8942 | Long             | ABS-O            | CORP              | US        |   4000000 | PA      | $4079005.60   | 0.22%             | 2070-01-25      | Variable      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| OPORTUN ISSUANCE TRUST 2025-A                                               | OPTN 2025-A E                                                    | CUSIP: 68377TAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6500000 | PA      | $6495615.10   | 0.36%             | 2033-02-08      | Fixed         | 10.00%                | Yes           |                  2 | On Loan: No      |
| U S Bank National Assn Minneapolis Minnesota                                | USCLN 2025-SUP1 D                                                | CUSIP: 90357PBG8<br>LEI: 6BYL5QZYBDK8S7L73M02 | Long             | ABS-O            | CORP              | US        |   2583652 | PA      | $2587294.00   | 0.14%             | 2032-02-25      | Floating      | 6.57%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER MTG 25-NQM2                                                       | SAN 2025-NQM2 B2                                                 | CUSIP: 802638AH9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3214800 | PA      | $3163471.22   | 0.17%             | 2065-02-25      | Variable      | 7.12%                 | Yes           |                  2 | On Loan: No      |
| Harvest Clo XXXVI Designated Activity Company                               | HARVT 36A F                                                      | CUSIP: BCC3MK3C6<br>LEI: 635400D94DGVG9CDLP77 | Long             | ABS-O            | CORP              | IE        |   1500000 | PA      | $1773055.38   | 0.10%             | 2038-07-15      | Floating      | 10.32%                | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-3                                           | HEMT 2006-3 A3                                                   | CUSIP: 436944AC6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2708000 | PA      | $643.15       | 0.00%             | 2036-09-25      | Floating      | 4.31%                 | No            |                  2 | On Loan: No      |
| SAFCO AUTO RECEIVAB 8.62%                                                   | SAFCO AUTO RECEIVAB 8.62%                                        | CUSIP: 78637CAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2229108 | PA      | $2219511.20   | 0.12%             | 2029-11-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Sealed Air Corp. / Sealed Air Corp. US                                      | SEE 7.25 02/15/31 144A                                           | CUSIP: 812127AB4<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |   4805000 | PA      | $5004397.89   | 0.28%             | 2031-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| MOMNT TECHNOLOGIES TRUST 2023-1                                             | MMNT 2023-1A C                                                   | CUSIP: 608934AC9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9180000 | PA      | $8415461.14   | 0.46%             | 2045-03-20      | Fixed         | 11.24%                | Yes           |                  2 | On Loan: No      |
| NEP Group                                                                   | NEP Group Term Loan B 475 2026-08-01                             | CUSIP: 62908HAM7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2178666 | PA      | $2167772.30   | 0.12%             | 2026-08-19      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| AMC Networks Inc                                                            | AMCX 10.25 01/15/29 144A                                         | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |   3446000 | PA      | $3613906.35   | 0.20%             | 2029-01-15      | Fixed         | 10.25%                | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE2                                                        | FIGRE 2024-HE2 E                                                 | CUSIP: 316927AE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2104336.80   | 0.12%             | 2054-05-25      | Variable      | 8.20%                 | Yes           |                  2 | On Loan: No      |
| Ally Bank Sandy (Utah)                                                      | ABCLN 2024-A F                                                   | CUSIP: 02007GZ97<br>LEI: 549300C04BJ0G297NC13 | Long             | ABS-O            | CORP              | US        |    481021 | PA      | $497819.72    | 0.03%             | 2032-05-17      | Fixed         | 9.89%                 | Yes           |                  2 | On Loan: No      |
| GLOB TEL LINK CORP TL                                                       | GLOB TEL LINK CORP TL                                            | CUSIP: 37959JAG6<br>LEI: N/A                  | Long             | LON              | CORP              | XX        |  12431604 | PA      | $12342220.72  | 0.68%             | 2029-07-31      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE T                                         | GRADE 2025-NPL1 A2                                               | CUSIP: 79582BAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6000000 | PA      | $6041514.00   | 0.33%             | 2030-01-25      | Variable      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| VISTA PT SEC TR 24-CES1                                                     | VSTA 2024-CES1 B2                                                | CUSIP: 92839HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2079370.00   | 0.11%             | 2054-05-25      | Variable      | 10.34%                | Yes           |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE2                                                         | ACHM 2025-HE3 E                                                  | CUSIP: 00449VAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1406000 | PA      | $1405959.23   | 0.08%             | 2055-11-25      | Variable      | 7.48%                 | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-3                                           | HEMT 2006-3 A2                                                   | CUSIP: 436944AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2598591 | PA      | $138908.20    | 0.01%             | 2036-09-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-4                                           | HEMT 2006-4 A2                                                   | CUSIP: 43709JAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1607435 | PA      | $99058.66     | 0.01%             | 2036-11-25      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2020-47 SG                                                   | CUSIP: 38382EFF9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  32071648 | PA      | $3086434.26   | 0.17%             | 2049-02-20      | Floating      | 2.15%                 | No            |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                           | IMPRL 2022-NQM5 B1                                               | CUSIP: 45276QAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1122162.30   | 0.06%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MOMNT TECHNOLOGIES TRUST 2023-1                                             | MMNT 2023-1A B                                                   | CUSIP: 608934AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3091806.90   | 0.17%             | 2045-03-20      | Fixed         | 8.29%                 | Yes           |                  2 | On Loan: No      |
| NORTHEAST GROCERY TL                                                        | NORTHEAST GROCERY TL                                             | CUSIP: LX2201973<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5503000 | PA      | $5516757.10   | 0.30%             | 2028-12-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                                                   | TPMT 2024-CES1 M2                                                | CUSIP: 89183CAE5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1005782.80   | 0.06%             | 2064-01-25      | Variable      | 6.86%                 | Yes           |                  2 | On Loan: No      |
| PLUTO ACQSTN I TL                                                           | PLUTO ACQSTN I TL                                                | CUSIP: LX2264757<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  17125331 | PA      | $14196899.20  | 0.78%             | 2028-09-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Capital Four Clo VII DAC                                                    | CFOUR 7A E                                                       | CUSIP: BCC3DV8G8<br>LEI: 5493000ABIFW1R8ICX20 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $1177362.67   | 0.06%             | 2037-04-25      | Floating      | 8.85%                 | Yes           |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-1A C                                                   | CUSIP: 67118NAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3068544.30   | 0.17%             | 2031-06-17      | Fixed         | 8.99%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania REIT Associates LP                                             | Pennsylvania REIT Associates LP                                  | CUSIP: 74044UAW6<br>LEI: 54930041KOX8ORVMNG55 | Long             | LON              | CORP              | US        |   1404588 | PA      | $1421274.71   | 0.08%             | 2029-04-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST 2024-A                                               | MPOWR 2024-A C                                                   | CUSIP: 62476DAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   5965000 | PA      | $6088786.28   | 0.34%             | 2041-07-22      | Fixed         | 11.25%                | Yes           |                  2 | On Loan: No      |
| VELOCITY COMMERCIAL CAPITAL LOAN TR                                         | VCC 2025-1 M4                                                    | CUSIP: 922955AN9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8489131 | PA      | $8600132.99   | 0.47%             | 2055-02-25      | Variable      | 10.15%                | Yes           |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                         | AVIAGP 9.625 02/14/30 144A                                       | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |  15000000 | PA      | $15051000.00  | 0.83%             | 2030-02-14      | Fixed         | 9.62%                 | Yes           |                  2 | On Loan: No      |
| POINT SECURITIZATION TRUST 2025-1                                           | PNT 2025-1 A1                                                    | CUSIP: 73072DAA9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    946107 | PA      | $949868.77    | 0.05%             | 2055-06-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 F                                                 | CUSIP: 31684LAF8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1600000 | PA      | $1708033.76   | 0.09%             | 2055-05-25      | Variable      | 9.08%                 | Yes           |                  2 | On Loan: No      |
| ACHM TRUST 2025-HE2                                                         | ACHM 2025-HE3 F                                                  | CUSIP: 00449VAF7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1125000 | PA      | $1124986.05   | 0.06%             | 2055-11-25      | Variable      | 8.46%                 | Yes           |                  2 | On Loan: No      |
| Santander Bank Auto Credit-Linked Notes Series 2021-1                       | SBCLN 2025-A F                                                   | CUSIP: 80290CCV4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   9000000 | PA      | $9020035.80   | 0.50%             | 2034-01-16      | Fixed         | 7.34%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2021-MN3 B1                                                 | CUSIP: 35563GAC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   5000000 | PA      | $5294867.50   | 0.29%             | 2051-11-25      | Floating      | 10.72%                | Yes           |                  2 | On Loan: No      |
| IMPERIAL FUND MTG                                                           | IMPRL 2022-NQM5 M1                                               | CUSIP: 45276QAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $2994070.50   | 0.17%             | 2067-08-25      | Variable      | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Huntington National Bank of Ohio                                            | HACLN 2024-1 D                                                   | CUSIP: 44644NAD1<br>LEI: 2WHM8VNJH63UN14OL754 | Long             | ABS-O            | CORP              | US        |    879363 | PA      | $902635.39    | 0.05%             | 2032-05-20      | Floating      | 9.17%                 | Yes           |                  2 | On Loan: No      |
| CMG Media Corp.                                                             | CMGMCO L 06/18/29 5                                              | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  22512181 | PA      | $20948035.12  | 1.15%             | 2029-06-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MPOWER EDUCATION TRUST 2024-A                                               | MPOWR 2024-A B                                                   | CUSIP: 62476DAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4360757 | PA      | $4474940.92   | 0.25%             | 2041-07-22      | Fixed         | 8.35%                 | Yes           |                  2 | On Loan: No      |
| EFMT 2025-RM1                                                               | EFMT 2025-RM1 A3                                                 | CUSIP: 267951AD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8413257 | PA      | $7298401.88   | 0.40%             | 2055-05-25      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 E                                                 | CUSIP: 31684LAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1863787.80   | 0.10%             | 2055-05-25      | Variable      | 8.10%                 | Yes           |                  2 | On Loan: No      |
| Home Equity Mortgage Trust 2006-5                                           | HEMT 2006-5 A2                                                   | CUSIP: 43709PAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    253895 | PA      | $12694.74     | 0.00%             | 2037-01-25      | Floating      | 4.25%                 | No            |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2023-147 SH                                                  | CUSIP: 38384DRF6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  27613399 | PA      | $3889311.31   | 0.21%             | 2051-04-20      | Floating      | 2.33%                 | No            |                  2 | On Loan: No      |
| Bayview Opportunity Master Fund IVB LP                                      | BVCLN 2024-CAR1 E                                                | CUSIP: 07336QAE2<br>LEI: 549300PYZPV2K342TZ72 | Long             | ABS-O            | CORP              | US        |    590190 | PA      | $596786.67    | 0.03%             | 2031-12-26      | Floating      | 7.47%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2023-REV                                          | AVNT 2023-REV1 D                                                 | CUSIP: 05358RAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4200000 | PA      | $4321201.92   | 0.24%             | 2032-09-15      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| FIGRE TRUST 2024-HE2                                                        | FIGRE 2024-HE3 E                                                 | CUSIP: 31684GAE2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2071961.40   | 0.11%             | 2054-07-25      | Variable      | 7.55%                 | Yes           |                  2 | On Loan: No      |
| Ondeck Asset Sec tr II 2016-1                                               | ONDK 2024-2A D                                                   | CUSIP: 67108SAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3023495.10   | 0.17%             | 2031-10-17      | Fixed         | 9.49%                 | Yes           |                  2 | On Loan: No      |
| CASCADE MH ASSET TRUST 2024-MH1                                             | CMHAT 2024-MH1 B3                                                | CUSIP: 14731VAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8936000 | PA      | $7966971.22   | 0.44%             | 2056-11-25      | Variable      | 3.37%                 | Yes           |                  3 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2024-173 SG                                                  | CUSIP: 38384VRE9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        |  24662532 | PA      | $3159028.64   | 0.17%             | 2043-11-20      | Floating      | 2.85%                 | No            |                  2 | On Loan: No      |
| Pembroke Olive Downs Pty Ltd                                                | PMBROV 11.5 02/18/30                                             | CUSIP: Q7414BAA0<br>LEI: 8755007XG1B6S61ECH90 | Long             | DBT              | CORP              | AU        |   5000000 | PA      | $4855718.00   | 0.27%             | 2030-02-18      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| ELECTRO RT LLC INTL TL                                                      | ELECTRO RT LLC INTL TL                                           | CUSIP: LX2264161<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4642988 | PA      | $4503697.96   | 0.25%             | 2028-12-15      | Fixed         | 0.00%                 | No            |                  3 | On Loan: No      |
| AQUA FINANCE ISSUERTRUST 2025-A                                             | AQFIT 2025-A D                                                   | CUSIP: 038394AD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1873384 | PA      | $1917324.77   | 0.11%             | 2050-12-19      | Fixed         | 6.77%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2023-REV                                          | AVNT 2023-REV1 E                                                 | CUSIP: 05358RAF4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  11420000 | PA      | $11418993.90  | 0.63%             | 2034-07-15      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| MPOWER ED TR 2025-A                                                         | MPOWR 2025-A B                                                   | CUSIP: 624930AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   8000000 | PA      | $8223441.60   | 0.45%             | 2042-07-21      | Fixed         | 8.47%                 | Yes           |                  2 | On Loan: No      |
| Figre Trust 2023-HE1                                                        | FIGRE 2025-HE3 D                                                 | CUSIP: 31684LAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1750000 | PA      | $1821491.88   | 0.10%             | 2055-05-25      | Variable      | 6.77%                 | Yes           |                  2 | On Loan: No      |
| Government National Mortgage Association                                    | GNR 2025-173 SA                                                  | CUSIP: 38383BZP0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-O            | USGA              | US        | 497568902 | PA      | $5039527.11   | 0.28%             | 2055-10-20      | Floating      | 0.03%                 | No            |                  2 | On Loan: No      |
| Legato CLO II DAC                                                           | LEGA 2A D                                                        | CUSIP: BCC3R5052<br>LEI: 635400Q1MWPEE3JHYM29 | Long             | ABS-O            | CORP              | IE        |   8500000 | PA      | $9989201.09   | 0.55%             | 2040-07-15      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Martin Midstream Partners LP / Martin Midstream Finance Corp                | MMLP 11.5 02/15/28 144A                                          | CUSIP: 573334AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17168000 | PA      | $17725960.00  | 0.98%             | 2028-02-15      | Fixed         | 11.50%                | Yes           |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                                                 | HERTZ 2024-2A D                                                  | CUSIP: 42806MCP2<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |   6250000 | PA      | $6608480.63   | 0.36%             | 2031-01-27      | Fixed         | 9.41%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2024-REV                                          | AVNT 2024-REV1 D                                                 | CUSIP: 05352UAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |  12445000 | PA      | $12731106.82  | 0.70%             | 2033-10-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Pret 2021-Rn4 LLC                                                           | PRET 2025-RPL1 A2                                                | CUSIP: 69392FAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $1900318.60   | 0.10%             | 2069-07-25      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| AVANT LOANS FUNDING TRUST 2025-REV1                                         | AVNT 2025-REV1 E                                                 | CUSIP: 05352BAE8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   4988000 | PA      | $5183734.61   | 0.29%             | 2034-05-15      | Fixed         | 12.81%                | Yes           |                  2 | On Loan: No      |
| SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2025-NPL2                           | GRADE 2025-NPL2 A1                                               | CUSIP: 79589BAA6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   6337330 | PA      | $6388713.47   | 0.35%             | 2030-05-25      | Variable      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Providus CLO XII Designated Activity Co.                                    | PRVD 12A F                                                       | CUSIP: BCC3MBKR4<br>LEI: 635400OLELBUCIFIV691 | Long             | ABS-O            | CORP              | IE        |   1000000 | PA      | $1193071.87   | 0.07%             | 2038-08-18      | Floating      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Wilton Park Clo DAC                                                         | WILPA 1A ER                                                      | CUSIP: BCC3MGL92<br>LEI: 254900MA3TGEBS397E50 | Long             | ABS-O            | CORP              | IE        |   3000000 | PA      | $3598670.04   | 0.20%             | 2038-07-15      | Floating      | 7.71%                 | Yes           |                  2 | On Loan: No      |
| Oportun Issuance Trust 2025-B                                               | OPTN 2025-B E                                                    | CUSIP: 68378QAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   3000000 | PA      | $3023824.50   | 0.17%             | 2033-05-09      | Fixed         | 9.40%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                                            | MSCR 2025-MN12 B1                                                | CUSIP: 355913AC8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-O            | USGSE             | US        |   8000000 | PA      | $8001302.40   | 0.44%             | 2045-11-25      | Floating      | 8.37%                 | Yes           |                  2 | On Loan: No      |
| CURRENCY CONTRACT - USD                                                     | CURRENCY CONTRACT - USD                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | XX        | -13965000 | NC      | $-145807.39   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WTS. TWIN HSPTL GRP INC                                                     | WTS. TWIN HSPTL GRP INC                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    160755 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

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

**Name of Applicant:** Advisers Investment Trust

**Signature:** Troy Sheets

**Name of Signer:** Troy Sheets

**Title:** Treasurer